Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Mar. 31, 2019 | May 24, 2019 | Sep. 30, 2018 | |
Document and Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Mar. 31, 2019 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | ENS | ||
Entity Registrant Name | ENERSYS | ||
Entity Central Index Key | 0001289308 | ||
Current Fiscal Year End Date | --03-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding (in shares) | 42,856,811 | ||
Entity Public Float | $ 3,657,002,760 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2019 | Mar. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 299,212 | $ 522,118 |
Accounts receivable, net of allowance for doubtful accounts (2019–$10,813; 2018–$12,643) | 624,136 | 546,325 |
Inventories | 503,869 | 414,234 |
Prepaid and other current assets | 109,431 | 56,910 |
Total current assets | 1,536,648 | 1,539,587 |
Property, plant, and equipment, net | 409,439 | 390,260 |
Goodwill | 656,399 | 352,805 |
Other intangible assets, net | 462,316 | 147,141 |
Deferred taxes | 40,466 | 44,402 |
Other assets | 12,925 | 12,730 |
Total assets | 3,118,193 | 2,486,925 |
Current liabilities: | ||
Short-term debt | 54,490 | 18,341 |
Current portion of capital lease obligations | 10,113 | 89 |
Accounts payable | 292,449 | 258,982 |
Accrued expenses | 255,881 | 214,118 |
Total current liabilities | 612,933 | 491,530 |
Long-term debt, net of unamortized debt issuance costs | 971,756 | 579,535 |
Capital lease obligations | 175 | 55 |
Deferred taxes | 82,112 | 33,607 |
Other liabilities | 165,200 | 181,087 |
Total liabilities | 1,832,176 | 1,285,814 |
Commitments and contingencies | ||
Equity: | ||
Preferred Stock, $0.01 par value, 1,000,000 shares authorized, no shares issued or outstanding at March 31, 2019 and at March 31, 2018 | 0 | 0 |
Common Stock, $0.01 par value per share, 135,000,000 shares authorized, 54,848,523 shares issued and 42,620,750 shares outstanding at March 31, 2019; 54,595,105 shares issued and 41,915,000 shares outstanding at March 31, 2018 | 548 | 546 |
Additional paid-in capital | 512,696 | 477,288 |
Treasury stock at cost, 12,227,773 shares held as of March 31, 2019 and 12,680,105 shares held as of March 31, 2018 | (530,760) | (560,991) |
Retained earnings | 1,450,325 | 1,320,549 |
Accumulated other comprehensive loss | (142,682) | (41,717) |
Contra equity - indemnification receivable | (7,840) | 0 |
Total EnerSys stockholders’ equity | 1,282,287 | 1,195,675 |
Nonredeemable noncontrolling interests | 3,730 | 5,436 |
Total equity | 1,286,017 | 1,201,111 |
Total liabilities and equity | $ 3,118,193 | $ 2,486,925 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2019 | Mar. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Accounts receivable, allowance for doubtful accounts | $ 10,813 | $ 12,643 |
Preferred stock, par value (usd per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (usd per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 135,000,000 | 135,000,000 |
Common stock, shares issued (in shares) | 54,848,523 | 54,595,105 |
Common stock, shares outstanding (in shares) | 42,620,750 | 41,915,000 |
Treasury stock, shares (in shares) | 12,227,773 | 12,680,105 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Income Statement [Abstract] | |||
Net sales | $ 2,808,017,000 | $ 2,581,891,000 | $ 2,367,149,000 |
Cost of goods sold | 2,104,612,000 | 1,920,030,000 | 1,713,115,000 |
Inventory step up to fair value relating to Alpha acquisition and exit activities | 10,379,000 | 3,457,000 | 2,157,000 |
Gross profit | 693,026,000 | 658,404,000 | 651,877,000 |
Operating expenses | 441,415,000 | 382,077,000 | 369,863,000 |
Restructuring and other exit charges | 34,709,000 | 5,481,000 | 7,160,000 |
Impairment of goodwill | 0 | 0 | 12,216,000 |
Impairment of indefinite-lived intangibles and fixed assets | 0 | 0 | 1,800,000 |
Legal proceedings charge, net | (4,437,000) | 0 | (23,725,000) |
Operating earnings | 212,465,000 | 270,846,000 | 237,113,000 |
Interest expense | 30,868,000 | 25,001,000 | 22,197,000 |
Other (income) expense, net | (614,000) | 7,519,000 | 2,221,000 |
Earnings before income taxes | 182,211,000 | 238,326,000 | 212,695,000 |
Income tax expense | 21,584,000 | 118,493,000 | 54,472,000 |
Net earnings | 160,627,000 | 119,833,000 | 158,223,000 |
Net earnings (losses) attributable to noncontrolling interests | 388,000 | 239,000 | (1,991,000) |
Net earnings attributable to EnerSys stockholders | $ 160,239,000 | $ 119,594,000 | $ 160,214,000 |
Net earnings per common share attributable to EnerSys stockholders: | |||
Basic (usd per share) | $ 3.79 | $ 2.81 | $ 3.69 |
Diluted (usd per share) | 3.73 | 2.77 | 3.64 |
Dividends per common share (usd per share) | $ 0.70 | $ 0.70 | $ 0.70 |
Weighted-average number of common shares outstanding: | |||
Basic (in shares) | 42,335,023 | 42,612,036 | 43,389,333 |
Diluted (in shares) | 43,008,952 | 43,119,856 | 44,012,543 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Statement of Comprehensive Income [Abstract] | |||
Net earnings | $ 160,627 | $ 119,833 | $ 158,223 |
Other comprehensive income (loss): | |||
Net unrealized gain (loss) on derivative instruments, net of tax | 3,295 | (5,400) | 1,587 |
Pension funded status adjustment, net of tax | 1,712 | 3,052 | (3,694) |
Foreign currency translation adjustment | (106,555) | 113,739 | (53,730) |
Total other comprehensive (loss) income, net of tax | (101,548) | 111,391 | (55,837) |
Total comprehensive income | 59,079 | 231,224 | 102,386 |
Comprehensive (income) loss attributable to noncontrolling interests | (195) | 523 | (2,353) |
Comprehensive income attributable to EnerSys stockholders | $ 59,274 | $ 230,701 | $ 104,739 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Total | Preferred Stock | Common Stock | Additional Paid-in Capital | Treasury Stock | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Contra-Equity | Total EnerSys Stockholders’ Equity | Non- redeemable Non- Controlling Interests |
Beginning Balance at Mar. 31, 2016 | $ 1,018,435 | $ 0 | $ 541 | $ 452,097 | $ (439,800) | $ 1,097,642 | $ (97,349) | $ 0 | $ 1,013,131 | $ 5,304 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Stock-based compensation | 19,185 | 19,185 | 19,185 | |||||||
Shares issued under equity awards (taxes paid related to net share settlement of equity awards), net | (7,444) | 3 | (7,447) | (7,444) | ||||||
Other | (480) | (480) | (480) | |||||||
Net earnings (excluding losses attributable to redeemable noncontrolling interests) | 160,244 | 160,214 | 160,214 | 30 | ||||||
Dividends ($0.70 per common share) | (30,400) | 737 | (31,137) | (30,400) | ||||||
Redemption value adjustment attributable to redeemable noncontrolling interests | 4,725 | 4,725 | 4,725 | |||||||
Other comprehensive income: | ||||||||||
Pension funded status adjustment, (net of tax (expense) benefit) | (3,694) | (3,694) | (3,694) | |||||||
Net unrealized gain (loss) on derivative instruments (net of tax (benefit) expense) | 1,587 | 1,587 | 1,587 | |||||||
Foreign currency translation adjustment (excludes losses related to redeemable noncontrolling interests) | (53,789) | (53,368) | (53,368) | (421) | ||||||
Ending Balance at Mar. 31, 2017 | 1,108,369 | 0 | 544 | 464,092 | (439,800) | 1,231,444 | (152,824) | 0 | 1,103,456 | 4,913 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Stock-based compensation | 19,453 | 19,453 | 19,453 | 0 | ||||||
Shares issued under equity awards (taxes paid related to net share settlement of equity awards), net | (6,531) | 2 | (6,533) | (6,531) | ||||||
Other | (539) | (402) | (137) | (539) | ||||||
Purchase of common stock | (121,191) | (121,191) | (121,191) | |||||||
Net earnings (excluding losses attributable to redeemable noncontrolling interests) | 119,833 | 119,594 | 119,594 | 239 | ||||||
Dividends ($0.70 per common share) | (29,674) | 678 | (30,352) | (29,674) | ||||||
Other comprehensive income: | ||||||||||
Pension funded status adjustment, (net of tax (expense) benefit) | 3,052 | 3,052 | 3,052 | |||||||
Net unrealized gain (loss) on derivative instruments (net of tax (benefit) expense) | (5,400) | (5,400) | (5,400) | |||||||
Foreign currency translation adjustment (excludes losses related to redeemable noncontrolling interests) | 113,739 | 113,455 | 113,455 | 284 | ||||||
Ending Balance at Mar. 31, 2018 | 1,201,111 | 0 | 546 | 477,288 | (560,991) | 1,320,549 | (41,717) | 0 | 1,195,675 | 5,436 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Stock-based compensation | 22,608 | 22,608 | 22,608 | |||||||
Exercise of stock options | 9,048 | 2 | 9,046 | 9,048 | ||||||
Shares issued under equity awards (taxes paid related to net share settlement of equity awards), net | (3,630) | (3,630) | (3,630) | |||||||
Other | (141) | (141) | (141) | |||||||
Purchase of common stock | (56,436) | (56,436) | (56,436) | |||||||
Reissuance of treasury stock, on LIFO basis, towards Alpha purchase consideration | 93,268 | 6,805 | 86,463 | 93,268 | ||||||
Reissuance of treasury stock towards employee stock purchase plan | 204 | 204 | 204 | |||||||
Contra equity - indemnification receivable for acquisition related tax liability | (7,840) | (7,840) | (7,840) | 0 | ||||||
Net earnings (excluding losses attributable to redeemable noncontrolling interests) | 160,627 | 160,239 | 160,239 | 388 | ||||||
Dividends ($0.70 per common share) | (29,743) | 720 | (30,463) | (29,743) | ||||||
Noncontrolling Interest In Net Income (Loss) Joint Venture Partners, Dissolution | (1,511) | (1,511) | ||||||||
Other comprehensive income: | ||||||||||
Pension funded status adjustment, (net of tax (expense) benefit) | 1,712 | 1,712 | 1,712 | |||||||
Net unrealized gain (loss) on derivative instruments (net of tax (benefit) expense) | 3,295 | 3,295 | 3,295 | |||||||
Foreign currency translation adjustment (excludes losses related to redeemable noncontrolling interests) | (106,555) | (105,972) | (105,972) | (583) | ||||||
Ending Balance at Mar. 31, 2019 | $ 1,286,017 | $ 0 | $ 548 | $ 512,696 | $ (530,760) | $ 1,450,325 | $ (142,682) | $ (7,840) | $ 1,282,287 | $ 3,730 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Statement of Stockholders' Equity [Abstract] | |||
Losses attributable to redeemable noncontrolling interests | $ (2,021) | $ (4,272) | |
Dividends per common share | $ 0.70 | $ 0.70 | $ 0.7 |
Pension funded status adjustment, tax benefit (expense) | $ 808 | $ (142) | $ (587) |
Net unrealized gain (loss) on derivative instruments, tax (benefit) expense | $ (2,071) | 929 | 277 |
Foreign currency translation adjustment, related to redeemable noncontrolling interests | $ 59 | $ 1,068 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Cash flows from operating activities | |||
Net earnings | $ 160,627 | $ 119,833 | $ 158,223 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | |||
Depreciation and amortization | 63,348 | 54,317 | 53,945 |
Write-off of assets relating to restructuring and other exit charges | 26,308 | 3,736 | 1,435 |
Non-cash write-off of property, plant and equipment | 0 | 0 | 6,300 |
Impairment of goodwill | 0 | 0 | 12,216 |
Impairment of indefinite-lived intangibles and fixed assets | 0 | 0 | 1,800 |
Derivatives not designated in hedging relationships: | |||
Net losses (gains) | 1,856 | (180) | 471 |
Cash (settlements) proceeds | (1,802) | 43 | (1,225) |
Provision for doubtful accounts | 1,385 | 822 | 1,794 |
Deferred income taxes | (6,456) | (20,313) | 1,455 |
Non-cash interest expense | 1,316 | 1,603 | 1,388 |
Stock-based compensation | 22,608 | 19,453 | 19,185 |
(Gain) loss on disposal of property, plant, and equipment | (258) | 116 | (7) |
Changes in assets and liabilities, net of effects of acquisitions: | |||
Accounts receivable | 5,974 | (32,242) | (13,535) |
Inventories | (46,614) | (38,075) | (42,792) |
Prepaid and other current assets | (20,195) | 14,470 | 3,721 |
Other assets | (7,611) | (1,150) | 2,034 |
Accounts payable | 9,944 | 21,266 | 845 |
Legal proceedings accrual | 7,258 | 0 | 23,725 |
Accrued expenses | (4,937) | (26,614) | 9,333 |
Other liabilities | (14,896) | 93,963 | 5,719 |
Net cash provided by operating activities | 197,855 | 211,048 | 246,030 |
Cash flows from investing activities | |||
Capital expenditures | (70,372) | (69,832) | (50,072) |
Purchase of businesses | (654,614) | (2,988) | (12,392) |
Proceeds from disposal of property, plant, and equipment | 1,103 | 463 | 631 |
Net cash used in investing activities | (723,883) | (72,357) | (61,833) |
Cash flows from financing activities | |||
Net borrowings (repayments) on short-term debt | 37,424 | 214 | (4,600) |
Debt issuance costs | (1,393) | (2,677) | 0 |
Capital lease obligations and other | 368 | (29) | (98) |
Option proceeds | 9,048 | 958 | 3 |
Payment of taxes related to net share settlement of equity awards | (3,630) | (7,489) | (7,447) |
Purchase of treasury stock | (56,436) | (121,191) | 0 |
Dividends paid to stockholders | (29,743) | (29,674) | (30,400) |
Net cash provided by (used in) financing activities | 346,577 | (166,888) | (62,542) |
Effect of exchange rate changes on cash and cash equivalents | (43,455) | 49,986 | (18,633) |
Net (decrease) increase in cash and cash equivalents | (222,906) | 21,789 | 103,022 |
Cash and cash equivalents at beginning of year | 522,118 | 500,329 | 397,307 |
Cash and cash equivalents at end of year | 299,212 | 522,118 | 500,329 |
Non-cash investing and financing activities: | |||
Common stock issued as partial consideration for Alpha acquisition | 93,268 | 0 | 0 |
2017 Revolver borrowings | |||
Cash flows from financing activities | |||
Proceeds from Revolver borrowings | 531,100 | 379,750 | 0 |
Repayments of Revolver borrowings | (427,600) | (244,250) | 0 |
2011 Revolver borrowings | |||
Cash flows from financing activities | |||
Proceeds from Revolver borrowings | 0 | 147,050 | 262,000 |
Repayments of Revolver borrowings | 0 | (312,050) | (267,000) |
Amended 2017 Term Loan | |||
Cash flows from financing activities | |||
Repayments of Revolver borrowings | (11,666) | 0 | 0 |
Proceeds from Amended 2017 Term Loan | 299,105 | 150,000 | 0 |
2011 Term Loan | |||
Cash flows from financing activities | |||
Repayments of 2011 Term Loan | $ 0 | $ (127,500) | $ (15,000) |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Description of Business EnerSys (the “Company”) and its predecessor companies have been manufacturers of industrial batteries for over 125 years. EnerSys is a global leader in stored energy solutions for industrial applications. The Company manufactures, markets and distributes industrial batteries and related products such as chargers, outdoor cabinet enclosures, power equipment and battery accessories, and provides related after-market and customer-support services for its products. With the recent Alpha acquisition, the Company is also a provider of highly integrated power solutions and services to broadband, telecom, renewable and industrial customers. Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries and any partially owned subsidiaries that the Company has the ability to control. Control generally equates to ownership percentage, whereby investments that are more than 50% owned are generally consolidated, investments in affiliates of 50% or less but greater than 20% are generally accounted for using the equity method, and investments in affiliates of 20% or less are accounted for using the cost method. All intercompany transactions and balances have been eliminated in consolidation. Foreign Currency Translation Results of foreign operations of subsidiaries, whose functional currency is the local currency, are translated into U.S. dollars using average exchange rates during the periods. The assets and liabilities are translated into U.S. dollars using exchange rates as of the balance sheet dates. Gains or losses resulting from translating the foreign currency financial statements are accumulated as a separate component of accumulated other comprehensive income (“AOCI”) in EnerSys’ stockholders’ equity and noncontrolling interests. Transaction gains and losses resulting from exchange rate changes on transactions denominated in currencies other than the functional currency of the applicable subsidiary are included in the Consolidated Statements of Income, within “Other (income) expense, net”, in the year in which the change occurs. Revenue Recognition Revenue for the years ended March 31, 2018 and 2017 were recognized under ASC 605, Revenue Recognition, when (i) persuasive evidence of an arrangement existed, (ii) delivery occurred or services were rendered, (iii) the price was fixed or determinable and (iv) collectibility was reasonably assured. ASC 606, Revenue from Contracts with Customers, was adopted for the fiscal year beginning April 1, 2018. Concurrent with the adoption of the new standard, the Company has updated its revenue recognition policy as follows: The Company determines revenue recognition by applying the following steps: 1. identify the contract with a customer; 2. identify the performance obligations in the contract; 3. determine the transaction price; 4. allocate the transaction price to the performance obligations; and 5. recognize revenue as the performance obligations are satisfied. The Company recognizes revenue when (or as) performance obligations are satisfied by transferring control of the performance obligation to a customer. Control of a performance obligation may transfer to the customer either at a point in time or over time depending on an evaluation of the specific facts and circumstances for each contract, including the terms and conditions of the contract as agreed with the customer, as well as the nature of the products or services to be provided. The Company's primary performance obligation to its customers is the delivery of finished goods and products, pursuant to purchase orders. Control of the products sold typically transfers to its customers at the point in time when the goods are shipped as this is also when title generally passes to its customers under the terms and conditions of our customer arrangements. Each customer purchase order sets forth the transaction price for the products and services purchased under that arrangement. Some customer arrangements include variable consideration, such as volume rebates, some of which depend upon the customers meeting specified performance criteria, such as a purchasing level over a period of time. The Company uses judgment to estimate the most likely amount of variable consideration at each reporting date. When estimating variable consideration the Company also applies judgment when considering the probability of whether a reversal of revenue could occur and only recognize revenue subject to this constraint. Service revenues related to the work performed for the Company’s customers by its maintenance technicians generally represent a separate and distinct performance obligation. Control for these services passes to the customer as the services are performed. Service revenues for the twelve months of fiscal 2019 amounted to $157,236 . A small portion of the Company's customer arrangements oblige the Company to create customized products for its customers that require the bundling of both products and services into a single performance obligation because the individual products and services that are required to fulfill the customer requirements do not meet the definitions for a distinct performance obligation. These customized products generally have no alternative use to the Company and the terms and conditions of these arrangements give the Company the enforceable right to payment for performance completed to date, including a reasonable profit margin. For these arrangements, control transfers over time and the Company measures progress towards completion by selecting the input or output method that best depicts the transfer of control of the underlying goods and services to the customer for each respective arrangement. Methods used by the Company to measure progress toward completion include labor hours, costs incurred and units of production. Revenues recognized over time for the twelve months of fiscal 2019 amounted to $100,809 . On March 31, 2019, the aggregate transaction price allocated to unsatisfied (or partially unsatisfied) performance obligations was approximately $66,088 , of which, the Company estimates that approximately $60,443 will be recognized as revenue in fiscal 2020 and $5,645 in fiscal 2021. The Company's typical payment terms are 30 days and sales arrangements do not contain any significant financing component for its customers. Any payments that are received from a customer in advance, prior to the satisfaction of a related performance obligation and billings in excess of revenue recognized, are deferred and treated as a contract liability. Advance payments and billings in excess of revenue recognized are classified as current or non-current based on the timing of when recognition of revenue is expected. As of March 31, 2019, the current and non-current portion of contract liabilities were $15,162 and $6,360 , respectively. Revenues recognized during the twelve months of fiscal 2019, that were included in the contract liability at the beginning of the fiscal year, amounted to $6,132 . Amounts representing work completed and not billed to customers represent contract assets and are reported as a component of Prepaid and Other Current Assets in the Consolidated Balance Sheets. Contract assets as of March 31, 2019 were $38,778 . In conjunction with the April 1, 2018 adoption of ASC 606, $24,810 was reclassified to contract assets, which was previously recorded in inventories and accounts receivables. Also as of April 1, 2018, $9,387 and $7,094 , were identified as contract liabilities, current and non-current, that were recorded in Accrued Expenses and Other Liabilities, respectively. The Company uses historic customer product return data as a basis of estimation for customer returns and records the reduction of sales at the time revenue is recognized. At March 31, 2019, the right of return asset related to the value of inventory anticipated to be returned from customers was $2,667 and refund liability representing amounts estimated to be refunded to customers was $5,153 . These are shown under Prepaid and Other Current Assets and Accrued Expenses, respectively. Freight charges billed to customers are included in sales and the related shipping costs are included in cost of sales in the Consolidated Statements of Income. If shipping activities are performed after a customer obtains control of a product, the Company applies a policy election to account for shipping as an activity to fulfill the promise to transfer the product to the customer. The Company applies a policy election to exclude transaction taxes collected from customers from sales when the tax is both imposed on and concurrent with a specific revenue-producing transaction. The Company generally provides customers with a product warranty that provides assurance that the products meet standard specifications and are free of defects. The Company maintains a reserve for claims incurred under standard product warranty programs. Performance obligations related to service warranties are not material to the Consolidated Financial Statements. The Company pays sales commissions to its sales representatives, which may be considered as incremental costs to obtain a contract. However, since the recoverability period is less than one year, the Company has utilized the practical expedient to record these costs of obtaining a contract as an expense as they are incurred. Warranties The Company’s products are warranted for a period ranging from one to twenty years for reserve power batteries and for a period ranging from one to seven years for motive power batteries. The Company provides for estimated product warranty expenses when the related products are sold. The assessment of the adequacy of the reserve includes a review of open claims and historical experience. Cash and Cash Equivalents Cash and cash equivalents include all highly liquid investments with an original maturity of three months or less when purchased. Concentration of Credit Risk Financial instruments that subject the Company to potential concentration of credit risk consist principally of short-term cash investments and trade accounts receivable. The Company invests its cash with various financial institutions and in various investment instruments limiting the amount of credit exposure to any one financial institution or entity. The Company has bank deposits that exceed federally insured limits. In addition, certain cash investments may be made in U.S. and foreign government bonds, or other highly rated investments guaranteed by the U.S. or foreign governments. Concentration of credit risk with respect to trade receivables is limited by a large, diversified customer base and its geographic dispersion. The Company performs ongoing credit evaluations of its customers’ financial condition and requires collateral, such as letters of credit, in certain circumstances. Accounts Receivable The Company maintains allowances for doubtful accounts for estimated losses resulting from the inability of customers to make required payments. The allowance is based on management’s estimate of uncollectible accounts, analysis of historical data and trends, as well as reviews of all relevant factors concerning the financial capability of its customers. Accounts receivable are considered to be past due based on when payments are received compared to the customer’s credit terms. Accounts are written off when management determines the account is uncollectible. Inventories Inventories are stated at the lower of cost or market. Cost is determined using the first-in, first-out (FIFO) method. The cost of inventory consists of material, labor, and associated overhead. Property, Plant, and Equipment Property, plant, and equipment are recorded at cost and include expenditures that substantially increase the useful lives of the assets. Depreciation is provided using the straight-line method over the estimated useful lives of the assets as follows: 10 to 33 years for buildings and improvements and 3 to 15 years for machinery and equipment. Maintenance and repairs are expensed as incurred. Interest on capital projects is capitalized during the construction period. Business Combinations The Company records an acquisition using the acquisition method of accounting and recognizes the assets acquired and liabilities assumed at their fair values as of the date of the acquisition. The excess of the purchase price over the net tangible and intangible assets is recorded to goodwill. The results of operations of the acquired business are included in the Company’s operating results from the date of acquisition. Goodwill and Other Intangible Assets Goodwill and indefinite-lived trademarks are tested for impairment at least annually and whenever events or circumstances occur indicating that a possible impairment may have been incurred. Goodwill is tested for impairment by determining the fair value of the Company’s reporting units. These estimated fair values are based on financial projections, certain cash flow measures, and market capitalization. The Company estimates the fair value of its reporting units using a weighting of fair values derived from both the income approach and the market approach. Under the income approach, the Company calculates the fair value of a reporting unit based on the present value of estimated future cash flows. Cash flow projections are based on management's estimates of revenue growth rates and operating margins, taking into consideration industry and market conditions. The discount rate used is based on the weighted-average cost of capital adjusted for the relevant risk associated with business-specific characteristics and the uncertainty related to the business's ability to execute on the projected cash flows. The market approach estimates fair value based on market multiples of revenue and earnings derived from comparable publicly-traded companies with similar operating and investment characteristics as the reporting unit. The weighting of the fair value derived from the market approach ranges from 0% to 50% depending on the level of comparability of these publicly-traded companies to the reporting unit. In order to assess the reasonableness of the calculated fair values of its reporting units, the Company also compares the sum of the reporting units' fair values to its market capitalization and calculates an implied control premium (the excess of the sum of the reporting units' fair values over the market capitalization). The Company evaluates the control premium by comparing it to control premiums of recent comparable market transactions. The Company assesses whether indefinite-lived intangible assets impairment exists using both the qualitative and quantitative assessments. The qualitative assessment involves determining whether events or circumstances exist that indicate it is more likely than not that the fair value of an indefinite-lived intangible asset is less than its carrying amount. If based on this qualitative assessment, the Company determines it is more likely than not that the fair value of an indefinite-lived intangible asset is less than its carrying amount or if the Company elects not to perform a qualitative assessment, a quantitative assessment is performed to determine whether an indefinite-lived intangible asset impairment exists. The Company tests the indefinite-lived intangible assets for impairment by comparing the carrying value to the fair value based on current revenue projections of the related operations, under the relief from royalty method. Any excess of the carrying value over the amount of fair value is recognized as an impairment. Any such impairment is recognized in the reporting period in which it has been identified. Finite-lived assets such as customer relationships, technology, trademarks, licenses, and non-compete agreements are amortized on a straight-line basis over their estimated useful lives, generally over periods ranging from 3 to 20 years. The Company reviews the carrying values of these assets for possible impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable based on undiscounted estimated cash flows expected to result from its use and eventual disposition. The Company continually evaluates the reasonableness of the useful lives of these assets. Impairment of Long-Lived Assets The Company reviews the carrying values of its long-lived assets to be held and used for possible impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable, based on undiscounted estimated cash flows expected to result from its use and eventual disposition. The factors considered by the Company in performing this assessment include current operating results, trends and other economic factors. In assessing the recoverability of the carrying value of a long-lived asset, the Company must make assumptions regarding future cash flows and other factors. If these estimates or the related assumptions change in the future, the Company may be required to record an impairment loss for these assets. Environmental Expenditures The Company records a loss and establishes a reserve for environmental remediation liabilities when it is probable that an asset has been impaired or a liability exists and the amount of the liability can be reasonably estimated. Reasonable estimates involve judgments made by management after considering a broad range of information including notifications, demands or settlements that have been received from a regulatory authority or private party, estimates performed by independent engineering companies and outside counsel, available facts, existing and proposed technology, the identification of other potentially responsible parties, their ability to contribute and prior experience. These judgments are reviewed quarterly as more information is received and the amounts reserved are updated as necessary. However, the reserves may materially differ from ultimate actual liabilities if the loss contingency is difficult to estimate or if management’s judgments turn out to be inaccurate. If management believes no best estimate exists, the minimum probable loss is accrued. Derivative Financial Instruments The Company utilizes derivative instruments to mitigate volatility related to interest rates, lead prices and foreign currency exposures. The Company does not hold or issue derivative financial instruments for trading or speculative purposes. The Company recognizes derivatives as either assets or liabilities in the accompanying Consolidated Balance Sheets and measures those instruments at fair value. Changes in the fair value of those instruments are reported in AOCI if they qualify for hedge accounting or in earnings if they do not qualify for hedge accounting. Derivatives qualify for hedge accounting if they are designated as hedge instruments and if the hedge is highly effective in achieving offsetting changes in the fair value or cash flows of the asset or liability hedged. Effectiveness is measured on a regular basis using statistical analysis and by comparing the overall changes in the expected cash flows on the lead and foreign currency forward contracts with the changes in the expected all-in cash outflow required for the lead and foreign currency purchases. This analysis is performed on the initial purchases quarterly that cover the quantities hedged. Accordingly, gains and losses from changes in derivative fair value of effective hedges are deferred and reported in AOCI until the underlying transaction affects earnings. The Company has commodity, foreign exchange and interest rate hedging authorization from the Board of Directors and has established a hedging and risk management program that includes the management of market and counterparty risk. Key risk control activities designed to ensure compliance with the risk management program include, but are not limited to, credit review and approval, validation of transactions and market prices, verification of risk and transaction limits, portfolio stress tests, sensitivity analyses and frequent portfolio reporting, including open positions, determinations of fair value and other risk management metrics. Market risk is the potential loss the Company and its subsidiaries may incur as a result of price changes associated with a particular financial or commodity instrument. The Company utilizes forward contracts, options, and swaps as part of its risk management strategies, to minimize unanticipated fluctuations in earnings caused by changes in commodity prices, interest rates and / or foreign currency exchange rates. All derivatives are recognized on the balance sheet at their fair value, unless they qualify for the Normal Purchase Normal Sale exemption. Credit risk is the potential loss the Company may incur due to the counterparty’s non-performance. The Company is exposed to credit risk from interest rate, foreign currency and commodity derivatives with financial institutions. The Company has credit policies to manage their credit risk, including the use of an established credit approval process, monitoring of the counterparty positions and the use of master netting agreements. The Company has elected to offset net derivative positions under master netting arrangements. The Company does not have any positions involving cash collateral (payables or receivables) under a master netting arrangement as of March 31, 2019 and 2018 . The Company does not have any credit-related contingent features associated with its derivative instruments. Fair Value of Financial Instruments The Company groups its recurring, non-recurring and disclosure-only fair value measurements into the following levels when making fair value measurement disclosures: Level 1 Inputs are unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 Inputs are quoted prices for similar assets or liabilities in an active market, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable and market-corroborated inputs which are derived principally from or corroborated by observable market data. Level 3 Inputs are derived from valuation techniques in which one or more significant inputs or value drivers are unobservable. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). The Company and its subsidiaries use, as appropriate, a market approach (generally, data from market transactions), an income approach (generally, present value techniques and option-pricing models), and / or a cost approach (generally, replacement cost) to measure the fair value of an asset or liability. These valuation approaches incorporate inputs such as observable, independent market data and / or unobservable data that management believes are predicated on the assumptions market participants would use to price an asset or liability. These inputs may incorporate, as applicable, certain risks such as nonperformance risk, which includes credit risk. Lead contracts, foreign currency contracts and interest rate contracts generally use an income approach to measure the fair value of these contracts, utilizing readily observable inputs, such as forward interest rates (e.g., London Interbank Offered Rate—“LIBOR”), forward foreign currency exchange rates (e.g., GBP and euro) and commodity prices (e.g., London Metals Exchange), as well as inputs that may not be observable, such as credit valuation adjustments. When observable inputs are used to measure all or most of the value of a contract, the contract is classified as Level 2. Over-the-counter (OTC) contracts are valued using quotes obtained from an exchange, binding and non-binding broker quotes. Furthermore, the Company obtains independent quotes from the market to validate the forward price curves. OTC contracts include forwards, swaps and options. To the extent possible, fair value measurements utilize various inputs that include quoted prices for similar contracts or market-corroborated inputs. When unobservable inputs are significant to the fair value measurement, the asset or liability is classified as Level 3. Additionally, Level 2 fair value measurements include adjustments for credit risk based on the Company’s own creditworthiness (for net liabilities) and its counterparties’ creditworthiness (for net assets). The Company assumes that observable market prices include sufficient adjustments for liquidity and modeling risks. The Company did not have any fair value measurements that transferred between Level 2 and Level 3 as well as Level 1 and Level 2. Income Taxes The Company accounts for income taxes using the asset and liability approach, which requires deferred tax assets and liabilities be recognized using enacted tax rates to measure the effect of temporary differences between book and tax bases on recorded assets and liabilities. Valuation allowances are recorded to reduce deferred tax assets, if it is more likely than not some portion or all of the deferred tax assets will not be realized. The need to establish valuation allowances against deferred tax assets is assessed quarterly. The primary factors used to assess the likelihood of realization are expected reversals of taxable temporary timing differences, forecasts of future taxable income and available tax planning strategies that could be implemented to realize the net deferred tax assets. The Company recognizes tax related interest and penalties in income tax expense in its Consolidated Statement of Income. With respect to accounting for uncertainty in income taxes, the Company evaluates tax positions to determine whether the benefits of tax positions are more likely than not of being sustained upon audit based on the technical merits of the tax position. For tax positions that are more likely than not of being sustained upon audit, the Company recognizes the largest amount of the benefit that is greater than 50% likely of being realized upon ultimate settlement. For tax positions that are not more likely than not of being sustained upon audit, the Company does not recognize any portion of the benefit. If the more likely than not threshold is not met in the period for which a tax position is taken, the Company may subsequently recognize the benefit of that tax position if the tax matter is effectively settled, the statute of limitations expires, or if the more likely than not threshold is met in a subsequent period. No additional income taxes have been provided for any undistributed foreign earnings or any additional outside basis difference inherent in these entities, as these amounts continue to be indefinitely reinvested in foreign operations. Deferred Financing Fees Debt issuance costs that are incurred by the Company in connection with the issuance of debt are deferred and amortized to interest expense over the life of the underlying indebtedness, adjusted to reflect any early repayments and are shown as a deduction from long-term debt. Stock-Based Compensation Plans The Company measures the cost of employee services received in exchange for the award of an equity instrument based on the grant-date fair value of the award, with such cost recognized over the applicable vesting period. Market and Performance condition-based awards The Company grants market condition-based awards and performance condition-based awards. Prior to fiscal 2016, the Company granted market condition-based awards (“MSU”). These units cliff vested on the third anniversary of the date of grant. These share units were 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 was 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 was then multiplied by the number of share units granted to yield the number of shares of common stock to be delivered on the vesting date. The fair value of the share units was 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. Beginning with fiscal 2017, the Company granted market condition-based awards (“TSR”). A participant may earn between 0% to 200% of the number of awards granted, based on the total shareholder return of the Company's common stock over a three-year period. The awards cliff vest on the third anniversary of the date of grant and are settled in common stock on the first anniversary of the vesting date. The TSR is calculated by dividing the sixty or ninety calendar day average price at end of the period (as applicable) and the reinvested dividends thereon by such sixty or ninety calendar day average price at start of the period. The maximum number of awards earned is capped at 200% of the target award. Additionally, no payout will be awarded in the event that the TSR at the vesting date reflects less than a 25% return from the average price at the grant date. These share units are similar to the share units granted prior to fiscal 2016, except that under these awards, the targets are more difficult to achieve as they are tied to the TSR of a defined peer group. The fair value of these awards is estimated at the date of grant, using a Monte Carlo Simulation. The Company recognizes compensation expense using the straight-line method over the life of the market condition-based awards except for those issued to certain retirement-eligible participants, which are expensed on an accelerated basis. In fiscal 2019, the Company granted performance condition-based awards (“PSU”). A participant may earn between 0% to 200% of the number of awards granted, based on the Company’s cumulative adjusted earnings per share performance over a three-year period. The vesting of these awards are contingent upon meeting or exceeding performance conditions. The awards cliff vest on the third anniversary of the date of grant and are settled in common stock on the first anniversary of the vesting date. The maximum number of awards earned is capped at 200% of the target award. Expense for the performance condition based award is recorded when the achievement of the performance condition is considered probable of achievement and is recorded on a straight-line basis over the requisite service period. If such performance criteria are not met, no compensation cost is recognized and any recognized compensation cost is reversed. The closing stock price on the date of grant, adjusted for a discount to reflect the illiquidity inherent in the PSUs, represents the grant-date fair value for these awards. Restricted Stock Units The fair value of restricted stock units is based on the closing market price of the Company’s common stock on the date of grant. These awards generally vest, and are settled in common stock, at 25% per year, over a four year period from the date of grant. The Company recognizes compensation expense using the straight-line method over the life of the restricted stock units. Stock Options The fair value of the options granted is estimated at the date of grant using the Black-Scholes option-pricing model utilizing assumptions based on historical data and current market data. The assumptions include expected term of the options, risk-free interest rate, expected volatility, and dividend yield. The expected term represents the expected amount of time that options granted are expected to be outstanding, based on historical and forecasted exercise behavior. The risk-free rate is based on the rate at the grant date of zero-coupon U.S. Treasury Notes with a term equal to the expected term of the option. Expected volatility is estimated using historical volatility rates based on historical weekly price changes over a term equal to the expected term of the options. The Company’s dividend yield is based on historical data. The Company recognizes compensation expense using the straight-line method over the vesting period of the options except for those issued to certain retirement-eligible participa |
Acquisitions
Acquisitions | 12 Months Ended |
Mar. 31, 2019 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions On December 7, 2018, the Company completed the acquisition of all of the issued and outstanding common stock of Alpha Technologies Services, Inc. (“ATS”) and Alpha Technologies Ltd. (“ATL”), resulting in ATS and ATL becoming wholly-owned subsidiaries of the Company (the “share purchase”). Additionally, the Company acquired substantially all of the assets of Alpha Technologies Inc. and certain assets of Altair Advanced Industries, Inc. and other affiliates of ATS and ATL (all such sellers, together with ATS and ATL, “Alpha”), in each case in accordance with the terms and conditions of certain restructuring agreements (collectively, the “asset acquisition” and together with the share purchase, the “acquisition”). Based in Bellingham, Washington, Alpha is a global industry leader in comprehensive commercial-grade energy solutions for broadband, telecom, renewable, industrial and traffic customers around the world. The initial purchase consideration for the acquisition was $750,000 , of which $650,000 was paid in cash and the balance was settled by issuing 1,177,630 shares of EnerSys common stock. These shares were issued out of the Company's treasury stock and were valued at $84.92 per share, which was based on the thirty-day volume weighted average stock price of the Company’s common stock at closing, in accordance with the purchase agreement. The 1,177,630 shares had a closing date fair value of $93,268 , based upon the December 7, 2018, closing date spot rate of $79.20 . The total purchase consideration, consisting of cash paid of $650,000 , shares valued at $93,268 and an adjustment for working capital (due from seller of $766 ) was $742,502 . The Company funded the cash portion of the acquisition with borrowings from the Amended Credit Facility as defined in Note 8. See Note 8 for additional information. The acquisition expands the Company's footprint in broadband and telecom markets. The goodwill recognized in connection with this transaction reflects the benefits the Company expects to realize from being able to provide a one-stop, fully integrated power solutions offering to its customers, as well as the benefit of cost synergies from alignment of the Alpha group within its own organizational structure. The Company recorded the acquisition using the acquisition method of accounting and recognized the assets acquired and liabilities assumed at their estimated fair values as of the date of the acquisition. The results of operations of Alpha have been included in the Company’s Americas segment beginning December 8, 2018. Included within operating expenses, in the Company's Consolidated Statement of Income for fiscal 2019 are acquisition costs of $12,883 . For the period ended March 31, 2019, that EnerSys owned Alpha, the contribution of the acquisition to net sales was $162,454 and net loss of $1,252 , excluding the effect of the transaction and integration costs, and interest expense on the debt to finance the acquisition. The following table represents the fair values assigned to the assets acquired and liabilities assumed and resulting goodwill. The amounts recognized will be finalized as the information necessary to complete the analysis is obtained, but no later than one year from the acquisition date (“the measurement period”). The acquired assets and assumed liabilities include the following: Accounts receivable $ 115,467 Inventories 84,297 Other current assets 6,822 Other intangible assets 332,000 Property, plant and equipment 20,987 Other assets 9,005 Total assets acquired $ 568,578 Accounts payable 35,803 Accrued liabilities 41,918 Deferred income taxes 56,331 Other liabilities 12,642 Total liabilities assumed $ 146,694 Net assets acquired $ 421,884 Purchase price: Cash paid for net assets acquired $ 650,000 Fair value of shares issued for net assets acquired 93,268 Working capital adjustment (766 ) Total purchase consideration 742,502 Less: Fair value of acquired identifiable assets and liabilities 421,884 Goodwill $ 320,618 The following table summarizes the estimated fair value of Alpha's identifiable intangible assets and the initial assessment of their respective estimated lives: Type Life in Years Fair Value Trademarks Indefinite-lived Indefinite $ 56,000 Customer relationships Finite-lived 14 221,000 Technology Finite-lived 10 55,000 Total identifiable intangible assets $ 332,000 The Company recorded the acquisition using the acquisition method of accounting and recognized the assets acquired and liabilities assumed at their fair values as of the date of the acquisition. The excess of the purchase price over the net tangible and intangible assets is recorded to goodwill. Estimated goodwill deductible for tax purposes is $42,262 . The measurement of the fair value of assets acquired and liabilities assumed is substantially complete. The Company continues to gather necessary information to finalize the accounting for income taxes associated with the acquisition, and as such the Company could record additional adjustments to the provisional amount recognized as this additional information is obtained. The following unaudited summary information is presented on a consolidated pro forma basis as if the acquisition had occurred on April 1, 2017: Fiscal year ended March 31, 2019 March 31, 2018 Net sales $ 3,278,646 $ 3,124,527 Net earnings attributable to EnerSys stockholders 207,904 126,965 Net earnings per share attributable to EnerSys stockholders - basic 4.79 2.90 Net earnings per share attributable to EnerSys stockholders - assuming dilution 4.71 2.87 The pro forma amounts include additional interest expense on the debt issued to finance the purchases, amortization and depreciation expense based on the estimated fair value and useful lives of intangible assets and plant assets, and related tax effects. The pro forma results are not necessarily indicative of the combined results had the Alpha acquisition been completed on April 1, 2017, nor are they indicative of future combined results. The pro forma results for the twelve months of fiscal 2019 and 2018 exclude pre-tax transaction costs of $12,883 , as well as the pre-tax amortization of the acquisition date step up to fair value of inventories of $7,263 as they are considered non-recurring in nature. The remeasurement of Alpha's deferred taxes due to the Tax Act are also being excluded in arriving at these pro forma results. The Company made no significant acquisitions in fiscal 2018 and 2017. |
Inventories
Inventories | 12 Months Ended |
Mar. 31, 2019 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories March 31, 2019 2018 Raw materials $ 138,718 $ 92,216 Work-in-process 129,736 136,068 Finished goods 235,415 185,950 Total $ 503,869 $ 414,234 |
Property, Plant, and Equipment
Property, Plant, and Equipment | 12 Months Ended |
Mar. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant, and Equipment | Property, Plant, and Equipment Property, plant, and equipment consist of: March 31, 2019 2018 Land, buildings, and improvements $ 268,006 $ 273,506 Machinery and equipment 683,955 657,262 Construction in progress 54,278 49,900 1,006,239 980,668 Less accumulated depreciation (596,800 ) (590,408 ) Total $ 409,439 $ 390,260 Depreciation expense for the fiscal years ended March 31, 2019 , 2018 and 2017 totaled $48,618 , $45,874 , and $45,388 , respectively. Interest capitalized in connection with major capital expenditures amounted to $1,581 , $1,082 , and $817 for the fiscal years ended March 31, 2019 , 2018 and 2017 , respectively. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Mar. 31, 2019 | |
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, 2019 2018 Gross Amount Accumulated Amortization Net Amount Gross Amount Accumulated Amortization Net Amount Indefinite-lived intangible assets: Trademarks $ 152,484 $ (953 ) $ 151,531 $ 97,444 $ (953 ) $ 96,491 Finite-lived intangible assets: Customer relationships 286,664 (42,704 ) 243,960 66,973 (31,500 ) 35,473 Non-compete 3,025 (2,807 ) 218 2,852 (2,759 ) 93 Technology 77,779 (12,229 ) 65,550 22,769 (8,872 ) 13,897 Trademarks 2,003 (1,236 ) 767 2,003 (1,151 ) 852 Licenses 1,477 (1,187 ) 290 1,491 (1,156 ) 335 Total $ 523,432 $ (61,116 ) $ 462,316 $ 193,532 $ (46,391 ) $ 147,141 The Company’s amortization expense related to finite-lived intangible assets was $14,730 , $8,443 , and $8,557 , for the years ended March 31, 2019 , 2018 and 2017 , respectively. The expected amortization expense based on the finite-lived intangible assets as of March 31, 2019 , is $29,491 in fiscal 2020, $29,237 in fiscal 2021, $28,993 in fiscal 2022, $27,694 in fiscal 2023 and $24,287 in fiscal 2024. Goodwill The changes in the carrying amount of goodwill by reportable segment are as follows: Fiscal year ended March 31, 2019 Americas EMEA Asia Total Balance at beginning of year $ 151,255 $ 155,825 $ 45,725 $ 352,805 Acquisitions during the year 320,618 — — 320,618 Foreign currency translation adjustment (1,679 ) (12,556 ) (2,789 ) (17,024 ) Balance at end of year $ 470,194 $ 143,269 $ 42,936 $ 656,399 Fiscal year ended March 31, 2018 Americas EMEA Asia Total Balance at beginning of year $ 146,982 $ 138,813 $ 42,862 $ 328,657 Acquisitions during the year 3,670 — — 3,670 Foreign currency translation adjustment 603 17,012 2,863 20,478 Balance at end of year $ 151,255 $ 155,825 $ 45,725 $ 352,805 A reconciliation of goodwill and accumulated goodwill impairment losses, by reportable segment, is as follows: March 31, 2019 Americas EMEA Asia Total Gross carrying value $ 528,039 $ 149,422 $ 48,115 $ 725,576 Accumulated goodwill impairment charges (57,845 ) (6,153 ) (5,179 ) (69,177 ) Net book value $ 470,194 $ 143,269 $ 42,936 $ 656,399 March 31, 2018 Americas EMEA Asia Total Gross carrying value $ 209,100 $ 161,978 $ 50,904 $ 421,982 Accumulated goodwill impairment charges (57,845 ) (6,153 ) (5,179 ) (69,177 ) Net book value $ 151,255 $ 155,825 $ 45,725 $ 352,805 Impairment of goodwill and indefinite-lived intangibles The Company did not record any impairment relating to its goodwill and intangible assets during fiscal 2019 and 2018. In fiscal 2017, the Company early adopted ASU 2017-04 - Intangibles—Goodwill and Other (Topic 350), which eliminated Step 2 from the goodwill impairment test. In the fourth quarter of fiscal 2017, the Company conducted step one of the annual goodwill impairment test which indicated that the fair values of two of its reporting units - Purcell US in the Americas operating segment and Purcell EMEA in the EMEA operating segment - were less than their respective carrying values. Based on the guidance in ASU 2017-04, the Company recognized an impairment charge for the amount by which the carrying amount exceeded the reporting unit’s fair value and recorded a non-cash charge of $8,646 and $3,570 , related to goodwill impairment in the Americas and EMEA operating segments, respectively, and $700 and $1,100 related to impairment of indefinite-lived trademarks in the Americas and EMEA operating segments, respectively. Purcell was acquired in fiscal 2014 during the height of the 4G telecom build-out. After performing to expectations for the first few quarters, its revenue declined as telecom spending in the U.S. curtailed sharply. In fiscal 2016, lower estimated projected revenue and profitability caused by reduced levels of capital spending by major customers in the telecommunications industry was a key factor contributing to the impairment charges recorded in that year. In fiscal 2017, the Company transferred the European operations of Purcell to its EMEA operating segment, consistent with its geographical management approach. In the U.S., Purcell received significant orders, but at lower margins, resulting in an impairment in 2017. In Europe, Purcell's sales forecasts were reduced in fiscal 2017, as a result of low telecom spending and accordingly recorded an impairment charge as well. The Company estimated tax-deductible goodwill to be approximately $58,699 and $18,147 as of March 31, 2019 and 2018 |
Prepaid and Other Current Asset
Prepaid and Other Current Assets | 12 Months Ended |
Mar. 31, 2019 | |
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, 2019 2018 Contract assets $ 38,778 $ — Prepaid non-income taxes 22,490 22,583 Non-trade receivables 10,823 4,087 Prepaid income taxes 9,608 8,921 Other 27,732 21,319 Total $ 109,431 $ 56,910 |
Accrued Expenses
Accrued Expenses | 12 Months Ended |
Mar. 31, 2019 | |
Payables and Accruals [Abstract] | |
Accrued Expenses | Accrued Expenses Accrued expenses consist of the following: March 31, 2019 2018 Payroll and benefits $ 54,285 $ 50,053 Accrued selling expenses 35,394 34,831 Warranty 21,646 22,637 VAT and other non-income taxes 17,125 13,155 Project related accruals 16,301 — Contract liabilities 15,162 — Freight 14,423 15,810 Income taxes payable 9,234 19,696 Legal proceedings 7,258 2,326 Interest 7,248 6,762 Tax Act - Transition Tax 5,290 7,800 Restructuring 2,952 2,909 Pension 1,207 1,657 Deferred income — 9,387 Other 48,356 27,095 Total $ 255,881 $ 214,118 |
Debt
Debt | 12 Months Ended |
Mar. 31, 2019 | |
Debt Disclosure [Abstract] | |
Debt | Debt The following summarizes the Company’s long-term debt: As of March 31, 2019 2018 Principal Unamortized Issuance Costs Principal Unamortized Issuance Costs 5.00% Senior Notes, due 2023 $ 300,000 $ 2,497 $ 300,000 $ 3,122 Amended Credit Facility, due 2022 * 677,315 3,062 285,500 2,843 $ 977,315 $ 5,559 $ 585,500 $ 5,965 Less: Unamortized issuance costs 5,559 5,965 Less: Current portion — — Long-term debt, net of unamortized issuance costs $ 971,756 $ 579,535 * As of March 31, 2018, the 2017 Credit Facility, due 2022 5.00% Senior Notes The Company's $300,000 5.00% Senior Notes due 2023 (the “Notes”) bear interest at a rate of 5.00% per annum. Interest is payable semiannually in arrears on April 30 and October 30 of each year, and commenced on October 30, 2015. The Notes will mature on April 30, 2023, unless earlier redeemed or repurchased in full. The Notes are unsecured and unsubordinated obligations of the Company. The Notes are fully and unconditionally guaranteed (the “Guarantees”), jointly and severally, by certain of its subsidiaries that are guarantors (the “Guarantors”) under the Amended Credit Facility. The Guarantees are unsecured and unsubordinated obligations of the Guarantors. 2017 Credit Facility and Subsequent Amendment On August 4, 2017, the Company entered into a credit facility (the “2017 Credit Facility”). The 2017 Credit Facility with a maturity date of September 30, 2022 consisted of a $600,000 senior secured revolving credit facility (“2017 Revolver”) and a $ 150,000 senior secured term loan (“2017 Term Loan”). The Company's previous credit facility (“2011 Credit Facility”) consisted of a $500,000 senior secured revolving credit facility (“2011 Revolver”) and a $150,000 senior secured incremental term loan (the “2011 Term Loan”) with a maturity date of September 30, 2018. On August 4, 2017, the outstanding balance on the 2011 Revolver and the 2011 Term Loan of $240,000 and $123,750 , respectively, was repaid utilizing borrowings from the 2017 Credit Facility. On December 7, 2018, the Company amended the 2017 Credit Facility (as amended, the “Amended Credit Facility”) to fund the Alpha acquisition. The Amended Credit Facility consists of $449,105 senior secured term loans (the “Amended 2017 Term Loan”), including a CAD 133,050 ( $99,105 ) term loan and a $700,000 senior secured revolving credit facility (the “Amended 2017 Revolver”). The amendment resulted in an increase of the 2017 Term Loan and the 2017 Revolver by $299,105 and $100,000 , respectively. As of March 31, 2019 , the Company had $ 239,000 outstanding on the Amended 2017 Revolver and $ 438,315 under the Amended 2017 Term Loan. Subsequent to the amendment, the quarterly installments payable on the Amended 2017 Term Loan are $5,625 beginning December 31, 2018, $8,438 beginning December 31, 2019 and $11,250 beginning December 31, 2020 with a final payment of $315,000 on September 30, 2022. The Amended Credit Facility may be increased by an aggregate amount of $325,000 in revolving commitments and /or one or more new tranches of term loans, under certain conditions. Both the Amended 2017 Revolver and the Amended 2017 Term Loan bear interest, at the Company's option, at a rate per annum equal to either (i) the London Interbank Offered Rate (“LIBOR”) or Canadian Dollar Offered Rate (“CDOR”) plus between (i) LIBOR plus between 1.25% and 2.00% (currently 1.25% and based on the Company's consolidated net leverage ratio) or (ii) the U.S. Dollar Base Rate (which equals, for any day a fluctuating rate per annum equal to the highest of (a) the Federal Funds Effective Rate plus 0.50% , (b) Bank of America “Prime Rate” and (c) the Eurocurrency Base Rate plus 1% ; provided that, if the Base Rate shall be less than zero, such rate shall be deemed zero) (iii) the CDOR Base Rate equal to the higher of (a) Bank of America “Prime Rate” and (b) average 30-day CDOR rate plus 0.50% . Obligations under the Amended Credit Facility are secured by substantially all of the Company’s existing and future acquired assets, including substantially all of the capital stock of the Company’s United States subsidiaries that are guarantors under the Amended Credit Facility and up to 65% of the capital stock of certain of the Company’s foreign subsidiaries that are owned by the Company’s United States subsidiaries. The Amended Credit Facility allows for up to two temporary increases in the maximum leverage ratio from 3.50 x to 4.00 x for a four quarter period following an acquisition larger than $250,000 . Effective December 7, 2018 through December 30, 2019, the maximum leverage ratio has been increased to 4.00 x. As of March 31, 2019, the leverage ratio was 2.00x. The current portion of the Amended 2017 Term Loan of $28,098 is classified as long-term debt as the Company expects to refinance the future quarterly payments with revolver borrowings under its Amended Credit Facility. 2011 Credit Facility As discussed under the 2017 Credit Facility, the 2011 Credit Facility was repaid in full on August 4, 2017. There were no prepayment penalties on loans under the 2011 Credit Facility. Both the revolving loan and the Term Loan under the 2011 Credit Facility bore interest, at the Company's option, at a rate per annum equal to either (i) LIBOR plus between 1.25% and 1.75% ( 1.25% at March 31, 2017, and based on the Company's consolidated net leverage ratio) or (ii) the Base Rate (which is the highest of (a) the Bank of America prime rate, and (b) the Federal Funds Effective Rate) plus between 0.25% and 0.75% (based on the Company’s consolidated net leverage ratio). Interest Rates on Long Term Debt The weighted average interest rate on the long term debt at March 31, 2019 and March 31, 2018 , was 4.1% and 3.7% , respectively. Interest Paid The Company paid in cash, $29,552 , $23,527 and $20,781 , net of interest received, for interest during the fiscal years ended March 31, 2019 , 2018 and 2017 , respectively. Covenants The Company’s financing agreements contain various covenants, which, absent prepayment in full of the indebtedness and other obligations, or the receipt of waivers, would limit the Company’s ability to conduct certain specified business transactions including incurring debt, mergers, consolidations or similar transactions, buying or selling assets out of the ordinary course of business, engaging in sale and leaseback transactions, paying dividends and certain other actions. The Company is in compliance with all such covenants. Short-Term Debt As of March 31, 2019 and 2018 , the Company had $54,490 and $18,341 , respectively, of short-term borrowings from banks. The weighted-average interest rate on these borrowings was approximately 4% and 7%, respectively, for fiscal years ended March 31, 2019 and 2018 . Letters of Credit As of March 31, 2019 and 2018 , the Company had $3,955 and $3,074 , respectively, of standby letters of credit. Debt Issuance Costs In fiscal 2019, the Company incurred $1,393 in debt issuance costs and wrote off $483 of unamortized debt issuance costs related to the Amended Credit Facility. In fiscal 2018, the Company incurred $2,677 in debt issuance costs and wrote off $301 of unamortized debt issuance costs related to the 2011 Credit Facility. Amortization expense, relating to debt issuance costs, included in interest expense was $1,316 , $1,302 , and $1,388 for the fiscal years ended March 31, 2019 , 2018 and 2017 , respectively. Debt issuance costs, net of accumulated amortization, totaled $5,559 and $5,965 as of March 31, 2019 and 2018 , respectively. Available Lines of Credit As of March 31, 2019 and 2018 , the Company had available and undrawn, under all its lines of credit, $546,960 and $613,234 , respectively, including $87,685 and $150,459 , respectively, of uncommitted lines of credit as of March 31, 2019 and March 31, 2018 . |
Leases
Leases | 12 Months Ended |
Mar. 31, 2019 | |
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, 2019 are as follows: 2020 $ 31,483 2021 24,290 2022 16,514 2023 11,596 2024 8,683 Thereafter 23,757 Total minimum lease payments $ 116,323 Rental expense was $40,261 , $38,146 , and $35,991 for the fiscal years ended March 31, 2019 , 2018 and 2017 , respectively. Certain operating lease agreements contain renewal or purchase options and / or escalation clauses. |
Other Liabilities
Other Liabilities | 12 Months Ended |
Mar. 31, 2019 | |
Other Liabilities Disclosure [Abstract] | |
Other Liabilities | Other Liabilities Other liabilities consist of the following: March 31, 2019 2018 Tax Act - Transition Tax $ 55,489 $ 89,700 Pension 39,924 44,404 Warranty 32,922 27,965 Liability for uncertain tax positions 20,240 1,684 Deferred income — 7,094 Contract liabilities 6,360 — Other 10,265 10,240 Total $ 165,200 $ 181,087 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Mar. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Fair Value of Financial Instruments Recurring Fair Value Measurements The following tables represent the financial assets and (liabilities) measured at fair value on a recurring basis as of March 31, 2019 and March 31, 2018 and the basis for that measurement: Total Fair Value Quoted Price in Significant Significant Lead forward contracts $ (902 ) $ — $ (902 ) $ — Foreign currency forward contracts (249 ) — (249 ) — Total derivatives $ (1,151 ) $ — $ (1,151 ) $ — Total Fair Value Quoted Price in Active Markets for Identical Assets (Level 1) Significant Significant Unobservable Inputs (Level 3) Lead forward contracts $ (3,877 ) $ — $ (3,877 ) $ — Foreign currency forward contracts 22 — 22 — Total derivatives $ (3,855 ) $ — $ (3,855 ) $ — The fair values of lead forward contracts are calculated using observable prices for lead as quoted on the London Metal Exchange (“LME”) and, therefore, were classified as Level 2 within the fair value hierarchy as described in Note 1, Summary of Significant Accounting Policies. The fair values for foreign currency forward contracts are based upon current quoted market prices and are classified as Level 2 based on the nature of the underlying market in which these derivatives are traded. Financial Instruments The fair values of the Company’s cash and cash equivalents approximate carrying value due to their short maturities. The fair value of the Company’s short-term debt and borrowings under the Amended Credit Facility (as defined in Note 8), approximate their respective carrying value, as they are variable rate debt and the terms are comparable to market terms as of the balance sheet dates and are classified as Level 2. The Company's Notes, with an original face value of $300,000 , were issued in April 2015. The fair value of the Notes represent the trading values based upon quoted market prices and are classified as Level 2. The Notes were trading at approximately 99% and 102% of face value on March 31, 2019 and March 31, 2018 , respectively. The carrying amounts and estimated fair values of the Company’s derivatives and Notes at March 31, 2019 and 2018 were as follows: March 31, 2019 March 31, 2018 Carrying Fair Value Carrying Fair Value Financial assets: Derivatives (1) $ — $ — $ 22 $ 22 Financial liabilities: Notes (2) 300,000 297,000 300,000 304,500 Derivatives (1) $ 1,151 $ 1,151 $ 3,877 $ 3,877 (1) Represents lead and foreign currency forward contracts (see Note 12 for asset and liability positions of the lead and foreign currency forward contracts at March 31, 2019 and March 31, 2018 ). (2) The fair value amount of the Notes at March 31, 2019 and March 31, 2018 represent the trading value of the instruments. Non-recurring fair value measurements On March 5, 2019, the Company committed to a plan to close its facility in Targovishte, Bulgaria, which produced diesel-electric submarine batteries. Management determined that the future demand for batteries of diesel-electric submarines was not sufficient given the number of competitors in the market. As a result, the Company concluded that the carrying value of the asset group is not recoverable and recorded a write-off of $14,958 in the fixed assets to their estimated fair value of $242 |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Mar. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Derivative Financial Instruments The Company utilizes derivative instruments to reduce its exposure to fluctuations in commodity prices and foreign exchange rates, under established procedures and controls. The Company does not enter into derivative contracts for speculative purposes. The Company’s agreements are with creditworthy financial institutions and the Company anticipates performance by counterparties to these contracts and therefore no material loss is expected. Derivatives in Cash Flow Hedging Relationships Lead Forward Contracts The Company enters into lead forward contracts to fix the price for a portion of its lead purchases. Management considers the lead forward contracts to be effective against changes in the cash flows of the underlying lead purchases. The vast majority of such contracts are for a period not extending beyond one year . At March 31, 2019 and 2018 , the Company has hedged the price to purchase approximately 42.0 million pounds and 62.9 million pounds of lead, respectively, for a total purchase price of $39,218 and $72,207 , 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, 2019 and 2018 , the notional amount of these contracts was $42,318 and $54,164 , respectively. In the coming twelve months, the Company anticipates that $46 of pretax loss relating to lead and foreign currency forward contracts will be reclassified from AOCI as part of Cost of goods sold. This amount represents the current net unrealized impact of hedging lead and foreign exchange rates, which will change as market rates change in the future, and will ultimately be realized in the Consolidated Statements of Income as an offset to the corresponding actual changes in lead costs to be realized in connection with the variable lead cost and foreign exchange rates being hedged. Derivatives not Designated in Hedging Relationships Foreign Currency Forward Contracts The Company also enters into foreign currency forward contracts to economically hedge foreign currency fluctuations on intercompany loans and foreign currency denominated receivables and payables. These are not designated as hedging instruments and changes in fair value of these instruments are recorded directly in the Consolidated Statements of Income. As of March 31, 2019 and 2018 , the notional amount of these contracts was $22,201 and $28,486 , 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, 2019 and 2018 Derivatives and Hedging Activities Designated as Cash Flow Hedges Derivatives and Hedging Activities Not Designated as Hedging Instruments March 31, 2019 March 31, 2018 March 31, 2019 March 31, 2018 Prepaid and other current assets: Foreign currency forward contracts — 209 — — Total assets $ — $ 209 $ — $ — Accrued expenses: Lead forward contracts $ 902 $ 3,877 $ — $ — Foreign currency forward contracts 8 — 241 187 Total liabilities $ 910 $ 3,877 $ 241 $ 187 The Effect of Derivative Instruments on the Consolidated Statements of Income For the fiscal year ended March 31, 2019 Derivatives Designated as Cash Flow Hedges Pretax Gain (Loss) Recognized in AOCI on Derivative (Effective Portion) Location of Gain (Loss) Reclassified from AOCI into Income (Effective Portion) Pretax Gain (Loss) Reclassified from AOCI into Income (Effective Portion) Lead forward contracts $ (12,531 ) Cost of goods sold $ (15,666 ) Foreign currency forward contracts 1,551 Cost of goods sold 385 Total $ (10,980 ) $ (15,281 ) Derivatives Not Designated as Hedging Instruments Location of Gain (Loss) Recognized in Income on Derivatives Pretax Gain (Loss) Foreign currency forward contracts Other (income) expense, net $ (1,856 ) Total $ (1,856 ) The Effect of Derivative Instruments on the Consolidated Statements of Income For the fiscal year ended March 31, 2018 Derivatives Designated as Cash Flow Hedges Pretax Gain (Loss) Recognized in AOCI on Derivative (Effective Portion) Location of Gain (Loss) Reclassified from AOCI into Income (Effective Portion) Pretax Gain (Loss) Reclassified from AOCI into Income (Effective Portion) Lead forward contracts $ (805 ) Cost of goods sold $ 5,860 Foreign currency forward contracts (3,524 ) Cost of goods sold (2,718 ) Total $ (4,329 ) $ 3,142 Derivatives Not Designated as Hedging Instruments Location of Gain (Loss) Pretax Gain (Loss) Foreign currency forward contracts Other (income) expense, net $ 180 Total $ 180 The Effect of Derivative Instruments on the Consolidated Statements of Income For the fiscal year ended March 31, 2017 Derivatives Designated as Cash Flow Hedges Pretax Gain (Loss) Recognized in AOCI on Derivative (Effective Portion) Location of Gain (Loss) Reclassified from AOCI into Income (Effective Portion) Pretax Gain (Loss) Reclassified from AOCI into Income (Effective Portion) Lead forward contracts $ 7,907 Cost of goods sold $ 5,803 Foreign currency forward contracts 845 Cost of goods sold 433 Total $ 8,752 $ 6,236 Derivatives Not Designated as Hedging Instruments Location of Gain (Loss) Recognized in Income on Derivatives Pretax Gain (Loss) Foreign currency forward contracts Other (income) expense, net $ (471 ) Total $ (471 ) |
Income Taxes
Income Taxes | 12 Months Ended |
Mar. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Fiscal year ended March 31, 2019 2018 2017 Current income tax expense Current: Federal $ 6,377 $ 115,315 $ 30,362 State 5,027 3,461 4,855 Foreign 16,636 20,030 17,800 Total current income tax expense 28,040 138,806 53,017 Deferred income tax (benefit) expense Federal (5,031 ) (9,551 ) 857 State (669 ) 789 590 Foreign (756 ) (11,551 ) 8 Total deferred income tax (benefit) expense (6,456 ) (20,313 ) 1,455 Total income tax expense $ 21,584 $ 118,493 $ 54,472 Earnings before income taxes consists of the following: Fiscal year ended March 31, 2019 2018 2017 United States $ 53,339 $ 74,440 $ 80,436 Foreign 128,872 163,886 132,259 Earnings before income taxes $ 182,211 $ 238,326 $ 212,695 Income taxes paid by the Company for the fiscal years ended March 31, 2019 , 2018 and 2017 were $53,866 , $28,044 and $45,332 , respectively. U.S. Tax Cuts and Jobs Act of 2017 On December 22, 2017, the Tax Cuts and Jobs Act (“Tax Act”) was enacted into law. Among the significant changes resulting from the law, the Tax Act reduced the U.S. federal income tax rate from 35% to 21% effective January 1, 2018, and required companies to pay a one-time transition tax on unrepatriated cumulative non-U.S. earnings of foreign subsidiaries and created new taxes on certain foreign sourced earnings. The U.S. federal statutory tax rate for fiscal 2019 is 21.0% . On December 22, 2017, the SEC issued Staff Accounting Bulletin No. 118 (“SAB 118”) that provided guidance on the financial statement implications of the Tax Act. In fiscal 2018, the Company recorded a provisional amount for the Transition Tax liability, resulting in an increase in income tax expense of $97,500 . In fiscal 2019, the Company completed its accounting for the tax effects of enactment of the Tax Act. The Company recognized an income tax benefit of $13,483 , net of uncertain tax positions, resulting from a decrease in the mandatory one-time transition tax on unrepatriated cumulative non-U.S. earnings of the Company's foreign businesses. The Company made the election on the 2017 Federal Income Tax Return to pay the one-time Tax Act liability over an eight-year period without interest, as allowed under the tax enactment. In fiscal 2019, the global intangible low-taxed income (“GILTI”), foreign derived intangible income (“FDII”), and base-erosion and anti-abuse (“BEAT”) provisions became effective. The GILTI provisions require the Company to include in its US income tax return foreign subsidiary earnings in excess of an allowable return on the foreign subsidiary’s tangible assets. Under US GAAP, the Company is allowed to make an accounting policy choice of either (1) treating the taxes due on future US inclusions in taxable income as a current-period expense when incurred (“period cost method”) or (2) factoring amounts into a Company’s measurement of its deferred taxes (“deferred method”). The Company has elected the period cost method. Based on existing legislative guidance and interpretation, the Company's effective tax rate has increased by approximately 2.2% compared to prior year. FDII allows a new deduction for U.S. corporations up to 37.5% of foreign derived intangible income. This is an export incentive that reduces the tax on foreign derived sales and service income. Based upon the existing legislative guidance and interpretation, the Company's effective tax rate has decreased by 0.9% compared to prior year. The BEAT provisions eliminate the deductions of certain base-erosion payments to related foreign corporations and impose a minimum tax if greater than regular tax. The Company does not expect to be subject to BEAT for fiscal 2019. 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, 2019 2018 Deferred tax assets: Accounts receivable $ 1,297 $ 1,790 Inventories 4,081 3,660 Net operating loss carryforwards 48,423 50,928 Accrued expenses 21,574 21,274 Capitalized research and development costs 7,061 — Other assets 17,656 16,832 Gross deferred tax assets 100,092 94,484 Less valuation allowance (17,519 ) (15,255 ) Total deferred tax assets 82,573 79,229 Deferred tax liabilities: Property, plant and equipment 25,656 21,045 Intangible assets 96,826 46,058 Other liabilities 1,737 1,331 Total deferred tax liabilities 124,219 68,434 Net deferred tax (liabilities) assets $ (41,646 ) $ 10,795 The Company has approximately $1,438 in United States federal net operating loss carryforwards, all of which are limited by Section 382 of the Internal Revenue Code, with expirations between 2023 and 2027. The Company has approximately $168,906 of foreign net operating loss carryforwards, of which $102,792 may be carried forward indefinitely and $66,114 expire between fiscal 2020 and fiscal 2034. In addition, the Company also has approximately $33,900 of state net operating loss carryforwards with expirations between fiscal 2020 and fiscal 2039. As of March 31, 2019 and 2018 , the federal valuation allowance was $1,027 and $630 , respectively. Of the net increase of $397 , $1,027 is due to the current year acquisition of Alpha, offset by $630 due to the expiration of capital losses for which a full valuation allowance was previously recorded. As of March 31, 2019 and 2018 , the valuation allowance associated with the state tax jurisdictions was $898 and $895 , respectively. As of March 31, 2019 and 2018 , the valuation allowance associated with certain foreign tax jurisdictions was $15,594 and $13,730 , respectively. Of the net increase of $1,864 , $2,876 was recorded as an increase to tax expense primarily related to net operating loss carryforwards generated in the current year that the Company believes are not more likely than not to be realized. The remaining net decrease of $1,012 is primarily related to foreign currency translation adjustments and an offset to adjustments to foreign net operating losses for which a full valuation allowance was recorded. A reconciliation of income taxes at the statutory rate ( 21.0% for fiscal 2019, 31.55% for fiscal 2018 and 35% for fiscal 2017) to the income tax provision is as follows: Fiscal year ended March 31, 2019 2018 2017 United States statutory income tax expense $ 38,264 $ 75,196 $ 74,444 Increase (decrease) resulting from: Impact of Tax Act (13,483 ) 83,400 — State income taxes, net of federal effect 3,285 3,146 3,677 Nondeductible expenses, domestic manufacturing deduction (fiscal 2018 and 2017) and other 2,677 1,078 1,993 Legal proceedings charge - European Competition Investigations - See Note 18 2,405 — 7,873 Net effect of GILTI, FDII, BEAT 2,320 — — Goodwill impairment - See Note 5 — — 3,812 Effect of foreign operations (16,763 ) (35,048 ) (39,377 ) Valuation allowance 2,879 (9,279 ) 2,050 Income tax expense $ 21,584 $ 118,493 $ 54,472 The effective income tax rates for the fiscal years ended March 31, 2019 , 2018 and 2017 were 11.9% , 49.7% and 25.6% , respectively. The effective income tax rate with respect to any period may be volatile based on the mix of income in the tax jurisdictions in which the Company operates and the amount of its consolidated income before taxes. The rate decrease in fiscal 2019 compared to fiscal 2018 is primarily due to the impact of the Tax Act, partially offset by increases for additional tax valuation allowances related to certain of our foreign subsidiaries, increases due to non-deductible legal proceedings charge related to the European competition investigation, and changes in the mix of earnings among tax jurisdictions in fiscal 2019. The rate increase in fiscal 2018 compared to fiscal 2017 is also primarily due to the Tax Act. In fiscal 2019 , the foreign effective income tax rate on foreign pre-tax income of $128,872 was 12.3% . In fiscal 2018 , the foreign effective income tax rate on foreign pre-tax income of $163,886 was 5.2% and in fiscal 2017 , the foreign effective income tax rate on foreign pre-tax income of $132,259 was 13.5% . The rate increase in fiscal 2019 compared to fiscal 2018 is primarily due to additional tax valuation allowances related to certain of the Company’s foreign subsidiaries, increases due to non-deductible legal proceedings charge related to the European competition investigation, and changes in the mix of earnings among tax jurisdictions in fiscal 2019. The rate decrease in fiscal 2018 compared to fiscal 2017 is primarily due to the reversal of previously recognized deferred tax valuation allowances related to certain of the Company’s foreign subsidiaries in fiscal 2018, decreases due to non-deductible goodwill impairment charges and non-deductible legal proceedings charge related to the European competition investigation in fiscal 2017, and changes in the mix of earnings among tax jurisdictions. Income from the Company's Swiss subsidiary comprised a substantial portion of its overall foreign mix of income for the fiscal years ended March 31, 2019 , 2018 and 2017 and was taxed at approximately 4% , 8% and 5% , respectively. The Company has approximately $1,167,000 and $1,260,000 of undistributed earnings of foreign subsidiaries for fiscal years 2019 and 2018 , respectively. Since the Company’s undistributed foreign earnings and outside basis differences inherent in foreign entities continue to be indefinitely reinvested in foreign operations, no additional income taxes have been provided. Uncertain Tax Positions The following table summarizes activity of the total amounts of unrecognized tax benefits: Fiscal year ended March 31, 2019 2018 2017 Balance at beginning of year $ 1,568 $ 1,450 $ 2,375 Increases related to current year tax positions 129 397 252 Increases related to the Alpha acquisition 7,840 — — Increases related to prior year tax positions 11,463 11 31 Decreases related to prior tax positions and foreign currency translation (544 ) — (352 ) Decreases related to prior year tax positions settled (93 ) (1 ) (678 ) Lapse of statute of limitations (198 ) (289 ) (178 ) Balance at end of year $ 20,165 $ 1,568 $ 1,450 The increase of prior year tax positions during fiscal 2019, are related to items included in the Tax Act. In connection with the Alpha acquisition, the Company recorded an unrecognized tax benefit of $7,840, as well as an indemnification asset of $7,840 representing the Seller's obligation to indemnify the Company for the outcome of potential contingent liabilities relating to uncertain tax positions. See Note 2 for more information relating to the acquisition. All of the balance of unrecognized tax benefits at March 31, 2019 , 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 2008. While the net effect on total unrecognized tax benefits cannot be reasonably estimated, approximately $2,275 is expected to reverse in fiscal 2020 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, 2019 and 2018 , the Company had an accrual of $75 and $116 , respectively, for interest and penalties. |
Retirement Plans
Retirement Plans | 12 Months Ended |
Mar. 31, 2019 | |
Retirement Benefits [Abstract] | |
Retirement Plans | Retirement Plans Defined Benefit Plans The Company sponsors several retirement and pension plans covering eligible salaried and hourly employees. The Company uses a measurement date of March 31 for its pension plans. Net periodic pension cost for fiscal 2019 , 2018 and 2017 , includes the following components: United States Plans International Plans Fiscal year ended March 31, Fiscal year ended March 31, 2019 2018 2017 2019 2018 2017 Service cost $ — $ — $ 371 $ 997 $ 1,025 $ 871 Interest cost 631 658 664 1,831 1,795 1,848 Expected return on plan assets (514 ) (496 ) (816 ) (2,151 ) (2,264 ) (1,875 ) Amortization and deferral 184 303 453 1,520 1,468 978 Net periodic benefit cost $ 301 $ 465 $ 672 $ 2,197 $ 2,024 $ 1,822 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, 2019 2018 2019 2018 Change in projected benefit obligation Benefit obligation at the beginning of the period $ 16,713 $ 16,682 $ 82,033 $ 74,478 Service cost — — 997 1,025 Interest cost 631 658 1,831 1,795 Benefits paid, inclusive of plan expenses (1,061 ) (1,037 ) (1,758 ) (2,153 ) Plan curtailments and settlements — — (1,130 ) (52 ) Actuarial losses (gains) 364 410 (261 ) (2,705 ) Foreign currency translation adjustment — — (6,674 ) 9,645 Benefit obligation at the end of the period $ 16,647 $ 16,713 $ 75,038 $ 82,033 Change in plan assets Fair value of plan assets at the beginning of the period $ 13,928 $ 12,731 $ 38,757 $ 34,323 Actual return on plan assets 758 1,731 2,109 688 Employer contributions 138 503 1,670 1,865 Benefits paid, inclusive of plan expenses (1,061 ) (1,037 ) (1,758 ) (2,153 ) Plan curtailments and settlements — — (1,130 ) (52 ) Foreign currency translation adjustment — — (2,857 ) 4,086 Fair value of plan assets at the end of the period $ 13,763 $ 13,928 $ 36,791 $ 38,757 Funded status deficit $ (2,884 ) $ (2,785 ) $ (38,247 ) $ (43,276 ) March 31, 2019 2018 Amounts recognized in the Consolidated Balance Sheets consist of: Accrued expenses (1,207 ) (1,657 ) Other liabilities (39,924 ) (44,404 ) Total liabilities $ (41,131 ) $ (46,061 ) 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, 2019 , 2018 and 2017 : Fiscal year ended March 31, 2019 2018 2017 Amounts recorded in AOCI before taxes: Prior service cost $ (307 ) $ (385 ) $ (377 ) Net loss (24,051 ) (27,762 ) (28,475 ) Net amount recognized $ (24,358 ) $ (28,147 ) $ (28,852 ) Fiscal year ended March 31, 2019 2018 2017 Changes in plan assets and benefit obligations: New prior service cost $ — $ — $ — Net loss (gain) arising during the year (99 ) (1,953 ) 5,485 Effect of exchange rates on amounts included in AOCI (1,984 ) 3,019 (2,275 ) Amounts recognized as a component of net periodic benefit costs: Amortization of prior service cost (45 ) (46 ) (42 ) Amortization or settlement recognition of net loss (1,659 ) (1,725 ) (1,389 ) Total recognized in other comprehensive (income) loss $ (3,787 ) $ (705 ) $ 1,779 The amounts included in AOCI as of March 31, 2019 that are expected to be recognized as components of net periodic pension cost (before tax) during the next twelve months are as follows: Prior service cost $ (44 ) Net loss (1,185 ) Net amount expected to be recognized $ (1,229 ) 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, 2019 2018 2019 2018 All defined benefit plans: Accumulated benefit obligation $ 16,647 $ 16,713 $ 71,350 $ 77,724 Unfunded defined benefit plans: Projected benefit obligation $ — $ — $ 32,320 $ 33,124 Accumulated benefit obligation — — 30,328 31,270 Defined benefit plans with a projected benefit obligation in excess of the fair value of plan assets: Projected benefit obligation $ 16,647 $ 16,713 $ 75,038 $ 82,033 Fair value of plan assets 13,763 13,928 36,791 38,757 Defined benefit plans with an accumulated benefit obligation in excess of the fair value of plan assets: Projected benefit obligation $ 16,647 $ 16,713 $ 74,235 $ 81,253 Accumulated benefit obligation 16,647 16,713 70,654 77,021 Fair value of plan assets 13,763 13,928 36,077 37,986 Assumptions Significant assumptions used to determine the net periodic benefit cost for the U.S. and International plans were as follows: United States Plans International Plans Fiscal year ended March 31, Fiscal year ended March 31, 2019 2018 2017 2019 2018 2017 Discount rate 3.9 % 4.1 % 3.9 % 1.4-3.3% 1.5-3.5% 1.8-3.7% Expected return on plan assets 6.3 6.8 7.0 4.1-6.0 3.6-6.3 3.3-6.5 Rate of compensation increase N/A N/A N/A 1.8-4.0 1.5-4.0 1.5-4.0 N/A = not applicable Significant assumptions used to determine the projected benefit obligations for the U.S. and International plans were as follows: United States Plans International Plans March 31, March 31, 2019 2018 2019 2018 Discount rate 3.8 % 3.9 % 1.0-2.7% 1.4-3.3% Rate of compensation increase N/A N/A 2.0-4.0 1.8-4.0 N/A = not applicable The United States plans do not include compensation in the formula for determining the pension benefit as it is based solely on years of service. The expected long-term rate of return for the Company’s pension plan assets is based upon the target asset allocation and is determined using forward looking assumptions in the context of historical returns and volatilities for each asset class, as well as correlations among asset classes. The Company evaluates the rate of return assumptions for each of its plans on an annual basis. Pension Plan Investment Strategy The Company’s investment policy emphasizes a balanced approach to investing in securities of high quality and ready marketability. Investment flexibility is encouraged so as not to exclude opportunities available through a diversified investment strategy. Equity investments are maintained within a target range of 40% - 75% of the total portfolio market value for the U.S. plans and with a target of approximately 65% for international plans. Investments in debt securities include issues of various maturities, and the average quality rating of bonds should be investment grade with a minimum quality rating of “B” at the time of purchase. The Company periodically reviews the asset allocation of its portfolio. The proportion committed to equities, debt securities and cash and cash equivalents is a function of the values available in each category and risk considerations. The plan’s overall return will be compared to and is expected to meet or exceed established benchmark funds and returns over a three to five year period. The objectives of the Company’s investment strategies are: (a) the achievement of a reasonable long-term rate of total return consistent with an emphasis on preservation of capital and purchasing power, (b) stability of annual returns through a portfolio that reflects a conservative mix of risk versus return, and (c) reflective of the Company’s willingness to forgo significantly above-average rewards in order to minimize above-average risks. These objectives may not be met each year but should be attained over a reasonable period of time. The following table represents the Company's pension plan investments measured at fair value as of March 31, 2019 and 2018 and the basis for that measurement: March 31, 2019 United States Plans International Plans Total Fair Quoted Price In Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Fair Value Measurement Quoted Price In Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Asset category: Cash and cash equivalents $ 1,080 $ 1,080 $ — $ — $ 83 $ 83 $ — $ — Equity securities US (a) 8,275 8,275 — — — — — — International (b) — — — — 23,875 — 23,875 — Fixed income (c) 4,408 4,408 — — 12,833 — 12,833 — Total $ 13,763 $ 13,763 $ — $ — $ 36,791 $ 83 $ 36,708 $ — March 31, 2018 United States Plans International Plans Total Fair Value Measurement Quoted Price In Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Fair Value Measurement Quoted Price In Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Asset category: Cash and cash equivalents $ 891 $ 891 $ — $ — $ 49 $ 49 $ — $ — Equity securities US (a) 9,864 9,864 — — — — — — International (b) — — — — 25,768 — 25,768 — Fixed income (c) 3,173 3,173 — — 12,940 — 12,940 — Total $ 13,928 $ 13,928 $ — $ — $ 38,757 $ 49 $ 38,708 $ — 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 $1,640 to its pension plans in fiscal 2020. Estimated future benefit payments under the Company’s pension plans are as follows: 2020 $ 2,713 2021 2,783 2022 3,072 2023 3,392 2024 3,536 Years 2025-2029 21,106 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, 2019 , 2018 and 2017 were $12,078 , $8,931 and $7,447 , respectively. |
Stockholders' Equity and Noncon
Stockholders' Equity and Noncontrolling Interests | 12 Months Ended |
Mar. 31, 2019 | |
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, 2019 and 2018 , no shares of Preferred Stock were issued or outstanding. The Board of Directors of the Company has the authority to specify the terms of any Preferred Stock at the time of issuance. The following summarizes the change in the number of shares of common stock outstanding during fiscal years ended March 31, 2017 , 2018 and 2019 , respectively: Shares outstanding as of March 31, 2016 43,189,502 Shares issued under equity-based compensation plans, net of equity awards surrendered for option price and taxes 258,034 Shares outstanding as of March 31, 2017 43,447,536 Purchase of treasury stock (1,756,831 ) Shares issued under equity-based compensation plans, net of equity awards surrendered for option price and taxes 224,295 Shares outstanding as of March 31, 2018 41,915,000 Purchase of treasury stock (726,347 ) Shares issued towards purchase consideration of Alpha acquisition 1,177,630 Shares issued under equity-based compensation plans, net of equity awards surrendered for option price and taxes 254,467 Shares outstanding as of March 31, 2019 42,620,750 Treasury Stock In fiscal 2019, the Company purchased 726,347 shares of its common stock for $56,436 and in fiscal 2018, purchased 1,756,831 shares for $121,191 . Of the shares purchased in fiscal 2018, 1,495,714 were acquired through an accelerated share repurchase program (“ASR”) for a total cash investment of $100,000 at an average price of $66.86 . There were no repurchases of common stock during fiscal 2017. At March 31, 2019 and 2018 , the Company held 12,227,773 and 12,680,105 shares as treasury stock, respectively. Treasury Stock Reissuance On December 7, 2018, the Company acquired Alpha. The initial purchase consideration for the acquisition was $750,000 , of which $650,000 was paid in cash and the balance was settled by issuing 1,177,630 shares of EnerSys common stock. These shares were issued out of the Company's treasury stock and were valued at $84.92 per share, which was based on the thirty-day volume weighted average stock price of the Company’s common stock at closing. The 1,177,630 shares had a closing date fair value of $93,268 . During fiscal 2019, the Company also issued 3,256 shares out of its treasury stock, valued at $62.55 per share, on LIFO basis, to participants under the Company's Employee Stock Purchase Plan. Accumulated Other Comprehensive Income (“AOCI”) The components of AOCI, net of tax, are as follows: Beginning Balance Before Reclassifications Amount Reclassified from AOCI Ending Balance March 31, 2019 Pension funded status adjustment $ (22,503 ) $ 339 $ 1,373 $ (20,791 ) Net unrealized gain (loss) on derivative instruments (3,425 ) (8,396 ) 11,691 (130 ) Foreign currency translation adjustment (15,789 ) (105,972 ) — (121,761 ) Accumulated other comprehensive loss $ (41,717 ) $ (114,029 ) $ 13,064 $ (142,682 ) March 31, 2018 Pension funded status adjustment $ (25,555 ) $ 1,692 $ 1,360 $ (22,503 ) Net unrealized gain (loss) on derivative instruments 1,975 (2,868 ) (2,532 ) (3,425 ) Foreign currency translation adjustment (129,244 ) 113,455 — (15,789 ) Accumulated other comprehensive loss $ (152,824 ) $ 112,279 $ (1,172 ) $ (41,717 ) March 31, 2017 Pension funded status adjustment $ (21,861 ) $ (4,659 ) $ 965 $ (25,555 ) Net unrealized gain (loss) on derivative instruments 388 5,523 (3,936 ) 1,975 Foreign currency translation adjustment (75,876 ) (53,368 ) — (129,244 ) Accumulated other comprehensive loss $ (97,349 ) $ (52,504 ) $ (2,971 ) $ (152,824 ) The following table presents reclassifications from AOCI during the twelve months ended March 31, 2019 : Components of AOCI Amounts Reclassified from AOCI Location of (Gain) Loss Recognized on Income Statement Derivatives in Cash Flow Hedging Relationships: Net unrealized loss on derivative instruments $ 15,281 Cost of goods sold Tax benefit (3,590 ) Net unrealized loss on derivative instruments, net of tax $ 11,691 Defined benefit pension costs: Prior service costs and deferrals $ 1,704 Net periodic benefit cost, included in other (income) expense, net - See Note 1 and 14 Tax benefit (331 ) Net periodic benefit cost, net of tax $ 1,373 The following table presents reclassifications from AOCI during the twelve months ended March 31, 2018 : Components of AOCI Amounts Reclassified from AOCI Location of (Gain) Loss Recognized on Income Statement Derivatives in Cash Flow Hedging Relationships: Net unrealized gain on derivative instruments $ (3,142 ) Cost of goods sold Tax expense 610 Net unrealized gain on derivative instruments, net of tax $ (2,532 ) Defined benefit pension costs: Prior service costs and deferrals $ 1,771 Net periodic benefit cost, included in other (income) expense, net - See Note 1 and 14 Tax benefit (411 ) Net periodic benefit cost, net of tax $ 1,360 The following table presents reclassifications from AOCI during the twelve months ended March 31, 2017: Components of AOCI Amounts Reclassified from AOCI Location of (Gain) Loss Recognized on Income Statement Derivatives in Cash Flow Hedging Relationships: Net unrealized gain on derivative instruments $ (6,236 ) Cost of goods sold Tax expense 2,300 Net unrealized gain on derivative instruments, net of tax $ (3,936 ) Defined benefit pension costs: Prior service costs and deferrals $ 1,431 Net periodic benefit cost, included in other (income) expense, net - See Note 1 and 14 Tax benefit (466 ) Net periodic benefit cost, net of tax $ 965 Redeemable Noncontrolling Interests In fiscal 2017, the Company deconsolidated its joint venture in South Africa and the impact of this deconsolidation was reflected in the Consolidated Statements of Income. The following demonstrates the change in redeemable noncontrolling interests during the fiscal year ended March 31, 2017 : Balance as of March 31, 2016 $ 5,997 Net losses attributable to redeemable noncontrolling interests (2,021 ) Deconsolidation of joint venture (4,035 ) Foreign currency translation adjustment 59 Balance as of March 31, 2017 $ — |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Mar. 31, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation As of March 31, 2019 , the Company maintains the 2017 Equity Incentive Plan (“2017 EIP”). The 2017 EIP reserved 4,173,554 shares of common stock for the grant of various classes of nonqualified stock options, restricted stock units, market and performance condition-based share units and other forms of equity-based compensation. Shares subject to any awards that expire without being exercised or that are forfeited or settled in cash shall again be available for future grants of awards under the 2017 EIP. Shares subject to stock option or stock appreciation right awards, that have been retained by the Company in payment or satisfaction of the exercise price and any applicable tax withholding obligation of such awards, shall not be available for future grant under the 2017 EIP. As of March 31, 2019 , 3,750,392 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 2019 , the Company granted to management and other key employees 192,700 non-qualified options that vest ratably over 3 years from the date of grant. Options expire 10 years from the date of grant. The Company recognized stock-based compensation expense relating to stock options of $3,251 , with a related tax benefit of $634 for fiscal 2019 , stock-based compensation expense of $2,741 with a related tax benefit of $700 for fiscal 2018 and stock-based compensation of $1,705 with a related tax benefit of $457 for fiscal 2017 . For purposes of determining the fair value of stock options granted, the Company used a Black-Scholes Model with the following assumptions: 2019 2018 2017 Risk-free interest rate 2.77 % 2.08 % 1.41 % Dividend yield 0.93 % 0.84 % 1.22 % Expected life (years) 6 6 6 Volatility 26.8 % 29.2 % 30.4 % The following table summarizes the Company’s stock option activity in the years indicated: Number of Options Weighted- Average Remaining Contract Term (Years) Weighted- Average Exercise Price Aggregate Intrinsic Value Options outstanding as of March 31, 2016 210,297 8.5 $ 67.54 $ 218 Granted 242,068 57.60 — Exercised (263 ) 18.25 12 Expired (434 ) 18.25 15 Options outstanding as of March 31, 2017 451,668 8.4 $ 62.29 $ 7,520 Granted 169,703 83.14 — Exercised (62,197 ) 63.44 1,132 Forfeited (11,495 ) 70.22 75 Expired (2,089 ) 18.25 137 Options outstanding as of March 31, 2018 545,590 8.4 $ 68.65 $ 2,679 Granted 192,700 75.17 — Exercised (171,630 ) 63.66 2,707 Forfeited (11,754 ) 75.17 — Options outstanding as of March 31, 2019 554,906 8.0 $ 72.31 $ 1,040 Options exercisable as of March 31, 2019 186,823 6.9 $ 69.34 $ 452 Options vested and expected to vest, as of March 31, 2019 545,299 8.0 $ 72.24 $ 1,038 The following table summarizes information regarding stock options outstanding as of March 31, 2019 : Range of Exercise Prices Number of Options Weighted- Weighted- Average Exercise Price $55.00-$60.00 137,599 7.1 $ 57.60 $65.01-$70.00 73,368 5.8 $ 68.82 $75.01-$83.14 343,939 8.8 $ 78.95 554,906 8.0 $ 72.31 Restricted Stock Units, Market and Performance-condition based Awards Non-employee directors In fiscal 2019 , the Company granted to non-employee directors 35,065 deferred restricted stock units at the fair value of $46.30 per restricted stock unit at the date of grant. In fiscal 2018 , such grants amounted to 33,408 restricted stock units at the fair value of $46.24 per restricted stock unit at the date of grant and in fiscal 2017 , such grants amounted to 25,708 restricted stock units at the fair value of $69.97 per restricted stock unit at the date of grant. The awards vest immediately upon the date of grant and are settled in shares of common stock six months after termination of service as a director. In fiscal 2019 , the Company also granted to non-employee directors, 1,441 restricted stock units and in fiscal 2018 and 2017 , granted 1,345 and 1,239 restricted stock units, respectively, at fair values of $75.32 , $73.39 and $65.88 , for fiscal 2018, 2017 and 2016, respectively, under the deferred compensation plan. Employees In fiscal 2019 , the Company granted to management and other key employees 204,599 restricted stock units that vest ratably over four years from the date of grant, at the fair value of $75.17 per restricted stock unit, 45,883 performance condition-based share units (“PSU”) at the fair value of $68.48 and 36,646 market condition-based share units (“TSR”) at the fair value of $86.23 per unit at the date of grant. The PSUs and TSRs cliff vest three years from the date of grant. In fiscal 2018 , the Company granted to management and other key employees 161,229 restricted stock units that vest ratably over four years from the date of grant at the fair value of $83.14 per restricted stock unit and 60,187 TSRs at a weighted average fair value of $105.74 per unit at the date of grant that cliff vest three years from the date of grant. In fiscal 2017 , the Company granted to management and other key employees 237,358 restricted stock units that vest ratably over four years from the date of grant at a fair value of $57.60 per restricted stock unit and 83,720 TSRs at a weighted average fair value of $70.79 per unit at the date of grant that cliff vest three years from the date of grant. For purposes of determining the fair value of the PSUs granted in fiscal 2019 , the Company used the market price at the date of grant to which a discount for illiquidity was applied to reflect post vesting restrictions. For purposes of determining the fair value of TSRs granted in fiscal 2019 , fiscal 2018 , and fiscal 2017 , the Company used a Monte Carlo Simulation with the following assumptions: 2019 2018 2017 Risk-free interest rate 2.66 % 1.57 % 0.94 % Dividend yield — % — % — % Expected life (years) 3 3 3 Volatility 26.41 % 27.49 % 31.74 % A summary of the changes in restricted stock units, TSRs and PSUs awarded to employees and directors that were outstanding under the Company’s equity compensation plans during fiscal 2019 is presented below: Restricted Stock Units (RSU) Market condition-based Share Units (TSR) Performance condition-based Share Units (PSU) Number of RSU Weighted- Average Grant Date Fair Value Number of TSR Weighted- Average Grant Date Fair Value Number of Weighted- Average Grant Date Non-vested awards as of March 31, 2018 633,751 $ 56.60 349,941 $ 70.22 — $ — Granted 241,105 69.43 36,646 85.84 45,883 68.48 Stock dividend 6,087 56.81 3,131 72.60 320 68.48 Performance factor — — 143 75.48 — — Vested (148,487 ) 68.55 (3,482 ) 59.94 — — Canceled (10,809 ) 72.56 (33,795 ) 62.21 (3,677 ) 68.48 Non-vested awards as of March 31, 2019 721,647 $ 57.72 352,584 $ 72.83 42,526 $ 68.48 The Company recognized stock-based compensation expense relating to restricted stock units, TSRs and PSUs of $19,357 , with a related tax benefit of $3,085 for fiscal 2019 , $16,712 , with a related tax benefit of $3,325 for fiscal 2018 and $17,480 , with a related tax benefit of $4,210 for fiscal 2017 . All Award Plans As of March 31, 2019 , unrecognized compensation expense associated with the non-vested equity awards outstanding was $37,187 and is expected to be recognized over a weighted-average period of 20 months . |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Mar. 31, 2018 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share The following table sets forth the reconciliation from basic to diluted weighted-average number of common shares outstanding and the calculations of net earnings per common share attributable to EnerSys stockholders. Fiscal year ended March 31, 2019 2018 2017 Net earnings attributable to EnerSys stockholders $ 160,239 $ 119,594 $ 160,214 Weighted-average number of common shares outstanding: Basic 42,335,023 42,612,036 43,389,333 Dilutive effect of: Common shares from exercise and lapse of equity awards, net of shares assumed reacquired 673,929 507,820 623,210 Diluted weighted-average number of common shares outstanding 43,008,952 43,119,856 44,012,543 Basic earnings per common share attributable to EnerSys stockholders $ 3.79 $ 2.81 $ 3.69 Diluted earnings per common share attributable to EnerSys stockholders $ 3.73 $ 2.77 $ 3.64 Anti-dilutive equity awards not included in diluted weighted-average common shares 355,728 59,482 1,295 |
Commitments, Contingencies and
Commitments, Contingencies and Litigation | 12 Months Ended |
Mar. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments, Contingencies and Litigation | Commitments, Contingencies and Litigation Litigation and Other Legal Matters In the ordinary course of business, the Company and its subsidiaries are routinely defendants in or parties to pending and threatened legal actions and proceedings, including actions brought on behalf of various classes of claimants. These actions and proceedings are generally based on alleged violations of environmental, anticompetition, employment, contract and other laws. In some of these actions and proceedings, claims for substantial monetary damages are asserted against the Company and its subsidiaries. In the ordinary course of business, the Company and its subsidiaries are also subject to regulatory and governmental examinations, information gathering requests, inquiries, investigations, and threatened legal actions and proceedings. In connection with formal and informal inquiries by federal, state, local and foreign agencies, the Company and its subsidiaries receive numerous requests, subpoenas and orders for documents, testimony and information in connection with various aspects of their activities. European Competition Investigations Certain of the Company’s European subsidiaries had received subpoenas and requests for documents and, in some cases, interviews from, and have had on-site inspections conducted by the competition authorities of Belgium, Germany and the Netherlands relating to conduct and anticompetitive practices of certain industrial battery participants. The Company settled the Belgian regulatory proceeding in February 2016 by acknowledging certain anticompetitive practices and conduct and agreeing to pay a fine of $1,962 , which was paid in March 2016. During fiscal 2019, the Company paid $2,402 towards certain aspects of this matter, which are under appeal. As of March 31, 2019 and March 31, 2018 , the Company had a reserve balance of $0 and $2,326 , respectively. In June 2017, the Company settled a portion of its previously disclosed proceeding involving the German competition authority relating to conduct involving the Company's motive power battery business and agreed to pay a fine of $14,811 , which was paid in July 2017. Also in June 2017, the German competition authority issued a fining decision related to the Company's reserve power battery business, which constitutes the remaining portion of the previously disclosed German proceeding. The Company had appealed this decision. In March 2019, the Company settled this matter by agreeing to pay $7,258 , which was paid in April 2019. As of March 31, 2019 and March 31, 2018 , the Company had a reserve balance of $7,258 and $0 , respectively. In July 2017, the Company settled the Dutch regulatory proceeding and agreed to pay a fine of $11,229 , which was paid in August 2017. As of March 31, 2019 and March 31, 2018 , the Company had a total reserve balance of $7,258 and $2,326 , respectively, in connection with these investigations and other related legal matters, included in accrued expenses on the Consolidated Balance Sheets. The foregoing estimate of losses is based upon currently available information for these proceedings. However, the precise scope, timing and time period at issue, as well as the final outcome of the investigations or customer claims, remain uncertain. Accordingly, the Company’s estimate may change from time to time, and actual losses could vary. EnerSys Sarl Litigation One of the parties to a litigation related to a 1999 fire in a French hotel under construction involving the Company’s French subsidiary, EnerSys Sarl, which was acquired by the Company in 2002, that was adverse to the Company, appealed the ruling by the Court of Appeal of Lyon on June 11, 2013, which ruled in the Company’s favor, entitling the Company to a refund of the monies paid of €2,000 , or $2,756 to the French Supreme Court, which appeal was denied in January 2015. During the third quarter of fiscal 2019, the Company and the adverse party settled this final item with the Company receiving a refund, including interest, from the adverse party of €2,500 , or $2,843 , for monies paid. The Company believes that it has no further liability with respect to this matter. Environmental Issues As a result of its operations, the Company is subject to various federal, state and local, as well as international environmental laws and regulations and is exposed to the costs and risks of registering, handling, processing, storing, transporting, and disposing of hazardous substances, especially lead and acid. The Company’s operations are also subject to federal, state, local and international occupational safety and health regulations, including laws and regulations relating to exposure to lead in the workplace. The Company is responsible for certain cleanup obligations at the former Yuasa battery facility in Sumter, South Carolina that predates its ownership of this facility. This manufacturing facility was closed in 2001 and the Company established a reserve for this facility which was $1,081 and $1,109 as of March 31, 2019 and 2018 , respectively. Based on current information, the Company’s management believes this reserve is adequate to satisfy the Company’s environmental liabilities at this facility. This facility is separate from the Company’s current metal fabrication facility in Sumter. Collective Bargaining At March 31, 2019 , the Company had approximately 11,000 employees. Of these employees, approximately 27% were covered by collective bargaining agreements. Employees covered by collective bargaining agreements that expire in the next twelve months were approximately 10% of the total workforce. The average term of these agreements is 2 years , with the longest term being 3 years . The Company considers its employee relations to be good and did not experience any significant labor unrest or disruption of production during fiscal 2019 . Lead and Foreign Currency Forward Contracts To stabilize its lead costs and reduce volatility from currency movements, the Company enters into contracts with financial institutions. The vast majority of such contracts are for a period not extending beyond one year. Please refer to Note 12 - Derivative Financial Instruments for more details. Other The Company has various purchase and capital commitments incidental to the ordinary conduct of business. In the aggregate, such commitments are not at prices in excess of current market. |
Restructuring Plans and Other E
Restructuring Plans and Other Exit Charges | 12 Months Ended |
Mar. 31, 2019 | |
Restructuring and Related Activities [Abstract] | |
Restructuring Plans and Other Exit Charges | Restructuring and Other Exit Charges Restructuring Plans During fiscal 2016, the Company announced restructurings to improve efficiencies primarily related to its motive power assembly and distribution center in Italy and its sales and administration organizations in EMEA. In addition, the Company announced a further restructuring related to its manufacturing operations in Europe. The program was completed during the third quarter of fiscal 2018. Total charges for this program were $6,568 , primarily for cash expenses of $6,161 for employee severance payments of 130 employees and other charges of $407 . In fiscal 2016, 2017 and 2018, the Company recorded restructuring charges of $5,232 , $1,251 and $85 , respectively. In fiscal 2016, 2017 and 2018 the Company incurred costs against the accrual of $2,993 , $3,037 and $499 , respectively. During fiscal 2016, the Company announced a restructuring related to improving the efficiency of its manufacturing operations in the Americas. The program, which was completed during the first quarter of fiscal 2017, consisted of closing its Cleveland, Ohio charger manufacturing facility and the transfer of charger production to other Americas manufacturing facilities. The total charges for all actions associated with this program amounted to $2,379 , primarily from cash charges for employee severance-related payments and other charges of $1,043 , along with a pension curtailment charge of $313 and non-cash charges related to the accelerated depreciation of fixed assets of $1,023 . The program resulted in the reduction of 100 employees at its Cleveland facility. In fiscal 2016, the Company recorded restructuring charges of $1,488 including a pension curtailment charge of $313 and non-cash charges of $305 and recorded an additional $174 in cash charges and $718 in non-cash charges during the first quarter of fiscal 2017. The Company incurred $119 in costs against the accrual in fiscal 2016 and incurred an additional $924 against the accrual during the first quarter of fiscal 2017. During fiscal 2017, the Company announced restructuring programs to improve efficiencies primarily related to its motive power production in EMEA. This program was completed during fiscal 2019. The total charges for these actions were $4,714 , primarily from cash charges for employee severance-related payments and other charges. These actions resulted in the reduction of 45 employees. During fiscal 2017, the Company recorded restructuring charges of $3,104 and an additional $1,610 during fiscal 2018. The Company incurred $749 in costs against the accrual in fiscal 2017 and an additional $2,403 during fiscal 2018. During fiscal 2019, the Company incurred $1,682 against the accrual. During fiscal 2017, the Company announced restructurings primarily to complete the transfer of equipment and clean-up of its manufacturing facility located in Jiangdu, the People’s Republic of China, which stopped production during the first quarter of fiscal 2016. This program was completed during the fourth quarter of fiscal 2018. The total cash charges for these actions amounted to $991 . During fiscal 2017, the Company recorded restructuring charges of $779 and an additional $212 during fiscal 2018. The Company incurred $648 in costs against the accrual in fiscal 2017 and an additional $341 during fiscal 2018. During fiscal 2018, the Company announced restructuring programs to improve efficiencies primarily related to supply chain, manufacturing and general operations in EMEA. The Company estimates that the total charges for these actions will amount to approximately $7,700 , primarily from cash charges for employee severance-related payments and other charges. The Company estimates that these actions will result in the reduction of approximately 85 employees upon completion. During fiscal 2018, the Company recorded non-cash restructuring charges of $69 and cash charges of $2,260 and incurred $1,350 in costs against the accrual. During fiscal 2019, the Company recorded restructuring charges of $3,104 and incurred $2,844 in costs against the accrual. As of March 31, 2019, the reserve balance associated with these actions is $1,061 . The Company expects to be committed to an additional $2,200 in restructuring charges related to this action, which it expects to complete in fiscal 2020. During the second quarter of fiscal 2018, the Company completed the sale of its Cleveland, Ohio facility and recorded a non-cash loss on the sale of the building of $210 and other cash charges of $75 . The Cleveland facility ceased charger production in fiscal 2017. During fiscal 2018, the Company announced a restructuring program to improve efficiencies of its general operations in the Americas. This program was completed during fiscal 2019. The total charges for these actions were $960 , from cash charges for employee severance-related payments to approximately 60 salaried employees. During fiscal 2018, the Company recorded restructuring charges of $960 and incurred $755 in costs against the accrual. During fiscal 2019, the Company incurred $207 in costs against the accrual. During fiscal 2019, the Company announced restructuring programs to improve efficiencies of its operations in EMEA. The Company estimates that the total charges for these actions will amount to approximately $2,500 , from charges primarily for employee severance-related payments to approximately 35 employees. During fiscal 2019, the Company recorded restructuring charges of $347 and incurred $83 in costs against the accrual. As of March 31, 2019, the reserve balance associated with these actions is $262 . The Company expects to complete this action in fiscal 2020. During fiscal 2019, the Company announced restructuring programs to improve efficiencies of its operations in the Americas. The Company estimates that the total charges for these actions will amount to approximately $4,600 , from cash charges primarily for employee severance-related payments to approximately 100 employees and non-cash stock compensation charges. During fiscal 2019, the Company recorded cash restructuring charges of $1,970 , non-cash charges of $2,095 and incurred $1,480 in costs against the accrual. As of March 31, 2019, the reserve balance associated with these actions is $490 . The Company expects to complete these action in fiscal 2020. During fiscal 2019, the Company announced restructuring programs to improve efficiencies of its operations in Asia and to convert its India operations from mainly reserve power production to motive power production. The Company estimates that the total charges for these actions will amount to approximately $4,500 , from cash charges for employee severance-related payments to approximately 150 employees, other charges and non-cash charges related to stock compensation and the write-off of fixed assets. During fiscal 2019, the Company recorded cash restructuring charges of $2,772 and non-cash charges of $771 and incurred $1,683 in costs against the accrual. As of March 31, 2019, the reserve balance associated with these actions is $1,139 . The Company expects to complete these actions in fiscal 2020. A roll-forward of the restructuring reserve is as follows: Employee Severance Other Total Balance at March 31, 2016 $ 2,964 $ 25 $ 2,989 Accrued 4,566 742 5,308 Costs incurred (4,754 ) (604 ) (5,358 ) Foreign currency impact and other (108 ) (19 ) (127 ) Balance at March 31, 2017 $ 2,668 $ 144 $ 2,812 Accrued 4,757 445 5,202 Costs incurred (4,849 ) (574 ) (5,423 ) Foreign currency impact and other 317 1 318 Balance at March 31, 2018 $ 2,893 $ 16 $ 2,909 Accrued 6,554 1,639 8,193 Costs incurred (6,893 ) (1,086 ) (7,979 ) Foreign currency impact and other (198 ) 27 (171 ) Balance at March 31, 2019 $ 2,356 $ 596 $ 2,952 Other Exit Charges During fiscal 2019, the Company committed to a plan to close its facility in Targovishte, Bulgaria, which produced diesel-electric submarine batteries. Management determined that the future demand for batteries of diesel-electric submarines was not sufficient given the number of competitors in the market. The Company estimates that the total charges for these actions will amount to approximately $30,000 . The Company recorded charges of $17,652 included under restructuring and exit charges, comprising of $2,694 relating to severance and $14,958 of fixed asset write-offs. The Company also wrote off inventories of $2,590 , which was reported in cost of goods sold. The Company expects to complete this action in fiscal 2020. During fiscal 2019, the Company recorded exit charges of $4,930 relating to the disposition of GAZ Geräte- und Akkumulatorenwerk Zwickau GmbH, a wholly-owned German subsidiary and $957 relating to dissolving a joint venture in Tunisia. These exit activities are a consequence of the Company's strategic decision to streamline its product portfolio and focus its efforts on new technologies. During fiscal 2019, in an effort to improve profitability in Asia, the Company converted its India operations from mainly reserve power production to motive power production. As a result of the Company’s exit from reserve power, the Company recorded a non-cash write off of reserve power inventories of $526 , which was reported in cost of goods sold and a $660 non-cash write-off related to reserve power fixed assets in restructuring charges. During fiscal 2018, the Company wrote off $3,457 of inventories, relating to the closing of its Cleveland, Ohio charger manufacturing facility, which was reported in cost of goods sold. During fiscal 2018 , the Company recorded exit charges of $3,292 related to the South Africa joint venture, consisting of cash charges of $2,575 primarily relating to severance and non-cash charges of $717 . Included in the non-cash charges were $2,157 relating to the inventory adjustment which was reported in cost of goods sold, partially offset by a credit of $1,099 relating to a change in estimate of contract losses and a $341 gain on deconsolidation of the joint venture. Weakening of the general economic environment in South Africa, reflecting the limited growth in the mining industry, affected the joint venture’s ability to compete effectively in the marketplace and consequently, the Company initiated an exit plan in consultation with its joint venture partner in the second quarter of fiscal 2018 . The joint venture was under liquidation, which resulted in a loss of control and deconsolidation of the joint venture. The impact of the deconsolidation has been reflected in the Consolidated Statement of Income in fiscal 2018 and was deemed not material. |
Warranty
Warranty | 12 Months Ended |
Mar. 31, 2019 | |
Guarantees [Abstract] | |
Warranty | Warranty The Company provides for estimated product warranty expenses when the related products are sold, with related liabilities included within accrued expenses and other liabilities. As warranty estimates are forecasts that are based on the best available information, primarily historical claims experience, claims costs may ultimately differ from amounts provided. An analysis of changes in the liability for product warranties is as follows: Fiscal year ended March 31, 2019 2018 2017 Balance at beginning of year $ 50,602 $ 46,116 $ 48,422 Current year provisions 23,679 21,706 17,852 Costs incurred (25,053 ) (18,820 ) (15,945 ) Warranty reserves of acquired business - Alpha 7,535 — — Foreign currency translation adjustment (2,195 ) 1,600 (4,213 ) Balance at end of year $ 54,568 $ 50,602 $ 46,116 |
Other (Income) Expense, Net
Other (Income) Expense, Net | 12 Months Ended |
Mar. 31, 2019 | |
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, 2019 2018 2017 Foreign exchange transaction (gains) losses $ (3,044 ) $ 5,499 $ (662 ) Non-service components of pension expense 1,502 1,464 1,252 Other 928 556 1,631 Total $ (614 ) $ 7,519 $ 2,221 |
Business Segments
Business Segments | 12 Months Ended |
Mar. 31, 2019 | |
Segment Reporting [Abstract] | |
Business Segments | Business Segments Summarized financial information related to the Company’s reportable segments at March 31, 2019 , 2018 and 2017 and for each of the fiscal years then ended is shown below. Fiscal year ended March 31, 2019 2018 2017 Net sales by segment to unaffiliated customers Americas $ 1,690,912 $ 1,429,888 $ 1,332,353 EMEA 860,563 849,420 763,013 Asia 256,542 302,583 271,783 Total net sales $ 2,808,017 $ 2,581,891 $ 2,367,149 Net sales by product line Reserve power $ 1,416,173 $ 1,247,900 $ 1,142,327 Motive power 1,391,844 1,333,991 1,224,822 Total net sales $ 2,808,017 $ 2,581,891 $ 2,367,149 Intersegment sales Americas $ 28,753 $ 29,513 $ 26,039 EMEA 123,274 133,164 93,150 Asia 34,531 23,375 22,584 Total intersegment sales (1) $ 186,558 $ 186,052 $ 141,773 Operating earnings by segment Americas $ 186,814 $ 189,466 $ 191,801 EMEA 71,963 77,671 77,376 Asia 3,213 12,647 14,994 Inventory step up to fair value relating to acquisition - Americas (7,263 ) — — Inventory adjustment relating to exit activities - Americas — (3,457 ) — Inventory adjustment relating to exit activities - EMEA (2,590 ) — (2,157 ) Inventory adjustment relating to exit activities - Asia (526 ) — — Restructuring charges - Americas (4,066 ) (1,246 ) (892 ) Restructuring and other exit charges - EMEA (26,989 ) (4,023 ) (5,487 ) Restructuring charges - Asia (3,654 ) (212 ) (781 ) Impairment of goodwill and indefinite-lived intangibles - Americas — — (9,346 ) Impairment of goodwill and indefinite-lived intangibles - EMEA — — (4,670 ) Legal proceedings charge, net - EMEA (4,437 ) — (23,725 ) Total operating earnings (2) $ 212,465 $ 270,846 $ 237,113 Property, plant and equipment, net Americas $ 257,559 $ 210,998 $ 190,169 EMEA 94,932 118,263 100,042 Asia 56,948 60,999 58,338 Total $ 409,439 $ 390,260 $ 348,549 Capital Expenditures Americas $ 45,029 $ 46,905 $ 34,809 EMEA 18,972 18,392 13,733 Asia 6,371 4,535 1,530 Total $ 70,372 $ 69,832 $ 50,072 Depreciation and Amortization Americas $ 40,675 $ 30,421 $ 30,204 EMEA 15,128 16,198 15,693 Asia 7,545 7,698 8,048 Total $ 63,348 $ 54,317 $ 53,945 (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 48.5% , 49.2% and 50.0% for fiscal years ended March 31, 2019 , 2018 and 2017 , respectively. Property, plant and equipment, net, attributable to the United States as of March 31, 2019 and 2018 , were $202,985 and $176,144 , 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, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data (Unaudited) | Quarterly Financial Data (Unaudited) The Company reports interim financial information for 13-week periods, except for the first quarter, which always begins on April 1, and the fourth quarter, which always ends on March 31. The four quarters in fiscal 2019 ended on July 1, 2018, September 30, 2018, December 30, 2018, and March 31, 2019, respectively. The four quarters in fiscal 2018 ended on July 2, 2017, October 1, 2017, December 31, 2017, and March 31, 2018, respectively. 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Fiscal Year Fiscal year ended March 31, 2019 Net sales $ 670,930 $ 660,462 $ 680,022 $ 796,603 $ 2,808,017 Gross profit 165,334 160,880 164,546 202,266 693,026 Operating earnings (1)(3)(5) 64,179 63,357 49,951 34,978 212,465 Net earnings (6) 46,020 47,447 48,614 18,546 160,627 Net earnings attributable to EnerSys stockholders 45,860 47,424 48,417 18,538 160,239 Net earnings per common share attributable to EnerSys stockholders—basic $ 1.09 $ 1.13 $ 1.14 $ 0.43 $ 3.79 Net earnings per common share attributable to EnerSys stockholders—diluted $ 1.08 $ 1.11 $ 1.12 $ 0.42 $ 3.73 Fiscal year ended March 31, 2018 Net sales $ 622,625 $ 617,289 $ 658,935 $ 683,042 $ 2,581,891 Gross profit 163,458 160,248 167,310 167,388 658,404 Operating earnings (2)(4) 69,972 64,364 68,785 67,725 270,846 Net earnings (loss) (7) 48,322 43,151 (25,779 ) 54,139 119,833 Net earnings (loss) attributable to EnerSys stockholders 48,201 43,222 (25,847 ) 54,018 119,594 Net earnings (loss) per common share attributable to EnerSys stockholders—basic $ 1.11 $ 1.01 $ (0.61 ) $ 1.29 $ 2.81 Net earnings (loss) per common share attributable to EnerSys stockholders—diluted $ 1.09 $ 1.00 $ (0.61 ) $ 1.27 $ 2.77 (1) Included in Operating earnings were inventory adjustment relating to exit activities of $526 and $2,590 in the first and fourth quarter of fiscal 2019 , respectively. Also included were inventory adjustments relating to Alpha acquisition of $3,747 and $3,516 in the third and fourth quarter of fiscal 2019 , respectively. (2) Included in Operating earnings were inventory adjustment relating to exit activities of $3,457 in the fourth quarter of fiscal 2018 , respectively. (3) Included in Operating earnings were restructuring and other exit charges of $1,739 , $1,121 , $5,392 and $26,457 for the first, second, third and fourth quarters of fiscal 2019 , respectively. (4) Included in Operating earnings were restructuring and other exit charges of $833 , $1,776 , $1,808 and $1,064 for the first, second, third and fourth quarters of fiscal 2018 , respectively. (5) Included in Operating earnings were legal proceedings settlement income of $2,843 in the third quarter and expense of $7,280 in the fourth quarter of fiscal 2019 . (6) Included in net earnings was a tax benefit of $13,483 for the third quarter of fiscal 2019 , on account of the Tax Act. (7) Included in net earnings (loss) was tax expense of $77,347 and $4,106 for the third and fourth quarters of fiscal 2018 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Mar. 31, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events On May 16, 2019, the Company announced the payment of a quarterly cash dividend of $0.175 per share of common stock to be paid on June 28, 2019 , to stockholders of record as of June 14, 2019 . |
Valuation and Qualifying Accoun
Valuation and Qualifying Accounts | 12 Months Ended |
Mar. 31, 2019 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Valuation and Qualifying Accounts | Balance at Additions Write-Offs Net of Recoveries Other (1) Balance at Allowance for doubtful accounts: Fiscal year ended March 31, 2017 $ 11,393 $ 1,794 $ (173 ) $ (352 ) $ 12,662 Fiscal year ended March 31, 2018 12,662 822 (1,400 ) 559 12,643 Fiscal year ended March 31, 2019 12,643 1,385 (2,459 ) (756 ) 10,813 Tax Valuation Allowance Balance at Additions Valuation Allowance Reversal Business Combination Adjustments Other (1) (2) (3) Balance at Deferred tax asset—valuation allowance: Fiscal year ended March 31, 2017 $ 25,416 $ 4,305 $ (2,255 ) $ — $ (413 ) $ 27,053 Fiscal year ended March 31, 2018 27,053 4,853 (14,132 ) — (2,519 ) 15,255 Fiscal year ended March 31, 2019 15,255 2,978 (99 ) 1,157 (1,772 ) 17,519 (1) Primarily the impact of currency changes. (2) In fiscal 2019, “Other” included expiration of net operating losses for which a full valuation allowance was recorded. (3) In fiscal 2018, “Other” also included an offset to adjustments to foreign net operating losses for which a full valuation allowance was recorded. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
Description of Business | Description of Business |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries and any partially owned subsidiaries that the Company has the ability to control. Control generally equates to ownership percentage, whereby investments that are more than 50% owned are generally consolidated, investments in affiliates of 50% or less but greater than 20% are generally accounted for using the equity method, and investments in affiliates of 20% or less are accounted for using the cost method. All intercompany transactions and balances have been eliminated in consolidation. |
Foreign Currency Translation | Foreign Currency Translation Results of foreign operations of subsidiaries, whose functional currency is the local currency, are translated into U.S. dollars using average exchange rates during the periods. The assets and liabilities are translated into U.S. dollars using exchange rates as of the balance sheet dates. Gains or losses resulting from translating the foreign currency financial statements are accumulated as a separate component of accumulated other comprehensive income (“AOCI”) in EnerSys’ stockholders’ equity and noncontrolling interests. Transaction gains and losses resulting from exchange rate changes on transactions denominated in currencies other than the functional currency of the applicable subsidiary are included in the Consolidated Statements of Income, within “Other (income) expense, net”, in the year in which the change occurs. |
Revenue Recognition | Revenue Recognition Revenue for the years ended March 31, 2018 and 2017 were recognized under ASC 605, Revenue Recognition, when (i) persuasive evidence of an arrangement existed, (ii) delivery occurred or services were rendered, (iii) the price was fixed or determinable and (iv) collectibility was reasonably assured. ASC 606, Revenue from Contracts with Customers, was adopted for the fiscal year beginning April 1, 2018. Concurrent with the adoption of the new standard, the Company has updated its revenue recognition policy as follows: The Company determines revenue recognition by applying the following steps: 1. identify the contract with a customer; 2. identify the performance obligations in the contract; 3. determine the transaction price; 4. allocate the transaction price to the performance obligations; and 5. recognize revenue as the performance obligations are satisfied. The Company recognizes revenue when (or as) performance obligations are satisfied by transferring control of the performance obligation to a customer. Control of a performance obligation may transfer to the customer either at a point in time or over time depending on an evaluation of the specific facts and circumstances for each contract, including the terms and conditions of the contract as agreed with the customer, as well as the nature of the products or services to be provided. The Company's primary performance obligation to its customers is the delivery of finished goods and products, pursuant to purchase orders. Control of the products sold typically transfers to its customers at the point in time when the goods are shipped as this is also when title generally passes to its customers under the terms and conditions of our customer arrangements. Each customer purchase order sets forth the transaction price for the products and services purchased under that arrangement. Some customer arrangements include variable consideration, such as volume rebates, some of which depend upon the customers meeting specified performance criteria, such as a purchasing level over a period of time. The Company uses judgment to estimate the most likely amount of variable consideration at each reporting date. When estimating variable consideration the Company also applies judgment when considering the probability of whether a reversal of revenue could occur and only recognize revenue subject to this constraint. Service revenues related to the work performed for the Company’s customers by its maintenance technicians generally represent a separate and distinct performance obligation. Control for these services passes to the customer as the services are performed. Service revenues for the twelve months of fiscal 2019 amounted to $157,236 . A small portion of the Company's customer arrangements oblige the Company to create customized products for its customers that require the bundling of both products and services into a single performance obligation because the individual products and services that are required to fulfill the customer requirements do not meet the definitions for a distinct performance obligation. These customized products generally have no alternative use to the Company and the terms and conditions of these arrangements give the Company the enforceable right to payment for performance completed to date, including a reasonable profit margin. For these arrangements, control transfers over time and the Company measures progress towards completion by selecting the input or output method that best depicts the transfer of control of the underlying goods and services to the customer for each respective arrangement. Methods used by the Company to measure progress toward completion include labor hours, costs incurred and units of production. Revenues recognized over time for the twelve months of fiscal 2019 amounted to $100,809 . On March 31, 2019, the aggregate transaction price allocated to unsatisfied (or partially unsatisfied) performance obligations was approximately $66,088 , of which, the Company estimates that approximately $60,443 will be recognized as revenue in fiscal 2020 and $5,645 in fiscal 2021. The Company's typical payment terms are 30 days and sales arrangements do not contain any significant financing component for its customers. Any payments that are received from a customer in advance, prior to the satisfaction of a related performance obligation and billings in excess of revenue recognized, are deferred and treated as a contract liability. Advance payments and billings in excess of revenue recognized are classified as current or non-current based on the timing of when recognition of revenue is expected. As of March 31, 2019, the current and non-current portion of contract liabilities were $15,162 and $6,360 , respectively. Revenues recognized during the twelve months of fiscal 2019, that were included in the contract liability at the beginning of the fiscal year, amounted to $6,132 . Amounts representing work completed and not billed to customers represent contract assets and are reported as a component of Prepaid and Other Current Assets in the Consolidated Balance Sheets. Contract assets as of March 31, 2019 were $38,778 . In conjunction with the April 1, 2018 adoption of ASC 606, $24,810 was reclassified to contract assets, which was previously recorded in inventories and accounts receivables. Also as of April 1, 2018, $9,387 and $7,094 , were identified as contract liabilities, current and non-current, that were recorded in Accrued Expenses and Other Liabilities, respectively. The Company uses historic customer product return data as a basis of estimation for customer returns and records the reduction of sales at the time revenue is recognized. At March 31, 2019, the right of return asset related to the value of inventory anticipated to be returned from customers was $2,667 and refund liability representing amounts estimated to be refunded to customers was $5,153 . These are shown under Prepaid and Other Current Assets and Accrued Expenses, respectively. Freight charges billed to customers are included in sales and the related shipping costs are included in cost of sales in the Consolidated Statements of Income. If shipping activities are performed after a customer obtains control of a product, the Company applies a policy election to account for shipping as an activity to fulfill the promise to transfer the product to the customer. The Company applies a policy election to exclude transaction taxes collected from customers from sales when the tax is both imposed on and concurrent with a specific revenue-producing transaction. The Company generally provides customers with a product warranty that provides assurance that the products meet standard specifications and are free of defects. The Company maintains a reserve for claims incurred under standard product warranty programs. Performance obligations related to service warranties are not material to the Consolidated Financial Statements. The Company pays sales commissions to its sales representatives, which may be considered as incremental costs to obtain a contract. However, since the recoverability period is less than one year, the Company has utilized the practical expedient to record these costs of obtaining a contract as an expense as they are incurred. |
Warranties | Warranties The Company’s products are warranted for a period ranging from one to twenty years for reserve power batteries and for a period ranging from one to seven years |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include all highly liquid investments with an original maturity of three months or less when purchased. |
Concentration of Credit Risk | Concentration of Credit Risk Financial instruments that subject the Company to potential concentration of credit risk consist principally of short-term cash investments and trade accounts receivable. The Company invests its cash with various financial institutions and in various investment instruments limiting the amount of credit exposure to any one financial institution or entity. The Company has bank deposits that exceed federally insured limits. In addition, certain cash investments may be made in U.S. and foreign government bonds, or other highly rated investments guaranteed by the U.S. or foreign governments. Concentration of credit risk with respect to trade receivables is limited by a large, diversified customer base and its geographic dispersion. The Company performs ongoing credit evaluations of its customers’ financial condition and requires collateral, such as letters of credit, in certain circumstances. |
Accounts Receivable | Accounts Receivable The Company maintains allowances for doubtful accounts for estimated losses resulting from the inability of customers to make required payments. The allowance is based on management’s estimate of uncollectible accounts, analysis of historical data and trends, as well as reviews of all relevant factors concerning the financial capability of its customers. Accounts receivable are considered to be past due based on when payments are received compared to the customer’s credit terms. Accounts are written off when management determines the account is uncollectible. |
Inventories | Inventories Inventories are stated at the lower of cost or market. Cost is determined using the first-in, first-out (FIFO) method. The cost of inventory consists of material, labor, and associated overhead. |
Property, Plant, and Equipment | Property, Plant, and Equipment Property, plant, and equipment are recorded at cost and include expenditures that substantially increase the useful lives of the assets. Depreciation is provided using the straight-line method over the estimated useful lives of the assets as follows: 10 to 33 years for buildings and improvements and 3 to 15 years for machinery and equipment. Maintenance and repairs are expensed as incurred. Interest on capital projects is capitalized during the construction period. |
Business Combinations | Business Combinations The Company records an acquisition using the acquisition method of accounting and recognizes the assets acquired and liabilities assumed at their fair values as of the date of the acquisition. The excess of the purchase price over the net tangible and intangible assets is recorded to goodwill. The results of operations of the acquired business are included in the Company’s operating results from the date of acquisition. |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill and indefinite-lived trademarks are tested for impairment at least annually and whenever events or circumstances occur indicating that a possible impairment may have been incurred. Goodwill is tested for impairment by determining the fair value of the Company’s reporting units. These estimated fair values are based on financial projections, certain cash flow measures, and market capitalization. The Company estimates the fair value of its reporting units using a weighting of fair values derived from both the income approach and the market approach. Under the income approach, the Company calculates the fair value of a reporting unit based on the present value of estimated future cash flows. Cash flow projections are based on management's estimates of revenue growth rates and operating margins, taking into consideration industry and market conditions. The discount rate used is based on the weighted-average cost of capital adjusted for the relevant risk associated with business-specific characteristics and the uncertainty related to the business's ability to execute on the projected cash flows. The market approach estimates fair value based on market multiples of revenue and earnings derived from comparable publicly-traded companies with similar operating and investment characteristics as the reporting unit. The weighting of the fair value derived from the market approach ranges from 0% to 50% depending on the level of comparability of these publicly-traded companies to the reporting unit. In order to assess the reasonableness of the calculated fair values of its reporting units, the Company also compares the sum of the reporting units' fair values to its market capitalization and calculates an implied control premium (the excess of the sum of the reporting units' fair values over the market capitalization). The Company evaluates the control premium by comparing it to control premiums of recent comparable market transactions. The Company assesses whether indefinite-lived intangible assets impairment exists using both the qualitative and quantitative assessments. The qualitative assessment involves determining whether events or circumstances exist that indicate it is more likely than not that the fair value of an indefinite-lived intangible asset is less than its carrying amount. If based on this qualitative assessment, the Company determines it is more likely than not that the fair value of an indefinite-lived intangible asset is less than its carrying amount or if the Company elects not to perform a qualitative assessment, a quantitative assessment is performed to determine whether an indefinite-lived intangible asset impairment exists. The Company tests the indefinite-lived intangible assets for impairment by comparing the carrying value to the fair value based on current revenue projections of the related operations, under the relief from royalty method. Any excess of the carrying value over the amount of fair value is recognized as an impairment. Any such impairment is recognized in the reporting period in which it has been identified. Finite-lived assets such as customer relationships, technology, trademarks, licenses, and non-compete agreements are amortized on a straight-line basis over their estimated useful lives, generally over periods ranging from 3 to 20 years. The Company 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 the Normal Purchase Normal Sale exemption. Credit risk is the potential loss the Company may incur due to the counterparty’s non-performance. The Company is exposed to credit risk from interest rate, foreign currency and commodity derivatives with financial institutions. The Company has credit policies to manage their credit risk, including the use of an established credit approval process, monitoring of the counterparty positions and the use of master netting agreements. The Company has elected to offset net derivative positions under master netting arrangements. The Company does not have any positions involving cash collateral (payables or receivables) under a master netting arrangement as of March 31, 2019 and 2018 . The Company does not have any credit-related contingent features associated with its derivative instruments. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The Company groups its recurring, non-recurring and disclosure-only fair value measurements into the following levels when making fair value measurement disclosures: Level 1 Inputs are unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 Inputs are quoted prices for similar assets or liabilities in an active market, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable and market-corroborated inputs which are derived principally from or corroborated by observable market data. Level 3 Inputs are derived from valuation techniques in which one or more significant inputs or value drivers are unobservable. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). The Company and its subsidiaries use, as appropriate, a market approach (generally, data from market transactions), an income approach (generally, present value techniques and option-pricing models), and / or a cost approach (generally, replacement cost) to measure the fair value of an asset or liability. These valuation approaches incorporate inputs such as observable, independent market data and / or unobservable data that management believes are predicated on the assumptions market participants would use to price an asset or liability. These inputs may incorporate, as applicable, certain risks such as nonperformance risk, which includes credit risk. Lead contracts, foreign currency contracts and interest rate contracts generally use an income approach to measure the fair value of these contracts, utilizing readily observable inputs, such as forward interest rates (e.g., London Interbank Offered Rate—“LIBOR”), forward foreign currency exchange rates (e.g., GBP and euro) and commodity prices (e.g., London Metals Exchange), as well as inputs that may not be observable, such as credit valuation adjustments. When observable inputs are used to measure all or most of the value of a contract, the contract is classified as Level 2. Over-the-counter (OTC) contracts are valued using quotes obtained from an exchange, binding and non-binding broker quotes. Furthermore, the Company obtains independent quotes from the market to validate the forward price curves. OTC contracts include forwards, swaps and options. To the extent possible, fair value measurements utilize various inputs that include quoted prices for similar contracts or market-corroborated inputs. When unobservable inputs are significant to the fair value measurement, the asset or liability is classified as Level 3. Additionally, Level 2 fair value measurements include adjustments for credit risk based on the Company’s own creditworthiness (for net liabilities) and its counterparties’ creditworthiness (for net assets). The Company assumes that observable market prices include sufficient adjustments for liquidity and modeling risks. The Company did not have any fair value measurements that transferred between Level 2 and Level 3 as well as Level 1 and Level 2. |
Income Taxes | Income Taxes The Company accounts for income taxes using the asset and liability approach, which requires deferred tax assets and liabilities be recognized using enacted tax rates to measure the effect of temporary differences between book and tax bases on recorded assets and liabilities. Valuation allowances are recorded to reduce deferred tax assets, if it is more likely than not some portion or all of the deferred tax assets will not be realized. The need to establish valuation allowances against deferred tax assets is assessed quarterly. The primary factors used to assess the likelihood of realization are expected reversals of taxable temporary timing differences, forecasts of future taxable income and available tax planning strategies that could be implemented to realize the net deferred tax assets. The Company recognizes tax related interest and penalties in income tax expense in its Consolidated Statement of Income. With respect to accounting for uncertainty in income taxes, the Company evaluates tax positions to determine whether the benefits of tax positions are more likely than not of being sustained upon audit based on the technical merits of the tax position. For tax positions that are more likely than not of being sustained upon audit, the Company recognizes the largest amount of the benefit that is greater than 50% likely of being realized upon ultimate settlement. For tax positions that are not more likely than not of being sustained upon audit, the Company does not recognize any portion of the benefit. If the more likely than not threshold is not met in the period for which a tax position is taken, the Company may subsequently recognize the benefit of that tax position if the tax matter is effectively settled, the statute of limitations expires, or if the more likely than not threshold is met in a subsequent period. No additional income taxes have been provided for any undistributed foreign earnings or any additional outside basis difference inherent in these entities, as these amounts continue to be indefinitely reinvested in foreign operations. |
Deferred Financing Fees | Deferred Financing Fees Debt issuance costs that are incurred by the Company in connection with the issuance of debt are deferred and amortized to interest expense over the life of the underlying indebtedness, adjusted to reflect any early repayments and are shown as a deduction from long-term debt. |
Stock-Based Compensation Plans | Stock-Based Compensation Plans The Company measures the cost of employee services received in exchange for the award of an equity instrument based on the grant-date fair value of the award, with such cost recognized over the applicable vesting period. Market and Performance condition-based awards The Company grants market condition-based awards and performance condition-based awards. Prior to fiscal 2016, the Company granted market condition-based awards (“MSU”). These units cliff vested on the third anniversary of the date of grant. These share units were 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 was 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 was then multiplied by the number of share units granted to yield the number of shares of common stock to be delivered on the vesting date. The fair value of the share units was 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. Beginning with fiscal 2017, the Company granted market condition-based awards (“TSR”). A participant may earn between 0% to 200% of the number of awards granted, based on the total shareholder return of the Company's common stock over a three-year period. The awards cliff vest on the third anniversary of the date of grant and are settled in common stock on the first anniversary of the vesting date. The TSR is calculated by dividing the sixty or ninety calendar day average price at end of the period (as applicable) and the reinvested dividends thereon by such sixty or ninety calendar day average price at start of the period. The maximum number of awards earned is capped at 200% of the target award. Additionally, no payout will be awarded in the event that the TSR at the vesting date reflects less than a 25% return from the average price at the grant date. These share units are similar to the share units granted prior to fiscal 2016, except that under these awards, the targets are more difficult to achieve as they are tied to the TSR of a defined peer group. The fair value of these awards is estimated at the date of grant, using a Monte Carlo Simulation. The Company recognizes compensation expense using the straight-line method over the life of the market condition-based awards except for those issued to certain retirement-eligible participants, which are expensed on an accelerated basis. In fiscal 2019, the Company granted performance condition-based awards (“PSU”). A participant may earn between 0% to 200% of the number of awards granted, based on the Company’s cumulative adjusted earnings per share performance over a three-year period. The vesting of these awards are contingent upon meeting or exceeding performance conditions. The awards cliff vest on the third anniversary of the date of grant and are settled in common stock on the first anniversary of the vesting date. The maximum number of awards earned is capped at 200% of the target award. Expense for the performance condition based award is recorded when the achievement of the performance condition is considered probable of achievement and is recorded on a straight-line basis over the requisite service period. If such performance criteria are not met, no compensation cost is recognized and any recognized compensation cost is reversed. The closing stock price on the date of grant, adjusted for a discount to reflect the illiquidity inherent in the PSUs, represents the grant-date fair value for these awards. Restricted Stock Units The fair value of restricted stock units is based on the closing market price of the Company’s common stock on the date of grant. These awards generally vest, and are settled in common stock, at 25% per year, over a four year period from the date of grant. The Company recognizes compensation expense using the straight-line method over the life of the restricted stock units. Stock Options The fair value of the options granted is estimated at the date of grant using the Black-Scholes option-pricing model utilizing assumptions based on historical data and current market data. The assumptions include expected term of the options, risk-free interest rate, expected volatility, and dividend yield. The expected term represents the expected amount of time that options granted are expected to be outstanding, based on historical and forecasted exercise behavior. The risk-free rate is based on the rate at the grant date of zero-coupon U.S. Treasury Notes with a term equal to the expected term of the option. Expected volatility is estimated using historical volatility rates based on historical weekly price changes over a term equal to the expected term of the options. The Company’s dividend yield is based on historical data. The Company recognizes compensation expense using the straight-line method over the vesting period of the options except for those issued to certain retirement-eligible participants, which are expensed on an accelerated basis. |
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, 2019 , 2018 and 2017 |
Segment Reporting | Segment Reporting A segment for reporting purposes is based on the financial performance measures that are regularly reviewed by the chief operating decision maker to assess segment performance and to make decisions about a public entity’s allocation of resources. Based on this guidance, the Company reports its segment results based upon the three geographical regions of operations. • Americas , which includes North and South America, with segment headquarters in Reading, Pennsylvania, U.S.A., • EMEA , which includes Europe, the Middle East and Africa, with segment headquarters in Zug, Switzerland, and • Asia , which includes Asia, Australia and Oceania, with segment headquarters in Singapore. |
New Accounting Pronouncements | Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606)” providing guidance on revenue from contracts with customers that supersedes 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 Company adopted this standard on April 1, 2018 using the modified retrospective transition method. Under the modified retrospective transition method, the cumulative effect of applying Topic 606 to all contracts where all revenue has not been completely recognized under previously existing accounting principles that are not completed as of the date of adoption is recorded as an adjustment to the opening balance of retained earnings (if applicable) while the comparative periods are not restated and continue to be reported under the accounting standards in effect for those periods. There was no cumulative effect of adopting the standard at the date of initial application in retained earnings. In March 2017, the FASB issued ASU No. 2017-07, “Compensation—Retirement Benefits (Topic 715)”, which requires an entity to report the service cost component of pension and other postretirement benefit costs in the same line item as other compensation costs. The other components of net (benefit) cost will be required to be presented in the income statement separately from the service cost component and outside a subtotal of income from operations. This standard is effective for interim and annual reporting periods beginning after December 15, 2017, with early adoption permitted and requires the retrospective method to be applied to all periods presented. The Company adopted this guidance effective April 1, 2018. The service cost component of pension expense continues to be recognized in cost of goods sold whereas other components of pension expense have been reclassified to “Other (income) expense, net” in the Consolidated Statements of Income. The Company reclassified $1,464 and $1,252 from “Cost of goods sold” relating to fiscal 2018 and 2017, respectively, to “Other (income) expense, net” in the Consolidated Statements of Income. Accounting Pronouncements Issued But Not Adopted as of March 31, 2019 In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842)”, which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e. lessees and lessors). This update requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase of the leased asset by the lessee. This classification will determine whether the lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. The new standard requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases and operating leases. This update is effective for annual periods beginning after December 15, 2018, using a modified retrospective approach, with early adoption permitted. ASC 842 will be effective for the Company on April 1, 2019. There are a number of optional practical expedients made available to simplify the transition of the new standard. The Company has made the following elections: • to adopt the optional transition method defined within ASU 2018-11 and not restate comparative prior periods but instead recognize a cumulative effect adjustment to the opening balance of retained earnings in the period of adoption; • to elect the package of three practical expedients addressing whether a contract contains a lease, lease classification and initial direct costs; to combine lease and non-lease components as a single component for all asset classes; • to use a portfolio approach to determine the incremental borrowing rate; and • to apply the short-term lease exception to leases that, at the commencement date, has a lease term of 12 months or less and does not include an option to purchase the underlying asset that the lessee is reasonably certain to exercise. During fiscal 2019, the Company made progress on implementing the new standard which included surveying the Company’s businesses, assessing the Company’s portfolio of leases and compiling a central repository of active leases. The Company evaluated key policy elections and considerations under the standard which the Company will utilize to develop an internal policy to address the new standard requirements. Additionally, the Company selected a lease accounting software solution to support the new reporting requirements and started implementation of the software. While the Company continues to assess the impact on its accounting policies, internal control processes and related disclosures required under the new guidance, as well as its process to determine the actual amount of the required transition adjustment to reflect the balance of the right of use asset and lease liability, the Company’s current estimate of the initial lease liability based on the status of its adoption processes is approximately $100,000 and is subject to change as the Company continues to refine this amount. These conclusions may change as the Company continues to evaluate the new standard or if there are any changes in the Company’s lease portfolio. The Company does not currently believe that the standard will have a material impact on its results of operations or cash flows. In June 2016, the FASB, issued ASU No. 2016-13, “Financial Instruments - Credit Losses (Topic 326)”: Measurement of Credit Losses on Financial Instruments, which changes the recognition model for the impairment of financial instruments, including accounts receivable, loans and held-to-maturity debt securities, among others. The guidance is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. In contrast to current guidance, which considers current information and events and utilizes a probable threshold, (an “incurred loss” model), ASU 2016–13 mandates an “expected loss” model. The expected loss model: (i) estimates the risk of loss even when risk is remote, (ii) estimates losses over the contractual life, (iii) considers past events, current conditions and reasonable supported forecasts and (iv) has no recognition threshold. The Company is currently assessing the potential impact that the adoption will have on its consolidated financial statements. In August 2017, the FASB issued ASU No. 2017-12, “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities”, which amends and simplifies existing guidance in order to allow companies to more accurately present the economic effects of risk management activities in the financial statements. The guidance eliminates the requirement to separately measure and report hedge ineffectiveness and generally requires the entire change in the fair value of a hedging instrument to be presented in the same income statement line as the hedged item. The guidance is effective for fiscal years beginning after December 15, 2018, including interim periods within those years. Early adoption is permitted in any interim period or fiscal year before the effective date. The Company is currently assessing the potential impact that the adoption will have on its consolidated financial statements and does not believe that it will have a material impact on its consolidated financial statements. |
Use of Estimates | . Use of Estimates |
Acquisition (Tables)
Acquisition (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Business Combinations [Abstract] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The acquired assets and assumed liabilities include the following: Accounts receivable $ 115,467 Inventories 84,297 Other current assets 6,822 Other intangible assets 332,000 Property, plant and equipment 20,987 Other assets 9,005 Total assets acquired $ 568,578 Accounts payable 35,803 Accrued liabilities 41,918 Deferred income taxes 56,331 Other liabilities 12,642 Total liabilities assumed $ 146,694 Net assets acquired $ 421,884 Purchase price: Cash paid for net assets acquired $ 650,000 Fair value of shares issued for net assets acquired 93,268 Working capital adjustment (766 ) Total purchase consideration 742,502 Less: Fair value of acquired identifiable assets and liabilities 421,884 Goodwill $ 320,618 |
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination | The following table summarizes the estimated fair value of Alpha's identifiable intangible assets and the initial assessment of their respective estimated lives: Type Life in Years Fair Value Trademarks Indefinite-lived Indefinite $ 56,000 Customer relationships Finite-lived 14 221,000 Technology Finite-lived 10 55,000 Total identifiable intangible assets $ 332,000 |
Business Acquisition, Pro Forma Information | The following unaudited summary information is presented on a consolidated pro forma basis as if the acquisition had occurred on April 1, 2017: Fiscal year ended March 31, 2019 March 31, 2018 Net sales $ 3,278,646 $ 3,124,527 Net earnings attributable to EnerSys stockholders 207,904 126,965 Net earnings per share attributable to EnerSys stockholders - basic 4.79 2.90 Net earnings per share attributable to EnerSys stockholders - assuming dilution 4.71 2.87 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Inventory Disclosure [Abstract] | |
Summary Of Net Inventories | March 31, 2019 2018 Raw materials $ 138,718 $ 92,216 Work-in-process 129,736 136,068 Finished goods 235,415 185,950 Total $ 503,869 $ 414,234 |
Property, Plant, and Equipment
Property, Plant, and Equipment (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Summary Of Property, Plant, And Equipment | Property, plant, and equipment consist of: March 31, 2019 2018 Land, buildings, and improvements $ 268,006 $ 273,506 Machinery and equipment 683,955 657,262 Construction in progress 54,278 49,900 1,006,239 980,668 Less accumulated depreciation (596,800 ) (590,408 ) Total $ 409,439 $ 390,260 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
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, 2019 2018 Gross Amount Accumulated Amortization Net Amount Gross Amount Accumulated Amortization Net Amount Indefinite-lived intangible assets: Trademarks $ 152,484 $ (953 ) $ 151,531 $ 97,444 $ (953 ) $ 96,491 Finite-lived intangible assets: Customer relationships 286,664 (42,704 ) 243,960 66,973 (31,500 ) 35,473 Non-compete 3,025 (2,807 ) 218 2,852 (2,759 ) 93 Technology 77,779 (12,229 ) 65,550 22,769 (8,872 ) 13,897 Trademarks 2,003 (1,236 ) 767 2,003 (1,151 ) 852 Licenses 1,477 (1,187 ) 290 1,491 (1,156 ) 335 Total $ 523,432 $ (61,116 ) $ 462,316 $ 193,532 $ (46,391 ) $ 147,141 |
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, 2019 Americas EMEA Asia Total Balance at beginning of year $ 151,255 $ 155,825 $ 45,725 $ 352,805 Acquisitions during the year 320,618 — — 320,618 Foreign currency translation adjustment (1,679 ) (12,556 ) (2,789 ) (17,024 ) Balance at end of year $ 470,194 $ 143,269 $ 42,936 $ 656,399 Fiscal year ended March 31, 2018 Americas EMEA Asia Total Balance at beginning of year $ 146,982 $ 138,813 $ 42,862 $ 328,657 Acquisitions during the year 3,670 — — 3,670 Foreign currency translation adjustment 603 17,012 2,863 20,478 Balance at end of year $ 151,255 $ 155,825 $ 45,725 $ 352,805 A reconciliation of goodwill and accumulated goodwill impairment losses, by reportable segment, is as follows: March 31, 2019 Americas EMEA Asia Total Gross carrying value $ 528,039 $ 149,422 $ 48,115 $ 725,576 Accumulated goodwill impairment charges (57,845 ) (6,153 ) (5,179 ) (69,177 ) Net book value $ 470,194 $ 143,269 $ 42,936 $ 656,399 March 31, 2018 Americas EMEA Asia Total Gross carrying value $ 209,100 $ 161,978 $ 50,904 $ 421,982 Accumulated goodwill impairment charges (57,845 ) (6,153 ) (5,179 ) (69,177 ) Net book value $ 151,255 $ 155,825 $ 45,725 $ 352,805 |
Prepaid and Other Current Ass_2
Prepaid and Other Current Assets (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
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, 2019 2018 Contract assets $ 38,778 $ — Prepaid non-income taxes 22,490 22,583 Non-trade receivables 10,823 4,087 Prepaid income taxes 9,608 8,921 Other 27,732 21,319 Total $ 109,431 $ 56,910 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Payables and Accruals [Abstract] | |
Summary Of Accrued Expenses | Accrued expenses consist of the following: March 31, 2019 2018 Payroll and benefits $ 54,285 $ 50,053 Accrued selling expenses 35,394 34,831 Warranty 21,646 22,637 VAT and other non-income taxes 17,125 13,155 Project related accruals 16,301 — Contract liabilities 15,162 — Freight 14,423 15,810 Income taxes payable 9,234 19,696 Legal proceedings 7,258 2,326 Interest 7,248 6,762 Tax Act - Transition Tax 5,290 7,800 Restructuring 2,952 2,909 Pension 1,207 1,657 Deferred income — 9,387 Other 48,356 27,095 Total $ 255,881 $ 214,118 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Debt Disclosure [Abstract] | |
Schedule Of Long-Term Debt | The following summarizes the Company’s long-term debt: As of March 31, 2019 2018 Principal Unamortized Issuance Costs Principal Unamortized Issuance Costs 5.00% Senior Notes, due 2023 $ 300,000 $ 2,497 $ 300,000 $ 3,122 Amended Credit Facility, due 2022 * 677,315 3,062 285,500 2,843 $ 977,315 $ 5,559 $ 585,500 $ 5,965 Less: Unamortized issuance costs 5,559 5,965 Less: Current portion — — Long-term debt, net of unamortized issuance costs $ 971,756 $ 579,535 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
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, 2019 are as follows: 2020 $ 31,483 2021 24,290 2022 16,514 2023 11,596 2024 8,683 Thereafter 23,757 Total minimum lease payments $ 116,323 |
Other Liabilities (Tables)
Other Liabilities (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Other Liabilities Disclosure [Abstract] | |
Schedule Of Other Long-Term Liabilities | Other liabilities consist of the following: March 31, 2019 2018 Tax Act - Transition Tax $ 55,489 $ 89,700 Pension 39,924 44,404 Warranty 32,922 27,965 Liability for uncertain tax positions 20,240 1,684 Deferred income — 7,094 Contract liabilities 6,360 — Other 10,265 10,240 Total $ 165,200 $ 181,087 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
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, 2019 and March 31, 2018 and the basis for that measurement: Total Fair Value Quoted Price in Significant Significant Lead forward contracts $ (902 ) $ — $ (902 ) $ — Foreign currency forward contracts (249 ) — (249 ) — Total derivatives $ (1,151 ) $ — $ (1,151 ) $ — Total Fair Value Quoted Price in Active Markets for Identical Assets (Level 1) Significant Significant Unobservable Inputs (Level 3) Lead forward contracts $ (3,877 ) $ — $ (3,877 ) $ — Foreign currency forward contracts 22 — 22 — Total derivatives $ (3,855 ) $ — $ (3,855 ) $ — |
Carrying Amounts And Estimated Fair Values Of Company's Financial Instruments | The carrying amounts and estimated fair values of the Company’s derivatives and Notes at March 31, 2019 and 2018 were as follows: March 31, 2019 March 31, 2018 Carrying Fair Value Carrying Fair Value Financial assets: Derivatives (1) $ — $ — $ 22 $ 22 Financial liabilities: Notes (2) 300,000 297,000 300,000 304,500 Derivatives (1) $ 1,151 $ 1,151 $ 3,877 $ 3,877 (1) Represents lead and foreign currency forward contracts (see Note 12 for asset and liability positions of the lead and foreign currency forward contracts at March 31, 2019 and March 31, 2018 ). (2) The fair value amount of the Notes at March 31, 2019 and March 31, 2018 represent the trading value of the instruments. |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
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, 2019 and 2018 Derivatives and Hedging Activities Designated as Cash Flow Hedges Derivatives and Hedging Activities Not Designated as Hedging Instruments March 31, 2019 March 31, 2018 March 31, 2019 March 31, 2018 Prepaid and other current assets: Foreign currency forward contracts — 209 — — Total assets $ — $ 209 $ — $ — Accrued expenses: Lead forward contracts $ 902 $ 3,877 $ — $ — Foreign currency forward contracts 8 — 241 187 Total liabilities $ 910 $ 3,877 $ 241 $ 187 |
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, 2017 Derivatives Designated as Cash Flow Hedges Pretax Gain (Loss) Recognized in AOCI on Derivative (Effective Portion) Location of Gain (Loss) Reclassified from AOCI into Income (Effective Portion) Pretax Gain (Loss) Reclassified from AOCI into Income (Effective Portion) Lead forward contracts $ 7,907 Cost of goods sold $ 5,803 Foreign currency forward contracts 845 Cost of goods sold 433 Total $ 8,752 $ 6,236 The Effect of Derivative Instruments on the Consolidated Statements of Income For the fiscal year ended March 31, 2019 Derivatives Designated as Cash Flow Hedges Pretax Gain (Loss) Recognized in AOCI on Derivative (Effective Portion) Location of Gain (Loss) Reclassified from AOCI into Income (Effective Portion) Pretax Gain (Loss) Reclassified from AOCI into Income (Effective Portion) Lead forward contracts $ (12,531 ) Cost of goods sold $ (15,666 ) Foreign currency forward contracts 1,551 Cost of goods sold 385 Total $ (10,980 ) $ (15,281 ) The Effect of Derivative Instruments on the Consolidated Statements of Income For the fiscal year ended March 31, 2018 Derivatives Designated as Cash Flow Hedges Pretax Gain (Loss) Recognized in AOCI on Derivative (Effective Portion) Location of Gain (Loss) Reclassified from AOCI into Income (Effective Portion) Pretax Gain (Loss) Reclassified from AOCI into Income (Effective Portion) Lead forward contracts $ (805 ) Cost of goods sold $ 5,860 Foreign currency forward contracts (3,524 ) Cost of goods sold (2,718 ) Total $ (4,329 ) $ 3,142 |
Effect Of Derivative Instruments | Derivatives Not Designated as Hedging Instruments Location of Gain (Loss) Pretax Gain (Loss) Foreign currency forward contracts Other (income) expense, net $ 180 Total $ 180 Derivatives Not Designated as Hedging Instruments Location of Gain (Loss) Recognized in Income on Derivatives Pretax Gain (Loss) Foreign currency forward contracts Other (income) expense, net $ (1,856 ) Total $ (1,856 ) Derivatives Not Designated as Hedging Instruments Location of Gain (Loss) Recognized in Income on Derivatives Pretax Gain (Loss) Foreign currency forward contracts Other (income) expense, net $ (471 ) Total $ (471 ) |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Tax Expense | Fiscal year ended March 31, 2019 2018 2017 Current income tax expense Current: Federal $ 6,377 $ 115,315 $ 30,362 State 5,027 3,461 4,855 Foreign 16,636 20,030 17,800 Total current income tax expense 28,040 138,806 53,017 Deferred income tax (benefit) expense Federal (5,031 ) (9,551 ) 857 State (669 ) 789 590 Foreign (756 ) (11,551 ) 8 Total deferred income tax (benefit) expense (6,456 ) (20,313 ) 1,455 Total income tax expense $ 21,584 $ 118,493 $ 54,472 |
Earnings Before Income Taxes | Earnings before income taxes consists of the following: Fiscal year ended March 31, 2019 2018 2017 United States $ 53,339 $ 74,440 $ 80,436 Foreign 128,872 163,886 132,259 Earnings before income taxes $ 182,211 $ 238,326 $ 212,695 |
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, 2019 2018 Deferred tax assets: Accounts receivable $ 1,297 $ 1,790 Inventories 4,081 3,660 Net operating loss carryforwards 48,423 50,928 Accrued expenses 21,574 21,274 Capitalized research and development costs 7,061 — Other assets 17,656 16,832 Gross deferred tax assets 100,092 94,484 Less valuation allowance (17,519 ) (15,255 ) Total deferred tax assets 82,573 79,229 Deferred tax liabilities: Property, plant and equipment 25,656 21,045 Intangible assets 96,826 46,058 Other liabilities 1,737 1,331 Total deferred tax liabilities 124,219 68,434 Net deferred tax (liabilities) assets $ (41,646 ) $ 10,795 |
Reconciliation Of Income Taxes At The Statutory Rate | A reconciliation of income taxes at the statutory rate ( 21.0% for fiscal 2019, 31.55% for fiscal 2018 and 35% for fiscal 2017) to the income tax provision is as follows: Fiscal year ended March 31, 2019 2018 2017 United States statutory income tax expense $ 38,264 $ 75,196 $ 74,444 Increase (decrease) resulting from: Impact of Tax Act (13,483 ) 83,400 — State income taxes, net of federal effect 3,285 3,146 3,677 Nondeductible expenses, domestic manufacturing deduction (fiscal 2018 and 2017) and other 2,677 1,078 1,993 Legal proceedings charge - European Competition Investigations - See Note 18 2,405 — 7,873 Net effect of GILTI, FDII, BEAT 2,320 — — Goodwill impairment - See Note 5 — — 3,812 Effect of foreign operations (16,763 ) (35,048 ) (39,377 ) Valuation allowance 2,879 (9,279 ) 2,050 Income tax expense $ 21,584 $ 118,493 $ 54,472 |
Reconciliation Of Unrecognized Tax Benefits | : Fiscal year ended March 31, 2019 2018 2017 Balance at beginning of year $ 1,568 $ 1,450 $ 2,375 Increases related to current year tax positions 129 397 252 Increases related to the Alpha acquisition 7,840 — — Increases related to prior year tax positions 11,463 11 31 Decreases related to prior tax positions and foreign currency translation (544 ) — (352 ) Decreases related to prior year tax positions settled (93 ) (1 ) (678 ) Lapse of statute of limitations (198 ) (289 ) (178 ) Balance at end of year $ 20,165 $ 1,568 $ 1,450 |
Retirement Plans (Tables)
Retirement Plans (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Retirement Benefits [Abstract] | |
Components Of Net Periodic Pension Cost | Net periodic pension cost for fiscal 2019 , 2018 and 2017 , includes the following components: United States Plans International Plans Fiscal year ended March 31, Fiscal year ended March 31, 2019 2018 2017 2019 2018 2017 Service cost $ — $ — $ 371 $ 997 $ 1,025 $ 871 Interest cost 631 658 664 1,831 1,795 1,848 Expected return on plan assets (514 ) (496 ) (816 ) (2,151 ) (2,264 ) (1,875 ) Amortization and deferral 184 303 453 1,520 1,468 978 Net periodic benefit cost $ 301 $ 465 $ 672 $ 2,197 $ 2,024 $ 1,822 |
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, 2019 2018 2019 2018 Change in projected benefit obligation Benefit obligation at the beginning of the period $ 16,713 $ 16,682 $ 82,033 $ 74,478 Service cost — — 997 1,025 Interest cost 631 658 1,831 1,795 Benefits paid, inclusive of plan expenses (1,061 ) (1,037 ) (1,758 ) (2,153 ) Plan curtailments and settlements — — (1,130 ) (52 ) Actuarial losses (gains) 364 410 (261 ) (2,705 ) Foreign currency translation adjustment — — (6,674 ) 9,645 Benefit obligation at the end of the period $ 16,647 $ 16,713 $ 75,038 $ 82,033 |
Summary Of Change In Plan Assets | Change in plan assets Fair value of plan assets at the beginning of the period $ 13,928 $ 12,731 $ 38,757 $ 34,323 Actual return on plan assets 758 1,731 2,109 688 Employer contributions 138 503 1,670 1,865 Benefits paid, inclusive of plan expenses (1,061 ) (1,037 ) (1,758 ) (2,153 ) Plan curtailments and settlements — — (1,130 ) (52 ) Foreign currency translation adjustment — — (2,857 ) 4,086 Fair value of plan assets at the end of the period $ 13,763 $ 13,928 $ 36,791 $ 38,757 Funded status deficit $ (2,884 ) $ (2,785 ) $ (38,247 ) $ (43,276 ) |
Summary Of Amounts Recognized In The Balance Sheets | March 31, 2019 2018 Amounts recognized in the Consolidated Balance Sheets consist of: Accrued expenses (1,207 ) (1,657 ) Other liabilities (39,924 ) (44,404 ) Total liabilities $ (41,131 ) $ (46,061 ) |
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, 2019 , 2018 and 2017 : Fiscal year ended March 31, 2019 2018 2017 Amounts recorded in AOCI before taxes: Prior service cost $ (307 ) $ (385 ) $ (377 ) Net loss (24,051 ) (27,762 ) (28,475 ) Net amount recognized $ (24,358 ) $ (28,147 ) $ (28,852 ) |
Summary Of Changes In AOCI | Fiscal year ended March 31, 2019 2018 2017 Changes in plan assets and benefit obligations: New prior service cost $ — $ — $ — Net loss (gain) arising during the year (99 ) (1,953 ) 5,485 Effect of exchange rates on amounts included in AOCI (1,984 ) 3,019 (2,275 ) Amounts recognized as a component of net periodic benefit costs: Amortization of prior service cost (45 ) (46 ) (42 ) Amortization or settlement recognition of net loss (1,659 ) (1,725 ) (1,389 ) Total recognized in other comprehensive (income) loss $ (3,787 ) $ (705 ) $ 1,779 |
Summary Of Recognized Components Of Net Periodic Pension Cost Included In Accumulated Other Comprehensive Income | The amounts included in AOCI as of March 31, 2019 that are expected to be recognized as components of net periodic pension cost (before tax) during the next twelve months are as follows: Prior service cost $ (44 ) Net loss (1,185 ) Net amount expected to be recognized $ (1,229 ) |
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, 2019 2018 2019 2018 All defined benefit plans: Accumulated benefit obligation $ 16,647 $ 16,713 $ 71,350 $ 77,724 Unfunded defined benefit plans: Projected benefit obligation $ — $ — $ 32,320 $ 33,124 Accumulated benefit obligation — — 30,328 31,270 Defined benefit plans with a projected benefit obligation in excess of the fair value of plan assets: Projected benefit obligation $ 16,647 $ 16,713 $ 75,038 $ 82,033 Fair value of plan assets 13,763 13,928 36,791 38,757 Defined benefit plans with an accumulated benefit obligation in excess of the fair value of plan assets: Projected benefit obligation $ 16,647 $ 16,713 $ 74,235 $ 81,253 Accumulated benefit obligation 16,647 16,713 70,654 77,021 Fair value of plan assets 13,763 13,928 36,077 37,986 |
Significant Assumptions Used To Determine The Net Periodic Benefit Cost | Significant assumptions used to determine the net periodic benefit cost for the U.S. and International plans were as follows: United States Plans International Plans Fiscal year ended March 31, Fiscal year ended March 31, 2019 2018 2017 2019 2018 2017 Discount rate 3.9 % 4.1 % 3.9 % 1.4-3.3% 1.5-3.5% 1.8-3.7% Expected return on plan assets 6.3 6.8 7.0 4.1-6.0 3.6-6.3 3.3-6.5 Rate of compensation increase N/A N/A N/A 1.8-4.0 1.5-4.0 1.5-4.0 |
Significant Assumptions Used To Determine The Projected Benefit Obligations | Significant assumptions used to determine the projected benefit obligations for the U.S. and International plans were as follows: United States Plans International Plans March 31, March 31, 2019 2018 2019 2018 Discount rate 3.8 % 3.9 % 1.0-2.7% 1.4-3.3% Rate of compensation increase N/A N/A 2.0-4.0 1.8-4.0 |
Summary Of Pension Plan Investments Measured At Fair Value | The following table represents the Company's pension plan investments measured at fair value as of March 31, 2019 and 2018 and the basis for that measurement: March 31, 2019 United States Plans International Plans Total Fair Quoted Price In Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Fair Value Measurement Quoted Price In Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Asset category: Cash and cash equivalents $ 1,080 $ 1,080 $ — $ — $ 83 $ 83 $ — $ — Equity securities US (a) 8,275 8,275 — — — — — — International (b) — — — — 23,875 — 23,875 — Fixed income (c) 4,408 4,408 — — 12,833 — 12,833 — Total $ 13,763 $ 13,763 $ — $ — $ 36,791 $ 83 $ 36,708 $ — March 31, 2018 United States Plans International Plans Total Fair Value Measurement Quoted Price In Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Fair Value Measurement Quoted Price In Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Asset category: Cash and cash equivalents $ 891 $ 891 $ — $ — $ 49 $ 49 $ — $ — Equity securities US (a) 9,864 9,864 — — — — — — International (b) — — — — 25,768 — 25,768 — Fixed income (c) 3,173 3,173 — — 12,940 — 12,940 — Total $ 13,928 $ 13,928 $ — $ — $ 38,757 $ 49 $ 38,708 $ — 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: 2020 $ 2,713 2021 2,783 2022 3,072 2023 3,392 2024 3,536 Years 2025-2029 21,106 |
Stockholders' Equity and Nonc_2
Stockholders' Equity and Noncontrolling Interests (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Stockholders' Equity and Noncontrolling Interests [Abstract] | |
Change in Number of Shares of Common Stock Outstanding | The following summarizes the change in the number of shares of common stock outstanding during fiscal years ended March 31, 2017 , 2018 and 2019 , respectively: Shares outstanding as of March 31, 2016 43,189,502 Shares issued under equity-based compensation plans, net of equity awards surrendered for option price and taxes 258,034 Shares outstanding as of March 31, 2017 43,447,536 Purchase of treasury stock (1,756,831 ) Shares issued under equity-based compensation plans, net of equity awards surrendered for option price and taxes 224,295 Shares outstanding as of March 31, 2018 41,915,000 Purchase of treasury stock (726,347 ) Shares issued towards purchase consideration of Alpha acquisition 1,177,630 Shares issued under equity-based compensation plans, net of equity awards surrendered for option price and taxes 254,467 Shares outstanding as of March 31, 2019 42,620,750 |
Components Of Accumulated Other Comprehensive Income | The components of AOCI, net of tax, are as follows: Beginning Balance Before Reclassifications Amount Reclassified from AOCI Ending Balance March 31, 2019 Pension funded status adjustment $ (22,503 ) $ 339 $ 1,373 $ (20,791 ) Net unrealized gain (loss) on derivative instruments (3,425 ) (8,396 ) 11,691 (130 ) Foreign currency translation adjustment (15,789 ) (105,972 ) — (121,761 ) Accumulated other comprehensive loss $ (41,717 ) $ (114,029 ) $ 13,064 $ (142,682 ) March 31, 2018 Pension funded status adjustment $ (25,555 ) $ 1,692 $ 1,360 $ (22,503 ) Net unrealized gain (loss) on derivative instruments 1,975 (2,868 ) (2,532 ) (3,425 ) Foreign currency translation adjustment (129,244 ) 113,455 — (15,789 ) Accumulated other comprehensive loss $ (152,824 ) $ 112,279 $ (1,172 ) $ (41,717 ) March 31, 2017 Pension funded status adjustment $ (21,861 ) $ (4,659 ) $ 965 $ (25,555 ) Net unrealized gain (loss) on derivative instruments 388 5,523 (3,936 ) 1,975 Foreign currency translation adjustment (75,876 ) (53,368 ) — (129,244 ) Accumulated other comprehensive loss $ (97,349 ) $ (52,504 ) $ (2,971 ) $ (152,824 ) |
Reclassification out of Accumulated Other Comprehensive Income | The following table presents reclassifications from AOCI during the twelve months ended March 31, 2019 : Components of AOCI Amounts Reclassified from AOCI Location of (Gain) Loss Recognized on Income Statement Derivatives in Cash Flow Hedging Relationships: Net unrealized loss on derivative instruments $ 15,281 Cost of goods sold Tax benefit (3,590 ) Net unrealized loss on derivative instruments, net of tax $ 11,691 Defined benefit pension costs: Prior service costs and deferrals $ 1,704 Net periodic benefit cost, included in other (income) expense, net - See Note 1 and 14 Tax benefit (331 ) Net periodic benefit cost, net of tax $ 1,373 |
Summary of Redeemable Noncontrolling Interests | The following demonstrates the change in redeemable noncontrolling interests during the fiscal year ended March 31, 2017 : Balance as of March 31, 2016 $ 5,997 Net losses attributable to redeemable noncontrolling interests (2,021 ) Deconsolidation of joint venture (4,035 ) Foreign currency translation adjustment 59 Balance as of March 31, 2017 $ — |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary Of Stock Option Activity | The following table summarizes the Company’s stock option activity in the years indicated: Number of Options Weighted- Average Remaining Contract Term (Years) Weighted- Average Exercise Price Aggregate Intrinsic Value Options outstanding as of March 31, 2016 210,297 8.5 $ 67.54 $ 218 Granted 242,068 57.60 — Exercised (263 ) 18.25 12 Expired (434 ) 18.25 15 Options outstanding as of March 31, 2017 451,668 8.4 $ 62.29 $ 7,520 Granted 169,703 83.14 — Exercised (62,197 ) 63.44 1,132 Forfeited (11,495 ) 70.22 75 Expired (2,089 ) 18.25 137 Options outstanding as of March 31, 2018 545,590 8.4 $ 68.65 $ 2,679 Granted 192,700 75.17 — Exercised (171,630 ) 63.66 2,707 Forfeited (11,754 ) 75.17 — Options outstanding as of March 31, 2019 554,906 8.0 $ 72.31 $ 1,040 Options exercisable as of March 31, 2019 186,823 6.9 $ 69.34 $ 452 Options vested and expected to vest, as of March 31, 2019 545,299 8.0 $ 72.24 $ 1,038 |
Summary Of Information Regarding Stock Options Outstanding And Exercisable | The following table summarizes information regarding stock options outstanding as of March 31, 2019 : Range of Exercise Prices Number of Options Weighted- Weighted- Average Exercise Price $55.00-$60.00 137,599 7.1 $ 57.60 $65.01-$70.00 73,368 5.8 $ 68.82 $75.01-$83.14 343,939 8.8 $ 78.95 554,906 8.0 $ 72.31 |
Summary Of The Changes In Restricted Stock Units And Market Share Units | A summary of the changes in restricted stock units, TSRs and PSUs awarded to employees and directors that were outstanding under the Company’s equity compensation plans during fiscal 2019 is presented below: Restricted Stock Units (RSU) Market condition-based Share Units (TSR) Performance condition-based Share Units (PSU) Number of RSU Weighted- Average Grant Date Fair Value Number of TSR Weighted- Average Grant Date Fair Value Number of Weighted- Average Grant Date Non-vested awards as of March 31, 2018 633,751 $ 56.60 349,941 $ 70.22 — $ — Granted 241,105 69.43 36,646 85.84 45,883 68.48 Stock dividend 6,087 56.81 3,131 72.60 320 68.48 Performance factor — — 143 75.48 — — Vested (148,487 ) 68.55 (3,482 ) 59.94 — — Canceled (10,809 ) 72.56 (33,795 ) 62.21 (3,677 ) 68.48 Non-vested awards as of March 31, 2019 721,647 $ 57.72 352,584 $ 72.83 42,526 $ 68.48 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Earnings Per Share [Abstract] | |
Reconciliation From Basic To Diluted Average Common Shares And Net Earnings Per Common Share | The following table sets forth the reconciliation from basic to diluted weighted-average number of common shares outstanding and the calculations of net earnings per common share attributable to EnerSys stockholders. Fiscal year ended March 31, 2019 2018 2017 Net earnings attributable to EnerSys stockholders $ 160,239 $ 119,594 $ 160,214 Weighted-average number of common shares outstanding: Basic 42,335,023 42,612,036 43,389,333 Dilutive effect of: Common shares from exercise and lapse of equity awards, net of shares assumed reacquired 673,929 507,820 623,210 Diluted weighted-average number of common shares outstanding 43,008,952 43,119,856 44,012,543 Basic earnings per common share attributable to EnerSys stockholders $ 3.79 $ 2.81 $ 3.69 Diluted earnings per common share attributable to EnerSys stockholders $ 3.73 $ 2.77 $ 3.64 Anti-dilutive equity awards not included in diluted weighted-average common shares 355,728 59,482 1,295 |
Restructuring Plans and Other_2
Restructuring Plans and Other Exit Charges (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Restructuring and Related Activities [Abstract] | |
Acquisition And Non-Acquisition Related Restructuring Reserve | A roll-forward of the restructuring reserve is as follows: Employee Severance Other Total Balance at March 31, 2016 $ 2,964 $ 25 $ 2,989 Accrued 4,566 742 5,308 Costs incurred (4,754 ) (604 ) (5,358 ) Foreign currency impact and other (108 ) (19 ) (127 ) Balance at March 31, 2017 $ 2,668 $ 144 $ 2,812 Accrued 4,757 445 5,202 Costs incurred (4,849 ) (574 ) (5,423 ) Foreign currency impact and other 317 1 318 Balance at March 31, 2018 $ 2,893 $ 16 $ 2,909 Accrued 6,554 1,639 8,193 Costs incurred (6,893 ) (1,086 ) (7,979 ) Foreign currency impact and other (198 ) 27 (171 ) Balance at March 31, 2019 $ 2,356 $ 596 $ 2,952 |
Warranty (Tables)
Warranty (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Guarantees [Abstract] | |
Analysis Of Changes In Liability For Product Warranties | As warranty estimates are forecasts that are based on the best available information, primarily historical claims experience, claims costs may ultimately differ from amounts provided. An analysis of changes in the liability for product warranties is as follows: Fiscal year ended March 31, 2019 2018 2017 Balance at beginning of year $ 50,602 $ 46,116 $ 48,422 Current year provisions 23,679 21,706 17,852 Costs incurred (25,053 ) (18,820 ) (15,945 ) Warranty reserves of acquired business - Alpha 7,535 — — Foreign currency translation adjustment (2,195 ) 1,600 (4,213 ) Balance at end of year $ 54,568 $ 50,602 $ 46,116 |
Other (Income) Expense, Net (Ta
Other (Income) Expense, Net (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Other Income and Expenses [Abstract] | |
Summary Of Other (Income) Expense, Net | Other (income) expense, net consists of the following: Fiscal year ended March 31, 2019 2018 2017 Foreign exchange transaction (gains) losses $ (3,044 ) $ 5,499 $ (662 ) Non-service components of pension expense 1,502 1,464 1,252 Other 928 556 1,631 Total $ (614 ) $ 7,519 $ 2,221 |
Business Segments (Tables)
Business Segments (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
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, 2019 , 2018 and 2017 and for each of the fiscal years then ended is shown below. Fiscal year ended March 31, 2019 2018 2017 Net sales by segment to unaffiliated customers Americas $ 1,690,912 $ 1,429,888 $ 1,332,353 EMEA 860,563 849,420 763,013 Asia 256,542 302,583 271,783 Total net sales $ 2,808,017 $ 2,581,891 $ 2,367,149 Net sales by product line Reserve power $ 1,416,173 $ 1,247,900 $ 1,142,327 Motive power 1,391,844 1,333,991 1,224,822 Total net sales $ 2,808,017 $ 2,581,891 $ 2,367,149 Intersegment sales Americas $ 28,753 $ 29,513 $ 26,039 EMEA 123,274 133,164 93,150 Asia 34,531 23,375 22,584 Total intersegment sales (1) $ 186,558 $ 186,052 $ 141,773 Operating earnings by segment Americas $ 186,814 $ 189,466 $ 191,801 EMEA 71,963 77,671 77,376 Asia 3,213 12,647 14,994 Inventory step up to fair value relating to acquisition - Americas (7,263 ) — — Inventory adjustment relating to exit activities - Americas — (3,457 ) — Inventory adjustment relating to exit activities - EMEA (2,590 ) — (2,157 ) Inventory adjustment relating to exit activities - Asia (526 ) — — Restructuring charges - Americas (4,066 ) (1,246 ) (892 ) Restructuring and other exit charges - EMEA (26,989 ) (4,023 ) (5,487 ) Restructuring charges - Asia (3,654 ) (212 ) (781 ) Impairment of goodwill and indefinite-lived intangibles - Americas — — (9,346 ) Impairment of goodwill and indefinite-lived intangibles - EMEA — — (4,670 ) Legal proceedings charge, net - EMEA (4,437 ) — (23,725 ) Total operating earnings (2) $ 212,465 $ 270,846 $ 237,113 Property, plant and equipment, net Americas $ 257,559 $ 210,998 $ 190,169 EMEA 94,932 118,263 100,042 Asia 56,948 60,999 58,338 Total $ 409,439 $ 390,260 $ 348,549 Capital Expenditures Americas $ 45,029 $ 46,905 $ 34,809 EMEA 18,972 18,392 13,733 Asia 6,371 4,535 1,530 Total $ 70,372 $ 69,832 $ 50,072 Depreciation and Amortization Americas $ 40,675 $ 30,421 $ 30,204 EMEA 15,128 16,198 15,693 Asia 7,545 7,698 8,048 Total $ 63,348 $ 54,317 $ 53,945 (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, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Summary Of Interim Financial Information | The Company reports interim financial information for 13-week periods, except for the first quarter, which always begins on April 1, and the fourth quarter, which always ends on March 31. The four quarters in fiscal 2019 ended on July 1, 2018, September 30, 2018, December 30, 2018, and March 31, 2019, respectively. The four quarters in fiscal 2018 ended on July 2, 2017, October 1, 2017, December 31, 2017, and March 31, 2018, respectively. 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Fiscal Year Fiscal year ended March 31, 2019 Net sales $ 670,930 $ 660,462 $ 680,022 $ 796,603 $ 2,808,017 Gross profit 165,334 160,880 164,546 202,266 693,026 Operating earnings (1)(3)(5) 64,179 63,357 49,951 34,978 212,465 Net earnings (6) 46,020 47,447 48,614 18,546 160,627 Net earnings attributable to EnerSys stockholders 45,860 47,424 48,417 18,538 160,239 Net earnings per common share attributable to EnerSys stockholders—basic $ 1.09 $ 1.13 $ 1.14 $ 0.43 $ 3.79 Net earnings per common share attributable to EnerSys stockholders—diluted $ 1.08 $ 1.11 $ 1.12 $ 0.42 $ 3.73 Fiscal year ended March 31, 2018 Net sales $ 622,625 $ 617,289 $ 658,935 $ 683,042 $ 2,581,891 Gross profit 163,458 160,248 167,310 167,388 658,404 Operating earnings (2)(4) 69,972 64,364 68,785 67,725 270,846 Net earnings (loss) (7) 48,322 43,151 (25,779 ) 54,139 119,833 Net earnings (loss) attributable to EnerSys stockholders 48,201 43,222 (25,847 ) 54,018 119,594 Net earnings (loss) per common share attributable to EnerSys stockholders—basic $ 1.11 $ 1.01 $ (0.61 ) $ 1.29 $ 2.81 Net earnings (loss) per common share attributable to EnerSys stockholders—diluted $ 1.09 $ 1.00 $ (0.61 ) $ 1.27 $ 2.77 (1) Included in Operating earnings were inventory adjustment relating to exit activities of $526 and $2,590 in the first and fourth quarter of fiscal 2019 , respectively. Also included were inventory adjustments relating to Alpha acquisition of $3,747 and $3,516 in the third and fourth quarter of fiscal 2019 , respectively. (2) Included in Operating earnings were inventory adjustment relating to exit activities of $3,457 in the fourth quarter of fiscal 2018 , respectively. (3) Included in Operating earnings were restructuring and other exit charges of $1,739 , $1,121 , $5,392 and $26,457 for the first, second, third and fourth quarters of fiscal 2019 , respectively. (4) Included in Operating earnings were restructuring and other exit charges of $833 , $1,776 , $1,808 and $1,064 for the first, second, third and fourth quarters of fiscal 2018 , respectively. (5) Included in Operating earnings were legal proceedings settlement income of $2,843 in the third quarter and expense of $7,280 in the fourth quarter of fiscal 2019 . (6) Included in net earnings was a tax benefit of $13,483 for the third quarter of fiscal 2019 , on account of the Tax Act. (7) Included in net earnings (loss) was tax expense of $77,347 and $4,106 for the third and fourth quarters of fiscal 2018 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Detail) | 3 Months Ended | 12 Months Ended | |||||||||||
Mar. 31, 2019USD ($) | Dec. 30, 2018USD ($) | Sep. 30, 2018USD ($) | Jul. 01, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Oct. 01, 2017USD ($) | Jul. 02, 2017USD ($) | Mar. 31, 2019USD ($) | Mar. 31, 2018USD ($)segmentshares | Mar. 31, 2017USD ($) | Apr. 01, 2019USD ($) | Apr. 01, 2018USD ($) | |
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||
Cash and cash equivalents include all highly liquid investments with an original maturity, when purchased, in months | 3 months | ||||||||||||
Number of geographical regions | segment | 3 | ||||||||||||
Reclassification of goodwill impairment | $ 0 | $ 0 | $ 12,216,000 | ||||||||||
Revenue | $ 796,603,000 | $ 680,022,000 | $ 660,462,000 | $ 670,930,000 | $ 683,042,000 | $ 658,935,000 | $ 617,289,000 | $ 622,625,000 | 2,808,017,000 | 2,581,891,000 | $ 2,367,149,000 | ||
Revenue recognized | 6,132,000 | ||||||||||||
Contract liability, current | 15,162,000 | 15,162,000 | |||||||||||
Contract liability, noncurrent | 6,360,000 | 6,360,000 | |||||||||||
Contract assets | 38,778,000 | $ 0 | 38,778,000 | $ 0 | |||||||||
Anticipated value of right of return assets | 2,667,000 | 2,667,000 | |||||||||||
Refund liability | $ 5,153,000 | 5,153,000 | |||||||||||
Restricted Stock and Restricted Stock Units | |||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||
Percentage of restricted stock units granted, vested per year | 25.00% | ||||||||||||
Vesting period, in years | 4 years | ||||||||||||
Services | |||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||
Revenue | $ 157,236,000 | ||||||||||||
Minimum | |||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||
Percentage of investment ownership, consolidated | 50.00% | 50.00% | |||||||||||
Percentage of investment ownership, equity method | 20.00% | 20.00% | |||||||||||
Estimated useful lives of finite-lived assets | 3 years | ||||||||||||
Market share units converted into common stock for each unit | shares | 0 | ||||||||||||
Minimum | Reserve Power Batteries | |||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||
Product warranty for a period | 1 year | ||||||||||||
Minimum | Motive Power Batteries | |||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||
Product warranty for a period | 1 year | ||||||||||||
Minimum | Building and Improvements | |||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||
Property, plant, and equipment, useful life | 10 years | ||||||||||||
Minimum | Machinery and Equipment | |||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||
Property, plant, and equipment, useful life | 3 years | ||||||||||||
Maximum | |||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||
Percentage of investment ownership, equity method | 50.00% | 50.00% | |||||||||||
Percentage of investment ownership, cost method | 20.00% | 20.00% | |||||||||||
Estimated useful lives of finite-lived assets | 20 years | ||||||||||||
Market share units converted into common stock for each unit | shares | 2 | ||||||||||||
Maximum | Reserve Power Batteries | |||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||
Product warranty for a period | 20 years | ||||||||||||
Maximum | Motive Power Batteries | |||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||
Product warranty for a period | 7 years | ||||||||||||
Maximum | Building and Improvements | |||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||
Property, plant, and equipment, useful life | 33 years | ||||||||||||
Maximum | Machinery and Equipment | |||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||
Property, plant, and equipment, useful life | 15 years | ||||||||||||
Transferred over Time | |||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||
Revenue recognized | $ 100,809,000 | ||||||||||||
Accounting Standards Update 2016-02 [Member] | Scenario, Forecast [Member] | |||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||
Expected lease liability to be recognized | $ 100,000,000 | ||||||||||||
Difference between Revenue Guidance in Effect before and after Topic 606 | Accounting Standards Update 2014-09 | |||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||
Contract liability, current | $ 9,387,000 | ||||||||||||
Contract liability, noncurrent | 7,094,000 | ||||||||||||
Contract assets | $ 24,810,000 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Remaining Performance Obligation (Detail) $ in Thousands | Mar. 31, 2019USD ($) |
Accounting Policies [Abstract] | |
Remaining performance obligation | $ 66,088 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-04-01 | |
Accounting Policies [Abstract] | |
Remaining performance obligation | $ 60,443 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-04-01 | |
Accounting Policies [Abstract] | |
Remaining performance obligation | $ 5,645 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Detail) | Dec. 07, 2018USD ($)$ / sharesshares | Dec. 30, 2018USD ($) | Mar. 31, 2019USD ($)shares | Mar. 31, 2018USD ($)acquisition | Mar. 31, 2017USD ($)acquisition |
Business Acquisition [Line Items] | |||||
Number of businesses acquired | acquisition | 0 | 0 | |||
Purchase of businesses | $ 654,614,000 | $ 2,988,000 | $ 12,392,000 | ||
Goodwill relating to acquisitions | 320,618,000 | 3,670,000 | |||
Estimated tax-deductible goodwill | $ 58,699,000 | $ 18,147,000 | |||
Shares issued in acquisition (in shares) | shares | 1,177,630 | ||||
Closing day spot rate (USD per share) | $ / shares | $ 79.20 | ||||
Alpha | |||||
Business Acquisition [Line Items] | |||||
Initial purchase consideration | $ 750,000,000 | ||||
Consideration transferred | 742,502,000 | ||||
Acquisition cost expensed | $ 12,883,000 | ||||
Estimated tax-deductible goodwill | 42,262,000 | ||||
Inventory adjustment | 7,263,000 | ||||
Payments to acquire businesses | 650,000,000 | ||||
Shares issued in acquisition, value | 93,268,000 | ||||
Working capital adjustment | $ 766,000 | ||||
Shares issued in acquisition (USD per share) | $ / shares | $ 84.92 | ||||
Revenues and gains recognized in acquisition | 162,454,000 | ||||
Expenses and losses recognized in acquisition | 1,252,000 | ||||
Alpha | Customer relationships | |||||
Business Acquisition [Line Items] | |||||
Acquired intangible assets | $ 221,000,000 | ||||
Minimum | |||||
Business Acquisition [Line Items] | |||||
Estimated useful lives of finite-lived assets | 3 years | ||||
Maximum | |||||
Business Acquisition [Line Items] | |||||
Consideration transferred | $ 250,000,000 | ||||
Estimated useful lives of finite-lived assets | 20 years | ||||
Trademarks | Alpha | |||||
Business Acquisition [Line Items] | |||||
Acquired indefinite-lived intangible assets | $ 56,000,000 | ||||
Common Stock | Alpha | |||||
Business Acquisition [Line Items] | |||||
Shares issued in acquisition (in shares) | shares | 1,177,630 | ||||
Operating Expense | Alpha | |||||
Business Acquisition [Line Items] | |||||
Acquisition cost expensed | $ 12,883,000 |
Acquisitions Acquisitions - Ass
Acquisitions Acquisitions - Assets and Liabilities Acquired (Details) - USD ($) $ in Thousands | Dec. 07, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 |
Business Acquisition [Line Items] | ||||
Goodwill | $ 656,399 | $ 352,805 | $ 328,657 | |
Alpha | ||||
Business Acquisition [Line Items] | ||||
Accounts receivable | $ 115,467 | |||
Inventories | 84,297 | |||
Other current assets | 6,822 | |||
Other intangible assets | 332,000 | |||
Property, plant and equipment | 20,987 | |||
Other assets | 9,005 | |||
Total assets acquired | 568,578 | |||
Accounts payable | 35,803 | |||
Accrued liabilities | 41,918 | |||
Deferred income taxes | 56,331 | |||
Other liabilities | 12,642 | |||
Total liabilities assumed | 146,694 | |||
Net assets acquired | 421,884 | |||
Cash paid for net assets acquired | 650,000 | |||
Shares issued in acquisition, value | 93,268 | |||
Working capital adjustment | (766) | |||
Consideration transferred | 742,502 | |||
Goodwill | $ 320,618 |
Acquisitions - Summary of Intan
Acquisitions - Summary of Intangible Assets (Details) - Alpha $ in Thousands | Dec. 07, 2018USD ($) |
Business Acquisition [Line Items] | |
Other intangible assets | $ 332,000 |
Customer relationships | |
Business Acquisition [Line Items] | |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 14 years |
Acquired intangible assets | $ 221,000 |
Technology | |
Business Acquisition [Line Items] | |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 10 years |
Acquired intangible assets | $ 55,000 |
Trademarks | |
Business Acquisition [Line Items] | |
Acquired indefinite-lived intangible assets | $ 56,000 |
Acquisitions - Pro Forma Inform
Acquisitions - Pro Forma Information (Details) - Alpha - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Business Acquisition [Line Items] | ||
Net sales | $ 3,278,646 | $ 3,124,527 |
Net earnings attributable to EnerSys stockholders | $ 207,904 | $ 126,965 |
Net earnings per share attributable to EnerSys stockholders - basic | $ 4,790 | $ 2,900 |
Net earnings per share attributable to EnerSys stockholders - assuming dilution | $ 4,710 | $ 2,870 |
Inventories - Summary of Invent
Inventories - Summary of Inventories (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Mar. 31, 2018 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 138,718 | $ 92,216 |
Work-in-process | 129,736 | 136,068 |
Finished goods | 235,415 | 185,950 |
Total | $ 503,869 | $ 414,234 |
Property, Plant, and Equipmen_2
Property, Plant, and Equipment - Summary of PPE (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 |
Property, Plant and Equipment [Abstract] | |||
Land, buildings, and improvements | $ 268,006 | $ 273,506 | |
Machinery and equipment | 683,955 | 657,262 | |
Construction in progress | 54,278 | 49,900 | |
Property, Plant and Equipment, Gross, Total | 1,006,239 | 980,668 | |
Less accumulated depreciation | (596,800) | (590,408) | |
Total | $ 409,439 | $ 390,260 | $ 348,549 |
Property, Plant, and Equipmen_3
Property, Plant, and Equipment - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation expense | $ 48,618 | $ 45,874 | $ 45,388 |
Interest capitalized | $ 1,581 | $ 1,082 | $ 817 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Schedule of Companys Other Intangible Assets (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Mar. 31, 2018 |
Intangible Assets [Line Items] | ||
Gross Amount, Total | $ 523,432 | $ 193,532 |
Accumulated Amortization ,Total | (61,116) | (46,391) |
Net Amount ,Total | 462,316 | 147,141 |
Trademarks | ||
Intangible Assets [Line Items] | ||
Indefinite-lived intangible assets, Gross Amount | 152,484 | 97,444 |
Finite-lived intangible assets, Gross Amount | 2,003 | 2,003 |
Indefinite-lived intangible assets, Accumulated Amortization | (953) | (953) |
Finite-lived intangible assets, Accumulated Amortization | (1,236) | (1,151) |
Indefinite-lived intangible assets, Net Amount | 151,531 | 96,491 |
Finite-lived intangible assets, Net Amount | 767 | 852 |
Customer relationships | ||
Intangible Assets [Line Items] | ||
Finite-lived intangible assets, Gross Amount | 286,664 | 66,973 |
Finite-lived intangible assets, Accumulated Amortization | (42,704) | (31,500) |
Finite-lived intangible assets, Net Amount | 243,960 | 35,473 |
Noncompete Agreements | ||
Intangible Assets [Line Items] | ||
Finite-lived intangible assets, Gross Amount | 3,025 | 2,852 |
Finite-lived intangible assets, Accumulated Amortization | (2,807) | (2,759) |
Finite-lived intangible assets, Net Amount | 218 | 93 |
Patents | ||
Intangible Assets [Line Items] | ||
Finite-lived intangible assets, Gross Amount | 77,779 | 22,769 |
Finite-lived intangible assets, Accumulated Amortization | (12,229) | (8,872) |
Finite-lived intangible assets, Net Amount | 65,550 | 13,897 |
Licenses | ||
Intangible Assets [Line Items] | ||
Finite-lived intangible assets, Gross Amount | 1,477 | 1,491 |
Finite-lived intangible assets, Accumulated Amortization | (1,187) | (1,156) |
Finite-lived intangible assets, Net Amount | $ 290 | $ 335 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands | Mar. 05, 2019 | Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 |
Indefinite-lived Intangible Assets [Line Items] | ||||
Gross carrying value | $ 725,576 | $ 421,982 | ||
Amortization expense, related to finite-lived intangible assets | 14,730 | 8,443 | $ 8,557 | |
Expected amortization expense, 2018 | 29,491 | |||
Expected amortization expense, 2019 | 29,237 | |||
Expected amortization expense, 2020 | 28,993 | |||
Expected amortization expense, 2021 | 27,694 | |||
Expected amortization expense, 2022 | 24,287 | |||
Impairment of goodwill | 0 | 0 | 12,216 | |
Asset impairment charges | $ 14,958 | |||
Estimated tax-deductible goodwill | 58,699 | 18,147 | ||
Americas | ||||
Indefinite-lived Intangible Assets [Line Items] | ||||
Gross carrying value | 528,039 | 209,100 | ||
Impairment of goodwill | 8,646 | |||
Impairment of indefinite-lived intangible assets | 700 | |||
EMEA | ||||
Indefinite-lived Intangible Assets [Line Items] | ||||
Gross carrying value | $ 149,422 | $ 161,978 | ||
Impairment of goodwill | 3,570 | |||
Impairment of indefinite-lived intangible assets | $ 1,100 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Schedule of Changes in Carrying Amount of Goodwill by Business Segment (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Goodwill [Roll Forward] | ||
Balance at beginning of year | $ 352,805 | $ 328,657 |
Acquisitions during the year | 320,618 | 3,670 |
Foreign currency translation adjustment | (17,024) | 20,478 |
Balance at end of year | 656,399 | 352,805 |
Americas | ||
Goodwill [Roll Forward] | ||
Balance at beginning of year | 151,255 | 146,982 |
Acquisitions during the year | 320,618 | 3,670 |
Foreign currency translation adjustment | (1,679) | 603 |
Balance at end of year | 470,194 | 151,255 |
EMEA | ||
Goodwill [Roll Forward] | ||
Balance at beginning of year | 155,825 | 138,813 |
Acquisitions during the year | 0 | 0 |
Foreign currency translation adjustment | (12,556) | 17,012 |
Balance at end of year | 143,269 | 155,825 |
Asia | ||
Goodwill [Roll Forward] | ||
Balance at beginning of year | 45,725 | 42,862 |
Acquisitions during the year | 0 | 0 |
Foreign currency translation adjustment | (2,789) | 2,863 |
Balance at end of year | $ 42,936 | $ 45,725 |
Goodwill and Other Intangible_6
Goodwill and Other Intangible Assets - Schedule of Goodwill and Goodwill Impairment Losses (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 |
Goodwill [Line Items] | |||
Gross carrying value | $ 725,576 | $ 421,982 | |
Accumulated goodwill impairment charges | (69,177) | (69,177) | |
Net book value | 656,399 | 352,805 | $ 328,657 |
Americas | |||
Goodwill [Line Items] | |||
Gross carrying value | 528,039 | 209,100 | |
Accumulated goodwill impairment charges | (57,845) | (57,845) | |
Net book value | 470,194 | 151,255 | 146,982 |
EMEA | |||
Goodwill [Line Items] | |||
Gross carrying value | 149,422 | 161,978 | |
Accumulated goodwill impairment charges | (6,153) | (6,153) | |
Net book value | 143,269 | 155,825 | 138,813 |
Asia | |||
Goodwill [Line Items] | |||
Gross carrying value | 48,115 | 50,904 | |
Accumulated goodwill impairment charges | (5,179) | (5,179) | |
Net book value | $ 42,936 | $ 45,725 | $ 42,862 |
Prepaid and Other Current Ass_3
Prepaid and Other Current Assets (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Mar. 31, 2018 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Contract assets | $ 38,778 | $ 0 |
Prepaid income taxes | 9,608 | 8,921 |
Other | 27,732 | 21,319 |
Total | $ 109,431 | $ 56,910 |
Accrued Expenses (Detail)
Accrued Expenses (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Mar. 31, 2018 |
Payables and Accruals [Abstract] | ||
Payroll and benefits | $ 54,285 | $ 50,053 |
Accrued selling expenses | 35,394 | 34,831 |
Warranty | 21,646 | 22,637 |
Project related accruals | 16,301 | 0 |
Contract liabilities | 15,162 | 0 |
Income taxes payable | 9,234 | 19,696 |
Tax Act - Transition Tax | 5,290 | 7,800 |
Restructuring | 2,952 | 2,909 |
Pension | 1,207 | 1,657 |
Other | 48,356 | 27,095 |
Total | $ 255,881 | $ 214,118 |
Debt - Long Term Debt (Detail)
Debt - Long Term Debt (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Mar. 31, 2018 | Dec. 27, 2015 |
Debt Instrument [Line Items] | |||
Unamortized Debt Issuance Expense | $ (5,559) | $ (5,965) | |
Debt and Capital Lease Obligations | 977,315 | 585,500 | |
Long-term Debt and Capital Lease Obligations, Current | 0 | 0 | |
Long-term Debt and Capital Lease Obligations | 971,756 | 579,535 | |
Senior Unsecured 5.00% Due 2028 | |||
Debt Instrument [Line Items] | |||
Long-term debt | 300,000 | 300,000 | $ 300,000 |
Unamortized Debt Issuance Expense | (2,497) | (3,122) | |
Incremental Commitment Agreement [Member] | Secured Debt [Member] | 2017 Revolver borrowings | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Incremental Term Loan Commitment | 677,315 | 285,500 | |
Unamortized Debt Issuance Expense | $ (3,062) | $ (2,843) |
Debt - Long Term Debt (Phantom)
Debt - Long Term Debt (Phantom) (Detail) | 12 Months Ended |
Mar. 31, 2019 | |
Senior Unsecured 3.375% Convertible Notes Due 2038 | |
Debt Instrument [Line Items] | |
Interest rate of debt instrument | 3.375% |
Maturity year | 2038 |
2011 Credit Facility Due 2018 | |
Debt Instrument [Line Items] | |
Maturity year | 2018 |
Debt - Additional Information (
Debt - Additional Information (Detail) | Aug. 04, 2017USD ($) | Jul. 08, 2014 | Dec. 30, 2018USD ($) | Mar. 31, 2019USD ($) | Mar. 31, 2018USD ($) | Mar. 31, 2017USD ($) | Dec. 07, 2018USD ($) | Dec. 07, 2018CAD ($) | Sep. 30, 2018 | Aug. 03, 2017USD ($) | Apr. 23, 2015USD ($) |
Debt Instrument [Line Items] | |||||||||||
Line of Credit Facility, Increase in Borrowing Capacity Limit | $ 325,000,000 | ||||||||||
Company owned capital stock percentage | 65.00% | ||||||||||
Long-term Debt and Capital Lease Obligations, Current | $ 0 | $ 0 | |||||||||
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 4.10% | 3.70% | |||||||||
Short term borrowing outstanding amount | $ 54,490,000 | $ 18,341,000 | |||||||||
Short-term debt, weighted-average interest rates | 4.00% | ||||||||||
Payments of Debt Issuance Costs | $ 1,393,000 | 2,677,000 | |||||||||
Write off of Deferred Debt Issuance Cost | 483,000 | 301,000 | |||||||||
Deferred financing fees, net of accumulated amortization | 5,559,000 | 5,965,000 | |||||||||
Amortization expense included in interest expense | $ 1,316,000 | 1,302,000 | $ 1,388,000 | ||||||||
2011 Credit Facility Due 2018 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument maturity year | 2018 | ||||||||||
Convertible Notes Payable | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Available lines of credit | $ 546,960,000 | 613,234,000 | |||||||||
Stand by letters of credit | 3,955,000 | 3,074,000 | |||||||||
Line of Credit Facility, Remaining Borrowing Capacity, Uncommitted Portion | $ 87,685,000 | 150,459,000 | |||||||||
Senior Unsecured 5.00% Due 2023 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-term debt | $ 300,000,000 | ||||||||||
Interest rate of debt instrument | 5.00% | ||||||||||
Senior Unsecured 3.375% Convertible Notes Due 2038 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest rate of debt instrument | 3.375% | ||||||||||
Debt instrument maturity year | 2038 | ||||||||||
Interest paid | $ 29,552,000 | $ 23,527,000 | $ 20,781,000 | ||||||||
Maximum | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Consideration transferred | $ 250,000,000 | ||||||||||
Amended 2017 Term Loan | Term Loam [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Maximum borrowing capacity | $ 99,105,000 | $ 133,050,000 | |||||||||
Amended 2017 Term Loan | Secured Debt [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Maximum borrowing capacity | 449,105,000 | ||||||||||
Amended 2017 Revolver [Member] | Secured Debt [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Maximum borrowing capacity | 700,000,000 | ||||||||||
2017 Revolver borrowings | Secured Debt [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Maximum borrowing capacity | 299,105,000 | ||||||||||
Face value of debt instrument | $ 150,000,000 | ||||||||||
Available lines of credit | 438,315,000 | ||||||||||
2017 Revolver borrowings | Revolving Credit Facility [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Maximum borrowing capacity | 600,000,000 | $ 100,000,000 | |||||||||
Available lines of credit | 239,000,000 | ||||||||||
Long-term Debt and Capital Lease Obligations, Current | $ 28,098,000 | ||||||||||
2011 Credit Facility Due 2018 | Secured Debt [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Face value of debt instrument | $ 150,000,000 | ||||||||||
Available lines of credit | 123,750,000 | ||||||||||
2011 Credit Facility Due 2018 | Revolving Credit Facility [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Maximum borrowing capacity | $ 500,000,000 | ||||||||||
Available lines of credit | 240,000,000 | ||||||||||
Debt Instrument Quarterly Installments Beginning December 31, 2018 Through December 30, 2019 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Periodic Payment | 5,625,000 | ||||||||||
Debt Instrument Quarterly Installments Beginning December 31, 2019 Through December 30, 2020 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Periodic Payment | 8,438,000 | ||||||||||
Debt Instrument Quarterly Installments Beginning December 31, 2020 Through September 29, 2022 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Periodic Payment | 11,250,000 | ||||||||||
Debt Instrument Final Installments Payable On September 30, 2022 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Periodic Payment | $ 315,000,000 | ||||||||||
London Interbank Offered Rate (LIBOR) [Member] | 2017 Revolver And 2017 Term Loan [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest at a floating rate | 1.25% | ||||||||||
London Interbank Offered Rate (LIBOR) [Member] | 2017 Revolver And 2017 Term Loan [Member] | Minimum | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest at a floating rate | 1.25% | ||||||||||
London Interbank Offered Rate (LIBOR) [Member] | 2017 Revolver And 2017 Term Loan [Member] | Maximum | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest at a floating rate | 2.00% | ||||||||||
London Interbank Offered Rate (LIBOR) [Member] | Incremental Commitment Agreement [Member] | Revolving Commitments and/or Term Loans [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest at a floating rate | 1.25% | ||||||||||
London Interbank Offered Rate (LIBOR) [Member] | Incremental Commitment Agreement [Member] | Revolving Commitments and/or Term Loans [Member] | Minimum | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest at a floating rate | 1.25% | ||||||||||
London Interbank Offered Rate (LIBOR) [Member] | Incremental Commitment Agreement [Member] | Revolving Commitments and/or Term Loans [Member] | Maximum | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest at a floating rate | 1.75% | ||||||||||
Higher of Bank of America Prime Rate or Federal Funds Effective Rate [Member] | Incremental Commitment Agreement [Member] | Revolving Commitments and/or Term Loans [Member] | Minimum | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest at a floating rate | 0.25% | ||||||||||
Higher of Bank of America Prime Rate or Federal Funds Effective Rate [Member] | Incremental Commitment Agreement [Member] | Revolving Commitments and/or Term Loans [Member] | Maximum | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest at a floating rate | 0.75% | ||||||||||
Federal Funds Effective Swap Rate [Member] | 2017 Revolver And 2017 Term Loan [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest at a floating rate | 0.50% | ||||||||||
Eurodollar [Member] | 2017 Revolver And 2017 Term Loan [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest at a floating rate | 1.00% | ||||||||||
CDOR Rate [Member] | 2017 Revolver And 2017 Term Loan [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest at a floating rate | 0.50% | ||||||||||
Measurement Input, Maximum Leverage Ratio [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Measurement Input | 4 | 3.50 |
Leases - Schedule of Capital an
Leases - Schedule of Capital and Operating Leases (Detail) $ in Thousands | Mar. 31, 2019USD ($) |
Operating Leases | |
2019 | $ 31,483 |
2020 | 24,290 |
2021 | 16,514 |
2022 | 11,596 |
2023 | 8,683 |
Thereafter | 23,757 |
Total minimum lease payments | $ 116,323 |
Leases - Additional Information
Leases - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Leases [Abstract] | |||
Rental expense | $ 40,261 | $ 38,146 | $ 35,991 |
Other Liabilities (Detail)
Other Liabilities (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Mar. 31, 2018 |
Other Liabilities Disclosure [Abstract] | ||
Tax Act - Transition Tax | $ 55,489 | $ 89,700 |
Pension | 39,924 | 44,404 |
Warranty | 32,922 | 27,965 |
Contract liabilities | 0 | 7,094 |
Contract liabilities | 6,360 | 0 |
Other | 10,265 | 10,240 |
Total | $ 165,200 | $ 181,087 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Mar. 31, 2018 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total derivatives | $ (1,151) | $ (3,855) |
Lead hedge forward contracts | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total derivatives | (902) | (3,877) |
Foreign currency forward contracts | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total derivatives | (249) | 22 |
Significant Other Observable Inputs (Level 2) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total derivatives | (1,151) | (3,855) |
Significant Other Observable Inputs (Level 2) | Lead hedge forward contracts | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total derivatives | (902) | (3,877) |
Significant Other Observable Inputs (Level 2) | Foreign currency forward contracts | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total derivatives | $ (249) | $ 22 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments - Additional Information (Detail) - USD ($) $ in Thousands | Mar. 05, 2019 | Mar. 31, 2019 | Mar. 31, 2018 | Dec. 27, 2015 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Trading of convertible notes, face value, disclosed as a percentage | 99.00% | 102.00% | ||
Fixed asset impairment | $ 14,958 | |||
Senior Unsecured 5.00% Due 2028 | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Long-term debt | $ 300,000 | $ 300,000 | $ 300,000 | |
Fair Value, Measurements, Nonrecurring | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Fair value of fixed assets | $ 242 |
Fair Value of Financial Instr_5
Fair Value of Financial Instruments - Carrying Amounts and Estimated Fair Values of Company Financial Instruments (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Mar. 31, 2018 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivatives assets, Carrying Amount | $ 0 | $ 22 |
Derivatives liabilities, Carrying Amount | 1,151 | 3,877 |
Derivatives assets, Fair Value | 0 | 22 |
Derivatives liabilities, Fair Value | 1,151 | 3,877 |
Reported Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Notes Payable, Fair Value Disclosure | 300,000 | 300,000 |
Estimate of Fair Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Notes Payable, Fair Value Disclosure | $ 297,000 | $ 304,500 |
Derivative Financial Instrume_3
Derivative Financial Instruments - Additional Information (Detail) $ in Thousands, lb in Millions | 12 Months Ended | |
Mar. 31, 2019USD ($)lb | Mar. 31, 2018USD ($)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 | $ 46 | |
Lead hedge forward contracts | ||
Derivatives, Fair Value [Line Items] | ||
Hedge forward contracts, maturity | 1 year | |
Derivative, nonmonetary notional amount, mass | lb | 42 | 62.9 |
Total purchase price of derivative | $ 39,218 | $ 72,207 |
Designated as Hedging Instrument | Foreign currency forward contracts | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount | 42,318 | 54,164 |
Not Designated as Hedging Instrument | Foreign currency forward contracts | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount | $ 22,201 | $ 28,486 |
Derivative Financial Instrume_4
Derivative Financial Instruments - Fair Value of Derivative Instruments (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Mar. 31, 2018 |
Derivatives, Fair Value [Line Items] | ||
Derivatives assets, Fair Value | $ 0 | $ 22 |
Derivatives liabilities, Fair Value | 1,151 | 3,877 |
Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives assets, Fair Value | 0 | 209 |
Derivatives liabilities, Fair Value | 910 | 3,877 |
Designated as Hedging Instrument | Prepaid and other current assets | Foreign currency forward contracts | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives assets, Fair Value | 0 | 209 |
Designated as Hedging Instrument | Accrued expenses | Foreign currency forward contracts | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives liabilities, Fair Value | 8 | 0 |
Designated as Hedging Instrument | Accrued expenses | Lead hedge forward contracts | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives liabilities, Fair Value | 902 | 3,877 |
Not Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives assets, Fair Value | 0 | 0 |
Derivatives liabilities, Fair Value | 241 | 187 |
Not Designated as Hedging Instrument | Prepaid and other current assets | Foreign currency forward contracts | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives assets, Fair Value | 0 | 0 |
Not Designated as Hedging Instrument | Accrued expenses | Foreign currency forward contracts | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives liabilities, Fair Value | 241 | 187 |
Not Designated as Hedging Instrument | Accrued expenses | Lead hedge forward contracts | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives liabilities, Fair Value | $ 0 | $ 0 |
Derivative Financial Instrume_5
Derivative Financial Instruments - Effect of Derivative Instruments on Consolidated Condensed Statements of Income (Detail) - Designated as Hedging Instrument - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Derivatives, Fair Value [Line Items] | |||
Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion) | $ (10,980) | $ (4,329) | $ 8,752 |
Gain (Loss) Reclassified from AOCI (Effective Portion) | (15,281) | 3,142 | 6,236 |
Lead hedge forward contracts | |||
Derivatives, Fair Value [Line Items] | |||
Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion) | (12,531) | (805) | 7,907 |
Foreign currency forward contracts | |||
Derivatives, Fair Value [Line Items] | |||
Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion) | 1,551 | (3,524) | 845 |
Cost of Sales | Lead hedge forward contracts | |||
Derivatives, Fair Value [Line Items] | |||
Gain (Loss) Reclassified from AOCI (Effective Portion) | (15,666) | 5,860 | 5,803 |
Cost of Sales | Foreign currency forward contracts | |||
Derivatives, Fair Value [Line Items] | |||
Gain (Loss) Reclassified from AOCI (Effective Portion) | $ 385 | $ (2,718) | $ 433 |
Derivative Financial Instrume_6
Derivative Financial Instruments - Effect of Derivative Instruments (Detail) - Not Designated as Hedging Instrument - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Derivatives, Fair Value [Line Items] | |||
Gain (Loss) Recognized in Income on Derivatives | $ (1,856) | $ 180 | $ (471) |
Other (Income) Expense | Foreign currency forward contracts | |||
Derivatives, Fair Value [Line Items] | |||
Gain (Loss) Recognized in Income on Derivatives | $ (1,856) | $ 180 | $ (471) |
Income Taxes - Schedule of Inco
Income Taxes - Schedule of Income Tax Expense (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Dec. 30, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Current: | ||||
Federal | $ 6,377,000 | $ 115,315,000 | $ 30,362,000 | |
State | 5,027,000 | 3,461,000 | 4,855,000 | |
Foreign | 16,636,000 | 20,030,000 | 17,800,000 | |
Total current income tax expense | 28,040,000 | 138,806,000 | 53,017,000 | |
Deferred income tax (benefit) expense | ||||
Federal | (5,031,000) | (9,551,000) | 857,000 | |
State | (669,000) | 789,000 | 590,000 | |
Foreign | (756,000) | (11,551,000) | 8,000 | |
Total deferred income tax (benefit) expense | (6,456,000) | (20,313,000) | 1,455,000 | |
Income tax expense | $ 13,483 | $ 21,584,000 | $ 118,493,000 | $ 54,472,000 |
Income Taxes - Schedule of Earn
Income Taxes - Schedule of Earning Before Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
United States | $ 53,339 | $ 74,440 | $ 80,436 |
Foreign | 128,872 | 163,886 | 132,259 |
Earnings before income taxes | $ 182,211 | $ 238,326 | $ 212,695 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | Dec. 22, 2017 | Dec. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 |
Income Tax Contingency [Line Items] | ||||||||
Income taxes paid | $ 53,866,000 | $ 28,044,000 | $ 45,332,000 | |||||
Blended rate | 21.00% | 31.55% | 35.00% | 35.00% | ||||
Impact of Tax Act | $ 4,106,000 | $ 77,347,000 | $ (13,483,000) | $ 83,400,000 | $ 0 | |||
Provisional Transition Tax liability | $ 97,500,000 | |||||||
Tax Act - Transition Tax | 7,800,000 | 5,290,000 | 7,800,000 | |||||
Tax Act - Transition Tax | 89,700,000 | 55,489,000 | 89,700,000 | |||||
Net operating loss carryforwards carried forward indefinitely | 102,792,000 | |||||||
Net operating loss carryforwards subject to expiration | (66,114,000) | |||||||
Valuation allowance | 15,255,000 | 17,519,000 | 15,255,000 | |||||
Income Tax Expense (Benefit) | $ (13,483) | $ (21,584,000) | $ (118,493,000) | $ (54,472,000) | ||||
Effective income tax rates | 11.90% | 49.70% | 25.60% | |||||
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Percent | 12.30% | 5.20% | 13.50% | |||||
Income (Loss) from Continuing Operations before Income Taxes, Foreign | $ 128,872,000 | $ 163,886,000 | $ 132,259,000 | |||||
Undistributed earnings of foreign subsidiaries | 1,167,000,000 | 1,167,000,000 | $ 1,260,000,000 | |||||
Estimated change in unrecognized tax benefit in fiscal 2015 | 2,275,000 | |||||||
Tax related interest and penalties | $ 75,000 | $ 116,000 | ||||||
Tax Rate of Swiss Subsidiary | 4.00% | 8.00% | 5.00% | |||||
Income tax expense (benefit) | $ 13,483,000 | |||||||
Domestic Tax Authority | ||||||||
Income Tax Contingency [Line Items] | ||||||||
Increase (decrease) in tax rate | 2.20% | |||||||
Foreign | ||||||||
Income Tax Contingency [Line Items] | ||||||||
United States federal net operating loss carryforwards | $ 168,906,000 | |||||||
Valuation allowance | 13,730,000 | 15,594,000 | $ 13,730,000 | |||||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | 1,864,000 | |||||||
Income Tax Expense (Benefit) | $ 2,876,000 | |||||||
Increase (decrease) in tax rate | (0.90%) | |||||||
Federal | ||||||||
Income Tax Contingency [Line Items] | ||||||||
United States federal net operating loss carryforwards | $ 1,438,000 | |||||||
Net operating loss carryforwards subject to expiration | 630,000 | |||||||
Valuation allowance | 630,000 | 1,027,000 | 630,000 | |||||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | 397,000 | |||||||
State | ||||||||
Income Tax Contingency [Line Items] | ||||||||
United States federal net operating loss carryforwards | 33,900,000 | |||||||
Valuation allowance | $ 895,000 | 898,000 | $ 895,000 | |||||
Foreign Currency Translation Adjustment And Offset Adjustment To Net Operating Losses | Foreign | ||||||||
Income Tax Contingency [Line Items] | ||||||||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | 1,012,000 | |||||||
Alpha | Federal | ||||||||
Income Tax Contingency [Line Items] | ||||||||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ 1,027,000 |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Mar. 31, 2018 |
Deferred tax assets: | ||
Accounts receivable | $ 1,297 | $ 1,790 |
Inventories | 4,081 | 3,660 |
Net operating loss carryforwards | 48,423 | 50,928 |
Accrued expenses | 21,574 | 21,274 |
Deferred Tax Assets, Deferred Expense, Capitalized Research and Development Costs | 7,061 | 0 |
Other assets | 17,656 | 16,832 |
Gross deferred tax assets | 100,092 | 94,484 |
Less valuation allowance | (17,519) | (15,255) |
Total deferred tax assets | 82,573 | 79,229 |
Deferred tax liabilities: | ||
Property, plant and equipment | 25,656 | 21,045 |
Intangible assets | 96,826 | 46,058 |
Other liabilities | 1,737 | 1,331 |
Total deferred tax liabilities | 124,219 | 68,434 |
Deferred Tax Liabilities, Net | $ (41,646) | |
Net deferred tax assets | $ 10,795 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Income Taxes at Statutory Rate (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | ||||
Dec. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Income Tax Disclosure [Abstract] | ||||||
United States statutory income tax expense | $ 38,264,000 | $ 75,196,000 | $ 74,444,000 | |||
Impact of Tax Act | $ 4,106,000 | $ 77,347,000 | (13,483,000) | 83,400,000 | 0 | |
State income taxes, net of federal effect | 3,285,000 | 3,146,000 | 3,677,000 | |||
Nondeductible expenses, domestic manufacturing deduction (fiscal 2018 and 2017) and other | 2,677,000 | 1,078,000 | 1,993,000 | |||
Legal proceedings charge - European Competition Investigations - See Note 18 | 2,405,000 | 0 | 7,873,000 | |||
Net effect of GILTI, FDII, BEAT | 2,320,000 | 0 | 0 | |||
Goodwill impairment - See Note 5 | 0 | 0 | 3,812,000 | |||
Effect of foreign operations | (16,763,000) | (35,048,000) | (39,377,000) | |||
Valuation allowance | 2,879,000 | (9,279,000) | 2,050,000 | |||
Income tax expense | $ 13,483 | $ 21,584,000 | $ 118,493,000 | $ 54,472,000 |
Income Taxes - Reconciliation_2
Income Taxes - Reconciliation of Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Reconciliation of Unrecognized Tax Benefits | |||
Unrecognized tax benefits, beginning balance | $ 1,568 | $ 1,450 | $ 2,375 |
Increases related to current year tax positions | 129 | 397 | 252 |
Increases related to the Alpha acquisition | 7,840 | 0 | 0 |
Increases related to prior year tax positions | 11,463 | 11 | 31 |
Decreases related to prior tax positions due to foreign currency translation | (544) | 0 | (352) |
Decreases related to prior year tax positions | (93) | (1) | (678) |
Lapse of statute of limitations | (198) | (289) | (178) |
Unrecognized tax benefits, ending balance | $ 20,165 | $ 1,568 | $ 1,450 |
Retirement Plans - Net Periodic
Retirement Plans - Net Periodic Pension Costs (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Curtailment | $ (45) | $ (46) | $ (42) |
United States Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 0 | 0 | 371 |
Interest cost | 631 | 658 | 664 |
Expected return on plan assets | (514) | (496) | (816) |
Amortization and deferral | 184 | 303 | 453 |
Net periodic benefit cost | 301 | 465 | 672 |
International Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 997 | 1,025 | 871 |
Interest cost | 1,831 | 1,795 | 1,848 |
Expected return on plan assets | (2,151) | (2,264) | (1,875) |
Amortization and deferral | 1,520 | 1,468 | 978 |
Net periodic benefit cost | $ 2,197 | $ 2,024 | $ 1,822 |
Retirement Plans - Change in Pr
Retirement Plans - Change in Projected Benefit Obligations and Change in Plan Assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
United States Plans | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation at the beginning of the period | $ 16,713 | $ 16,682 | |
Service cost | 0 | 0 | $ 371 |
Interest cost | 631 | 658 | 664 |
Benefits paid, inclusive of plan expenses | (1,061) | (1,037) | |
Plan curtailments and settlements | 0 | 0 | |
Experience loss | 364 | 410 | |
Foreign currency translation adjustment | 0 | 0 | |
Benefit obligation at the end of the period | 16,647 | 16,713 | 16,682 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets at the beginning of the period | 13,928 | 12,731 | |
Actual return on plan assets | 758 | 1,731 | |
Employer contributions | 138 | 503 | |
Benefits paid, inclusive of plan expenses | (1,061) | (1,037) | |
Defined Benefit Plan, Settlements and Curtailments, Plan Assets | 0 | 0 | |
Foreign currency translation adjustment | 0 | 0 | |
Fair value of plan assets at the end of the period | 13,763 | 13,928 | 12,731 |
Funded status deficit | (2,884) | (2,785) | |
International Plans | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation at the beginning of the period | 82,033 | 74,478 | |
Service cost | 997 | 1,025 | 871 |
Interest cost | 1,831 | 1,795 | 1,848 |
Benefits paid, inclusive of plan expenses | (1,758) | (2,153) | |
Plan curtailments and settlements | (1,130) | (52) | |
Experience loss | (261) | (2,705) | |
Foreign currency translation adjustment | (6,674) | 9,645 | |
Benefit obligation at the end of the period | 75,038 | 82,033 | 74,478 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets at the beginning of the period | 38,757 | 34,323 | |
Actual return on plan assets | 2,109 | 688 | |
Employer contributions | 1,670 | 1,865 | |
Benefits paid, inclusive of plan expenses | (1,758) | (2,153) | |
Defined Benefit Plan, Settlements and Curtailments, Plan Assets | (1,130) | (52) | |
Foreign currency translation adjustment | (2,857) | 4,086 | |
Fair value of plan assets at the end of the period | 36,791 | 38,757 | $ 34,323 |
Funded status deficit | $ (38,247) | $ (43,276) |
Retirement Plans - Amounts Reco
Retirement Plans - Amounts Recognized in Consolidated Balance Sheets (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Mar. 31, 2018 |
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan amounts recognized in balance sheet | $ (41,131) | $ (46,061) |
Accrued expenses | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan amounts recognized in balance sheet | (1,207) | (1,657) |
Other liabilities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan amounts recognized in balance sheet | $ (39,924) | $ (44,404) |
Retirement Plans - Pension Comp
Retirement Plans - Pension Components Before Tax and Related Changes Net of Tax Recognized in AOCI (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 |
Retirement Benefits [Abstract] | |||
Prior service cost | $ 307 | $ 385 | $ 377 |
Net loss | (24,051) | (27,762) | (28,475) |
Net amount recognized | $ 24,358 | $ 28,147 | $ 28,852 |
Retirement Plans - Summary Chan
Retirement Plans - Summary Changes in Plan Assets and Benefit Obligations (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Retirement Benefits [Abstract] | |||
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | $ 0 | $ 0 | $ 0 |
Changes in plan assets and benefit obligations: | |||
Net loss (gain) arising during the year | (99) | (1,953) | 5,485 |
Effect of exchange rates on amounts included in AOCI | (1,984) | 3,019 | (2,275) |
Amounts recognized as a component of net periodic benefit costs: | |||
Amortization of prior service cost | (45) | (46) | (42) |
Amortization or settlement recognition of net loss | (1,659) | (1,725) | (1,389) |
Total recognized in other comprehensive income | $ (3,787) | $ (705) | $ 1,779 |
Retirement Plans - Summary of R
Retirement Plans - Summary of Recognized Components of Net Periodic Pension Cost Included in Accumulated Other Comprehensive Income (Detail) $ in Thousands | Mar. 31, 2019USD ($) |
Retirement Benefits [Abstract] | |
Prior service cost | $ (44) |
Net loss | (1,185) |
Net amount expected to be recognized | $ (1,229) |
Retirement Plans - Summary of A
Retirement Plans - Summary of Accumulated Benefit Obligation Related to All Defined Pension Plans (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Mar. 31, 2018 |
United States Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | $ 16,647 | $ 16,713 |
Accumulated benefit obligation | 16,647 | 16,713 |
Fair value of plan assets | 13,763 | 13,928 |
International Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | 75,038 | 82,033 |
Accumulated benefit obligation | 71,350 | 77,724 |
Fair value of plan assets | 36,791 | 38,757 |
Unfunded Defined Benefit Plan | United States Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | 0 | 0 |
Accumulated benefit obligation | 0 | 0 |
Unfunded Defined Benefit Plan | International Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | 32,320 | 33,124 |
Accumulated benefit obligation | 30,328 | 31,270 |
Defined Benefit Plans With An Accumulated Benefit Obligation In Excess Of The Fair Value Of Plan Assets | United States Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | 16,647 | 16,713 |
Accumulated benefit obligation | 16,647 | 16,713 |
Fair value of plan assets | 13,763 | 13,928 |
Defined Benefit Plans With An Accumulated Benefit Obligation In Excess Of The Fair Value Of Plan Assets | International Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | 74,235 | 81,253 |
Accumulated benefit obligation | 70,654 | 77,021 |
Fair value of plan assets | $ 36,077 | $ 37,986 |
Retirement Plans - Significant
Retirement Plans - Significant Assumptions Used to Determine Net Periodic Benefit Cost (Detail) | 12 Months Ended | |||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
United States Plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Discount rate | 3.90% | 4.10% | 3.90% | |
Expected return on plan assets | 6.30% | 6.80% | 7.00% | |
International Plans | Minimum | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Discount rate | 1.40% | 1.50% | 1.80% | |
Expected return on plan assets | 4.10% | 3.60% | 3.30% | |
Rate of compensation increase | 1.80% | 1.50% | 1.50% | |
International Plans | Maximum | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Discount rate | 3.30% | 3.50% | 3.70% | |
Expected return on plan assets | 6.00% | 6.30% | 6.50% | |
Rate of compensation increase | 4.00% | 4.00% | 4.00% |
Retirement Plans - Significan_2
Retirement Plans - Significant Assumptions Used to Determine Projected Benefit Obligations (Detail) | Mar. 31, 2019 | Mar. 31, 2018 |
United States Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 3.80% | 3.90% |
International Plans | Minimum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 1.00% | 1.40% |
Rate of compensation increase | 2.00% | 1.80% |
International Plans | Maximum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 2.70% | 3.30% |
Rate of compensation increase | 4.00% | 4.00% |
Retirement Plans - Additional I
Retirement Plans - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Expected cash contributions to pension plans in 2014 | $ 1,640 | ||
Defined Contribution Pension | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Employer expenses | 12,078 | $ 8,931 | $ 7,447 |
United States Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Employer expenses | 138 | 503 | |
International Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Employer expenses | $ 1,670 | $ 1,865 | |
International Plans | Equity Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target allocation percentage | 65.00% | ||
Minimum | United States Plans | Equity Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Equity investments target range, minimum | 40.00% | ||
Maximum | United States Plans | Equity Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Equity investments target range, minimum | 75.00% |
Retirement Plans - Summary of P
Retirement Plans - Summary of Pension Plan Investments Measured at Fair Value (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 |
United States Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value Measurement | $ 13,763 | $ 13,928 | $ 12,731 |
United States Plans | Quoted Price In Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value Measurement | 13,763 | 13,928 | |
United States Plans | Cash and Cash Equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value Measurement | 1,080 | 891 | |
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 | 1,080 | 891 | |
United States Plans | US Equity Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value Measurement | 8,275 | 9,864 | |
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 | 8,275 | 9,864 | |
United States Plans | International Equity Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value Measurement | 0 | 0 | |
United States Plans | International Equity Securities | Quoted Price In Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value Measurement | 0 | 0 | |
United States Plans | Fixed Income Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value Measurement | 4,408 | 3,173 | |
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 | 4,408 | 3,173 | |
International Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value Measurement | 36,791 | 38,757 | $ 34,323 |
International Plans | Quoted Price In Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value Measurement | 83 | 49 | |
International Plans | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value Measurement | 36,708 | 38,708 | |
International Plans | Cash and Cash Equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value Measurement | 83 | 49 | |
International Plans | Cash and Cash Equivalents | Quoted Price In Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value Measurement | 83 | 49 | |
International Plans | International Equity Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value Measurement | 23,875 | 25,768 | |
International Plans | International Equity Securities | Quoted Price In Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value Measurement | 0 | ||
International Plans | International Equity Securities | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value Measurement | 23,875 | 25,768 | |
International Plans | Fixed Income Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value Measurement | 12,833 | 12,940 | |
International Plans | Fixed Income Funds | Quoted Price In Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value Measurement | 0 | ||
International Plans | Fixed Income Funds | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value Measurement | $ 12,833 | $ 12,940 |
Retirement Plans - Summary of E
Retirement Plans - Summary of Estimated Future Benefit Payments (Detail) $ in Thousands | Mar. 31, 2019USD ($) |
Defined Benefit Plan, Expected Future Benefit Payments, Rolling Maturity [Abstract] (Deprecated 2017-01-31) | |
2020 | $ 2,713 |
2021 | 2,783 |
2022 | 3,072 |
2023 | 3,392 |
2024 | 3,536 |
Years 2025-2029 | $ 21,106 |
Stockholders' Equity and Nonc_3
Stockholders' Equity and Noncontrolling Interests - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | Dec. 07, 2018 | Mar. 31, 2019 | Mar. 31, 2018 |
Class of Stock [Line Items] | |||
Nonvested stock, weighted average remaining contractual term | 20 months | ||
Preferred stock, shares issued (in shares) | 0 | 0 | |
Preferred stock, shares outstanding (in shares) | 0 | 0 | |
Preferred stock, shares authorized (in shares) | 1,000,000 | 1,000,000 | |
Preferred stock, par value (usd per share) | $ 0.01 | $ 0.01 | |
Number of shares of common stock purchased | 726,347 | 1,756,831 | |
Repurchased common stock value | $ 56,436 | $ 121,191 | |
Treasury stock, shares (in shares) | 12,227,773 | 12,680,105 | |
Shares issued in ESPP (USD per share) | $ 62.55 | ||
Shares issued in acquisition (in shares) | 1,177,630 | ||
Accelerated Share Repurchase Agreement [Member] | |||
Class of Stock [Line Items] | |||
Stock Repurchased and Retired During Period, Shares | 1,495,714 | ||
Accelerated Share Repurchases, Settlement (Payment) or Receipt | $ 100,000 | ||
Accelerated Share Repurchases, Final Price Paid Per Share | $ 66.86 | ||
Alpha | |||
Class of Stock [Line Items] | |||
Initial purchase consideration | $ 750,000 | ||
Payments to acquire businesses | 650,000 | ||
Shares issued in acquisition, value | $ 93,268 | ||
Shares issued in acquisition (USD per share) | $ 84.92 | ||
Common Stock | Alpha | |||
Class of Stock [Line Items] | |||
Shares issued in employee stock purchase plan (in shares) | 3,256 | ||
Shares issued in acquisition (in shares) | 1,177,630 |
Change in Number of Shares of C
Change in Number of Shares of Common Stock Outstanding (Detail) - shares | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Shares outstanding, beginning balance | 41,915,000 | 43,447,536 | 43,189,502 |
Purchase of treasury stock | (726,347) | (1,756,831) | |
Shares issued in acquisition (in shares) | 1,177,630 | ||
Shares issued as part of equity-based compensation plans, net of equity awards surrendered for option price and taxes | 254,467 | 224,295 | 258,034 |
Shares outstanding, ending balance | 42,620,750 | 41,915,000 | 43,447,536 |
Components of Accumulated Other
Components of Accumulated Other Comprehensive Income (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Increase (Decrease) in Accumulated Other Comprehensive Income [Roll Forward] | |||
Beginning Balance | $ (41,717) | $ (152,824) | $ (97,349) |
Before Reclassifications | (114,029) | 112,279 | (52,504) |
Amount Reclassified from AOCI | 13,064 | (1,172) | (2,971) |
Ending Balance | (142,682) | (41,717) | (152,824) |
Pension funded status adjustment | |||
Increase (Decrease) in Accumulated Other Comprehensive Income [Roll Forward] | |||
Beginning Balance | (22,503) | (25,555) | (21,861) |
Before Reclassifications | 339 | 1,692 | (4,659) |
Amount Reclassified from AOCI | 1,373 | 1,360 | 965 |
Ending Balance | (20,791) | (22,503) | (25,555) |
Net unrealized gain (loss) on derivative instruments | |||
Increase (Decrease) in Accumulated Other Comprehensive Income [Roll Forward] | |||
Beginning Balance | (3,425) | 1,975 | 388 |
Before Reclassifications | (8,396) | (2,868) | 5,523 |
Amount Reclassified from AOCI | 11,691 | (2,532) | (3,936) |
Ending Balance | (130) | (3,425) | 1,975 |
Foreign currency translation adjustment | |||
Increase (Decrease) in Accumulated Other Comprehensive Income [Roll Forward] | |||
Beginning Balance | (15,789) | (129,244) | (75,876) |
Before Reclassifications | (105,972) | 113,455 | (53,368) |
Amount Reclassified from AOCI | 0 | 0 | 0 |
Ending Balance | $ (121,761) | $ (15,789) | $ (129,244) |
Stockholders Equity and Noncont
Stockholders Equity and Noncontrolling Interests Reclassification from Accumulated Other Comprehensive Income (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2019 | Dec. 30, 2018 | Sep. 30, 2018 | Jul. 01, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Oct. 01, 2017 | Jul. 02, 2017 | Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract] | |||||||||||
Cost of goods sold | $ 2,104,612,000 | $ 1,920,030,000 | $ 1,713,115,000 | ||||||||
Income tax expense | $ 13,483 | 21,584,000 | 118,493,000 | 54,472,000 | |||||||
Net earnings attributable to EnerSys stockholders | $ (18,538,000) | $ (48,417,000) | $ (47,424,000) | $ (45,860,000) | $ (54,018,000) | $ 25,847,000 | $ (43,222,000) | $ (48,201,000) | (160,239,000) | (119,594,000) | (160,214,000) |
Net unrealized gain (loss) on derivative instruments | Reclassification out of Accumulated Other Comprehensive Income | |||||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract] | |||||||||||
Cost of goods sold | 15,281,000 | (3,142,000) | (6,236,000) | ||||||||
Income tax expense | (3,590,000) | 610,000 | 2,300,000 | ||||||||
Net earnings attributable to EnerSys stockholders | 11,691,000 | (2,532,000) | (3,936,000) | ||||||||
Pension funded status adjustment | Reclassification out of Accumulated Other Comprehensive Income | |||||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract] | |||||||||||
Prior service costs and deferrals | 1,704,000 | 1,771,000 | 1,431,000 | ||||||||
Income tax expense | (331,000) | (411,000) | (466,000) | ||||||||
Net earnings attributable to EnerSys stockholders | $ 1,373,000 | $ 1,360,000 | $ 965,000 |
Redeemable Noncontrolling Inter
Redeemable Noncontrolling Interests (Detail) $ in Thousands | 12 Months Ended |
Mar. 31, 2017USD ($) | |
Temporary Equity, Number of Shares, Redemption Value and Other Disclosures [Abstract] | |
Redeemable noncontrolling interest, beginning balance | $ 5,997 |
Redeemable noncontrolling interests recognized in acquisitions of Powertech Batteries and Energy Leader Batteries India Limited | (2,021) |
Deconsolidation of joint venture | (4,035) |
Foreign currency translation adjustment | 59 |
Redeemable noncontrolling interest, ending balance | $ 0 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares available for future grants | 3,750,392 | ||
Stock options granted | 192,700 | 169,703 | 242,068 |
Stock-based compensation expense | $ 3,251 | $ 700 | $ 1,705 |
Stock-based compensation expense, net of tax | $ 634 | $ 2,741 | $ 457 |
Market price per unit of stock award | $ 75.32 | $ 73.39 | $ 65.88 |
Unrecognized compensation expense associated with non-vested incentive awards outstanding | $ 37,187 | ||
Nonvested stock, weighted average remaining contractual term | 20 months | ||
Restricted Stock Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Market price per unit of stock award | $ 69.43 | ||
Stock unit grant during period | 241,105 | ||
Restricted Shares Restricted Stock Units and Market Share Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | $ 19,357 | $ 16,712 | $ 17,480 |
Stock unit grant during period | 1,441 | 1,345 | 1,239 |
Equity-based compensation expense, tax benefit | $ 3,085 | $ 3,325 | $ 4,210 |
Non Employee Directors | Restricted Stock Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock units granted | 35,065 | 33,408 | 25,708 |
Market price per unit of stock award | $ 46.30 | $ 46.24 | $ 69.97 |
Management | Nonqualified Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock options granted | 192,700 | ||
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 | $ 75.17 | $ 83.14 | $ 57.60 |
Stock unit grant during period | 204,599 | 161,229 | 237,358 |
Management | Performance Shares | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Market price per unit of stock award | $ 68.48 | ||
Stock unit grant during period | 45,883 | ||
Management | Market Stock Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Market price per unit of stock award | $ 86.23 | $ 105.74 | $ 70.79 |
Stock unit grant during period | 36,646 | 60,187 | 83,720 |
Equity Incentive Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares available for future grants | 4,173,554 | ||
Stock Options Issued In Fiscal 2010 | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options expiration period (in years) | 10 years |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Stock Option Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Number of options | ||||
Number of Options outstanding, Beginning Balance | 545,590 | 451,668 | 210,297 | |
Number of Options, Granted | 192,700 | 169,703 | 242,068 | |
Number of Options, Exercised | (171,630) | (62,197) | (263) | |
Number of Options, Forfeited | (11,754) | (11,495) | ||
Number of Options, Expired | 2,089 | 434 | ||
Number of Options outstanding, Ending Balance | 554,906 | 545,590 | 451,668 | 210,297 |
Number of Options, Exerciseable | 186,823 | |||
Number of Options, Vested and Expected to Vest | 545,299 | |||
Options outstanding, Weighted Average Remaining Contract Term | ||||
Options outstanding, Weighted Average Remaining Contract Term (Years) | 8 years | 8 years 4 months 24 days | 8 years 4 months 24 days | 8 years 6 months |
Options exercisable, Weighted Average Remaining Contract Term (Years) | 6 years 10 months 24 days | |||
Options vested and expected to vest, Weighted Average Remaining Contract Term (Years) | 8 years | |||
Weighted average exercise price | ||||
Options outstanding, Weighted Average Exercise Price, Beginning Balance | $ 68.65 | $ 62.29 | $ 67.54 | |
Weighted Average Exercise Price, Granted | 75.17 | 83.14 | 57.60 | |
Weighted Average Exercise Price, Exercised | 63.66 | 63.44 | 18.25 | |
Weighted Average Exercise Price, Expired | 75.17 | 70.22 | ||
Weighted Average Exercise Price, Forfeited | 18.25 | 18.25 | ||
Options outstanding, Weighted Average Exercise Price, Ending Balance | 72.31 | $ 68.65 | $ 62.29 | $ 67.54 |
Options exercisable, Weighted Average Exercise Price | 69.34 | |||
Weighted Average Exercise Price, Vested and Expected to Vest | $ 72.24 | |||
Aggregate intrinsic value | ||||
Options outstanding, Aggregate Intrinsic Value, Beginning Balance | $ 2,679 | $ 7,520 | $ 218 | |
Options exercised, aggregate intrinsic value | 2,707 | 1,132 | 12 | |
Options forfeited, aggregate intrinsic value | 0 | 75 | ||
Options expired, aggregate intrinsic value | 137 | 15 | ||
Options outstanding, Aggregate Intrinsic Value, Ending Balance | 1,040 | $ 2,679 | $ 7,520 | $ 218 |
Options exercisable, Aggregate Intrinsic Value | 452 | |||
Options vested and expected to vest, aggregate intrinsic value | $ 1,038 |
Stock-Based Compensation - Su_2
Stock-Based Compensation - Summary of Information Regarding Stock Options Outstanding and Exercisable (Detail) | 12 Months Ended |
Mar. 31, 2019$ / sharesshares | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Number of Options | shares | 554,906 |
Weighted Average Remaining Contractual Life | 8 years |
Weighted Average Exercise Price | $ / shares | $ 72.31 |
Stock Based Compensation Stock-
Stock Based Compensation Stock-Based Compensation - Summary of Assumptions Used for Market Share Units (Details) - $ / shares | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Options | 554,906 | ||
Weighted Average Remaining Contractual Life | 8 years | ||
Weighted Average Exercise Price | $ 72.31 | ||
Performance Market Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk-free interest rate | 2.66% | 1.57% | 0.94% |
Dividend yield | 0.00% | 0.00% | 0.00% |
Time of maturity, in years | 3 years | 3 years | 3 years |
Expected volatility | 26.41% | 27.49% | 31.74% |
Market Stock Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk-free interest rate | 2.77% | 2.08% | 1.41% |
Dividend yield | 0.93% | 0.84% | 1.22% |
Time of maturity, in years | 6 years | 6 years | 6 years |
Expected volatility | 26.80% | 29.20% | 30.40% |
$55.00-$60.00 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Options | 137,599 | ||
Weighted Average Remaining Contractual Life | 7 years 1 month 6 days | ||
Weighted Average Exercise Price | $ 57.60 | ||
$65.01-$70.00 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Options | 73,368 | ||
Weighted Average Remaining Contractual Life | 5 years 9 months 18 days | ||
Weighted Average Exercise Price | $ 68.82 | ||
$75.01-$83.14 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Options | 343,939 | ||
Weighted Average Remaining Contractual Life | 8 years 9 months 18 days | ||
Weighted Average Exercise Price | $ 78.95 |
Stock-Based Compensation - Su_3
Stock-Based Compensation - Summary of Changes in Restricted Stock Units and Market Share Units (Detail) - $ / shares | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Weighted average grant date fair value | |||
Weighted Average Grant Date Fair Value, Granted | $ 75.32 | $ 73.39 | $ 65.88 |
Restricted Stock Units (RSUs) | |||
Number of RSU and MSU | |||
Number of RSU and MSU, Non-vested awards, Beginning Balance | 633,751 | ||
Number of RSU and MSU, Granted | 241,105 | ||
Number of RSU and MSU, Stock dividend | 6,087 | ||
Number of RSU and MSU, Vested | (148,487) | ||
Number of RSU and MSU, cancelled | (10,809) | ||
Number of RSU and MSU, Non-vested awards, Ending Balance | 721,647 | 633,751 | |
Weighted average grant date fair value | |||
Weighted Average Grant Date Fair Value, Non-vested awards, Beginning Balance | $ 56.60 | ||
Weighted Average Grant Date Fair Value, Granted | 69.43 | ||
Weighted Average Grant Date Fair Value, Stock dividend | 56.81 | ||
Weighted Average Grant Date Fair Value, Vested | 68.55 | ||
Weighted Average Grant Date Fair Value, Canceled | 72.56 | ||
Weighted Average Grant Date Fair Value, Non-vested awards, Ending Balance | $ 57.72 | $ 56.60 | |
Market Share Unit Number (MSU) | |||
Number of RSU and MSU | |||
Number of RSU and MSU, Non-vested awards, Beginning Balance | 349,941 | ||
Number of RSU and MSU, Granted | 36,646 | ||
Number of RSU and MSU, Stock dividend | 3,131 | ||
Number of RSU and MSU, Performance factor | 143 | ||
Number of RSU and MSU, Vested | (3,482) | ||
Number of RSU and MSU, cancelled | (33,795) | ||
Number of RSU and MSU, Non-vested awards, Ending Balance | 352,584 | 349,941 | |
Weighted average grant date fair value | |||
Weighted Average Grant Date Fair Value, Non-vested awards, Beginning Balance | $ 70.22 | ||
Weighted Average Grant Date Fair Value, Granted | 85.84 | ||
Weighted Average Grant Date Fair Value, Stock dividend | 72.60 | ||
Weighted Average Grant Date Fair Value, Performance factor | 75.48 | ||
Weighted Average Grant Date Fair Value, Vested | 59.94 | ||
Weighted Average Grant Date Fair Value, Canceled | 62.21 | ||
Weighted Average Grant Date Fair Value, Non-vested awards, Ending Balance | $ 72.83 | $ 70.22 | |
Performance condition-based Share Units (PSU) | |||
Number of RSU and MSU | |||
Number of RSU and MSU, Non-vested awards, Beginning Balance | 0 | ||
Number of RSU and MSU, Granted | 45,883 | ||
Number of RSU and MSU, Stock dividend | 320 | ||
Number of RSU and MSU, Performance factor | 0 | ||
Number of RSU and MSU, Vested | 0 | ||
Number of RSU and MSU, cancelled | (3,677) | ||
Number of RSU and MSU, Non-vested awards, Ending Balance | 42,526 | 0 | |
Weighted average grant date fair value | |||
Weighted Average Grant Date Fair Value, Non-vested awards, Beginning Balance | $ 0 | ||
Weighted Average Grant Date Fair Value, Granted | 68.48 | ||
Weighted Average Grant Date Fair Value, Stock dividend | 68.48 | ||
Weighted Average Grant Date Fair Value, Performance factor | 0 | ||
Weighted Average Grant Date Fair Value, Vested | 0 | ||
Weighted Average Grant Date Fair Value, Canceled | 68.48 | ||
Weighted Average Grant Date Fair Value, Non-vested awards, Ending Balance | $ 68.48 | $ 0 |
Earnings Per Share - Weighted A
Earnings Per Share - Weighted Average Common Shares Basic and Common Shares Diluted (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2019 | Dec. 30, 2018 | Sep. 30, 2018 | Jul. 01, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Oct. 01, 2017 | Jul. 02, 2017 | Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Earnings Per Share [Abstract] | |||||||||||
Net earnings attributable to EnerSys stockholders | $ 18,538 | $ 48,417 | $ 47,424 | $ 45,860 | $ 54,018 | $ (25,847) | $ 43,222 | $ 48,201 | $ 160,239 | $ 119,594 | $ 160,214 |
Basic (in shares) | 42,335,023 | 42,612,036 | 43,389,333 | ||||||||
Dilutive effect of: | |||||||||||
Common shares from exercise and lapse of equity awards, net of shares assumed reacquired (in shares) | 673,929 | 507,820 | 623,210 | ||||||||
Diluted weighted-average number of common shares outstanding (in shares) | 43,008,952 | 43,119,856 | 44,012,543 | ||||||||
Basic earnings per common share attributable to EnerSys stockholders (usd per share) | $ 0.43 | $ 1.14 | $ 1.13 | $ 1.09 | $ 1.29 | $ (0.61) | $ 1.01 | $ 1.11 | $ 3.79 | $ 2.81 | $ 3.69 |
Diluted earnings per common share attributable to EnerSys stockholders (usd per share) | $ 0.42 | $ 1.12 | $ 1.11 | $ 1.08 | $ 1.27 | $ (0.61) | $ 1 | $ 1.09 | $ 3.73 | $ 2.77 | $ 3.64 |
Anti-dilutive equity awards not included in diluted weighted-average common shares (in shares) | 355,728,000 | 59,482,000 | 1,295,000 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - Accelerated Share Repurchase Agreement [Member] | 12 Months Ended |
Mar. 31, 2018$ / sharesshares | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |
Stock Repurchased and Retired During Period, Shares | shares | 1,495,714 |
Accelerated Share Repurchases, Final Price Paid Per Share | $ / shares | $ 66.86 |
Commitments, Contingencies an_2
Commitments, Contingencies and Litigation - Additional Information (Detail) € in Thousands | Jun. 11, 2013USD ($) | Jun. 11, 2013EUR (€) | Jul. 31, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2016USD ($) | Dec. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Mar. 31, 2018EUR (€) | Mar. 31, 2019USD ($)Employee | Mar. 31, 2018USD ($) |
Commitments, Contingencies And Litigation [Line Items] | ||||||||||
Reserves for anti-competition investigations | $ 2,326,000 | $ 7,258,000 | $ 2,326,000 | |||||||
Reserves of environmental liabilities | $ 1,081,000 | 1,109,000 | ||||||||
Company number of employees | Employee | 11,000 | |||||||||
Percentage of employees covered by collective bargaining agreements | 27.00% | |||||||||
Percentage of collective bargaining agreements that expire in next twelve months | 10.00% | |||||||||
Average term of collective bargaining agreements | 2 years | |||||||||
Longest term of collective bargaining agreements | 3 years | |||||||||
Litigation Settlement, Amount Awarded from Other Party | $ 2,756,000 | € 2,000 | $ 2,843 | |||||||
Belgium Anti-Competition Proceeding | ||||||||||
Commitments, Contingencies And Litigation [Line Items] | ||||||||||
Penalties paid relating to anti-competition investigations | $ 1,962,000 | |||||||||
Legal proceedings charge | $ 2,402 | |||||||||
Reserves for anti-competition investigations | 2,326,000 | 0 | 2,326,000 | |||||||
Germany Anti-competition Proceedings | ||||||||||
Commitments, Contingencies And Litigation [Line Items] | ||||||||||
Penalties paid relating to anti-competition investigations | $ 14,811,000 | |||||||||
Legal proceedings charge | 7,258,000 | |||||||||
Reserves for anti-competition investigations | 0 | $ 7,258,000 | $ 0 | |||||||
Dutch Anti-Competition Proceedings [Member] | ||||||||||
Commitments, Contingencies And Litigation [Line Items] | ||||||||||
Penalties paid relating to anti-competition investigations | $ 11,229,000 | |||||||||
Settled Litigation [Member] | ||||||||||
Commitments, Contingencies And Litigation [Line Items] | ||||||||||
Litigation Settlement, Amount Awarded from Other Party | $ 2,843,000 | € 2,500 |
Restructuring Plans and Other_3
Restructuring Plans and Other Exit Charges - Additional Information (Detail) | 3 Months Ended | 12 Months Ended | 15 Months Ended | 33 Months Ended | |||||||||||
Mar. 31, 2019USD ($) | Dec. 30, 2018USD ($) | Sep. 30, 2018USD ($) | Jul. 01, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Oct. 01, 2017USD ($) | Jul. 02, 2017USD ($) | Jul. 03, 2016USD ($) | Mar. 31, 2019USD ($)Employee | Mar. 31, 2018USD ($)Employee | Mar. 31, 2017USD ($) | Mar. 31, 2016USD ($) | Jun. 30, 2016USD ($)Employee | Dec. 31, 2017USD ($)Employee | |
Restructuring Cost and Reserve [Line Items] | |||||||||||||||
Restructuring and other exit charges | $ 26,457,000 | $ 5,392,000 | $ 1,121,000 | $ 1,739,000 | $ 1,064,000 | $ 1,808,000 | $ 1,776,000 | $ 833,000 | $ 34,709,000 | $ 5,481,000 | $ 7,160,000 | ||||
Write-off of assets relating to restructuring and other exit charges | 26,308,000 | 3,736,000 | 1,435,000 | ||||||||||||
Restructuring Related To Sale Of Geräte- und Akkumulatorenwerk Zwickau GmbH | |||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||
Restructuring and other exit charges | 4,930,000 | ||||||||||||||
Restructuring Charges Relating To Dissolving Joint Venture In Tunisia | |||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||
Restructuring and other exit charges | $ 957,000 | ||||||||||||||
EMEA | Restructurings Related to Improving Efficiency of Manufacturing, Sales, and Engineering Operations In EMEA | |||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||
Restructuring and other exit charges | 85,000 | 1,251,000 | $ 5,232,000 | $ 6,568,000 | |||||||||||
Expected reduction in number of employees | Employee | 130 | ||||||||||||||
Restructuring charges, cash charges related to employee severance and other charges | 499,000 | 3,037,000 | 2,993,000 | ||||||||||||
EMEA | Restructurings Related to Improving Efficiency Related to Motive Power Production in EMEA | |||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||
Restructuring and other exit charges | 1,610,000 | 3,104,000 | |||||||||||||
Expected reduction in number of employees | Employee | 45 | ||||||||||||||
Write-off of assets relating to restructuring and other exit charges | $ 4,714,000 | ||||||||||||||
Restructuring charges, cash charges related to employee severance and other charges | 1,682,000 | 2,403,000 | 749,000 | ||||||||||||
EMEA | Restructurings Related to Improving Efficiency Related to Supply Chain and General Operations | |||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||
Restructuring and other exit charges | 3,104,000 | $ 2,260,000 | |||||||||||||
Expected reduction in number of employees | Employee | 85 | ||||||||||||||
Restructuring reserve | 1,061,000 | 1,061,000 | |||||||||||||
Write-off of assets relating to restructuring and other exit charges | $ 7,700,000 | ||||||||||||||
Restructuring charges, cash charges related to employee severance and other charges | 2,844,000 | 1,350,000 | |||||||||||||
Expected remaining restructuring charges | 2,200,000 | 2,200,000 | |||||||||||||
EMEA | Restructurings Related To Improving Efficiencies Of Reserve Power Operations In EMEA | |||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||
Restructuring and other exit charges | $ 347,000 | ||||||||||||||
Expected reduction in number of employees | Employee | 35 | ||||||||||||||
Restructuring reserve | 262,000 | $ 262,000 | |||||||||||||
Write-off of assets relating to restructuring and other exit charges | 2,500,000 | ||||||||||||||
Restructuring charges, cash charges related to employee severance and other charges | 83,000 | ||||||||||||||
EMEA | Employee Severance | Restructurings Related to Improving Efficiency of Manufacturing, Sales, and Engineering Operations In EMEA | |||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||
Restructuring and other exit charges | $ 6,161,000 | ||||||||||||||
EMEA | Other Charges | Restructurings Related to Improving Efficiency of Manufacturing, Sales, and Engineering Operations In EMEA | |||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||
Restructuring and other exit charges | $ 407,000 | ||||||||||||||
EMEA | Non Cash Charges | Restructurings Related to Improving Efficiency Related to Supply Chain and General Operations | |||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||
Restructuring and other exit charges | 69,000 | ||||||||||||||
Asia | Restructurings Related To Completing Transfer of Equipment and Clean-Up of Manufacturing Facility in Jiangdu | |||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||
Restructuring and other exit charges | 212,000 | 779,000 | |||||||||||||
Write-off of assets relating to restructuring and other exit charges | 991,000 | ||||||||||||||
Restructuring charges, cash charges related to employee severance and other charges | 341,000 | $ 648,000 | |||||||||||||
Asia | Restructuring Program To Improve Efficiencies Of Operations In Asia And Conversion Of India Operations | |||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||
Restructuring and other exit charges | $ 2,772,000 | ||||||||||||||
Expected reduction in number of employees | Employee | 150 | ||||||||||||||
Restructuring reserve | 1,139,000 | $ 1,139,000 | |||||||||||||
Write-off of assets relating to restructuring and other exit charges | 4,500,000 | ||||||||||||||
Restructuring charges, cash charges related to employee severance and other charges | 1,683,000 | ||||||||||||||
Asia | Restructuring Related To Improving Profitability In India | |||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||
Write-off of assets relating to restructuring and other exit charges | 660,000 | ||||||||||||||
Asia | Non Cash Charges | Restructuring Program To Improve Efficiencies Of Operations In Asia And Conversion Of India Operations | |||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||
Restructuring and other exit charges | 771,000 | ||||||||||||||
Americas | Restructuring Related to Improving the Efficiency of Manufacturing Operations in the Americas | |||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||
Restructuring and other exit charges | $ 174,000 | 1,488,000 | $ 2,379,000 | ||||||||||||
Expected reduction in number of employees | Employee | 100 | ||||||||||||||
Restructuring charges, cash charges related to employee severance and other charges | 924,000 | 119,000 | |||||||||||||
Americas | Restructurings Related to Improving Efficiencies of General Operations in the Americas | |||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||
Restructuring and other exit charges | $ 960,000 | ||||||||||||||
Expected reduction in number of employees | Employee | 60 | ||||||||||||||
Write-off of assets relating to restructuring and other exit charges | $ 960,000 | ||||||||||||||
Restructuring charges, cash charges related to employee severance and other charges | 207,000 | 755,000 | |||||||||||||
Americas | Restructurings Related To Improving Efficiencies Of Operations In The Americas | |||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||
Restructuring and other exit charges | $ 1,970,000 | ||||||||||||||
Expected reduction in number of employees | Employee | 100 | ||||||||||||||
Restructuring reserve | 490,000 | $ 490,000 | |||||||||||||
Write-off of assets relating to restructuring and other exit charges | 4,600,000 | ||||||||||||||
Restructuring charges, cash charges related to employee severance and other charges | 1,480,000 | ||||||||||||||
Americas | Employee Severance | Restructuring Related to Improving the Efficiency of Manufacturing Operations in the Americas | |||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||
Restructuring and other exit charges | $ 1,043,000 | ||||||||||||||
Americas | Pension Curtailment | Restructuring Related to Improving the Efficiency of Manufacturing Operations in the Americas | |||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||
Restructuring and other exit charges | 313,000 | 313,000 | |||||||||||||
Americas | Non Cash Charges | Restructuring Related to Improving the Efficiency of Manufacturing Operations in the Americas | |||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||
Restructuring and other exit charges | $ 718,000 | $ 305,000 | $ 1,023,000 | ||||||||||||
Americas | Non Cash Charges | Restructurings Related To Improving Efficiencies Of Operations In The Americas | |||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||
Restructuring and other exit charges | 2,095,000 | ||||||||||||||
Americas | Facility Closing | |||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||
Restructuring and other exit charges | 75,000 | ||||||||||||||
Gain (Loss) on Sale of Properties | $ (210,000) | ||||||||||||||
Americas | Inventory Write-Off | Restructurings Related to Improving Efficiencies of General Operations in the Americas | |||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||
Restructuring and other exit charges | 3,457,000 | ||||||||||||||
Closure Of Facility In Targovishte, Bulgaria | |||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||
Restructuring and other exit charges | 17,652,000 | ||||||||||||||
Expected cost remaining | $ 30,000,000 | 30,000,000 | |||||||||||||
Closure Of Facility In Targovishte, Bulgaria | Employee Severance | |||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||
Restructuring and other exit charges | 2,694,000 | ||||||||||||||
Closure Of Facility In Targovishte, Bulgaria | Inventory Write-Off | |||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||
Restructuring and other exit charges | 2,590,000 | ||||||||||||||
Closure Of Facility In Targovishte, Bulgaria | Fixed Asset Write Offs | |||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||
Restructuring and other exit charges | 14,958,000 | ||||||||||||||
South Africa Joint Venture Business Exit | |||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||
Restructuring and other exit charges | 3,292,000 | ||||||||||||||
South Africa Joint Venture Business Exit | Employee Severance | |||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||
Write-off of assets relating to restructuring and other exit charges | 717,000 | ||||||||||||||
Restructuring charges, cash charges related to employee severance and other charges | 2,575,000 | ||||||||||||||
South Africa Joint Venture Business Exit | Inventory Write-Off | |||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||
Write-off of assets relating to restructuring and other exit charges | 2,157,000 | ||||||||||||||
South Africa Joint Venture Business Exit | Change in Estimate of Contract losses | |||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||
Restructuring and other exit charges | 1,099,000 | ||||||||||||||
South Africa Joint Venture Business Exit | Deconsolidation of Joint Venture | |||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||
Restructuring and other exit charges | $ (341,000) | ||||||||||||||
Cost of Sales | Asia | Non Cash Charges | Restructuring Related To Improving Profitability In India | |||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||
Restructuring and other exit charges | $ 526,000 |
Restructuring Plans and Other_4
Restructuring Plans and Other Exit Charges - Acquisition and Non-Acquisition Related Restructuring Reserve (Details) - Non-Acquisition Related Restructuring Plans - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Restructuring Reserve [Roll Forward] | |||
Beginning balance | $ 2,909 | $ 2,812 | $ 2,989 |
Accrued | 8,193 | 5,202 | 5,308 |
Costs incurred | (7,979) | (5,423) | (5,358) |
Foreign currency impact and other | (171) | 318 | (127) |
Ending balance | 2,952 | 2,909 | 2,812 |
Employee Severance | |||
Restructuring Reserve [Roll Forward] | |||
Beginning balance | 2,893 | 2,668 | 2,964 |
Accrued | 6,554 | 4,757 | 4,566 |
Costs incurred | (6,893) | (4,849) | (4,754) |
Foreign currency impact and other | (198) | 317 | (108) |
Ending balance | 2,356 | 2,893 | 2,668 |
Other | |||
Restructuring Reserve [Roll Forward] | |||
Beginning balance | 16 | 144 | 25 |
Accrued | 1,639 | 445 | 742 |
Costs incurred | (1,086) | (574) | (604) |
Foreign currency impact and other | 27 | 1 | (19) |
Ending balance | $ 596 | $ 16 | $ 144 |
Warranty (Detail)
Warranty (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Product Warranty Accrual [Roll Forward] | |||
Balance at beginning of year | $ 50,602 | $ 46,116 | $ 48,422 |
Current year provisions | 23,679 | 21,706 | 17,852 |
Costs incurred | (25,053) | (18,820) | (15,945) |
Warranty reserves of acquired business - Alpha | 7,535 | 0 | 0 |
Foreign currency translation adjustment | (2,195) | 1,600 | (4,213) |
Balance at end of year | $ 54,568 | $ 50,602 | $ 46,116 |
Other (Income) Expense, Net (De
Other (Income) Expense, Net (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Other Income and Expenses [Abstract] | |||
Foreign exchange transaction (gains) losses | $ (3,044) | $ 5,499 | $ (662) |
Non-service components of pension expense | 1,502 | 1,464 | 1,252 |
Other | 928 | 556 | 1,631 |
Total | $ (614) | $ 7,519 | $ 2,221 |
Business Segments - Schedule of
Business Segments - Schedule of Summarized Financial Information by Reportable Segments Segments (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2019 | Dec. 30, 2018 | Sep. 30, 2018 | Jul. 01, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Oct. 01, 2017 | Jul. 02, 2017 | Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $ 796,603 | $ 680,022 | $ 660,462 | $ 670,930 | $ 683,042 | $ 658,935 | $ 617,289 | $ 622,625 | $ 2,808,017 | $ 2,581,891 | $ 2,367,149 |
Intersegment sales | 186,558 | 186,052 | 141,773 | ||||||||
Total operating earnings | 34,978 | 49,951 | 63,357 | 64,179 | 67,725 | 68,785 | 64,364 | 69,972 | 212,465 | 270,846 | 237,113 |
Inventory adjustment relating to exit activities - EMEA | (3,516) | (3,747) | (3,457) | (10,379) | (3,457) | (2,157) | |||||
Restructuring charges | (26,457) | $ (5,392) | $ (1,121) | $ (1,739) | (1,064) | $ (1,808) | $ (1,776) | $ (833) | (34,709) | (5,481) | (7,160) |
Impairment of goodwill, indefinite-lived intangibles and fixed assets - See Note 5 | 0 | 0 | (12,216) | ||||||||
Gain on sale of facility - Asia | 258 | (116) | 7 | ||||||||
Property, plant, and equipment, net | 409,439 | 390,260 | 409,439 | 390,260 | 348,549 | ||||||
Capital Expenditures | 70,372 | 69,832 | 50,072 | ||||||||
Depreciation and amortization | 63,348 | 54,317 | 53,945 | ||||||||
Reserve Power | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 1,416,173 | 1,247,900 | 1,142,327 | ||||||||
Motive Power | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 1,391,844 | 1,333,991 | 1,224,822 | ||||||||
Americas | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 1,690,912 | 1,429,888 | 1,332,353 | ||||||||
Intersegment sales | 28,753 | 29,513 | 26,039 | ||||||||
Total operating earnings | 186,814 | 189,466 | 191,801 | ||||||||
Inventory step up to fair value relating to acquisition - Americas | (7,263) | 0 | 0 | ||||||||
Inventory adjustment relating to exit activities - EMEA | 0 | (3,457) | 0 | ||||||||
Restructuring charges | (4,066) | (1,246) | (892) | ||||||||
Impairment of goodwill, indefinite-lived intangibles and fixed assets - See Note 5 | 0 | 0 | (9,346) | ||||||||
Property, plant, and equipment, net | 257,559 | 210,998 | 257,559 | 210,998 | 190,169 | ||||||
Capital Expenditures | 45,029 | 46,905 | 34,809 | ||||||||
Depreciation and amortization | 40,675 | 30,421 | 30,204 | ||||||||
Europe | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Inventory adjustment relating to exit activities - EMEA | (2,590) | 0 | (2,157) | ||||||||
Legal proceedings charge | (4,437) | 0 | (23,725) | ||||||||
EMEA | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 860,563 | 849,420 | 763,013 | ||||||||
Intersegment sales | 123,274 | 133,164 | 93,150 | ||||||||
Total operating earnings | 71,963 | 77,671 | 77,376 | ||||||||
Restructuring charges | (26,989) | (4,023) | (5,487) | ||||||||
Impairment of goodwill, indefinite-lived intangibles and fixed assets - See Note 5 | 0 | 0 | (4,670) | ||||||||
Property, plant, and equipment, net | 94,932 | 118,263 | 94,932 | 118,263 | 100,042 | ||||||
Capital Expenditures | 18,972 | 18,392 | 13,733 | ||||||||
Depreciation and amortization | 15,128 | 16,198 | 15,693 | ||||||||
Asia | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 256,542 | 302,583 | 271,783 | ||||||||
Intersegment sales | 34,531 | 23,375 | 22,584 | ||||||||
Total operating earnings | 3,213 | 12,647 | 14,994 | ||||||||
Inventory adjustment relating to exit activities - EMEA | (526) | 0 | 0 | ||||||||
Restructuring charges | (3,654) | (212) | (781) | ||||||||
Property, plant, and equipment, net | $ 56,948 | $ 60,999 | 56,948 | 60,999 | 58,338 | ||||||
Capital Expenditures | 6,371 | 4,535 | 1,530 | ||||||||
Depreciation and amortization | $ 7,545 | $ 7,698 | $ 8,048 |
Business Segments - Additional
Business Segments - Additional Information (Detail) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2019USD ($)Country | Mar. 31, 2018USD ($) | Mar. 31, 2017USD ($) | |
Segment Reporting Information [Line Items] | |||
Operations in number of countries | Country | 100 | ||
Property, plant, and equipment, net | $ 409,439 | $ 390,260 | $ 348,549 |
United States | |||
Segment Reporting Information [Line Items] | |||
Percentage of sales to customers | 48.50% | 49.20% | 50.00% |
Property, plant, and equipment, net | $ 202,985 | $ 176,144 |
Quarterly Financial Data (Detai
Quarterly Financial Data (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2019 | Dec. 30, 2018 | Sep. 30, 2018 | Jul. 01, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Oct. 01, 2017 | Jul. 02, 2017 | Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Net sales | $ 796,603 | $ 680,022 | $ 660,462 | $ 670,930 | $ 683,042 | $ 658,935 | $ 617,289 | $ 622,625 | $ 2,808,017 | $ 2,581,891 | $ 2,367,149 |
Gross profit | 202,266 | 164,546 | 160,880 | 165,334 | 167,388 | 167,310 | 160,248 | 163,458 | 693,026 | 658,404 | 651,877 |
Operating earnings | 34,978 | 49,951 | 63,357 | 64,179 | 67,725 | 68,785 | 64,364 | 69,972 | 212,465 | 270,846 | 237,113 |
Net earnings | 18,546 | 48,614 | 47,447 | 46,020 | 54,139 | (25,779) | 43,151 | 48,322 | 160,627 | 119,833 | 158,223 |
Net earnings attributable to EnerSys stockholders | $ 18,538 | $ 48,417 | $ 47,424 | $ 45,860 | $ 54,018 | $ (25,847) | $ 43,222 | $ 48,201 | $ 160,239 | $ 119,594 | $ 160,214 |
Basic earnings per common share attributable to EnerSys stockholders (usd per share) | $ 0.43 | $ 1.14 | $ 1.13 | $ 1.09 | $ 1.29 | $ (0.61) | $ 1.01 | $ 1.11 | $ 3.79 | $ 2.81 | $ 3.69 |
Diluted earnings per common share attributable to EnerSys stockholders (usd per share) | $ 0.42 | $ 1.12 | $ 1.11 | $ 1.08 | $ 1.27 | $ (0.61) | $ 1 | $ 1.09 | $ 3.73 | $ 2.77 | $ 3.64 |
Quarterly Financial Data (Addit
Quarterly Financial Data (Additional Information) (Detail) € in Thousands | Jun. 11, 2013USD ($) | Jun. 11, 2013EUR (€) | Mar. 31, 2019USD ($) | Dec. 30, 2018USD ($) | Sep. 30, 2018USD ($) | Jul. 01, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Oct. 01, 2017USD ($) | Jul. 02, 2017USD ($) | Mar. 31, 2019USD ($) | Mar. 31, 2018USD ($) | Mar. 31, 2017USD ($) |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||
Inventory Adjustments | $ 2,590 | $ 526 | |||||||||||
Inventory step up to fair value relating to Alpha acquisition and exit activities | 3,516,000 | $ 3,747,000 | $ 3,457,000 | $ 10,379,000 | $ 3,457,000 | $ 2,157,000 | |||||||
Restructuring and other exit charges | 26,457,000 | 5,392,000 | $ 1,121,000 | $ 1,739,000 | 1,064,000 | $ 1,808,000 | $ 1,776,000 | $ 833,000 | 34,709,000 | 5,481,000 | 7,160,000 | ||
Litigation Settlement, Amount Awarded from Other Party | $ 2,756,000 | € 2,000 | 2,843 | ||||||||||
Litigation Settlement, Expense | $ 7,280 | 4,437,000 | 0 | 23,725,000 | |||||||||
Income tax expense | $ 13,483 | 21,584,000 | 118,493,000 | 54,472,000 | |||||||||
Impairment of goodwill | 0 | 0 | 12,216,000 | ||||||||||
Gain on sale of facility - Asia | 258,000 | (116,000) | 7,000 | ||||||||||
Tax expense relating to Tax Cuts and Jobs Act of 2017 | $ 4,106,000 | $ 77,347,000 | $ (13,483,000) | $ 83,400,000 | $ 0 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) | May 16, 2019$ / shares |
Subsequent Event | Dividend Declared | |
Subsequent Event [Line Items] | |
Common Stock cash dividends, per share | $ 0.175 |
Valuation and Qualifying Acco_2
Valuation and Qualifying Accounts Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Deferred tax asset—valuation allowance | |||
Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Period | $ 15,255 | $ 27,053 | $ 25,416 |
Additions Charged to Expense | 2,978 | 4,853 | 4,305 |
Charge-Offs | (99) | (14,132) | (2,255) |
Business Combination Adjustments | 1,157 | 0 | 0 |
Other | (1,772) | (2,519) | (413) |
Balance at End of Period | 17,519 | 15,255 | 27,053 |
Allowance for doubtful accounts | |||
Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Period | 12,643 | 12,662 | 11,393 |
Additions Charged to Expense | 1,385 | 822 | 1,794 |
Charge-Offs | (2,459) | (1,400) | (173) |
Other | (756) | 559 | (352) |
Balance at End of Period | $ 10,813 | $ 12,643 | $ 12,662 |