Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Mar. 31, 2024 | May 17, 2024 | Oct. 01, 2023 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Mar. 31, 2024 | ||
Current Fiscal Year End Date | --03-31 | ||
Document Transition Report | false | ||
Entity File Number | 001-32253 | ||
Entity Registrant Name | ENERSYS | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 23-3058564 | ||
Entity Address, Address Line One | 2366 Bernville Road | ||
Entity Address, City or Town | Reading | ||
Entity Address, State or Province | PA | ||
Entity Address, Postal Zip Code | 19605 | ||
City Area Code | 610 | ||
Local Phone Number | 208-1991 | ||
Title of 12(b) Security | Common Stock, $0.01 par value per share | ||
Trading Symbol | ENS | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Document Financial Statement Error Correction | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 3,859,791,990 | ||
Entity Common Stock, Shares Outstanding (in shares) | 40,147,603 | ||
Documents Incorporated by Reference | Portions of the registrant’s definitive Proxy Statement for its Annual Meeting of Stockholders to be held on or about August 1, 2024 are incorporated by reference in Part III of this Annual Report. | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2024 | ||
Document Fiscal Period Focus | FY | ||
Entity Central Index Key | 0001289308 |
Audit Information
Audit Information | 12 Months Ended |
Mar. 31, 2024 | |
Audit Information [Abstract] | |
Auditor Firm ID | 42 |
Auditor Name | Ernst & Young LLP |
Auditor Location | Philadelphia, Pennsylvania |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2024 | Mar. 31, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 333,324 | $ 346,665 |
Accounts receivable, net of allowance for doubtful accounts (2024–$8,107; 2023–$8,775) | 524,725 | 637,817 |
Inventories, net | 697,698 | 797,798 |
Prepaid and other current assets | 226,949 | 113,601 |
Total current assets | 1,782,696 | 1,895,881 |
Property, plant, and equipment, net | 532,450 | 513,283 |
Goodwill | 682,934 | 676,715 |
Other intangible assets, net | 319,407 | 360,412 |
Deferred taxes | 49,798 | 49,152 |
Other assets | 98,721 | 121,231 |
Total assets | 3,466,006 | 3,616,674 |
Current liabilities: | ||
Short-term debt | 30,444 | 30,642 |
Current portion of finance leases | 237 | 90 |
Accounts payable | 369,456 | 378,641 |
Accrued expenses | 323,720 | 308,947 |
Total current liabilities | 723,857 | 718,320 |
Long-term debt, net of unamortized debt issuance costs | 801,965 | 1,041,989 |
Finance leases | 647 | 254 |
Deferred taxes | 30,583 | 61,118 |
Other liabilities | 151,882 | 191,112 |
Total liabilities | 1,708,934 | 2,012,793 |
Commitments and contingencies | ||
Equity: | ||
Preferred Stock, $0.01 par value, 1,000,000 shares authorized, no shares issued or outstanding at March 31, 2024 and at March 31, 2023 | 0 | 0 |
Common Stock, $0.01 par value per share, 135,000,000 shares authorized, 56,363,924 shares issued and 40,271,936 shares outstanding at March 31, 2024; 56,004,613 shares issued and 40,901,059 shares outstanding at March 31, 2023 | 564 | 560 |
Additional paid-in capital | 629,879 | 596,464 |
Treasury stock at cost, 16,091,988 shares held as of March 31, 2024 and 15,103,554 shares held as of March 31, 2023 | (835,827) | (740,956) |
Retained earnings | 2,163,880 | 1,930,148 |
Contra equity - indemnification receivable | 0 | (2,463) |
Accumulated other comprehensive loss | (204,851) | (183,474) |
Total EnerSys stockholders’ equity | 1,753,645 | 1,600,279 |
Nonredeemable noncontrolling interests | 3,427 | 3,602 |
Total equity | 1,757,072 | 1,603,881 |
Total liabilities and equity | $ 3,466,006 | $ 3,616,674 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2024 | Mar. 31, 2023 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 8,107 | $ 8,775 |
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) | 56,363,924 | 56,004,613 |
Common stock, shares outstanding (in shares) | 40,271,936 | 40,901,059 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Net sales | $ 3,581,871 | $ 3,708,579 | $ 3,357,319 |
Inventory adjustment relating to exit activities | 20,173 | 681 | 2,604 |
Gross profit | 982,891 | 840,138 | 749,968 |
Operating expenses | 589,599 | 544,858 | 520,810 |
Restructuring and other exit charges | 28,103 | 16,439 | 18,756 |
Impairment of indefinite-lived intangibles | 13,619 | 480 | 1,178 |
Loss on assets held for sale | 0 | 0 | 2,973 |
Operating earnings | 351,570 | 278,361 | 206,251 |
Interest expense | 49,954 | 59,529 | 37,777 |
Other (income) expense, net | 9,431 | 8,193 | (5,465) |
Earnings before income taxes | 292,185 | 210,639 | 173,939 |
Income tax expense | 23,089 | 34,829 | 30,028 |
Net earnings attributable to EnerSys stockholders | $ 269,096 | $ 175,810 | $ 143,911 |
Net earnings per common share attributable to EnerSys stockholders: | |||
Basic (usd per share) | $ 6.62 | $ 4.31 | $ 3.42 |
Diluted (usd per share) | 6.50 | 4.25 | 3.36 |
Dividends per common share (usd per share) | $ 0.85 | $ 0.70 | $ 0.70 |
Weighted-average number of common shares outstanding: | |||
Basic (in shares) | 40,669,392 | 40,809,235 | 42,106,337 |
Diluted (in shares) | 41,371,439 | 41,326,755 | 42,783,373 |
Product | |||
Net sales | $ 3,161,862 | $ 3,307,781 | $ 3,004,231 |
Cost of goods sold | 2,248,859 | 2,597,296 | 2,360,150 |
Service | |||
Net sales | 420,009 | 400,798 | 353,088 |
Cost of goods sold | $ 329,948 | $ 270,464 | $ 244,597 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Statement of Comprehensive Income [Abstract] | |||
Net earnings | $ 269,096 | $ 175,810 | $ 143,911 |
Other comprehensive (loss) income: | |||
Net unrealized gain (loss) on derivative instruments, net of tax | (656) | (1,552) | 2,603 |
Pension funded status adjustment, net of tax | (5,375) | 8,214 | 8,310 |
Foreign currency translation adjustment | (15,521) | (46,941) | (38,397) |
Total other comprehensive (loss) gain, net of tax | (21,552) | (40,279) | (27,484) |
Total comprehensive income | 247,544 | 135,531 | 116,427 |
Comprehensive gain (loss) attributable to noncontrolling interests | (175) | (300) | 128 |
Comprehensive income attributable to EnerSys stockholders | $ 247,719 | $ 135,831 | $ 116,299 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - USD ($) $ in Thousands | Total | Total EnerSys Stockholders’ Equity | Preferred Stock | Common Stock | Additional Paid-in Capital | Treasury Stock | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Contra-Equity | Non- redeemable Non- Controlling Interests |
Beginning Balance at Mar. 31, 2021 | $ 1,543,576 | $ 1,539,755 | $ 0 | $ 555 | $ 554,168 | $ (563,481) | $ 1,669,751 | $ (115,883) | $ (5,355) | $ 3,821 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Stock-based compensation | 24,289 | 24,289 | 24,289 | |||||||
Exercise of stock options | 1,336 | 1,336 | 2 | 1,334 | ||||||
Shares issued under equity awards (taxes paid related to net share settlement of equity awards), net | (9,150) | (9,150) | (9,150) | |||||||
Purchase of common stock | (156,366) | (156,366) | (156,366) | |||||||
Contra equity - indemnification receivable for acquisition related tax liability | 1,735 | 1,735 | 1,735 | |||||||
Other | 828 | 828 | 100 | 728 | ||||||
Net earnings | 143,911 | 143,911 | 143,911 | |||||||
Dividends | (29,353) | (29,353) | 723 | (30,076) | ||||||
Dissolution of joint venture | (47) | (47) | ||||||||
Other comprehensive income: | ||||||||||
Pension funded status adjustment, (net of tax (expense) benefit) | 8,310 | 8,310 | 8,310 | |||||||
Net unrealized gain (loss) on derivative instruments (net of tax benefit (expense)) | 2,603 | 2,603 | 2,603 | |||||||
Foreign currency translation adjustment | (38,397) | (38,525) | (38,525) | 128 | ||||||
Ending Balance at Mar. 31, 2022 | 1,493,275 | 1,489,373 | 0 | 557 | 571,464 | (719,119) | 1,783,586 | (143,495) | (3,620) | 3,902 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Stock-based compensation | 26,371 | 26,371 | 26,371 | |||||||
Exercise of stock options | 4,393 | 4,393 | 3 | 4,390 | ||||||
Shares issued under equity awards (taxes paid related to net share settlement of equity awards), net | (6,453) | (6,453) | (6,453) | |||||||
Purchase of common stock | (22,907) | (22,907) | (22,907) | |||||||
Contra equity - indemnification receivable for acquisition related tax liability | 1,157 | 1,157 | 1,157 | |||||||
Other | 1,051 | 1,051 | (19) | 1,070 | ||||||
Net earnings | 175,810 | 175,810 | 175,810 | |||||||
Dividends | (28,537) | (28,537) | 711 | (29,248) | ||||||
Other comprehensive income: | ||||||||||
Pension funded status adjustment, (net of tax (expense) benefit) | 8,214 | 8,214 | 8,214 | |||||||
Net unrealized gain (loss) on derivative instruments (net of tax benefit (expense)) | (1,552) | (1,552) | (1,552) | |||||||
Foreign currency translation adjustment | (46,941) | (46,641) | (46,641) | (300) | ||||||
Ending Balance at Mar. 31, 2023 | 1,603,881 | 1,600,279 | 0 | 560 | 596,464 | (740,956) | 1,930,148 | (183,474) | (2,463) | 3,602 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Stock-based compensation | 30,607 | 30,607 | 30,607 | |||||||
Exercise of stock options | 10,786 | 10,786 | 4 | 10,782 | ||||||
Shares issued under equity awards (taxes paid related to net share settlement of equity awards), net | (9,166) | (9,166) | (9,166) | |||||||
Purchase of common stock | (95,690) | (95,690) | (95,690) | |||||||
Contra equity - indemnification receivable for acquisition related tax liability | 2,463 | 2,463 | 2,463 | |||||||
Other | 1,128 | 1,128 | 309 | 819 | ||||||
Net earnings | 269,096 | 269,096 | 269,096 | |||||||
Dividends | (34,481) | (34,481) | 883 | (35,364) | ||||||
Other comprehensive income: | ||||||||||
Pension funded status adjustment, (net of tax (expense) benefit) | (5,375) | (5,375) | (5,375) | |||||||
Net unrealized gain (loss) on derivative instruments (net of tax benefit (expense)) | (656) | (656) | (656) | |||||||
Foreign currency translation adjustment | (15,521) | (15,346) | (15,346) | (175) | ||||||
Ending Balance at Mar. 31, 2024 | $ 1,757,072 | $ 1,753,645 | $ 0 | $ 564 | $ 629,879 | $ (835,827) | $ 2,163,880 | $ (204,851) | $ 0 | $ 3,427 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Equity (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Statement of Stockholders' Equity [Abstract] | |||
Dividends per common share | $ 0.85 | $ 0.70 | $ 0.70 |
Pension funded status adjustment (net of tax (expense) benefit) | $ 1,787 | $ 2,947 | $ 1,910 |
Tax expense related to unrealized gain (loss) on derivative instruments | (197) | (469) | (789) |
Stock-based compensation | 30,607 | 26,371 | 24,289 |
Exercise of stock options | 10,786 | 4,393 | 1,336 |
Shares issued under equity awards (taxes paid related to net share settlement of equity awards), net | (9,166) | (6,453) | (9,150) |
Treasury Stock, Value, Acquired, Cost Method | (95,690) | (22,907) | (156,366) |
Contra equity - indemnification receivable for acquisition related tax liability | 2,463 | 1,157 | 1,735 |
Other | 1,128 | 1,051 | 828 |
Net earnings | 269,096 | 175,810 | 143,911 |
Dividends | (34,481) | (28,537) | (29,353) |
Dissolution of joint venture | (47) | ||
Pension funded status adjustment, (net of tax (expense) benefit) | (5,375) | 8,214 | 8,310 |
Net unrealized gain (loss) on derivative instruments (net of tax benefit (expense)) | (656) | (1,552) | 2,603 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | (15,521) | (46,941) | (38,397) |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 1,757,072 | $ 1,603,881 | $ 1,493,275 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Cash flows from operating activities | |||
Net earnings | $ 269,096 | $ 175,810 | $ 143,911 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | |||
Depreciation and amortization | 92,021 | 91,153 | 95,878 |
Write-off of assets relating to restructuring and other exit charges | 24,229 | 8,920 | 6,503 |
Loss on assets held for sale | 0 | 0 | 2,973 |
Impairment of indefinite-lived intangibles | 13,619 | 480 | 1,178 |
Derivatives not designated in hedging relationships: | |||
Net losses (gains) | 846 | (1,182) | 157 |
Cash proceeds (settlements) | (255) | 470 | 255 |
Provision for doubtful accounts | 1,873 | (431) | 2,621 |
Deferred income taxes | (29,344) | (15,236) | 1,115 |
Non-cash interest expense | 2,450 | 1,964 | 2,107 |
Stock-based compensation | 30,607 | 26,371 | 24,289 |
Gain on disposal of property, plant, and equipment | 908 | (113) | (490) |
Changes in assets and liabilities, net of effects of acquisitions: | |||
Accounts receivable | 108,631 | 67,553 | (128,956) |
Inventories | 75,633 | (96,413) | (212,839) |
Prepaid and other current assets | (112,701) | 23,689 | (32,044) |
Other assets | 6,027 | (6,298) | 270 |
Accounts payable | (15,131) | (4,236) | 65,316 |
Accrued expenses | (8,254) | 5,747 | (38,578) |
Other liabilities | (3,226) | 1,690 | 749 |
Net cash provided by (used in) operating activities | 457,029 | 279,938 | (65,585) |
Cash flows from investing activities | |||
Capital expenditures | (86,437) | (88,772) | (74,041) |
Purchase of businesses | (8,270) | 0 | 0 |
Proceeds from disposal of facility | 0 | 0 | 3,268 |
Proceeds from disposal of property, plant, and equipment | 2,228 | 586 | 1,540 |
Proceeds from termination of net investment hedges | 0 | 43,384 | 0 |
Net cash used in investing activities | (92,479) | (44,802) | (69,233) |
Cash flows from financing activities | |||
Net borrowings (repayments) on short-term debt | (231) | (21,719) | 20,556 |
Proceeds from Second Amended Revolver borrowings | 182,500 | 310,500 | 523,400 |
Repayments of Second Amended Revolver borrowings | (427,500) | (500,500) | (88,400) |
Proceeds from Amended 2017 Term Loan | 0 | 300,000 | 0 |
Proceeds from 2032 Bonds | 300,000 | 0 | 0 |
Repayments of 2023 Senior Notes | 0 | (300,000) | 0 |
Repayments of Second and Third Amended Term Loan | 293,889 | 5,215 | 161,447 |
Debt issuance costs | (4,061) | (1,121) | (2,952) |
Finance lease obligations and other | 1,169 | 1,110 | 810 |
Option proceeds, net | 10,786 | 4,392 | 1,336 |
Payment of taxes related to net share settlement of equity awards | (9,166) | (6,453) | (9,150) |
Purchase of treasury stock | (95,688) | (22,907) | (156,366) |
Dividends paid to stockholders | (34,480) | (28,537) | (29,353) |
Net cash (used in) provided by financing activities | (370,560) | (270,450) | 98,434 |
Effect of exchange rate changes on cash and cash equivalents | (7,331) | (20,509) | (12,936) |
Net (decrease) increase in cash and cash equivalents | (13,341) | (55,823) | (49,320) |
Cash and cash equivalents at beginning of year | 346,665 | 402,488 | 451,808 |
Cash and cash equivalents at end of year | $ 333,324 | $ 346,665 | $ 402,488 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Mar. 31, 2024 | |
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. Additionally, 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 at cost minus impairment, if any. 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 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 the customer arrangements. Each customer purchase order sets forth the transaction price for the products and services purchased under that arrangement. Some customer arrangements include variable consideration, such as volume rebates, some of which depend upon the customers meeting specified performance criteria, such as a purchasing level over a period of time. The Company uses judgment to estimate the most likely amount of variable consideration at each reporting date. When estimating variable consideration, the Company also applies judgment when considering the probability of whether a reversal of revenue could occur and only recognize revenue subject to this constraint. Service revenues related to the work performed for the Company’s customers by its maintenance technicians generally represent a separate and distinct performance obligation. Control for these services passes to the customer as the services are performed. The Company's typical payment terms are 30 days and sales arrangements do not contain any significant financing component for its customers. The Company uses historic customer product return data as a basis of estimation for customer returns and records the reduction of sales at the time revenue is recognized. Freight charges billed to customers are included in sales and the related shipping costs are included in cost of sales in the Consolidated Statements of Income. If shipping activities are performed after a customer obtains control of a product, the Company applies a policy election to account for shipping as an activity to fulfill the promise to transfer the product to the customer. The Company applies a policy election to exclude transaction taxes collected from customers from sales when the tax is both imposed on and concurrent with a specific revenue-producing transaction. The Company generally provides customers with a product warranty that provides assurance that the products meet standard specifications and are free of defects. The Company maintains a reserve for claims incurred under standard product warranty programs. Performance obligations related to service warranties are not material to the Consolidated Financial Statements. The Company pays sales commissions to its sales representatives, which may be considered as incremental costs to obtain a contract. However, since the recoverability period is less than one year, the Company has utilized the practical expedient to record these costs of obtaining a contract as an expense as they are incurred. Warranties The Company’s products are warranted for a period ranging from one one one 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 Accounts receivable are recorded net of an allowance for expected credit losses. The Company maintains an allowance for credit losses for the expected failure or inability of its customers to make required payments. The Company recognizes the allowance for expected credit losses at inception and reassesses quarterly based on management’s expectation of the asset’s collectability. The allowance is based on multiple factors including historical experience with bad debts, the credit quality of the customer base, the aging of such receivables and current macroeconomic conditions, as well as management’s expectations of conditions in the future. The Company’s allowance for uncollectible accounts receivable is based on management’s assessment of the collectability of assets pooled together with similar risk characteristics. Accounts are written off when management determines the account is uncollectible. The following table sets forth the changes in the Company's allowance for doubtful accounts: Balance at Beginning of Period Provision Write-offs, net of Recoveries and Other Balance at Fiscal year ended March 31, 2022 $ 12,992 $ 2,621 $ (3,394) $ 12,219 Fiscal year ended March 31, 2023 12,219 (431) (3,013) 8,775 Fiscal year ended March 31, 2024 8,775 1,873 (2,541) 8,107 Inventories Inventories are stated at the lower of cost or net realizable value. 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. The Company assesses whether goodwill 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 a reporting unit is less than its carrying amount, including goodwill. If based on this qualitative assessment the Company determines it is more likely than not that the fair value of a reporting unit is less than its carrying amount, or if the Company elects not to perform a qualitative assessment, a quantitative assessment is performed by determining the fair value of the Company's reporting units. Goodwill is tested for impairment by determining the fair value of the Company’s reporting units. These estimated fair values are based on financial projections, certain cash flow measures, and market capitalization. The Company estimates the fair value of its reporting units using a weighting of fair values derived from both the income approach and the market approach. Under the income approach, the Company calculates the fair value of a reporting unit based on the present value of estimated future cash flows. Cash flow projections are based on management's estimates of revenue growth rates and operating margins, taking into consideration industry and market conditions. The discount rate used is based on the weighted-average cost of capital adjusted for the relevant risk associated with business-specific characteristics and the uncertainty related to the business's ability to execute on the projected cash flows. The market approach estimates fair value based on market multiples of revenue and earnings derived from comparable publicly-traded companies with similar operating and investment characteristics as the reporting unit. The weighting of the fair value derived from the market approach ranges from 0% to 50% depending on the level of comparability of these publicly-traded companies to the reporting unit. In order to assess the reasonableness of the calculated fair values of its reporting units, the Company also compares the sum of the reporting units' fair values to its market capitalization and calculates an implied control premium (the excess of the sum of the reporting units' fair values over the market capitalization). The Company evaluates the control premium by comparing it to control premiums of recent comparable market transactions. The Company assesses whether indefinite-lived intangible assets impairment exists using both the qualitative and quantitative assessments. The qualitative assessment involves determining whether events or circumstances exist that indicate it is more likely than not that the fair value of an indefinite-lived intangible asset is less than its carrying amount. If based on this qualitative assessment, the Company determines it is more likely than not that the fair value of an indefinite-lived intangible asset is less than its carrying amount or if the Company elects not to perform a qualitative assessment, a quantitative assessment is performed to determine whether an indefinite-lived intangible asset impairment exists. The Company tests the indefinite-lived intangible assets for impairment by comparing the carrying value to the fair value based on current revenue projections of the related operations, under the relief from royalty method. Any excess of the carrying value over the amount of fair value is recognized as an impairment. Any such impairment is recognized in the reporting period in which it has been identified. Finite-lived assets such as customer relationships, technology, trademarks, licenses, and non-compete agreements are amortized on a straight-line basis over their estimated useful lives, generally over periods ranging from 3 to 20 years. The Company continually evaluates the reasonableness of the useful lives of these assets. Impairment of Long-Lived Assets The Company reviews the carrying values of its long-lived assets to be held and used for possible impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable, based on undiscounted estimated cash flows expected to result from its use and eventual disposition. The factors considered by the Company in performing this assessment include current operating results, trends and other economic factors. In assessing the recoverability of the carrying value of a long-lived asset, the Company must make assumptions regarding future cash flows and other factors. If these estimates or the related assumptions change in the future, the Company may be required to record an impairment loss for these assets. Environmental Expenditures The Company records a loss and establishes a reserve for environmental remediation liabilities when it is probable that an asset has been impaired or a liability exists and the amount of the liability can be reasonably estimated. Reasonable estimates involve judgments made by management after considering a broad range of information including notifications, demands or settlements that have been received from a regulatory authority or private party, estimates performed by independent engineering companies and outside counsel, available facts, existing and proposed technology, the identification of other potentially responsible parties, their ability to contribute and prior experience. These judgments are reviewed quarterly as more information is received and the amounts reserved are updated as necessary. However, the reserves may materially differ from ultimate actual liabilities if the loss contingency is difficult to estimate or if management’s judgments turn out to be inaccurate. If management believes no best estimate exists, the minimum probable loss is accrued. Derivative Financial Instruments The Company utilizes derivative instruments to mitigate volatility related to interest rates, lead prices and foreign currency exposures. The Company does not hold or issue derivative financial instruments for trading or speculative purposes. The Company recognizes derivatives as either assets or liabilities in the accompanying Consolidated Balance Sheets and measures those instruments at fair value. Changes in the fair value of those instruments are reported in AOCI if they qualify for hedge accounting or in earnings if they do not qualify for hedge accounting. Derivatives qualify for hedge accounting if they are designated as hedge instruments and if the hedge is highly effective in achieving offsetting changes in the fair value or cash flows of the asset or liability hedged. For lead and foreign currency forward contracts, effectiveness is measured on a regular basis using statistical analysis and by comparing the overall changes in the expected cash flows of the hedging instrument with the changes in the expected all-in cash outflow required for the underlying 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. In the case of cross currency fixed interest rate swap agreements, the swaps are remeasured with changes in fair value recognized in foreign currency translation adjustment within AOCI to offset the translation risk from the underlying investments. Balances in the foreign currency translation adjustment accounts remain until the sale or substantially complete liquidation of the foreign entity, upon which they are recognized as a component of income (expense). 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, 2024 and 2023. 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., Secured Overnight Financing Rate "SOFR"), forward foreign currency exchange rates (e.g., GBP and euro) and commodity prices (e.g., London Metals Exchange), as well as inputs that may not be observable, such as credit valuation adjustments. When observable inputs are used to measure all or most of the value of a contract, the contract is classified as Level 2. Over-the-counter (OTC) contracts are valued using quotes obtained from an exchange, binding and non-binding broker quotes. Furthermore, the Company obtains independent quotes from the market to validate the forward price curves. OTC contracts include forwards, swaps and options. To the extent possible, fair value measurements utilize various inputs that include quoted prices for similar contracts or market-corroborated inputs. When unobservable inputs are significant to the fair value measurement, the asset or liability is classified as Level 3. Additionally, Level 2 fair value measurements include adjustments for credit risk based on the Company’s own creditworthiness (for net liabilities) and its counterparties’ creditworthiness (for net assets). The Company assumes that observable market prices include sufficient adjustments for liquidity and modeling risks. The Company did not have any fair value measurements that transferred between Level 2 and Level 3 as well as Level 1 and Level 2. Income Taxes The Company accounts for income taxes using the asset and liability approach, which requires deferred tax assets and liabilities be recognized using enacted tax rates to measure the effect of temporary differences between book and tax bases on recorded assets and liabilities. Valuation allowances are recorded to reduce deferred tax assets, if it is more likely than not some portion or all of the deferred tax assets will not be realized. The need to establish valuation allowances against deferred tax assets is assessed quarterly. The primary factors used to assess the likelihood of realization are expected reversals of taxable temporary timing differences, forecasts of future taxable income and available tax planning strategies that could be implemented to realize the net deferred tax assets. The Company recognizes tax related interest and penalties in income tax expense in its Consolidated Statement of Income. With respect to accounting for uncertainty in income taxes, the Company evaluates tax positions to determine whether the benefits of tax positions are more likely than not of being sustained upon audit based on the technical merits of the tax position. For tax positions that are more likely than not of being sustained upon audit, the Company recognizes the largest amount of the benefit that is greater than 50% likely of being realized upon ultimate settlement. For tax positions that are not more likely than not of being sustained upon audit, the Company does not recognize any portion of the benefit. If the more likely than not threshold is not met in the period for which a tax position is taken, the Company may subsequently recognize the benefit of that tax position if the tax matter is effectively settled, the statute of limitations expires, or if the more likely than not threshold is met in a subsequent period. No additional income taxes have been provided for any undistributed foreign earnings or any additional outside basis difference inherent in these entities, as these amounts continue to be indefinitely reinvested in foreign operations. Regarding the GILTI tax rules, the Company is allowed to make an accounting policy choice of either (1) treating the taxes due on future US inclusions in taxable income as a current-period expense when incurred (“period cost method”) or (2) factoring amounts into a Company’s measurement of its deferred taxes (“deferred method”). The Company has elected the period cost method. Production Credits Under the Inflation Reduction Act On August 16, 2022, the Inflation Reduction Act of 2022 (“IRA”) was enacted, and on December 14, 2023, the United States Treasury issued proposed regulations, which provided further guidance related to the Section 45X Advanced Manufacturing Production Credit (AMPC). The IRA includes multiple incentives to promote clean energy, and energy storage manufacturing among other provisions with tax credits available from 2023 to 2032, subject to phase out beginning in 2030. In particular, the IRA creates a refundable tax credit, pursuant to Section 45X of the Internal Revenue Code (“IRC”), for battery cells and battery modules manufactured or assembled in the United States and sold to third parties as well a credit for electrode active material for batteries. Refundable tax credits are accounted for by analogy to government grants, as the taxpayer can realize the benefit regardless of whether or not they have an income tax liability. Therefore, these amounts are not considered income taxes and fall outside the scope of Topic 740. The Company accounts for government assistance that is not subject to the scope of ASC 740 using a grant accounting model, by analogy to International Accounting Standards 20, Accounting for Government Grants and Disclosure of Government Assistance, and recognizes such grants when the Company has reasonable assurance that it will comply with the grant’s conditions and that the grant will be received. The Company recognizes these credits as a reduction in cost of sales within the Consolidated Statement of Income as revenue and costs are recognized on the qualifying finished goods. The AMPCs are also reflected in the Consolidated Balance Sheet as a reduction of income tax payable within accrued expenses and other liabilities. Any credit generated in excess of those liabilities would be recorded as a refund of taxes and reflected in other current assets. In fiscal 2024 and 2023, the IRA impact resulted in a reduction of our costs of goods sold and income tax payable of $136,360 and $17,283, respectively. 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 condition-based awards The Company grants market condition-based awards and performance condition-based awards. Beginning in fiscal 2017 and until fiscal 2020, the Company granted market condition-based awards (“TSR”). A participant may earn between 0% to 200% of the number of awards granted, based on the total shareholder return of the Company's common stock over a three-year period, relative to the shareholder return of a defined peer group. The awards cliff vest on the third anniversary of the date of grant and are settled in common stock on the first anniversary of the vesting date. The TSR is calculated by dividing the sixty or ninety calendar day average price at end of the period (as applicable) and the reinvested dividends thereon by such sixty or ninety calendar day average price at start of the period. The maximum number of awards earned is capped at 200% of the target award. Additionally, no payout will be awarded in the event that the TSR at the vesting date reflects less than a 25% return from the average price at the grant date. These share units are similar to the share units granted prior to fiscal 2016, except that under these awards, the targets are more difficult to achieve as they are tied to the TSR of a defined peer group. The fair value of these awards is estimated at the date of grant, using a Monte Carlo Simulation. The Company recognizes compensation expense using the straight-line method over the life of the market condition-based awards except for those issued to certain retirement-eligible participants, which are expensed on an accelerated basis. Restricted Stock Units The fair value of restricted stock units is based on the closing market price of the Company’s common stock on the date of grant. These awards generally vest, and are settled in common stock, at 25% per year, over a four-year period from the date of grant. The Company recognizes compensation expense using the straight-line method over the life of the restricted stock units. Stock Options The fair value of the options granted is estimated at the date of grant using the Black-Scholes option-pricing model utilizing assumptions based on historical data and current market data. The assumptions include expected term of the options, risk-free interest rate, expected volatility, and dividend yield. The expected term represents the expected amount of time that options granted are expected to be outstanding, based on historical and forecasted exercise behavior. The risk-free rate is based on the rate at the grant date of zero-coupon U.S. Treasury Notes with a term equal to the expected term of the option. Expected volatility is estimated using historical volatility rates based on historical weekly price changes over a term equal to the expected term of the options. The Company’s dividend yield is based on historical data. The Company recognizes compensation expense using the straight-line method over the vesting period of the options except for those issued to certain retirement-eligible participants, which are expensed on an accelerated basis. Forfeitures Forfeitures of share-based awards are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. Earnings Per Share Basic earnings per common share (“EPS”) are computed by dividing net earnings attributable to EnerSys stockholders by the weighted-average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that would occur if securities or other contracts to issue common stock were exercised or converted into common stock utilizing the treasury stock method. At March 31, 2024, 2023 and 2022, the Company had outstanding stock options, restricted stock units, market condition and performance condition-based awards, which could potentially dilute basic earnings per share in the future. Segment Reporting The Company's chief operating decision maker, or CODM (the Company's Chief Executive Officer), reviews financial information for purposes of assessing business performance and allocating resources, by focusing on the lines of business on a global basis. The Company excludes certain items that are not included in the segment performance as these are managed and viewed on a consolidated basis. The Company identifies the following as its four operating segments, based on lines of business: • Energy Systems - uninterruptible power systems, or “UPS” applications for computer and computer-controlled systems used in data centers, as well as telecommunications systems, switchgear and electrical control systems used in industrial facilities and electric utilities, large-scale energy storage and energy pipelines. Energy Systems also includes highly integrated power solutions and services to broadband, telecom, data center, and renewable and industrial customers, as well as thermally managed cabinets and enclosures for electronic equipment and batteries. • Motive Power - power for electric industrial forklifts used in manufacturing, warehousing and other material handling applications, AGVs, as well as mining equipment, diesel locomotive starting and other rail equipment. • Specialty - premium batteries for starting, lighting and ignition applications i |
Revenue Recognition
Revenue Recognition | 12 Months Ended |
Mar. 31, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | Revenue Recognition The Company's revenues by reportable segments are presented in Note 23. A small portion of the Company's customer arrangements oblige the Company to create customized products for its customers that require the bundling of both products and services into a single performance obligation because the individual products and services that are required to fulfill the customer requirements do not meet the definition for a distinct performance obligation. These customized products generally have no alternative use to the Company and the terms and conditions of these arrangements give the Company the enforceable right to payment for performance completed to date, including a reasonable profit margin. For these arrangements, control transfers over time and the Company measures progress towards completion by selecting the input or output method that best depicts the transfer of control of the underlying goods and services to the customer for each respective arrangement. Methods used by the Company to measure progress toward completion include labor hours, costs incurred and units of production. Revenues recognized over time for fiscal 2024, 2023 and 2022 amounted to $251,820, $244,013 and $193,824, respectively. On March 31, 2024, the aggregate transaction price allocated to unsatisfied (or partially unsatisfied) performance obligations was approximately $147,016, of which, the Company estimates that approximately $111,041 will be recognized as revenue in fiscal 2025, $27,644 in fiscal 2026, and $8,287 in fiscal 2027, and $24 thereafter. 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, 2024, the current and non-current portion of contract liabilities were $27,649 and $960, respectively. As of March 31, 2023, the current and non-current portion of contract liabilities were $34,594 and $1,437, respectively. Revenues recognized during fiscal 2024 and fiscal 2023, that were included in the contract liability at the beginning of the year, amounted to 20,166 and $9,779, respectively. Amounts representing work completed and not billed to customers represent contract assets and were $55,363 and $48,616 as of March 31, 2024 and March 31, 2023, 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, 2024, the right of return asset related to the value of inventory anticipated to be returned from customers was $4,530 and refund liability representing amounts estimated to be refunded to customers was $7,399. |
Leases
Leases | 12 Months Ended |
Mar. 31, 2024 | |
Leases [Abstract] | |
Leases | Leases The Company leases manufacturing facilities, distribution centers, office space, vehicles and other equipment under non-cancellable leases with initial terms typically ranging from 1 to 16 years. At contract inception, the Company reviews the terms of the arrangement to determine if the contract is or contains a lease. Guidance in Topic 842 is used to evaluate whether the contract has an identified asset; if the Company has the right to obtain substantially all economic benefits from the asset; and if it has the right to direct the use of the underlying asset. When determining if a contract has an identified asset, the Company considers both explicit and implicit assets, and whether the supplier has the right to substitute the asset. When determining if the Company has the right to obtain substantially all economic benefits from the asset, the Company considers the primary outputs of the identified asset throughout the period of use and determines if it receives greater than 90% of those benefits. When determining if it has the right to direct the use of an underlying asset, the Company considers if it has the right to direct how and for what purpose the asset is used throughout the period of use and if it controls the decision-making rights over the asset. Lease terms may include options to extend or terminate the lease. The Company exercises its judgment to determine the term of those leases when extension or termination options are present and include such options in the calculation of the lease term when it is reasonably certain that the Company will exercise those options. The Company has elected to include both lease and non-lease components in the determination of lease payments for all asset classes. Payments made to a lessor for items such as taxes, insurance, common area maintenance, or other costs commonly referred to as executory costs, are also included in lease payments if they are fixed. The fixed portion of these payments are included in the calculation of the lease liability, while any variable portion would be recognized as variable lease expenses, when incurred. Variable payments made to third parties for these, or similar costs, such as utilities, are not included in the calculation of lease payments. Both finance and operating leases are reflected as liabilities on the commencement date of the lease based on the present value of the lease payments to be made over the lease term. As most of the leases do not provide an implicit rate, the Company has exercised judgment in electing the incremental borrowing rate based on the information available when the lease commences to determine the present value of future payments. Right-of-use assets are valued at the initial measurement of the lease liability, plus any initial direct costs or rent prepayments and reduced by any lease incentives and any deferred lease payments. Operating lease expense is recognized on a straight-line basis over the lease term. Finance lease expense includes depreciation, which is recognized on a straight-line basis over the expected life of the leased asset, and interest expense, which is recognized following an effective interest rate method. Short term leases with an initial term of 12 months or less are not presented on the balance sheet and expense is recognized as incurred. The current and non-current portion of operating lease liabilities are reflected in accrued expenses and other liabilities, respectively, on the consolidated balance sheets. The right-of use assets relating to operating and finance leases are reflected in other assets and property, plant and equipment, respectively, on the consolidated balance sheets. The following table presents lease assets and liabilities and their balance sheet classification: Classification As of March 31, 2024 As of March 31, 2023 Operating Leases: Right-of-use assets Other assets $ 76,413 $ 85,237 Operating lease current liabilities Accrued expenses 19,280 21,230 Operating lease non-current liabilities Other liabilities 61,687 66,555 Finance Leases: Right-of-use assets Property, plant, and equipment, net $ 878 $ 342 Finance lease current liabilities Current portion of finance leases 237 90 Finance lease non-current liabilities Finance leases 647 254 The components of lease expense for the fiscal years ended March 31, 2024 and March 31, 2023 were as follows: Classification March 31, 2024 March 31, 2023 Operating Leases: Operating lease cost Operating expenses $ 28,030 $ 20,232 Variable lease cost Operating expenses 11,669 9,816 Short term lease cost Operating expenses 8,078 4,310 Finance Leases: Depreciation Operating expenses $ 297 $ 95 Interest expense Interest expense 57 10 Total $ 48,131 $ 34,463 The following table presents the weighted average lease term and discount rates for leases as of March 31, 2024 and March 31, 2023: March 31, 2024 March 31, 2023 Operating Leases: Weighted average remaining lease term (years) 5.5 years 5.9 years Weighted average discount rate 5.38% 4.93% Finance Leases: Weighted average remaining lease term (years) 3.8 years 3.7 years Weighted average discount rate 7.4% 6.79% The following table presents future payments due under leases reconciled to lease liabilities as of March 31, 2024: Finance Leases Operating Leases Year ended March 31, 2025 $ 290 $ 22,890 2026 256 20,048 2027 232 16,819 2028 194 13,200 2029 39 7,846 Thereafter — 13,224 Total undiscounted lease payments 1,012 94,026 Present value discount 128 13,059 Lease liability $ 884 $ 80,967 The following table presents supplemental disclosures of cash flow information related to leases for the fiscal years ended March 31, 2024 and March 31, 2023: March 31, 2024 March 31, 2023 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from finance leases $ 57 $ 15 Operating cash flows from operating leases 27,406 27,176 Financing cash flows from finance leases 275 151 Supplemental non-cash information on lease liabilities arising from right-of-use assets: Right-of-use assets obtained in exchange for new finance lease liabilities $ 811 $ 254 Right-of-use assets obtained in exchange for new operating lease liabilities 31,284 24,423 |
Leases | Leases The Company leases manufacturing facilities, distribution centers, office space, vehicles and other equipment under non-cancellable leases with initial terms typically ranging from 1 to 16 years. At contract inception, the Company reviews the terms of the arrangement to determine if the contract is or contains a lease. Guidance in Topic 842 is used to evaluate whether the contract has an identified asset; if the Company has the right to obtain substantially all economic benefits from the asset; and if it has the right to direct the use of the underlying asset. When determining if a contract has an identified asset, the Company considers both explicit and implicit assets, and whether the supplier has the right to substitute the asset. When determining if the Company has the right to obtain substantially all economic benefits from the asset, the Company considers the primary outputs of the identified asset throughout the period of use and determines if it receives greater than 90% of those benefits. When determining if it has the right to direct the use of an underlying asset, the Company considers if it has the right to direct how and for what purpose the asset is used throughout the period of use and if it controls the decision-making rights over the asset. Lease terms may include options to extend or terminate the lease. The Company exercises its judgment to determine the term of those leases when extension or termination options are present and include such options in the calculation of the lease term when it is reasonably certain that the Company will exercise those options. The Company has elected to include both lease and non-lease components in the determination of lease payments for all asset classes. Payments made to a lessor for items such as taxes, insurance, common area maintenance, or other costs commonly referred to as executory costs, are also included in lease payments if they are fixed. The fixed portion of these payments are included in the calculation of the lease liability, while any variable portion would be recognized as variable lease expenses, when incurred. Variable payments made to third parties for these, or similar costs, such as utilities, are not included in the calculation of lease payments. Both finance and operating leases are reflected as liabilities on the commencement date of the lease based on the present value of the lease payments to be made over the lease term. As most of the leases do not provide an implicit rate, the Company has exercised judgment in electing the incremental borrowing rate based on the information available when the lease commences to determine the present value of future payments. Right-of-use assets are valued at the initial measurement of the lease liability, plus any initial direct costs or rent prepayments and reduced by any lease incentives and any deferred lease payments. Operating lease expense is recognized on a straight-line basis over the lease term. Finance lease expense includes depreciation, which is recognized on a straight-line basis over the expected life of the leased asset, and interest expense, which is recognized following an effective interest rate method. Short term leases with an initial term of 12 months or less are not presented on the balance sheet and expense is recognized as incurred. The current and non-current portion of operating lease liabilities are reflected in accrued expenses and other liabilities, respectively, on the consolidated balance sheets. The right-of use assets relating to operating and finance leases are reflected in other assets and property, plant and equipment, respectively, on the consolidated balance sheets. The following table presents lease assets and liabilities and their balance sheet classification: Classification As of March 31, 2024 As of March 31, 2023 Operating Leases: Right-of-use assets Other assets $ 76,413 $ 85,237 Operating lease current liabilities Accrued expenses 19,280 21,230 Operating lease non-current liabilities Other liabilities 61,687 66,555 Finance Leases: Right-of-use assets Property, plant, and equipment, net $ 878 $ 342 Finance lease current liabilities Current portion of finance leases 237 90 Finance lease non-current liabilities Finance leases 647 254 The components of lease expense for the fiscal years ended March 31, 2024 and March 31, 2023 were as follows: Classification March 31, 2024 March 31, 2023 Operating Leases: Operating lease cost Operating expenses $ 28,030 $ 20,232 Variable lease cost Operating expenses 11,669 9,816 Short term lease cost Operating expenses 8,078 4,310 Finance Leases: Depreciation Operating expenses $ 297 $ 95 Interest expense Interest expense 57 10 Total $ 48,131 $ 34,463 The following table presents the weighted average lease term and discount rates for leases as of March 31, 2024 and March 31, 2023: March 31, 2024 March 31, 2023 Operating Leases: Weighted average remaining lease term (years) 5.5 years 5.9 years Weighted average discount rate 5.38% 4.93% Finance Leases: Weighted average remaining lease term (years) 3.8 years 3.7 years Weighted average discount rate 7.4% 6.79% The following table presents future payments due under leases reconciled to lease liabilities as of March 31, 2024: Finance Leases Operating Leases Year ended March 31, 2025 $ 290 $ 22,890 2026 256 20,048 2027 232 16,819 2028 194 13,200 2029 39 7,846 Thereafter — 13,224 Total undiscounted lease payments 1,012 94,026 Present value discount 128 13,059 Lease liability $ 884 $ 80,967 The following table presents supplemental disclosures of cash flow information related to leases for the fiscal years ended March 31, 2024 and March 31, 2023: March 31, 2024 March 31, 2023 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from finance leases $ 57 $ 15 Operating cash flows from operating leases 27,406 27,176 Financing cash flows from finance leases 275 151 Supplemental non-cash information on lease liabilities arising from right-of-use assets: Right-of-use assets obtained in exchange for new finance lease liabilities $ 811 $ 254 Right-of-use assets obtained in exchange for new operating lease liabilities 31,284 24,423 |
Accounts Receivable
Accounts Receivable | 12 Months Ended |
Mar. 31, 2024 | |
Receivables [Abstract] | |
Accounts Receivable | Accounts Receivable March 31, 2024 2023 Accounts receivable $ 532,832 $ 646,592 Allowance for doubtful accounts 8,107 8,775 Accounts receivable, net $ 524,725 $ 637,817 During fiscal 2023, the Company entered into a Receivables Purchase Agreement (RPA), under which the Company continuously sells its interest in designated pools of trade accounts receivables, at a discount, to a special purpose entity, which in turn sells certain of the receivables to an unaffiliated financial institution ("unaffiliated financial institution") on a monthly basis. The Company may sell certain US-originated accounts receivable balances up to a maximum amount of $150,000. In return for these sales, the Company receives a cash payment equal to the face value of the receivables and is charged a fee of Secured Overnight Financing Rate (“SOFR”) plus 85 basis points against the sold receivable balance. The program is conducted through EnerSys Finance LLC ("EnerSys Finance"), an entity structured to be bankruptcy remote, and matures in December 2025. The Company is deemed the primary beneficiary of EnerSys Finance as the Company has both the power to direct the activities that most significantly impact the entity’s economic performance and the obligation to absorb losses or the right to receive the benefits that could potentially be significant to the entity from the transfer of the trade accounts receivables into the special purpose entity. Accordingly, EnerSys Finance is included in the Company’s Consolidated Financial Statements. Receivables sold to unaffiliated financial institutions under the program are excluded from “Accounts receivable, net” on the Company’s Consolidated Balance Sheets, and cash receipts are reflected as cash provided by operating activities on the Consolidated Statements of Cash Flows. The purchase price is received in cash when the receivables are sold, and fees charged relating to this balance are recorded to other (income) expense. Certain unsold receivables held by EnerSys Finance serve as collateral to unaffiliated financial institutions. These unsold receivables are included in “Accounts receivable, net” in the Company’s Consolidated Balance Sheets. The Company continues servicing the receivables which were sold and in exchange receives a servicing fee from EnerSys Finance under the program. During fiscal 2024, the Company sold $710,746 of accounts receivables for approximately $710,746 in net proceeds to an unaffiliated financial institution, of which $710,746 were collected as of March 31, 2024. Total collateralized accounts receivables of approximately $341,223, were held by EnerSys Finance at March 31, 2024. During fiscal 2023, the Company sold $343,013 of accounts receivables for approximately $192,713 in net proceeds to an unaffiliated financial institution, of which $193,013 were collected as of March 31, 2023. Total collateralized accounts receivables of approximately $274,121, were held by EnerSys Finance at March 31, 2023. |
Inventories
Inventories | 12 Months Ended |
Mar. 31, 2024 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories March 31, 2024 2023 Raw materials $ 284,773 $ 323,418 Work-in-process 115,191 123,401 Finished goods 297,734 350,979 Total $ 697,698 $ 797,798 |
Property, Plant, and Equipment
Property, Plant, and Equipment | 12 Months Ended |
Mar. 31, 2024 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant, and Equipment | Property, Plant, and Equipment Property, plant, and equipment consist of: March 31, 2024 2023 Land, buildings, and improvements $ 313,258 $ 312,294 Machinery and equipment 930,858 881,198 Construction in progress 91,829 75,053 1,335,945 1,268,545 Less accumulated depreciation (803,495) (755,262) Total $ 532,450 $ 513,283 Depreciation expense for the fiscal years ended March 31, 2024, 2023, and 2022 totaled $64,028, $60,405, and $62,584, respectively. Interest capitalized in connection with major capital expenditures amounted to $1,268, $857, and $447 for the fiscal years ended March 31, 2024, 2023 and 2022, respectively. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Mar. 31, 2024 | |
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, 2024 2023 Gross Accumulated Net Gross Accumulated Net Indefinite-lived intangible assets: Trademarks $ 131,167 $ (953) $ 130,214 $ 144,702 $ (953) $ 143,749 Finite-lived intangible assets: Customer relationships 295,215 (147,833) 147,382 295,293 (130,262) 165,031 Non-compete 2,825 (2,825) — 2,825 (2,825) — Technology 96,708 (55,969) 40,739 96,713 (47,585) 49,128 Trademarks 9,554 (8,482) 1,072 8,946 (6,442) 2,504 Licenses 1,196 (1,196) — 1,196 (1,196) — Total $ 536,665 $ (217,258) $ 319,407 $ 549,675 $ (189,263) $ 360,412 The Company’s amortization expense related to finite-lived intangible assets was $27,993, $30,748, and $33,294, for the years ended March 31, 2024, 2023 and 2022, respectively. The expected amortization expense based on the finite-lived intangible assets as of March 31, 2024, is $26,574 in fiscal 2025, $25,646 in fiscal 2026, $24,844 in fiscal 2027, $24,280 in fiscal 2028 and $22,451 in fiscal 2029. Goodwill The following table presents the changes in the carrying amount of goodwill by segment during fiscal 2023 and 2024: Energy Systems Motive Power Specialty Total Balance at March 31, 2022 $ 279,461 $ 323,303 $ 97,876 $ 700,640 Foreign currency translation adjustment (21,257) (1,773) (895) (23,925) Balance at March 31, 2023 $ 258,204 $ 321,530 $ 96,981 $ 676,715 Acquisitions — 4,390 — 4,390 Foreign currency translation adjustment 807 798 224 1,829 Balance at March 31, 2024 $ 259,011 $ 326,718 $ 97,205 $ 682,934 Impairment of goodwill, finite and indefinite-lived intangibles Goodwill is tested annually for impairment during the fourth quarter or earlier upon the occurrence of certain events or substantive changes in circumstances that indicate goodwill is more likely than not impaired. The Company did not record any impairment relating to its goodwill during fiscal 2024, 2023, and 2022. During the fiscal year 2024 and 2023, the Company recorded non-cash charges of $13,619 and $480, respectively, related to impairment of indefinite-lived trademarks under the caption “Impairment of indefinite-lived intangibles” in the Consolidated Statements of Income. Management completed its evaluation of key inputs used to estimate the fair value of its indefinite-lived trademarks and determined that an impairment charge was appropriate. |
Prepaid and Other Current Asset
Prepaid and Other Current Assets | 12 Months Ended |
Mar. 31, 2024 | |
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, 2024 2023 Prepaid income taxes $ 94,866 $ 4,915 Contract assets 55,363 48,616 Prepaid non-income taxes 19,509 17,946 Non-trade receivables 4,124 6,978 Other 53,087 35,146 Total $ 226,949 $ 113,601 |
Accrued Expenses
Accrued Expenses | 12 Months Ended |
Mar. 31, 2024 | |
Payables and Accruals [Abstract] | |
Accrued Expenses | Accrued Expenses Accrued expenses consist of the following: March 31, 2024 2023 Payroll and benefits $ 84,734 $ 80,826 Accrued selling expenses 46,738 47,330 Contract liabilities 27,649 34,594 Warranty 26,304 24,226 Operating lease liabilities 19,280 21,230 VAT and other non-income taxes 17,595 15,321 Freight 16,549 16,482 Income taxes payable (1) 16,716 8,152 Interest 9,201 7,531 Other 58,954 53,255 Total $ 323,720 $ 308,947 |
Debt
Debt | 12 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Debt | Debt The following summarizes the Company’s long-term debt as of March 31, 2024 and March 31, 2023: 2024 2023 Principal Unamortized Issuance Costs Principal Unamortized Issuance Costs Senior Notes $ 600,000 $ 6,064 $ 300,000 $ 2,705 Fourth Amended Credit Facility, due 2026 210,000 1,971 748,413 3,719 $ 810,000 $ 8,035 $ 1,048,413 $ 6,424 Less: Unamortized issuance costs 8,035 6,424 Long-term debt, net of unamortized issuance costs $ 801,965 $ 1,041,989 The Company's Senior Notes comprise the following: 4.375% Senior Notes due 2027 On December 11, 2019, the Company issued $300,000 in aggregate principal amount of its 4.375% Senior Notes due December 15, 2027 (the “2027 Notes”). Proceeds from this offering, net of debt issuance costs were $296,250 and were utilized to pay down the Amended 2017 Revolver (defined below). The 2027 Notes bear interest at a rate of 4.375% per annum accruing from December 11, 2019. Interest is payable semiannually in arrears on June 15 and December 15 of each year, commencing on June 15, 2020. The 2027 Notes mature on December 15, 2027, unless earlier redeemed or repurchased in full and are unsecured and unsubordinated obligations of the Company. They are fully and unconditionally guaranteed, jointly and severally, by certain of its subsidiaries that are guarantors under the Fourth Amended Credit Facility (defined below). These guarantees are unsecured and unsubordinated obligations of such guarantors. The Company may redeem, prior to September 15, 2027, all or a portion of the 2027 Notes at a price equal to 100% of the principal amount of the 2027 Notes to be redeemed, plus accrued and unpaid interest and a “make whole” premium to, but excluding, the redemption date. The Company may redeem, on or after September 15, 2027, all or a portion of the 2027 Notes at a price equal to 100% of the principal amount of the 2027 Notes, plus accrued and unpaid interest to, but excluding, the redemption date. If a change of control triggering event occurs, the Company will be required to offer to repurchase the 2027 Notes at a price in cash equal to 101% of the aggregate principal amount of the 2027 Notes, plus accrued and unpaid interest to, but excluding, the date of repurchase. The 2027 Notes were rank pari passu with the 2023 Notes (defined below) prior to their redemption. 6.625% Senior Notes due 2032 On January 11, 2024, the Company issued $300,000 in aggregate principal amount of its 6.625% Senior Notes due January 15, 2032 (the “2032 Notes”). Proceeds from this offering, net of debt issuance costs were $297,000 and were utilized to pay down the Fourth Amended Credit Facility. The 2032 Notes bear interest at a rate of 6.625% per annum accruing from January 11, 2024. Interest is payable semiannually in arrears on January 15 and July 15 of each year, commencing on July 15, 2024. The 2032 Notes mature on January 15, 2032, unless earlier redeemed or repurchased in full and are unsecured and unsubordinated obligations of the Company. They are fully and unconditionally guaranteed, jointly and severally, by certain of its subsidiaries that are guarantors under the Fourth Amended Credit Facility (defined below). These guarantees are unsecured and unsubordinated obligations of such guarantors. The Company may redeem, prior to January 15, 2027, all or a portion of the 2032 Notes at a price equal to 100% of the aggregate principal amount of the 2032 Notes to be redeemed, plus accrued and unpaid interest and a “make whole” premium to, but excluding, the redemption date. The Company may redeem, on or after January 15, 2027, all or a portion of the 2032 Notes at a price equal to 100% of the principal amount of the 2032 Notes, plus accrued and unpaid interest and a redemption premium to, but excluding, the redemption date. The Company may, in compliance with certain conditions, on any one or more occasions redeem up to 40% of the original aggregate principal amount of the 2032 Notes, with the net cash proceeds of one or more equity offerings at a price equal to 106.625% of the aggregate principal amount of the 2032 Notes, plus accrued and unpaid interest to, but excluding, the redemption date. If a change of control triggering event occurs, the Company will be required to offer to repurchase the 2032 Notes at a price in cash equal to 101% of the aggregate principal amount of the 2032 Notes, plus accrued and unpaid interest to, but excluding, the date of repurchase. 2017 Credit Facility and Subsequent Amendments In fiscal 2018, the Company entered into a credit facility (the “2017 Credit Facility”). The 2017 Credit Facility scheduled to mature on September 30, 2022, initially comprised a $600,000 senior secured revolving credit facility (“2017 Revolver”) and a $150,000 senior secured term loan (“2017 Term Loan”). The Company utilized the borrowings from the 2017 Credit Facility to repay its pre-existing credit facility. In fiscal 2019, the Company amended the 2017 Credit Facility (as amended, the “Amended Credit Facility”) to fund the Alpha acquisition. The Amended Credit Facility consisted of $449,105 senior secured term loans (the “Amended Term Loan”), including a CAD 133,050 ($99,105) senior secured term loan and a $700,000 senior secured revolving credit facility (the “Amended Revolver”). The amendment resulted in an increase of the 2017 Term Loan and the 2017 Revolver by $299,105 and $100,000, respectively. During the second quarter of fiscal 2022, the Company entered into a second amendment to the 2017 Credit Facility (as amended, the “Second Amended Credit Facility”). The Second Amended Credit Facility, scheduled to mature on September 30, 2026, consists of a $130,000 senior secured term loan (the “Second Amended Term Loan”), a CAD 106,440 ($84,229) senior secured term loan and an $850,000 senior secured revolving credit facility (the “Second Amended Revolver”). The second amendment resulted in a decrease of the Amended Term Loan by $150,000 and an increase of the Amended Revolver by $150,000. During the second quarter of fiscal 2023, the Company entered into a third amendment to the 2017 Credit Facility (as amended, the “Third Amended Credit Facility”). The Third Amended Credit Facility provides a new incremental delayed-draw senior secured term loan up to $300,000 (the “Third Amended Term Loan”), which shall be available to draw at any time until March 15, 2023. Once drawn, the funds will mature on September 30, 2026, the same as the Company's Second Amended Term loan and Second Amended Revolver. In connection with the agreement, the Company incurred $1,161 in third party administrative and legal fees recognized in interest expense and capitalized $1,096 in charges from existing lenders as a deferred asset. During the fourth quarter of fiscal 2023, the Company drew $300,000 in the form of the Third Amended Term Loan. Additionally, the Company derecognized the capitalized deferred asset and recognized the $1,096 as a deferred financing costs. During the fourth quarter of fiscal 2023, the Company entered into a fourth amendment to the 2017 Credit Facility (as amended, the “Fourth Amended Credit Facility”). The Fourth Amended Credit Facility replaces the London Interbank Offered Rate (“LIBOR”) with the Secured Overnight Financing Rate (“SOFR”) in the calculation of interest for both the Second Amended Revolver and the Second Amended Term Loan. In the fourth quarter of fiscal year 2024, we received proceeds from the issuance of the 2032 Senior Notes and paid down $86,488 and $188,750 towards the Second and Third Amended Term loans and wrote off $753 in deferred finance costs. Subsequent to the fourth amendment, the quarterly installments payable on the Second Amended Term Loan are $2,607 beginning December 31, 2022, $3,911 beginning December 31, 2024 and $5,215 beginning December 31, 2025 with a final payment of $156,448 on September 30, 2026. The Fourth Amended Credit Facility may be increased by an aggregate amount of $350,000 in revolving commitments and /or one or more new tranches of term loans, under certain conditions. Both the Second Amended Revolver and the Second Amended Term Loan bear interest, at the Company's option, at a rate per annum equal to either (i) the SOFR or Canadian Dollar Offered Rate (“CDOR”) plus (i) Term SOFR plus between 1.125% and 2.25% (currently 1.125% 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%. The quarterly installments payable on the Third Amended Term Loan are $3,750 beginning June 30, 2023, $5,625 beginning December 31, 2024 and $7,500 beginning December 31, 2025 with a final payment of $232,500 on September 30, 2026. The Third Amended Term Loan bears interest, at the Company's option, at a rate per annum equal to either (i) the Secured Overnight Financing Rate (“SOFR”) plus 10 basis points plus (i) Term SOFR plus between 1.375% and 2.50% (currently 1.375% and based on the Company's consolidated net leverage ratio) or (ii) the U.S. Dollar Base Rate plus between 0.375% and 1.50%, 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 Term SOFR plus 1%; provided that, if the Base Rate shall be less than zero, such rate shall be deemed zero). Until the funds were drawn on March 13, 2023, the Company paid a commitment fee of 0.175% to 0.35% at a rate per annum on the unused portion. Obligations under the Fourth 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 Second 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 Fourth Amended Credit Facility allows for up to two temporary increases in the maximum leverage ratio to 4.50x from 4.00x to 4.25x for a four quarter period following an acquisition larger than $250,000. Effective with the Third Amended Credit Facility, the maximum leverage ratio increased from 3.50x to 4.25x effective to the last day of the second quarter of fiscal year 2024 and decreasing subsequently to 4.00x. As of March 31, 2024, the Company had $110,000 under the Second Amended Term Loan and $100,000 outstanding under the Third Amended Term Loan. Interest Rates on Long Term Debt The weighted average interest rate on the long term debt at March 31, 2024 and March 31, 2023, was 5.2% and 4.6%, respectively. Interest Paid The Company paid in cash, $48,080, $58,368 and $37,776, net of interest received, for interest during the fiscal years ended March 31, 2024, 2023 and 2022, 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, 2024 and 2023, the Company had $30,444 and $30,642, respectively, of short-term borrowings. The weighted-average interest rate on these borrowings was approximately 6.7% and 7.0%, respectively, for fiscal years ended March 31, 2024 and 2023. Letters of Credit As of March 31, 2024 and 2023, the Company had $3,919 and $3,565, respectively, of standby letters of credit. Debt Issuance Costs In fiscal 2024, the Company capitalized $4,061 in debt issuance costs in connection with the issuance of the Senior Notes. We also wrote off $753 in deferred finance costs relating to the Second and Third Amended Term Loans. In fiscal 2023, the Company capitalized $1,122 in debt issuance costs in connection with the Third and Fourth Amended Credit Facilities. Amortization expense, relating to debt issuance costs, included in interest expense was $1,697, $1,964, and $2,107 for the fiscal years ended March 31, 2024, 2023 and 2022, respectively. Debt issuance costs, net of accumulated amortization, totaled $8,035 and $6,424 as of March 31, 2024 and 2023, respectively. Available Lines of Credit As of March 31, 2024 and 2023, the Company had available and undrawn, under all its lines of credit, $938,334 and $693,444, respectively, including $90,866 and $90,839, respectively, of uncommitted lines of credit as of March 31, 2024 and March 31, 2023. |
Other Liabilities
Other Liabilities | 12 Months Ended |
Mar. 31, 2024 | |
Other Liabilities Disclosure [Abstract] | |
Other Liabilities | Other Liabilities Other liabilities consist of the following: March 31, 2024 2023 Operating lease liabilities $ 61,687 $ 66,555 Warranty 34,515 32,404 Pension 25,512 24,528 Long-term interest rate swaps 19,167 15,760 Liability for uncertain tax positions 3,300 3,930 Contract liabilities 959 1,437 Tax Act - Transition Tax — 34,715 Other 6,742 23,613 Total $ 151,882 $ 202,942 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Mar. 31, 2024 | |
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, 2024 and March 31, 2023 and the basis for that measurement: Total Fair Value Measurement March 31, 2024 Quoted Price in Significant Significant Lead forward contracts $ (835) $ — $ (835) $ — Foreign currency forward contracts 5 — 5 — Interest rate swaps 2,696 — 2,696 — Net investment hedges (19,167) — (19,167) — Total derivatives $ (17,301) $ — $ (17,301) $ — Total Fair Value Measurement March 31, 2023 Quoted Price in Significant Significant Lead forward contracts $ (89) $ — $ (89) $ — Foreign currency forward contracts 923 — 923 — Interest Rate Swaps (1,162) (1,162) Net investment hedges (15,760) — (15,760) — Total derivatives $ (16,088) $ — $ (16,088) $ — 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, interest rate swaps, and net investment hedges 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. The fair value of interest rate swap agreements are based on observable prices as quoted for receiving the variable one month term SOFR and paying fixed interest rates and, therefore, were classified as Level 2. 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 Second Amended Credit Facility (as defined in Note 10), approximate their respective carrying value, as they are variable rate debt and the terms are comparable to market terms as of the balance sheet dates and are classified as Level 2. The fair value of the Company's 2032 Notes and 2027 Notes, (collectively, the “Senior Notes”) represent the trading values based upon quoted market prices and are classified as Level 2. The 2032 Notes were trading at approximately 100% of face value on March 31, 2024. The 2027 Notes were trading at approximately 94% and 92% of face value on March 31, 2024 and March 31, 2023, respectively. The carrying amounts and estimated fair values of the Company’s derivatives and Senior Notes at March 31, 2024 and 2023 were as follows: March 31, 2024 March 31, 2023 Carrying Fair Value Carrying Fair Value Financial assets: Derivatives (1) $ — $ — $ — $ — Financial liabilities: Senior Notes (2) $ 600,000 $ 582,750 $ 300,000 $ 276,000 Derivatives (1) (17,301) (17,301) (16,088) (16,088) (1) Represents lead, foreign currency forward contracts, interest rate swaps, and net investment hedges (see Note 13 for asset and liability positions of the lead, foreign currency forward contracts and net investment hedges at March 31, 2024 and March 31, 2023). (2) The fair value amount of the Senior Notes at March 31, 2024 and March 31, 2023 represent the trading value of the instruments. Non-recurring fair value measurements The valuation of goodwill and other intangible assets is based on information and assumptions available to the Company at the time of acquisition, using income and market approaches to determine fair value. The Company tests goodwill and other intangible assets annually for impairment, or when indications of potential impairment exist (see Note 1). Goodwill is tested for impairment by determining the fair value of the Company’s reporting units. The unobservable inputs used to measure the fair value of the reporting units include projected growth rates, profitability, and the risk factor premium added to the discount rate. The remeasurement of the reporting unit fair value is classified as a Level 3 fair value assessment due to the significance of unobservable inputs developed using company-specific information. The inputs used to measure the fair value of other intangible assets were largely unobservable and accordingly were also classified as Level 3. The fair value of trademarks is based on an estimate of the royalties saved that would have been paid to a third party had the Company not owned the trademark. The fair value of other indefinite-lived intangibles was estimated using the income approach, based on cash flow projections of revenue growth rates, taking into consideration industry and market conditions. On November 8, 2023, the Company's Board of Directors approved a plan to stop production and operations of residential renewable energy products, which include our OutBack and Mojave brands. Management determined that residential renewable energy products no longer fit with the Company’s core strategy and resources will be better allocated toward commercial energy solutions for enterprise customers. As a result the Company's indefinite-lived trademark, which were acquired through acquisition, was recorded at fair value on a non-recurring basis at $880 and the remeasurement resulted in an impairment of $6,020 in the third quarter of fiscal 2024. In determining the fair value of these assets, the Company used a royalty rate of 1.5% based on comparable market rates and used discount rate of 24.5%. The inputs used to measure the fair value were largely unobservable and accordingly were classified as Level 3. In the fourth quarter of fiscal 2024, the Company finalized a strategy to stop marketing certain brands including the Purcell products. These indefinite-lived trademarks, which were acquired through acquisitions, were recorded at fair value on a non-recurring basis at $7,599 and the remeasurement resulted in the full impairment charge of the carrying value. In connection with the annual impairment testing conducted as of January 2, 2023, two of the Company's indefinite-lived trademarks, which were acquired through acquisitions, were recorded at fair value on a non-recurring basis at $6,900 and the remeasurements resulted in an impairment of $480. In determining the fair value of these assets, the Company used a royalty rate of 1.5% based on comparable market rates and used discount rate of 24.0%. In fiscal 2022, the Company recorded an impairment relating to additional two trademarks, which were recorded at a fair value on a non-recurring basis of $980 and the remeasurement resulted in an impairment of $1,178. In determining the fair value of these assets, the Company used a royalty rate of 1.25% based on comparable market rates and used a discount rate of 13.0% and 14.5%. These impairment charges relating to goodwill and indefinite-lived trademarks are included under the captions Impairment of goodwill and Impairment of indefinite-lived intangibles in the Consolidated Statements of Income. Ooltewah On June 29, 2022, the Company committed to a plan to close its facility in Ooltewah, Tennessee, which focused on manufacturing flooded motive power batteries for electric forklifts. Management determined that future demand for traditional motive power flooded cells will decrease as customers transition to maintenance free product solutions in lithium and Thin Plate Pure Lead (TPPL). As a result, the Company concluded that the carrying value of the asset group was not recoverable and recorded during the first quarter of fiscal 2023 a write-off of $7,300 of the fixed assets, for which there is expected to be no salvageable value. The valuation technique used to measure the fair value of fixed assets was a combination of the income and market approaches. The inputs used to measure the fair value of these fixed assets under the income approach were largely unobservable and accordingly were classified as Level 3 Russia In February 2022, as a result of the Russia-Ukraine conflict, economic sanctions were imposed on Russian individuals and entities, including financial institutions, by countries around the world, including the U.S. and the European Union. On March 3, 2022, the Company announced that it was indefinitely suspending its operations in Russia in order to comply with the sanctions. As a result of this decision, the Company wrote off net assets of $3,999 relating to its Russian subsidiary, based on a non-recurring basis. Vijayawada, India During fiscal 2021, the Company committed to a plan to close its facility in Vijayawada, India to align with its strategic vision for the new line of business structure and footprint. As a result of this decision, in fiscal 2022, the Company reclassified property, plant and equipment with a carrying value of $4,573 to assets held for sale on the Consolidated Balance Sheet and recognized an impairment loss of $2,973 under the caption Loss on assets held for sale on its consolidated statement of income, by recording the carrying value of these assets to their estimated fair value of $1,600, based on a non-recurring basis. The fair value was based on the expected proceeds, less costs to sell. Hagen, Germany In fiscal 2021, the Company committed to a plan to substantially close all of its facility in Hagen, Germany, which produces flooded motive power batteries for forklifts. Management determined that future demand for the motive power batteries produced at this facility was not sufficient, given the conversion from flooded to maintenance free batteries by customers, the existing number of competitors in the market, as well as the near term decline in demand and increased uncertainty from the pandemic. As a result, the Company concluded that the carrying value of the asset group is not recoverable and recorded a write-off of $3,975 of the fixed assets to their estimated fair value of $14,456, which was recognized in the third quarter of fiscal 2021. The valuation technique used to measure the fair value of fixed assets was a combination of the income and market approaches. The inputs used to measure the fair value of these fixed assets under the income approach were largely unobservable and accordingly were classified as Level 3. |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Mar. 31, 2024 | |
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, foreign exchange rates and interest 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, 2024 and 2023, the Company has hedged the price to purchase approximately 53.0 million pounds and 50.0 million pounds of lead, respectively, for a total purchase price of $49,977 and $47,921, 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, 2024 and 2023, the Company had entered into a total of $46,159 and $45,823, respectively, of such contracts. Interest Rate Swap Agreements The Company is exposed to changes in variable interest rates on borrowings under our credit agreement. On a selective basis, from time to time, it enters into interest rate swap agreements to reduce the negative impact that increases in interest rates could have on our outstanding variable rate debt. At March 31, 2024 and 2023 such agreements effectively convert $200,000 of our variable-rate debt to a fixed-rate basis, utilizing the one-month term SOFR, as a floating rate reference. Fluctuations in SOFR and fixed rates affect both our net financial investment position and the amount of cash to be paid or received by us under these agreements. Derivatives in Net Investment Hedging Relationships Net Investment Hedges The Company uses cross currency fixed interest rate swaps to hedge its net investments in foreign operations against future volatility in the exchange rates between the U.S. Dollar and Euro. On September 29, 2022, the Company terminated its $300,000 cross-currency fixed interest rate swap contracts, originally entered into on December 23, 2021, and received a net settlement of $43,384. The cash proceeds were included in Proceeds from termination of net investment hedges in our Consolidated Statements of Cash Flows. On September 29, 2022, the Company entered into cross-currency fixed interest rate swap contracts with an aggregate notional amount of $150,000, maturing on December 15, 2027. The cross-currency fixed interest rate swap contracts qualify for hedge accounting as a net investment hedging instrument, which allows for them to be remeasured to foreign currency translation adjustment within AOCI (“Accumulated Other Comprehensive Income”) to offset the translation risk from those investments. Balances in the foreign currency translation adjustment accounts remain until the sale or substantially complete liquidation of the foreign entity, upon which they are recognized as a component of income (expense). Impact of Hedging Instruments on AOCI In the coming twelve months, the Company anticipates that $1,784 of pretax gain relating to lead, foreign currency forward contracts, interest rate swaps, and net investment hedges will be reclassified from AOCI as part of cost of goods sold and interest expense. This amount represents the current net unrealized impact of hedging lead, foreign exchange rates and interest rates, which will change as market rates change in the future. This amount will ultimately be realized in the Consolidated Statements of Income as an offset to the corresponding actual changes in lead, foreign exchange rates and lead costs resulting from variable lead cost, foreign exchange and interest rates 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, 2024 and 2023, the notional amount of these contracts was $69,319 and $102,558, 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, 2024 and 2023 Derivatives and Hedging Activities Designated as Cash Flow Hedges Derivatives and Hedging Activities Designated as Net Investment Hedges Derivatives and Hedging Activities Not Designated as Hedging Instruments March 31, 2024 March 31, 2023 March 31, 2024 March 31, 2023 March 31, 2024 March 31, 2023 Prepaid and other current assets: Lead forward contracts $ — $ — $ — $ — $ — $ — Foreign currency forward contracts 396 723 — — — 200 Other Assets: Interest rate swaps 2,696 — — — — — Total assets $ 3,092 $ 723 $ — $ — $ — $ 200 Accrued expenses: Lead forward contracts $ 835 $ 89 $ — $ — $ — $ — Foreign currency forward contracts — — — — 391 — Other liabilities: Interest rate swaps — 1,162 — — — — Net investment hedges — — 19,167 15,760 — — Total liabilities $ 835 $ 1,251 $ 19,167 $ 15,760 $ 391 $ — The Effect of Derivative Instruments on the Consolidated Statements of Income For the fiscal year ended March 31, 2024 Derivatives Designated as Cash Flow Hedges Pretax Gain (Loss) Recognized in AOCI on Derivative (Effective Portion) Location of Gain Pretax Gain (Loss) Reclassified from AOCI into Income (Effective Portion) Lead forward contracts $ (455) Cost of goods sold $ 5,388 Foreign currency forward contracts 1,740 Cost of goods sold 612 Interest Rate Swaps 6,915 Interest expense 3,057 Total $ 8,200 $ 9,057 Derivatives Designated as Net Investment Hedges Pretax Gain (Loss) Recognized in AOCI on Derivative (Effective Portion) Location of Gain Pretax Gain (Loss) Reclassified from AOCI into Income (Effective Portion) Cross currency fixed interest rate swaps $ (2,695) Interest expense $ 713 Total $ (2,695) $ 713 Derivatives Not Designated as Hedging Instruments Location of Gain (Loss) Pretax Gain (Loss) Foreign currency forward contracts Other (income) expense, net $ (846) Total $ (846) The Effect of Derivative Instruments on the Consolidated Statements of Income For the fiscal year ended March 31, 2023 Derivatives Designated as Cash Flow Hedges Pretax Gain (Loss) Recognized in AOCI on Derivative (Effective Portion) Location of Gain Pretax Gain (Loss) Reclassified from AOCI into Income (Effective Portion) Lead forward contracts $ (3,883) Cost of goods sold $ (3,765) Foreign currency forward contracts 1,849 Cost of goods sold 2,589 Interest rate swaps (1,162) Interest Expense — Total $ (3,196) $ (1,176) Derivatives Designated as Net Investment Hedges Pretax Gain (Loss) Recognized in AOCI on Derivative (Effective Portion) Location of Gain Pretax Gain (Loss) Reclassified from AOCI into Income (Effective Portion) Cross currency fixed interest rate swaps $ 29,021 Interest expense $ 3,587 Total $ 29,021 $ 3,587 Derivatives Not Designated as Hedging Instruments Location of Gain (Loss) Pretax Gain (Loss) Foreign currency forward contracts Other (income) expense, net $ 1,182 Total $ 1,182 The Effect of Derivative Instruments on the Consolidated Statements of Income For the fiscal year ended March 31, 2022 Derivatives Designated as Cash Flow Hedges Pretax Gain (Loss) Recognized in AOCI on Derivative (Effective Portion) Location of Gain Pretax Gain (Loss) Reclassified from AOCI into Income (Effective Portion) Lead forward contracts $ 12,193 Cost of goods sold $ 8,974 Foreign currency forward contracts 941 Cost of goods sold 768 Total $ 13,134 $ 9,742 Derivatives Designated as Net Investment Hedges Pretax Gain (Loss) Recognized in AOCI on Derivative (Effective Portion) Location of Gain Pretax Gain (Loss) Reclassified from AOCI into Income (Effective Portion) Cross currency fixed interest rate swaps $ 1,479 Interest expense $ 1,181 Total $ 1,479 $ 1,181 Derivatives Not Designated as Hedging Instruments Location of Gain (Loss) Pretax Gain (Loss) Foreign currency forward contracts Other (income) expense, net $ (157) Total $ (157) |
Income Taxes
Income Taxes | 12 Months Ended |
Mar. 31, 2024 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Fiscal year ended March 31, 2024 2023 2022 Current income tax expense Current: Federal $ 21,785 $ 21,203 $ 9,558 State 3,252 5,654 4,022 Foreign 27,396 23,208 15,333 Total current income tax expense 52,433 50,065 28,913 Deferred income tax (benefit) expense Federal (25,008) (18,370) 1,183 State (3,564) (2,534) (1,453) Foreign (772) 5,668 1,385 Total deferred income tax (benefit) expense (29,344) (15,236) 1,115 Total income tax expense $ 23,089 $ 34,829 $ 30,028 Earnings before income taxes consists of the following: Fiscal year ended March 31, 2024 2023 2022 United States $ 99,230 $ 38,703 $ 21,871 Foreign 192,955 171,936 152,068 Earnings before income taxes $ 292,185 $ 210,639 $ 173,939 Income taxes paid by the Company for the fiscal years ended March 31, 2024, 2023 and 2022 were $28,810, $46,309 and $50,484, respectively. The following table sets forth the tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities: March 31, 2024 2023 Deferred tax assets: Accounts receivable $ 309 $ 219 Inventories 13,472 6,387 Net operating loss carryforwards 51,005 48,801 Lease liabilities 20,081 20,888 Capitalized R&D Expenditures 32,740 16,378 Accrued expenses 35,132 31,949 Other assets 29,079 22,029 Gross deferred tax assets 181,818 146,651 Less valuation allowance (35,754) (31,172) Total deferred tax assets 146,064 115,479 Deferred tax liabilities: Property, plant and equipment 45,493 42,884 Lease Right-of-use assets 20,071 20,888 Intangible assets 56,726 59,152 Other liabilities 4,560 4,521 Total deferred tax liabilities 126,850 127,445 Net deferred tax assets (liabilities) $ 19,214 $ (11,966) The Company has approximately $539 in United States federal net operating loss carryforwards, all of which are limited by Section 382 of the Internal Revenue Code, with expirations between 2024 and 2028. The Company has approximately $211,489 of foreign net operating loss carryforwards, of which $111,526 may be carried forward indefinitely and $99,963 expire between fiscal 2024 and fiscal 2042. In addition, the Company also has approximately $25,646 of state net operating loss carryforwards with expirations between fiscal 2024 and fiscal 2043. The following table sets forth the changes in the Company's valuation allowance for fiscal 2024, 2023 and 2022: Balance at Additions Valuation Allowance Reversal Other (1) Balance at Fiscal year ended March 31, 2022 $ 31,928 $ 4,486 $ (1,535) $ (3,862) $ 31,017 Fiscal year ended March 31, 2023 31,017 2,654 (586) (1,913) 31,172 Fiscal year ended March 31, 2024 31,172 9,463 (2,614) (2,267) 35,754 (1) Includes the impact of currency changes and the expiration of net operating losses for which a full valuation allowance was recorded. As of March 31, 2024 and 2023, the Company had no federal valuation allowance and the valuation allowance associated with the state tax jurisdictions was $535 and $343, respectively. As of March 31, 2024 and 2023, the valuation allowance associated with certain foreign tax jurisdictions was $35,219 and $30,829, respectively. Of the net increase of $4,389, $6,656 was recorded as an increase to tax expense primarily related to deferred tax assets generated in the current year that the Company believes are not more likely than not to be realized, offset by $(2,267) primarily related to foreign currency translation adjustments and expiration of 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 2024, 2023 and 2022) to the income tax provision is as follows: Fiscal year ended March 31, 2024 2023 2022 United States statutory income tax expense $ 61,358 $ 44,233 $ 36,527 Increase (decrease) resulting from: State income taxes, net of federal effect (995) 1,714 1,724 Nondeductible expenses and other 3,833 6,028 1,217 Net effect of GILTI, FDII, BEAT 3,313 2,457 5,405 Effect of foreign operations (17,475) (12,978) (14,192) Valuation allowance 6,849 2,068 2,951 Research and Development Credit (5,158) (5,063) (3,604) IRA Impact (28,636) (3,630) — Income tax expense $ 23,089 $ 34,829 $ 30,028 The effective income tax rates for the fiscal years ended March 31, 2024, 2023 and 2022 were 7.9%, 16.5% and 17.3%, 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 2024 compared to fiscal 2023 is primarily due to the impact of IRA offset by changes in mix of earnings among tax jurisdictions. The rate decrease in fiscal 2023 compared to fiscal 2022 is primarily due to the impact of IRA offset by changes in mix of earnings among tax jurisdictions. In fiscal 2024, the foreign effective income tax rate on foreign pre-tax income of $192,955 was 13.8%. In fiscal 2023, the foreign effective income tax rate on foreign pre-tax income of $171,936 was 16.8% and in fiscal 2022, the foreign effective income tax rate on foreign pre-tax income of $152,068 was 11.0%.The rate decrease in fiscal 2024 compared to fiscal 2023 is primarily due to additional income taxes recorded on undistributed earnings in fiscal 2023 and changes in mix of earnings among tax jurisdictions. The rate increase in fiscal 2023 compared to fiscal 2022 is primarily due to a reduction in favorable permanent items and changes in 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, 2024, 2023 and 2022 and was taxed, excluding the impact from the Swiss tax reform, at approximately 9%, 7% and 4%, respectively. The Company has approximately $1,352,000 and $1,340,000 of undistributed earnings of foreign subsidiaries for fiscal years 2024 and 2023, respectively. A small portion of the above earnings were no longer considered indefinitely reinvested, as a result, the Company recorded additional income taxes in prior years. The Company intends to continue to be indefinitely reinvested on the remaining undistributed foreign earnings and outside basis differences and therefore, 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, 2024 2023 2022 Balance at beginning of year $ 3,495 $ 4,770 $ 6,785 Increases related to current year tax positions (2) 24 21 Increases related to prior year tax positions — (1) 598 Decreases related to prior tax positions (129) — — Decreases related to prior year tax positions settled — (77) (784) Lapse of statute of limitations (519) (1,221) (1,850) Balance at end of year $ 2,845 $ 3,495 $ 4,770 All of the balance of unrecognized tax benefits at March 31, 2024, 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 and is routinely subject to income tax examinations. As of March 31, 2024, the most significant tax examinations in process are the United States and Switzerland. The Company regularly assesses the likely outcomes of its tax audits and disputes to determine the appropriateness of its tax reserves. However, any tax authority could take a position on tax treatment that is contrary to the Company’s expectations, which could result in tax liabilities in excess of reserves. With few exceptions, the Company is no longer subject to U.S. federal, state and local, or non-U.S. income tax examinations by tax authorities for years before 2009. While the net effect on total unrecognized tax benefits cannot be reasonably estimated, approximately $533 is expected to reverse in fiscal 2024 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, 2024 and 2023, the Company had an accrual of $455 and $435, respectively, for interest and penalties. |
Retirement Plans
Retirement Plans | 12 Months Ended |
Mar. 31, 2024 | |
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 2024, 2023 and 2022, includes the following components: United States Plans International Plans Fiscal year ended March 31, Fiscal year ended March 31, 2024 2023 2022 2024 2023 2022 Service cost $ — $ — $ — $ 884 $ 918 $ 1,114 Interest cost 657 582 517 2,215 1,715 1,427 Expected return on plan assets (424) (455) (526) (1,244) (2,005) (2,200) Amortization and deferral — — 7 326 478 1,205 Net periodic benefit cost $ 233 $ 127 $ (2) $ 2,181 $ 1,106 $ 1,546 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, 2024 2023 2024 2023 Change in projected benefit obligation Benefit obligation at the beginning of the period $ 14,056 $ 16,205 $ 51,718 $ 70,833 Service cost — — 884 918 Interest cost 657 582 2,215 1,715 Benefits paid, inclusive of plan expenses (865) (843) (2,353) (2,052) Plan curtailments and settlements — — — — Plan combinations — — 1,835 — Actuarial (gains) losses (535) (1,888) 633 (15,995) Foreign currency translation adjustment — — 874 (3,701) Benefit obligation at the end of the period $ 13,313 $ 14,056 $ 55,806 $ 51,718 Change in plan assets Fair value of plan assets at the beginning of the period $ 13,975 $ 16,166 $ 40,104 $ 42,067 Actual return on plan assets 2,043 (1,348) (7,717) (3,722) Employer contributions — — 1,655 6,428 Benefits paid, inclusive of plan expenses (865) (843) (2,353) (2,052) Plan curtailments and settlements — — — — Foreign currency translation adjustment — — 874 (2,617) Fair value of plan assets at the end of the period $ 15,153 $ 13,975 $ 32,563 $ 40,104 Funded status surplus (deficit) $ 1,840 $ (81) $ (23,243) $ (11,614) March 31, 2024 2023 Amounts recognized in the Consolidated Balance Sheets consist of: Non-current assets $ 5,606 $ 14,147 Accrued expenses (1,497) (1,314) Other liabilities (25,512) (24,528) Funded status deficit $ (21,403) $ (11,695) 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, 2024, 2023 and 2022: Fiscal year ended March 31, 2024 2023 2022 Amounts recorded in AOCI before taxes: Prior service cost $ (85) $ (128) $ (174) Net loss (9,590) (2,307) (14,049) Net amount recognized $ (9,675) $ (2,435) $ (14,223) The following table represents changes in plan assets and benefit obligations recognized in AOCI for the Company’s pension plans for the years ended March 31, 2024, 2023 and 2022: Fiscal year ended March 31, 2024 2023 2022 Changes in plan assets and benefit obligations: New prior service cost $ — $ — $ — Net loss (gain) arising during the year 7,439 (10,352) (9,362) Effect of exchange rates on amounts included in AOCI 127 (957) (883) Amounts recognized as a component of net periodic benefit costs: Amortization of prior service cost (42) (41) (45) Amortization or settlement recognition of net loss (284) (438) (1,167) Total recognized in other comprehensive (income) loss $ 7,240 $ (11,788) $ (11,457) The amounts included in AOCI as of March 31, 2024 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 $ (42) Net loss (465) Net amount expected to be recognized $ (507) 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 fiscal year are as follows: United States Plans International Plans March 31, March 31, 2024 2023 2024 2023 All defined benefit plans: Accumulated benefit obligation $ 13,313 $ 14,056 $ 53,169 $ 49,290 Unfunded defined benefit plans: Projected benefit obligation $ — $ — $ 27,009 $ 25,562 Accumulated benefit obligation — — 24,930 23,704 Defined benefit plans with a projected benefit obligation in excess of the fair value of plan assets: Projected benefit obligation $ — $ 11,671 $ 27,009 $ 25,908 Fair value of plan assets — 11,403 — 335 Defined benefit plans with an accumulated benefit obligation in excess of the fair value of plan assets: Projected benefit obligation $ — $ 11,671 $ 27,009 $ 25,562 Accumulated benefit obligation — 11,671 24,930 23,704 Fair value of plan assets — 11,403 — — 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, 2024 2023 2022 2024 2023 2022 Discount rate 4.9 % 3.7 % 3.0 % 3.5%-6.0% 1.5%-5.4% 0.5%-2.3% Expected return on plan assets 5.5 5.5 5.5 4.0-4.7 3.1-5.3 2.7-5.3 Rate of compensation increase N/A N/A N/A 2.3-4.5 1.8-5.5 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, 2024 2023 2024 2023 Discount rate 5.2 % 4.9 % 3.8%-5.3% 3.5%-6% Rate of compensation increase N/A N/A 2.5-4.5 2.3-4.5 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 historically were 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. The investment strategy for the U.S. plan has been updated this year to reflect a de-risking exercise that occurred where the U.S. plan moved from approximately 60% equity to all cash and fixed income. The UK plan purchased a buy-in annuity insurance contract is fiscal 2024 and now the UK plan is fully insured. 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 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, 2024 and 2023 and the basis for that measurement: March 31, 2024 United States Plans International Plans Total Fair Quoted Price Significant Significant Total Fair Quoted Price Significant Significant Asset category: Cash and cash equivalents $ 5,473 $ 5,473 $ — $ — $ 3,752 $ 3,752 $ — $ — Equity securities US (a) — — — — — — — — International (b) — — — — — — — — Fixed income (c) 9,680 9,680 — — 314 — 314 — Other investments (d) — — — — 28,497 — — 28,497 Total $ 15,153 $ 15,153 $ — $ — $ 32,563 $ 3,752 $ 314 $ 28,497 March 31, 2023 United States Plans International Plans Total Fair Quoted Price Significant Significant Total Fair Quoted Price Significant Significant Asset category: Cash and cash equivalents $ 1,714 $ 1,714 $ — $ — $ 7,775 $ 7,775 $ — $ — Equity securities US (a) 8,308 8,308 — — — — — — International (b) — — — — — — — — Fixed income (c) 3,953 3,953 — — 32,329 — 32,329 — Total $ 13,975 $ 13,975 $ — $ — $ 40,104 $ 7,775 $ 32,329 $ — 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. (d) Other investments consists of a buy-in annuity insurance contract. The fair value of the buy-in policy is set equal to the value of the obligations as determined by the actuary. This value is considered Level 3 due to the use of the significant unobservable inputs. Level 3 Rollforward The following presents our Level 3 Rollforward for our defined pension plan assets: Beginning of year balance as of March 31, 2023 $ — Actual return on plan assets, relating to assets still held at the reporting date $ (2,945) Purchases $ 31,287 Change due to exchange rate changes $ 155 End of year balance as of March 31, 2024 $ 28,497 The Company expects to make cash contributions of approximately $1,532 to its pension plans in fiscal 2025. Estimated future benefit payments under the Company’s pension plans are as follows: 2025 $ 3,328 2026 3,312 2027 3,454 2028 4,236 2029 4,616 Years 2030-2034 23,925 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, 2024, 2023 and 2022 were $22,819, $20,933 and $18,402, respectively. |
Stockholders_ Equity
Stockholders’ Equity | 12 Months Ended |
Mar. 31, 2024 | |
Equity [Abstract] | |
Stockholders’ Equity | Stockholders’ Equity Preferred Stock and Common Stock The Company’s certificate of incorporation authorizes the issuance of up to 1,000,000 shares of preferred stock, par value $0.01 per share (“Preferred Stock”). At March 31, 2024 and 2023, no shares of Preferred Stock were issued or outstanding. The Board of Directors of the Company has the authority to specify the terms of any Preferred Stock at the time of issuance. The following demonstrates the change in the number of shares of common stock outstanding during fiscal years ended March 31, 2022, 2023 and 2024, respectively: Shares outstanding as of March 31, 2021 42,753,020 Purchase of treasury stock (1,996,334) Shares issued towards equity-based compensation plans, net of equity awards surrendered for option price and taxes 229,972 Shares outstanding as of March 31, 2022 40,986,658 Purchase of treasury stock (358,365) Shares issued under equity-based compensation plans, net of equity awards surrendered for option price and taxes 272,766 Shares outstanding as of March 31, 2023 40,901,059 Purchase of treasury stock (1,002,415) Shares issued under equity-based compensation plans, net of equity awards surrendered for option price and taxes 373,292 Shares outstanding as of March 31, 2024 40,271,936 Treasury Stock In fiscal 2024, the Company purchased 1,002,415 shares for $95,690. The Company purchased 358,365 shares for $22,907 in fiscal 2023 and 1,996,334 shares for $156,366 in fiscal 2022. At March 31, 2024 and 2023, the Company held 16,091,988 and 15,103,554 shares as treasury stock, respectively. Treasury Stock Reissuance During fiscal 2024, fiscal 2023 and fiscal 2022, the Company also issued 13,981, 17,077 and 13,858 shares out of its treasury stock, respectively, valued at $62.55 per share, on a FIFO 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 Before Reclassifications Amount Reclassified from AOCI Ending March 31, 2024 Pension funded status adjustment $ (4,423) $ (5,672) $ 297 $ (9,798) Net unrealized gain (loss) on derivative instruments 1,411 6,283 (6,939) 755 Foreign currency translation adjustment (1) (180,462) (15,346) — (195,808) Accumulated other comprehensive loss $ (183,474) $ (14,735) $ (6,642) $ (204,851) March 31, 2023 Pension funded status adjustment $ (12,637) $ 7,872 $ 342 $ (4,423) Net unrealized gain (loss) on derivative instruments 2,963 (2,453) 901 1,411 Foreign currency translation adjustment (1) (133,821) (46,641) — (180,462) Accumulated other comprehensive loss $ (143,495) $ (41,222) $ 1,243 $ (183,474) March 31, 2022 Pension funded status adjustment $ (20,947) $ 7,374 $ 936 $ (12,637) Net unrealized gain (loss) on derivative instruments 360 10,063 (7,460) 2,963 Foreign currency translation adjustment (95,296) (38,525) — (133,821) Accumulated other comprehensive loss $ (115,883) $ (21,088) $ (6,524) $ (143,495) (1) Foreign currency translation adjustment for the fiscal year ended March 31, 2024, March 31, 2023, March 31, 2022 and includes a $2,615 loss (net of taxes of $797), $19,491 gain (net of taxes of $4,557) and $228 gain (net of taxes $70), respectively, related to the Company's $300,000 and $150,000 cross-currency fixed interest rate swap contracts. The following table presents reclassifications from AOCI during the twelve months ended March 31, 2024: 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 $ (9,057) Cost of goods sold Tax expense 2,118 Net unrealized gain on derivative instruments, net of tax $ (6,939) Derivatives in net investment hedging relationships: Net unrealized gain on derivative instruments $ (713) Interest expense Tax expense 167 Net unrealized gain on derivative instruments, net of tax $ (546) Defined benefit pension costs: Prior service costs and deferrals $ 326 Net periodic benefit cost, included in other (income) expense, net - See Note 15 Tax benefit (29) Net periodic benefit cost, net of tax $ 297 The following table presents reclassifications from AOCI during the twelve months ended March 31, 2023: Components of AOCI Amounts Reclassified from AOCI Location of (Gain) Loss Recognized on Income Statement Derivatives in Cash Flow Hedging Relationships: Net unrealized loss on derivative instruments $ 1,176 Cost of goods sold Tax benefit (275) Net unrealized loss on derivative instruments, net of tax $ 901 Derivatives in net investment hedging relationships: Net unrealized gain on derivative instruments $ (3,587) Interest expense Tax expense 839 Net unrealized gain on derivative instruments, net of tax $ (2,748) Defined benefit pension costs: Prior service costs and deferrals $ 478 Net periodic benefit cost, included in other (income) expense, net - See Note 15 Tax benefit (136) Net periodic benefit cost, net of tax $ 342 The following table presents reclassifications from AOCI during the twelve months ended March 31, 2022: 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 $ (9,742) Cost of goods sold Tax benefit 2,282 Net unrealized gain on derivative instruments, net of tax $ (7,460) Derivatives in net investment hedging relationships: Net unrealized gain on derivative instruments $ (1,181) Interest expense Tax expense 276 Net unrealized gain on derivative instruments, net of tax $ (905) Defined benefit pension costs: Prior service costs and deferrals $ 1,212 Net periodic benefit cost, included in other (income) expense, net - See Note 15 Tax benefit (276) Net periodic benefit cost, net of tax $ 936 |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Mar. 31, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation As of March 31, 2024, the Company maintains the 2023 Equity Incentive Plan (“2023 EIP”). The 2023 EIP reserved 3,614,500 shares of common stock for the grant of various classes of nonqualified stock options, restricted stock units, market condition-based on total shareholder return (“TSR”) and performance condition-based share units (“PSU”) 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 2023 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 2023 EIP. As of March 31, 2024, 5,449,381 shares are available for future grants. The Company’s 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 2024, the Company granted to management and other key employees 200,314 non-qualified options that vest ratably over 3 years from the date of grant. Options expire 10 years The Company recognized stock-based compensation expense relating to stock options of $7,022, with a related tax benefit of $730 for fiscal 2024, $6,232 with a related tax benefit of $848 for fiscal 2023 and $6,235 with a related tax benefit of $738 for fiscal 2022. For purposes of determining the fair value of stock options granted, the Company used a Black-Scholes Model with the following assumptions: 2024 2023 2022 Risk-free interest rate 4.24 % 2.92 % 0.89 % Dividend yield 0.95 % 0.99 % 0.76 % Expected life (years) 6 6 6 Volatility 38.3 % 37.4 % 37.3 % The following table summarizes the Company’s stock option activity in the years indicated: Number of Weighted- Weighted- Aggregate Options outstanding as of March 31, 2021 799,501 7.8 $ 72.31 $ 14,781 Granted 246,222 97.32 — Exercised (42,640) 65.71 1,079 Forfeited (27,478) 71.26 520 Expired — — — Options outstanding as of March 31, 2022 975,605 7.5 $ 78.94 $ 3,605 Granted 310,140 75.33 — Exercised (75,180) 65.22 1,561 Forfeited (9,575) 80.05 39 Expired (4,679) 85.12 — Options outstanding as of March 31, 2023 1,196,311 7.3 $ 78.83 $ 12,150 Granted 200,314 101.04 — Exercised (197,350) 71.81 6,110 Forfeited (9,166) 78.68 158 Expired — — — Options outstanding as of March 31, 2024 1,190,109 7.0 $ 83.74 $ 15,043 Options exercisable as of March 31, 2024 713,932 5.9 $ 79.70 $ 11,178 Options vested and expected to vest, as of March 31, 2024 1,176,995 7.0 $ 83.66 $ 14,944 The following table summarizes information regarding stock options outstanding as of March 31, 2024: Range of Exercise Prices Number of Weighted- Weighted- $57.60-$60.00 98,680 5.0 $ 57.73 $60.01-$70.00 26,118 0.9 $ 68.76 $70.01-$80.00 423,674 7.4 $ 75.50 $80.01-$90.00 219,580 5.3 $ 83.00 $90.01-$100.00 140,375 8.3 $ 93.16 $100.01-$104.18 281,682 8.3 $ 102.51 1,190,109 7.0 $ 83.74 Restricted Stock Units, Market and Performance-condition based Awards Non-Employee Directors In fiscal 2024, the Company granted to non-employee directors 21,147 deferred restricted stock units (“DSU”) at the fair value of $76.83 per unit at the date of grant. In fiscal 2023, such grants amounted to 39,792 DSU's at the fair value of $42.95 per unit at the date of grant and in fiscal 2022, such grants amounted to 24,055 DSU's units at the fair value of $60.29 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. The Company also granted to non-employee directors, during fiscal 2024, fiscal 2023 and fiscal 2022, 8,386, 1,635, and 781 restricted stock units, respectively, at fair values of $94.34, $66.90 and $88.27, respectively, under the deferred compensation plan for non-employee directors. Employees In fiscal 2024, the Company granted to management and other key employees 269,751 restricted stock units that vest ratably over four years from the date of grant, at the fair value of $94.31 per restricted stock unit. In fiscal 2023, the Company granted to management and other key employees 345,449 restricted stock units that vest ratably over four years from the date of grant at the fair value of $70.88 per restricted stock unit. In fiscal 2022, the Company granted to management and other key employees 229,600 restricted stock units that vest ratably over four years from the date of grant at a fair value of $91.81 per restricted stock unit. A summary of the changes in restricted stock units, including DSU's, and TSRs awarded to employees and directors that were outstanding under the Company’s equity compensation plans during fiscal 2024 is presented below: Restricted Stock Units (RSU) Market condition-based Share Units (TSR) Number of Weighted- Number of Weighted- Non-vested awards as of March 31, 2023 1,009,783 $ 65.48 31,653 $ 62.19 Granted 299,284 92.44 — — Stock dividend 8,987 68.55 61 62.80 Vested (262,315) 72.63 (30,582) 62.02 Forfeitures (32,903) 79.36 — — Non-vested awards as of March 31, 2024 1,022,836 $ 69.24 1,132 $ 66.89 The Company recognized stock-based compensation expense relating to restricted stock units, TSRs of $23,585, with a related tax benefit of $4,557 for fiscal 2024, $20,139, with a related tax benefit of $3,746 for fiscal 2023 and $18,054, with a related tax benefit of $3,072 for fiscal 2022. All Award Plans As of March 31, 2024, unrecognized compensation expense associated with the non-vested equity awards outstanding was $54,014 and is expected to be recognized over a weighted-average period of 22 months. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Mar. 31, 2024 | |
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, 2024 2023 2022 Net earnings attributable to EnerSys stockholders $ 269,096 $ 175,810 $ 143,911 Weighted-average number of common shares outstanding: Basic 40,669,392 40,809,235 42,106,337 Dilutive effect of: Common shares from exercise and lapse of equity awards, net of shares assumed reacquired 702,047 517,520 677,036 Diluted weighted-average number of common shares outstanding 41,371,439 41,326,755 42,783,373 Basic earnings per common share attributable to EnerSys stockholders $ 6.62 $ 4.31 $ 3.42 Diluted earnings per common share attributable to EnerSys stockholders $ 6.50 $ 4.25 $ 3.36 Anti-dilutive equity awards not included in diluted weighted-average common shares 356,893 710,678 951,057 |
Commitments, Contingencies and
Commitments, Contingencies and Litigation | 12 Months Ended |
Mar. 31, 2024 | |
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, anti-competition, employment, contract and other laws. In some of these actions and proceedings, claims for substantial monetary damages are asserted against the Company and its subsidiaries. In the ordinary course of business, the Company and its subsidiaries are also subject to regulatory and governmental examinations, information gathering requests, inquiries, investigations, and threatened legal actions and proceedings. In connection with formal and informal inquiries by federal, state, local and foreign agencies, 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. As of March 31, 2024 and March 31, 2023, the Company did not have a reserve balance related to these matters. 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. 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 believes that it has adequate reserves to satisfy its environmental liabilities. Collective Bargaining At March 31, 2024, the Company had approximately 10,797 employees. Of these employees, approximately 28% were covered by collective bargaining agreements. Employees covered by collective bargaining agreements that expire in the next twelve months were approximately 7% of the total workforce. The average term of these agreements is 2 years, with the longest term being 4 years. The Company considers its employee relations to be good and did not experience any significant labor unrest or disruption of production during fiscal 2024. Lead, Foreign Currency Forward Contracts and Swaps 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. The Company also entered into cross currency fixed interest rate swap agreements to hedge its net investments in foreign operations against future volatility in the exchange rates between U.S. Dollars and Euros and these agreements mature on December 15, 2027. Please refer to Note 13 - Derivative Financial Instruments for more details. Other The Company has various purchase and capital commitments incidental to the ordinary conduct of business. In the aggregate, such commitments are not at prices in excess of current market. |
Restructuring Plans and Other E
Restructuring Plans and Other Exit Charges | 12 Months Ended |
Mar. 31, 2024 | |
Restructuring and Related Activities [Abstract] | |
Restructuring, Exit and Other Charges | Restructuring, Exit and Other Charges Restructuring Programs The Company had committed to various restructuring plans aimed at improving operational efficiencies across its lines of business. A substantial portion of these plans are complete, with an estimated $2,276 remaining to be incurred by the end of fiscal 2025, mainly related to plans started in fiscal 2024. Restructuring and exit charges for the reportable segments are as follows: During fiscal 2024, the Company recorded charges related to our fiscal 2024 and fiscal 2023 programs in the Energy Systems and Motive Power segments to improve operational efficiencies. The charges related to severance payments and amounted to $4,468 to approximately 146 employees in the Energy Systems’ segment and $2,713 to approximately 37 employees in the Motive Power segment. During fiscal 2023, the Company recorded charges related to our fiscal 2022 programs in the Energy Systems segment to improve operational efficiencies. The charges related to severance payments and amounted to $1,230 to approximately 9 employees in the Energy Systems’ segment. During fiscal 2022, the Company announced and completed restructuring programs in the Energy Systems segment to improve operational efficiencies. The charges related to severance payments and amounted to $1,284 to approximately 10 employees in the Energy Systems’ segment. Restructuring and exit charges for fiscal 2024, 2023 and 2022 by reportable segments are as follows: Fiscal year ended March 31, 2024 Energy Systems Motive Power Specialty Total Restructuring charges $ 4,526 $ 3,445 $ 35 $ 8,006 Exit charges 4,312 8,253 7,532 20,097 Restructuring and other exit charges $ 8,838 $ 11,698 $ 7,567 $ 28,103 Fiscal year ended March 31, 2023 Energy Systems Motive Power Specialty Total Restructuring charges $ 1,318 $ 327 $ 42 $ 1,687 Exit charges 123 12,537 2,092 14,752 Restructuring and other exit charges $ 1,441 $ 12,864 $ 2,134 $ 16,439 Fiscal year ended March 31, 2022 Energy Systems Motive Power Specialty Total Restructuring charges $ 2,005 $ 2,348 $ 75 $ 4,428 Exit charges 708 14,711 (1,091) 14,328 Restructuring and other exit charges $ 2,713 $ 17,059 $ (1,016) $ 18,756 A roll-forward of the restructuring reserve is as follows: Balance at March 31, 2021 $ 2,595 Accrued 4,428 Costs incurred (6,013) Foreign currency impact and other 20 Balance at March 31, 2022 $ 1,030 Accrued 1,687 Costs incurred (2,224) Foreign currency impact and other (48) Balance at March 31, 2023 $ 445 Accrued 8,006 Costs incurred (6,064) Foreign currency impact and other 21 Balance at March 31, 2024 $ 2,408 Exit Charges Fiscal 2024 Programs Renewables On November 8, 2023, the Company's Board of Directors approved a plan to stop production and operations of residential renewable energy products, which include our OutBack and Mojave brands. Management determined that residential renewable energy products no longer fit with the Company’s core strategy and resources will be better allocated toward commercial energy solutions for enterprise customers. The Company estimates that the total charges for these actions will amount to approximately $24,500. Non-cash charges for inventory and fixed assets write offs, and impairment of an indefinite-lived intangible asset are estimated to be $23,600, and cash charges for employee severance and retention payments are estimated to be $900. The plan is substantially complete as the end of fiscal 2024. During fiscal 2024, the Company recorded non-cash charges totaling $551 primarily related to fixed assets and cash charges of $689 related to severance costs. The Company also recorded a non-cash write offs relating to inventories of $17,075, which was reported in cost of goods sold, and impairment of indefinite-lived intangible asset of $6,020. Spokane On November 8, 2023, the Company committed to a plan to close its facility in Spokane, Washington, which primarily manufactures enclosure systems for telecommunications and related end markets. Management determined that existing manufacturing locations have the capacity to satisfy demand for these products and will execute more efficient distribution to customers. The Company currently estimates that the total charges for these actions will amount to approximately $3,600 relating to $1,400 in cash charges for employee severance, and non-cash charges of $2,200 relating to fixed assets, facility lease, and inventory. The plan is substantially complete as the end of fiscal 2024. During fiscal 2024, the Company recorded cash charges of $1,343 primarily related to severance costs and non-cash charges totaling $2,066 related to lease right of use asset and fixed asset write offs. Fiscal 2023 Programs Sylmar In November 2022, the Company committed to a plan to close its facility in Sylmar, California, which manufactures specialty lithium batteries for aerospace and medical applications. Management determined to close the site upon the expiration of its lease on the property and to redirect production through consolidation into existing locations. The Company currently estimates total charges in the exit to amount to $12,730. Cash charges are estimated to total $8,837 primarily relating to severance and other costs to leave the site. Non-cash charges are estimated to be $3,892 relating to fixed assets, inventory, and contract assets. The plan is substantially complete as the end of fiscal 2024. During fiscal 2023, the Company recorded cash charges of $1,682 related primarily related to severance costs and non-cash charges totaling $417 primarily relating to contract assets. During fiscal 2024, the Company recorded cash charges of $7,155 primarily related to severance costs, relocation expenses, and manufacturing variances and non-cash charges totaling $377. The Company also recorded a non-cash write off relating to inventories of $3,098, which was reported in cost of goods sold. Ooltewah On June 29, 2022, the Company committed to a plan to close its facility in Ooltewah, Tennessee, which produced flooded motive power batteries for electric forklifts. Management determined that future demand for traditional motive power flooded cells will decrease as customers transition to maintenance free product solutions in lithium and TPPL. The Company currently estimates that the total charges for these actions will amount to approximately $18,500. Cash charges for employee severance related payments, cleanup related to the facility, contractual releases and legal expenses are estimated to be $9,200 and non-cash charges from inventory and fixed asset write-offs are estimated to be $9,300. These actions will result in the reduction of approximately 165 employees. The plan is substantially complete as the end of fiscal 2024. During fiscal 2023, the Company recorded cash charges relating to severance and manufacturing variances of $2,735 and non-cash charges of $7,261 relating to fixed asset write-offs. The Company also recorded a non-cash write off relating to inventories of $1,613, which was reported in cost of goods sold. During fiscal 2024, the Company recorded cash charges relating to site cleanup and decommissioning equipment of $4,399. Fiscal 2022 Programs Russia In February 2022, as a result of the Russia-Ukraine conflict, economic sanctions were imposed on Russian individuals and entities, including financial institutions, by countries around the world, including the U.S. and the European Union. On March 3, 2022, the Company announced that it was indefinitely suspending its operations in Russia in order to comply with the sanctions. As a result of this decision, the Company wrote off net assets of $3,999 relating to its Russian subsidiary. The Company also incurred cash charges of $1,284 relating to severance and exiting lease obligations. During fiscal 2023, the Company sold inventory previously written off resulting in the reversal of $932 in cost of goods sold and reversal of $739 of cash charges primarily relating to lease obligations. Zamudio, Spain During fiscal 2022, the Company closed a minor assembling plant in Zamudio, Spain and sold the same for $1,779. A net gain of $740 was recorded as a credit to exit charges in the Consolidated Statements of Income. Fiscal 2021 Programs Hagen, Germany In fiscal 2021, the Company's Board of Directors approved a plan to substantially close all of its facility in Hagen, Germany, which produces flooded motive power batteries for forklifts. Management determined that future demand for the motive power batteries produced at this facility was not sufficient, given the conversion from flooded to maintenance free batteries by customers, the existing number of competitors in the market, as well as the near term decline in demand and increased uncertainty from the pandemic. The Company plans to retain the facility with limited sales, service and administrative functions along with related personnel for the foreseeable future. The Company currently estimates that the total charges for these actions will amount to approximately $60,000, the majority of which has been recorded as of March 31, 2022. Cash charges for employee severance related payments, cleanup related to the facility, contractual releases and legal expenses are estimated to be $40,000 and non-cash charges from inventory and equipment write-offs are estimated to be $20,000. These actions resulted in the reduction of approximately 200 employees. During fiscal 2021, the Company recorded cash charges relating to severance of $23,331 and non-cash charges of $7,946 primarily relating to fixed asset write-offs. During fiscal 2022, the Company recorded cash charges primarily relating to severance of $8,069 and non-cash charges of $3,522 primarily relating to fixed asset write-offs. The Company also recorded a non-cash write off relating to inventories of $960, which was reported in cost of goods sold. During fiscal 2023, the Company recorded cash charges of $2,207 relating to primarily to site cleanup and $562 of non-cash charges relating to accelerated depreciation of fixed assets. During fiscal 2024, the Company recorded cash charges of $2,118 relating primarily to site cleanup and $526 of non-cash charges relating to accelerated depreciation of fixed assets. Vijayawada, India During fiscal 2021, the Company committed to a plan to close its facility in Vijayawada, India to align with its strategic vision for the new line of business structure and footprint and recorded exit charges of $1,509, primarily relating to asset write-offs. In fiscal 2022, the Company reclassified property, plant and equipment with a carrying value of $4,573 to assets held for sale on the Consolidated Balance Sheet and recognized an impairment loss of $2,973 under the caption Loss on assets held for sale on its consolidated statement of income, by writing down the carrying value of these assets to their estimated fair value of $1,600, based on their expected proceeds, less costs to sell. The Company also recorded a non-cash write off relating to inventories of $820, which was reported in cost of goods sold. Targovishte, Bulgaria 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. Of the estimated total charges of $26,000 for this plan, the Company had recorded charges amounting to $20,242 in fiscal 2019, relating to severance and inventory and fixed asset write-offs and an additional $5,123 relating to cash and non-cash charges during fiscal 2020. During fiscal 2021, in keeping with its strategy of exiting the manufacture of batteries for diesel-electric submarines, the Company completed further actions which resulted in $220 relating to cash and non-cash charges. During fiscal 2022, the Company sold this facility for $1,489. A net gain of $1,208 was recorded as a credit to exit charges in the Consolidated Statements of Income. |
Warranty
Warranty | 12 Months Ended |
Mar. 31, 2024 | |
Guarantees [Abstract] | |
Warranty | Warranty The Company provides for estimated product warranty expenses when products are sold, with related liabilities included within accrued expenses and other liabilities. As warranty estimates are forecasts that are based on the best available information, primarily historical claims experience, costs of claims may ultimately differ from amounts provided. An analysis of changes in the liability for product warranties is as follows: Fiscal year ended March 31, 2024 2023 2022 Balance at beginning of year $ 56,630 $ 54,978 $ 58,962 Current year provisions 34,110 29,132 17,645 Costs incurred (30,160) (25,251) (20,648) Foreign currency translation adjustment 239 (2,229) (981) Balance at end of year $ 60,819 $ 56,630 $ 54,978 |
Other (Income) Expense, Net
Other (Income) Expense, Net | 12 Months Ended |
Mar. 31, 2024 | |
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, 2024 2023 2022 Cost of Funds Asset Securitization $ 8,776 $ 2,314 $ — Non-service components of pension expense 1,530 315 430 Foreign exchange transaction (gains) losses (6,053) 671 (7,169) Other 5,178 4,893 1,274 Total $ 9,431 $ 8,193 $ (5,465) |
Business Segments
Business Segments | 12 Months Ended |
Mar. 31, 2024 | |
Segment Reporting [Abstract] | |
Business Segments | Business Segments The Company's chief operating decision maker, or CODM (the Company's Chief Executive Officer), reviews financial information for purposes of assessing business performance and allocating resources, by focusing on the lines of business on a global basis. The Company identifies the following as its four operating segments, based on lines of business: • Energy Systems - uninterruptible power systems, or “UPS” applications for computer and computer-controlled systems used in data centers, as well as telecommunications systems, switchgear and electrical control systems used in industrial facilities and electric utilities, large-scale energy storage and energy pipelines. Energy Systems also includes highly integrated power solutions and services to broadband, telecom, data center, and renewable and industrial customers, as well as thermally managed cabinets and enclosures for electronic equipment and batteries. • Motive Power - power for electric industrial forklifts used in manufacturing, warehousing and other material handling applications, AGVs, as well as mining equipment, diesel locomotive starting and other rail equipment. • Specialty - premium batteries for starting, lighting and ignition applications in premium automotive and large over-the-road trucks, energy storage solutions for satellites, spacecraft, commercial aircraft, military land vehicles, aircraft, submarines, ships and other tactical vehicles, as well as medical devices and equipment; and • New Ventures - energy storage and management systems for demand charge reduction, utility back-up power, and dynamic fast charging for electric vehicles The operating segments of Energy Systems, Motive Power, and Specialty also represent the Company's reportable segments under ASC 280, Segment Reporting . The results of New Ventures include start-up and operating expenses captured within the "Corporate and other" category of operating earnings. Summarized financial information related to the Company’s reportable segments at March 31, 2024, 2023 and 2022 and for each of the fiscal years then ended is shown below. Fiscal year ended March 31, 2024 2023 2022 Net sales by segment to unaffiliated customers Energy Systems $ 1,590,023 $ 1,738,195 $ 1,536,673 Motive Power 1,456,181 1,451,244 1,361,254 Specialty 535,667 519,140 459,392 Total net sales $ 3,581,871 $ 3,708,579 $ 3,357,319 Operating earnings by segment Energy Systems $ 86,955 $ 90,400 $ 48,875 Motive Power 214,650 179,972 172,396 Specialty 31,366 40,487 46,730 Corporate and other (3) 117,260 17,283 — Inventory adjustment relating to exit activities - Energy Systems (17,075) 211 (186) Inventory adjustment relating to exit activities - Motive — (892) (2,418) Inventory adjustment relating to exit activities - Specialty (3,098) — — Restructuring and other exit charges - Energy Systems (8,840) (1,441) (2,713) Restructuring and other exit charges - Motive Power (11,697) (12,864) (17,059) Restructuring and other exit charges - Specialty (7,566) (2,134) 1,016 Impairment of indefinite-lived intangibles - Energy Systems (13,619) (100) (501) Impairment of indefinite-lived intangibles - Motive Power — — (677) Impairment of indefinite-lived intangibles - Specialty — (380) — Loss on assets held for sale - Motive Power — — (2,973) Total Amortization - Energy Systems (24,503) (27,383) (29,277) Total Amortization - Motive Power (683) (441) (1,055) Total Amortization - Specialty (2,808) (2,923) (2,962) Legal proceedings charge, net - Energy Systems (3,705) — — Other - Energy Systems (3,740) (712) (1,628) Other - Motive Power (1,032) (627) (1,040) Other - Specialty (295) (95) (277) Total operating earnings (2) $ 351,570 $ 278,361 $ 206,251 Capital Expenditures Energy Systems $ 33,626 $ 37,249 $ 33,614 Motive Power 17,115 16,373 13,887 Specialty 35,596 35,150 26,540 Other 100 — — Total $ 86,437 $ 88,772 $ 74,041 Depreciation and Amortization Energy Systems $ 49,469 $ 52,034 $ 54,580 Motive Power 23,690 22,404 24,918 Specialty 18,762 16,715 16,380 Other 100 — — Total $ 92,021 $ 91,153 $ 95,878 (1) Reportable segments do not record inter-segment revenues and accordingly there are none to report. (2) The Company does not allocate interest expense or other (income) expense, net, to the reportable segments. (3) Corporate and other includes amounts managed on a company-wide basis and not directly allocated to any reportable segments, primarily relating to IRA production tax credits. Also, included are start-up costs for exploration of a new lithium plant as well as start-up operating expenses from the New Ventures operating segment. The Company's property, plant and equipment by reportable segments as of March 31, 2024 and 2023 are as follows: March 31, 2024 March 31, 2023 Property, plant and equipment, net Energy Systems $ 189,519 $ 199,414 Motive Power 145,395 142,301 Specialty 197,368 171,568 Other 168 $ — Total $ 532,450 $ 513,283 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 60.2%, 63.4% and 60.7% for fiscal years ended March 31, 2024, 2023 and 2022, respectively. Property, plant and equipment, net, attributable to the United States as of March 31, 2024 and 2023, were $357,416 and $336,970, 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. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Mar. 31, 2024 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Dividend On May 22, 2024, the Board of Directors approved a quarterly cash dividend of $0.225 per share of common stock to be paid on June 28, 2024, to stockholders of record as of June 14, 2024. Bren-Tronics, Inc. Acquisition |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Pay vs Performance Disclosure | |||
Net earnings attributable to EnerSys stockholders | $ 269,096 | $ 175,810 | $ 143,911 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Insider Trading Policies and Pr
Insider Trading Policies and Procedures | 12 Months Ended |
Mar. 31, 2024 | |
Insider Trading Policies and Procedures [Line Items] | |
Insider Trading Policies and Procedures Adopted | true |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Mar. 31, 2024 | |
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 at cost minus impairment, if any. 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 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 the customer arrangements. Each customer purchase order sets forth the transaction price for the products and services purchased under that arrangement. Some customer arrangements include variable consideration, such as volume rebates, some of which depend upon the customers meeting specified performance criteria, such as a purchasing level over a period of time. The Company uses judgment to estimate the most likely amount of variable consideration at each reporting date. When estimating variable consideration, the Company also applies judgment when considering the probability of whether a reversal of revenue could occur and only recognize revenue subject to this constraint. Service revenues related to the work performed for the Company’s customers by its maintenance technicians generally represent a separate and distinct performance obligation. Control for these services passes to the customer as the services are performed. The Company's typical payment terms are 30 days and sales arrangements do not contain any significant financing component for its customers. The Company uses historic customer product return data as a basis of estimation for customer returns and records the reduction of sales at the time revenue is recognized. Freight charges billed to customers are included in sales and the related shipping costs are included in cost of sales in the Consolidated Statements of Income. If shipping activities are performed after a customer obtains control of a product, the Company applies a policy election to account for shipping as an activity to fulfill the promise to transfer the product to the customer. The Company applies a policy election to exclude transaction taxes collected from customers from sales when the tax is both imposed on and concurrent with a specific revenue-producing transaction. The Company generally provides customers with a product warranty that provides assurance that the products meet standard specifications and are free of defects. The Company maintains a reserve for claims incurred under standard product warranty programs. Performance obligations related to service warranties are not material to the Consolidated Financial Statements. The Company pays sales commissions to its sales representatives, which may be considered as incremental costs to obtain a contract. However, since the recoverability period is less than one year, the Company has utilized the practical expedient to record these costs of obtaining a contract as an expense as they are incurred. |
Warranties | Warranties one one one |
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 |
Inventories | Inventories Inventories are stated at the lower of cost or net realizable value. 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. The Company assesses whether goodwill 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 a reporting unit is less than its carrying amount, including goodwill. If based on this qualitative assessment the Company determines it is more likely than not that the fair value of a reporting unit is less than its carrying amount, or if the Company elects not to perform a qualitative assessment, a quantitative assessment is performed by determining the fair value of the Company's reporting units. Goodwill is tested for impairment by determining the fair value of the Company’s reporting units. These estimated fair values are based on financial projections, certain cash flow measures, and market capitalization. The Company estimates the fair value of its reporting units using a weighting of fair values derived from both the income approach and the market approach. Under the income approach, the Company calculates the fair value of a reporting unit based on the present value of estimated future cash flows. Cash flow projections are based on management's estimates of revenue growth rates and operating margins, taking into consideration industry and market conditions. The discount rate used is based on the weighted-average cost of capital adjusted for the relevant risk associated with business-specific characteristics and the uncertainty related to the business's ability to execute on the projected cash flows. The market approach estimates fair value based on market multiples of revenue and earnings derived from comparable publicly-traded companies with similar operating and investment characteristics as the reporting unit. The weighting of the fair value derived from the market approach ranges from 0% to 50% depending on the level of comparability of these publicly-traded companies to the reporting unit. In order to assess the reasonableness of the calculated fair values of its reporting units, the Company also compares the sum of the reporting units' fair values to its market capitalization and calculates an implied control premium (the excess of the sum of the reporting units' fair values over the market capitalization). The Company evaluates the control premium by comparing it to control premiums of recent comparable market transactions. The Company assesses whether indefinite-lived intangible assets impairment exists using both the qualitative and quantitative assessments. The qualitative assessment involves determining whether events or circumstances exist that indicate it is more likely than not that the fair value of an indefinite-lived intangible asset is less than its carrying amount. If based on this qualitative assessment, the Company determines it is more likely than not that the fair value of an indefinite-lived intangible asset is less than its carrying amount or if the Company elects not to perform a qualitative assessment, a quantitative assessment is performed to determine whether an indefinite-lived intangible asset impairment exists. The Company tests the indefinite-lived intangible assets for impairment by comparing the carrying value to the fair value based on current revenue projections of the related operations, under the relief from royalty method. Any excess of the carrying value over the amount of fair value is recognized as an impairment. Any such impairment is recognized in the reporting period in which it has been identified. Finite-lived assets such as customer relationships, technology, trademarks, licenses, and non-compete agreements are amortized on a straight-line basis over their estimated useful lives, generally over periods ranging from 3 to 20 years. The Company continually evaluates the reasonableness of the useful lives of these assets. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets The Company reviews the carrying values of its long-lived assets to be held and used for possible impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable, based on undiscounted estimated cash flows expected to result from its use and eventual disposition. The factors considered by the Company in performing this assessment include current operating results, trends and other economic factors. In assessing the recoverability of the carrying value of a long-lived asset, the Company must make assumptions regarding future cash flows and other factors. If these estimates or the related assumptions change in the future, the Company may be required to record an impairment loss for these assets. |
Environmental Expenditures | Environmental Expenditures The Company records a loss and establishes a reserve for environmental remediation liabilities when it is probable that an asset has been impaired or a liability exists and the amount of the liability can be reasonably estimated. Reasonable estimates involve judgments made by management after considering a broad range of information including notifications, demands or settlements that have been received from a regulatory authority or private party, estimates performed by independent engineering companies and outside counsel, available facts, existing and proposed technology, the identification of other potentially responsible parties, their ability to contribute and prior experience. These judgments are reviewed quarterly as more information is received and the amounts reserved are updated as necessary. However, the reserves may materially differ from ultimate actual liabilities if the loss contingency is difficult to estimate or if management’s judgments turn out to be inaccurate. If management believes no best estimate exists, the minimum probable loss is accrued. |
Derivative Financial Instruments | Derivative Financial Instruments The Company utilizes derivative instruments to mitigate volatility related to interest rates, lead prices and foreign currency exposures. The Company does not hold or issue derivative financial instruments for trading or speculative purposes. The Company recognizes derivatives as either assets or liabilities in the accompanying Consolidated Balance Sheets and measures those instruments at fair value. Changes in the fair value of those instruments are reported in AOCI if they qualify for hedge accounting or in earnings if they do not qualify for hedge accounting. Derivatives qualify for hedge accounting if they are designated as hedge instruments and if the hedge is highly effective in achieving offsetting changes in the fair value or cash flows of the asset or liability hedged. For lead and foreign currency forward contracts, effectiveness is measured on a regular basis using statistical analysis and by comparing the overall changes in the expected cash flows of the hedging instrument with the changes in the expected all-in cash outflow required for the underlying 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. In the case of cross currency fixed interest rate swap agreements, the swaps are remeasured with changes in fair value recognized in foreign currency translation adjustment within AOCI to offset the translation risk from the underlying investments. Balances in the foreign currency translation adjustment accounts remain until the sale or substantially complete liquidation of the foreign entity, upon which they are recognized as a component of income (expense). 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, 2024 and 2023. 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., Secured Overnight Financing Rate "SOFR"), 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 condition-based awards The Company grants market condition-based awards and performance condition-based awards. Beginning in fiscal 2017 and until fiscal 2020, the Company granted market condition-based awards (“TSR”). A participant may earn between 0% to 200% of the number of awards granted, based on the total shareholder return of the Company's common stock over a three-year period, relative to the shareholder return of a defined peer group. The awards cliff vest on the third anniversary of the date of grant and are settled in common stock on the first anniversary of the vesting date. The TSR is calculated by dividing the sixty or ninety calendar day average price at end of the period (as applicable) and the reinvested dividends thereon by such sixty or ninety calendar day average price at start of the period. The maximum number of awards earned is capped at 200% of the target award. Additionally, no payout will be awarded in the event that the TSR at the vesting date reflects less than a 25% return from the average price at the grant date. These share units are similar to the share units granted prior to fiscal 2016, except that under these awards, the targets are more difficult to achieve as they are tied to the TSR of a defined peer group. The fair value of these awards is estimated at the date of grant, using a Monte Carlo Simulation. The Company recognizes compensation expense using the straight-line method over the life of the market condition-based awards except for those issued to certain retirement-eligible participants, which are expensed on an accelerated basis. Restricted Stock Units The fair value of restricted stock units is based on the closing market price of the Company’s common stock on the date of grant. These awards generally vest, and are settled in common stock, at 25% per year, over a four-year period from the date of grant. The Company recognizes compensation expense using the straight-line method over the life of the restricted stock units. Stock Options The fair value of the options granted is estimated at the date of grant using the Black-Scholes option-pricing model utilizing assumptions based on historical data and current market data. The assumptions include expected term of the options, risk-free interest rate, expected volatility, and dividend yield. The expected term represents the expected amount of time that options granted are expected to be outstanding, based on historical and forecasted exercise behavior. The risk-free rate is based on the rate at the grant date of zero-coupon U.S. Treasury Notes with a term equal to the expected term of the option. Expected volatility is estimated using historical volatility rates based on historical weekly price changes over a term equal to the expected term of the options. The Company’s dividend yield is based on historical data. The Company recognizes compensation expense using the straight-line method over the vesting period of the options except for those issued to certain retirement-eligible participants, which are expensed on an accelerated basis. Forfeitures Forfeitures of share-based awards are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. |
Earnings Per Share | Earnings Per Share |
Segment Reporting | Segment Reporting The Company's chief operating decision maker, or CODM (the Company's Chief Executive Officer), reviews financial information for purposes of assessing business performance and allocating resources, by focusing on the lines of business on a global basis. The Company excludes certain items that are not included in the segment performance as these are managed and viewed on a consolidated basis. The Company identifies the following as its four operating segments, based on lines of business: • Energy Systems - uninterruptible power systems, or “UPS” applications for computer and computer-controlled systems used in data centers, as well as telecommunications systems, switchgear and electrical control systems used in industrial facilities and electric utilities, large-scale energy storage and energy pipelines. Energy Systems also includes highly integrated power solutions and services to broadband, telecom, data center, and renewable and industrial customers, as well as thermally managed cabinets and enclosures for electronic equipment and batteries. • Motive Power - power for electric industrial forklifts used in manufacturing, warehousing and other material handling applications, AGVs, as well as mining equipment, diesel locomotive starting and other rail equipment. • Specialty - premium batteries for starting, lighting and ignition applications in premium automotive and large over-the-road trucks, energy storage solutions for satellites, spacecraft, commercial aircraft, military land vehicles, aircraft, submarines, ships and other tactical vehicles, as well as medical devices and equipment; and • New Ventures - energy storage and management systems for demand charge reduction, utility back-up power, and dynamic fast charging for electric vehicles The operating segments of Energy Systems, Motive Power, and Specialty also represent the Company's reportable segments under ASC 280, Segment Reporting |
Recently Issued Accounting Standards not yet adopted | Recently Issued Accounting Standards not yet adopted In November 2023, the Financial Accounting Standards Board issued new guidance that requires incremental disclosures related to reportable segments. That standard requires disclosure, on an annual and interim basis, of significant segment expenses that are regularly provided to the chief operating decision maker ("CODM") and included within each reported measure of profit or loss. The title and position of the CODM and how the reported measure of segment profit or loss is used by the CODM to assess segment performance and allocate resources is also required to be disclosed. The standard also permits disclosure of additional measures of segment profit. The standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The Company is currently evaluating the impact of adopting this standard on its disclosures. In December 2023, the Financial Accounting Standards Board issued a final standard on improvements to income tax disclosures. The standard requires disclosure of specific categories within the effective tax rate reconciliation and details about significant reconciling items, subject to a quantitative threshold. The standard also requires information on income taxes paid disaggregated by federal, state and foreign based on a quantitative threshold. The standard is effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. The standard is applied prospectively with an option for retrospective adoption. The Company is currently evaluating the impact of adopting this standard on its disclosures. |
Use of Estimates | Use of Estimates |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Schedule Of Accounts, Notes, Loans And Financing Receivable | The following table sets forth the changes in the Company's allowance for doubtful accounts: Balance at Beginning of Period Provision Write-offs, net of Recoveries and Other Balance at Fiscal year ended March 31, 2022 $ 12,992 $ 2,621 $ (3,394) $ 12,219 Fiscal year ended March 31, 2023 12,219 (431) (3,013) 8,775 Fiscal year ended March 31, 2024 8,775 1,873 (2,541) 8,107 March 31, 2024 2023 Accounts receivable $ 532,832 $ 646,592 Allowance for doubtful accounts 8,107 8,775 Accounts receivable, net $ 524,725 $ 637,817 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Leases [Abstract] | |
Supplemental Balance Sheet Information Related To Leases | The following table presents lease assets and liabilities and their balance sheet classification: Classification As of March 31, 2024 As of March 31, 2023 Operating Leases: Right-of-use assets Other assets $ 76,413 $ 85,237 Operating lease current liabilities Accrued expenses 19,280 21,230 Operating lease non-current liabilities Other liabilities 61,687 66,555 Finance Leases: Right-of-use assets Property, plant, and equipment, net $ 878 $ 342 Finance lease current liabilities Current portion of finance leases 237 90 Finance lease non-current liabilities Finance leases 647 254 |
Components Of Lease Expense | The components of lease expense for the fiscal years ended March 31, 2024 and March 31, 2023 were as follows: Classification March 31, 2024 March 31, 2023 Operating Leases: Operating lease cost Operating expenses $ 28,030 $ 20,232 Variable lease cost Operating expenses 11,669 9,816 Short term lease cost Operating expenses 8,078 4,310 Finance Leases: Depreciation Operating expenses $ 297 $ 95 Interest expense Interest expense 57 10 Total $ 48,131 $ 34,463 |
Weighted Average Lease Term And Discount Rates | The following table presents the weighted average lease term and discount rates for leases as of March 31, 2024 and March 31, 2023: March 31, 2024 March 31, 2023 Operating Leases: Weighted average remaining lease term (years) 5.5 years 5.9 years Weighted average discount rate 5.38% 4.93% Finance Leases: Weighted average remaining lease term (years) 3.8 years 3.7 years Weighted average discount rate 7.4% 6.79% |
Maturity Of Operating Lease Liability | The following table presents future payments due under leases reconciled to lease liabilities as of March 31, 2024: Finance Leases Operating Leases Year ended March 31, 2025 $ 290 $ 22,890 2026 256 20,048 2027 232 16,819 2028 194 13,200 2029 39 7,846 Thereafter — 13,224 Total undiscounted lease payments 1,012 94,026 Present value discount 128 13,059 Lease liability $ 884 $ 80,967 |
Maturity Of Finance Lease Liability | The following table presents future payments due under leases reconciled to lease liabilities as of March 31, 2024: Finance Leases Operating Leases Year ended March 31, 2025 $ 290 $ 22,890 2026 256 20,048 2027 232 16,819 2028 194 13,200 2029 39 7,846 Thereafter — 13,224 Total undiscounted lease payments 1,012 94,026 Present value discount 128 13,059 Lease liability $ 884 $ 80,967 |
Supplemental Cash Flow Information Related To Leases | The following table presents supplemental disclosures of cash flow information related to leases for the fiscal years ended March 31, 2024 and March 31, 2023: March 31, 2024 March 31, 2023 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from finance leases $ 57 $ 15 Operating cash flows from operating leases 27,406 27,176 Financing cash flows from finance leases 275 151 Supplemental non-cash information on lease liabilities arising from right-of-use assets: Right-of-use assets obtained in exchange for new finance lease liabilities $ 811 $ 254 Right-of-use assets obtained in exchange for new operating lease liabilities 31,284 24,423 |
Accounts Receivable (Tables)
Accounts Receivable (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Receivables [Abstract] | |
Schedule Of Accounts, Notes, Loans And Financing Receivable | The following table sets forth the changes in the Company's allowance for doubtful accounts: Balance at Beginning of Period Provision Write-offs, net of Recoveries and Other Balance at Fiscal year ended March 31, 2022 $ 12,992 $ 2,621 $ (3,394) $ 12,219 Fiscal year ended March 31, 2023 12,219 (431) (3,013) 8,775 Fiscal year ended March 31, 2024 8,775 1,873 (2,541) 8,107 March 31, 2024 2023 Accounts receivable $ 532,832 $ 646,592 Allowance for doubtful accounts 8,107 8,775 Accounts receivable, net $ 524,725 $ 637,817 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Inventory Disclosure [Abstract] | |
Summary Of Net Inventories | March 31, 2024 2023 Raw materials $ 284,773 $ 323,418 Work-in-process 115,191 123,401 Finished goods 297,734 350,979 Total $ 697,698 $ 797,798 |
Property, Plant, and Equipment
Property, Plant, and Equipment (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Property, Plant and Equipment [Abstract] | |
Summary Of Property, Plant, And Equipment | Property, plant, and equipment consist of: March 31, 2024 2023 Land, buildings, and improvements $ 313,258 $ 312,294 Machinery and equipment 930,858 881,198 Construction in progress 91,829 75,053 1,335,945 1,268,545 Less accumulated depreciation (803,495) (755,262) Total $ 532,450 $ 513,283 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
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, 2024 2023 Gross Accumulated Net Gross Accumulated Net Indefinite-lived intangible assets: Trademarks $ 131,167 $ (953) $ 130,214 $ 144,702 $ (953) $ 143,749 Finite-lived intangible assets: Customer relationships 295,215 (147,833) 147,382 295,293 (130,262) 165,031 Non-compete 2,825 (2,825) — 2,825 (2,825) — Technology 96,708 (55,969) 40,739 96,713 (47,585) 49,128 Trademarks 9,554 (8,482) 1,072 8,946 (6,442) 2,504 Licenses 1,196 (1,196) — 1,196 (1,196) — Total $ 536,665 $ (217,258) $ 319,407 $ 549,675 $ (189,263) $ 360,412 |
Schedule Of Changes In The Carrying Amount Of Goodwill By Business Segment | The following table presents the changes in the carrying amount of goodwill by segment during fiscal 2023 and 2024: Energy Systems Motive Power Specialty Total Balance at March 31, 2022 $ 279,461 $ 323,303 $ 97,876 $ 700,640 Foreign currency translation adjustment (21,257) (1,773) (895) (23,925) Balance at March 31, 2023 $ 258,204 $ 321,530 $ 96,981 $ 676,715 Acquisitions — 4,390 — 4,390 Foreign currency translation adjustment 807 798 224 1,829 Balance at March 31, 2024 $ 259,011 $ 326,718 $ 97,205 $ 682,934 |
Prepaid and Other Current Ass_2
Prepaid and Other Current Assets (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
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, 2024 2023 Prepaid income taxes $ 94,866 $ 4,915 Contract assets 55,363 48,616 Prepaid non-income taxes 19,509 17,946 Non-trade receivables 4,124 6,978 Other 53,087 35,146 Total $ 226,949 $ 113,601 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Payables and Accruals [Abstract] | |
Summary Of Accrued Expenses | Accrued expenses consist of the following: March 31, 2024 2023 Payroll and benefits $ 84,734 $ 80,826 Accrued selling expenses 46,738 47,330 Contract liabilities 27,649 34,594 Warranty 26,304 24,226 Operating lease liabilities 19,280 21,230 VAT and other non-income taxes 17,595 15,321 Freight 16,549 16,482 Income taxes payable (1) 16,716 8,152 Interest 9,201 7,531 Other 58,954 53,255 Total $ 323,720 $ 308,947 (1) Income taxes payable includes amounts relating to the Tax Act - Transition Tax totaling $11,572 net of income taxes payable in a prepaid position of $3,420 for fiscal 2023. |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Schedule Of Long-Term Debt | The following summarizes the Company’s long-term debt as of March 31, 2024 and March 31, 2023: 2024 2023 Principal Unamortized Issuance Costs Principal Unamortized Issuance Costs Senior Notes $ 600,000 $ 6,064 $ 300,000 $ 2,705 Fourth Amended Credit Facility, due 2026 210,000 1,971 748,413 3,719 $ 810,000 $ 8,035 $ 1,048,413 $ 6,424 Less: Unamortized issuance costs 8,035 6,424 Long-term debt, net of unamortized issuance costs $ 801,965 $ 1,041,989 |
Other Liabilities (Tables)
Other Liabilities (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Other Liabilities Disclosure [Abstract] | |
Schedule Of Other Long-Term Liabilities | Other liabilities consist of the following: March 31, 2024 2023 Operating lease liabilities $ 61,687 $ 66,555 Warranty 34,515 32,404 Pension 25,512 24,528 Long-term interest rate swaps 19,167 15,760 Liability for uncertain tax positions 3,300 3,930 Contract liabilities 959 1,437 Tax Act - Transition Tax — 34,715 Other 6,742 23,613 Total $ 151,882 $ 202,942 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
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, 2024 and March 31, 2023 and the basis for that measurement: Total Fair Value Measurement March 31, 2024 Quoted Price in Significant Significant Lead forward contracts $ (835) $ — $ (835) $ — Foreign currency forward contracts 5 — 5 — Interest rate swaps 2,696 — 2,696 — Net investment hedges (19,167) — (19,167) — Total derivatives $ (17,301) $ — $ (17,301) $ — Total Fair Value Measurement March 31, 2023 Quoted Price in Significant Significant Lead forward contracts $ (89) $ — $ (89) $ — Foreign currency forward contracts 923 — 923 — Interest Rate Swaps (1,162) (1,162) Net investment hedges (15,760) — (15,760) — Total derivatives $ (16,088) $ — $ (16,088) $ — |
Carrying Amounts And Estimated Fair Values Of Company's Financial Instruments | The carrying amounts and estimated fair values of the Company’s derivatives and Senior Notes at March 31, 2024 and 2023 were as follows: March 31, 2024 March 31, 2023 Carrying Fair Value Carrying Fair Value Financial assets: Derivatives (1) $ — $ — $ — $ — Financial liabilities: Senior Notes (2) $ 600,000 $ 582,750 $ 300,000 $ 276,000 Derivatives (1) (17,301) (17,301) (16,088) (16,088) (1) Represents lead, foreign currency forward contracts, interest rate swaps, and net investment hedges (see Note 13 for asset and liability positions of the lead, foreign currency forward contracts and net investment hedges at March 31, 2024 and March 31, 2023). (2) |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
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, 2024 and 2023 Derivatives and Hedging Activities Designated as Cash Flow Hedges Derivatives and Hedging Activities Designated as Net Investment Hedges Derivatives and Hedging Activities Not Designated as Hedging Instruments March 31, 2024 March 31, 2023 March 31, 2024 March 31, 2023 March 31, 2024 March 31, 2023 Prepaid and other current assets: Lead forward contracts $ — $ — $ — $ — $ — $ — Foreign currency forward contracts 396 723 — — — 200 Other Assets: Interest rate swaps 2,696 — — — — — Total assets $ 3,092 $ 723 $ — $ — $ — $ 200 Accrued expenses: Lead forward contracts $ 835 $ 89 $ — $ — $ — $ — Foreign currency forward contracts — — — — 391 — Other liabilities: Interest rate swaps — 1,162 — — — — Net investment hedges — — 19,167 15,760 — — Total liabilities $ 835 $ 1,251 $ 19,167 $ 15,760 $ 391 $ — |
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, 2024 Derivatives Designated as Cash Flow Hedges Pretax Gain (Loss) Recognized in AOCI on Derivative (Effective Portion) Location of Gain Pretax Gain (Loss) Reclassified from AOCI into Income (Effective Portion) Lead forward contracts $ (455) Cost of goods sold $ 5,388 Foreign currency forward contracts 1,740 Cost of goods sold 612 Interest Rate Swaps 6,915 Interest expense 3,057 Total $ 8,200 $ 9,057 Derivatives Designated as Net Investment Hedges Pretax Gain (Loss) Recognized in AOCI on Derivative (Effective Portion) Location of Gain Pretax Gain (Loss) Reclassified from AOCI into Income (Effective Portion) Cross currency fixed interest rate swaps $ (2,695) Interest expense $ 713 Total $ (2,695) $ 713 The Effect of Derivative Instruments on the Consolidated Statements of Income For the fiscal year ended March 31, 2023 Derivatives Designated as Cash Flow Hedges Pretax Gain (Loss) Recognized in AOCI on Derivative (Effective Portion) Location of Gain Pretax Gain (Loss) Reclassified from AOCI into Income (Effective Portion) Lead forward contracts $ (3,883) Cost of goods sold $ (3,765) Foreign currency forward contracts 1,849 Cost of goods sold 2,589 Interest rate swaps (1,162) Interest Expense — Total $ (3,196) $ (1,176) Derivatives Designated as Net Investment Hedges Pretax Gain (Loss) Recognized in AOCI on Derivative (Effective Portion) Location of Gain Pretax Gain (Loss) Reclassified from AOCI into Income (Effective Portion) Cross currency fixed interest rate swaps $ 29,021 Interest expense $ 3,587 Total $ 29,021 $ 3,587 The Effect of Derivative Instruments on the Consolidated Statements of Income For the fiscal year ended March 31, 2022 Derivatives Designated as Cash Flow Hedges Pretax Gain (Loss) Recognized in AOCI on Derivative (Effective Portion) Location of Gain Pretax Gain (Loss) Reclassified from AOCI into Income (Effective Portion) Lead forward contracts $ 12,193 Cost of goods sold $ 8,974 Foreign currency forward contracts 941 Cost of goods sold 768 Total $ 13,134 $ 9,742 Derivatives Designated as Net Investment Hedges Pretax Gain (Loss) Recognized in AOCI on Derivative (Effective Portion) Location of Gain Pretax Gain (Loss) Reclassified from AOCI into Income (Effective Portion) Cross currency fixed interest rate swaps $ 1,479 Interest expense $ 1,181 Total $ 1,479 $ 1,181 |
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 $ (846) Total $ (846) Derivatives Not Designated as Hedging Instruments Location of Gain (Loss) Pretax Gain (Loss) Foreign currency forward contracts Other (income) expense, net $ 1,182 Total $ 1,182 Derivatives Not Designated as Hedging Instruments Location of Gain (Loss) Pretax Gain (Loss) Foreign currency forward contracts Other (income) expense, net $ (157) Total $ (157) |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Income Tax Disclosure [Abstract] | |
Income Tax Expense | Fiscal year ended March 31, 2024 2023 2022 Current income tax expense Current: Federal $ 21,785 $ 21,203 $ 9,558 State 3,252 5,654 4,022 Foreign 27,396 23,208 15,333 Total current income tax expense 52,433 50,065 28,913 Deferred income tax (benefit) expense Federal (25,008) (18,370) 1,183 State (3,564) (2,534) (1,453) Foreign (772) 5,668 1,385 Total deferred income tax (benefit) expense (29,344) (15,236) 1,115 Total income tax expense $ 23,089 $ 34,829 $ 30,028 |
Earnings Before Income Taxes | Earnings before income taxes consists of the following: Fiscal year ended March 31, 2024 2023 2022 United States $ 99,230 $ 38,703 $ 21,871 Foreign 192,955 171,936 152,068 Earnings before income taxes $ 292,185 $ 210,639 $ 173,939 |
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, 2024 2023 Deferred tax assets: Accounts receivable $ 309 $ 219 Inventories 13,472 6,387 Net operating loss carryforwards 51,005 48,801 Lease liabilities 20,081 20,888 Capitalized R&D Expenditures 32,740 16,378 Accrued expenses 35,132 31,949 Other assets 29,079 22,029 Gross deferred tax assets 181,818 146,651 Less valuation allowance (35,754) (31,172) Total deferred tax assets 146,064 115,479 Deferred tax liabilities: Property, plant and equipment 45,493 42,884 Lease Right-of-use assets 20,071 20,888 Intangible assets 56,726 59,152 Other liabilities 4,560 4,521 Total deferred tax liabilities 126,850 127,445 Net deferred tax assets (liabilities) $ 19,214 $ (11,966) |
Schedule of Change in Valuation Allowance | The following table sets forth the changes in the Company's valuation allowance for fiscal 2024, 2023 and 2022: Balance at Additions Valuation Allowance Reversal Other (1) Balance at Fiscal year ended March 31, 2022 $ 31,928 $ 4,486 $ (1,535) $ (3,862) $ 31,017 Fiscal year ended March 31, 2023 31,017 2,654 (586) (1,913) 31,172 Fiscal year ended March 31, 2024 31,172 9,463 (2,614) (2,267) 35,754 (1) Includes the impact of currency changes and the expiration of net operating losses for which a full valuation allowance was recorded. |
Reconciliation Of Income Taxes At The Statutory Rate | A reconciliation of income taxes at the statutory rate (21.0% for fiscal 2024, 2023 and 2022) to the income tax provision is as follows: Fiscal year ended March 31, 2024 2023 2022 United States statutory income tax expense $ 61,358 $ 44,233 $ 36,527 Increase (decrease) resulting from: State income taxes, net of federal effect (995) 1,714 1,724 Nondeductible expenses and other 3,833 6,028 1,217 Net effect of GILTI, FDII, BEAT 3,313 2,457 5,405 Effect of foreign operations (17,475) (12,978) (14,192) Valuation allowance 6,849 2,068 2,951 Research and Development Credit (5,158) (5,063) (3,604) IRA Impact (28,636) (3,630) — Income tax expense $ 23,089 $ 34,829 $ 30,028 |
Reconciliation Of Unrecognized Tax Benefits | The following table summarizes activity of the total amounts of unrecognized tax benefits: Fiscal year ended March 31, 2024 2023 2022 Balance at beginning of year $ 3,495 $ 4,770 $ 6,785 Increases related to current year tax positions (2) 24 21 Increases related to prior year tax positions — (1) 598 Decreases related to prior tax positions (129) — — Decreases related to prior year tax positions settled — (77) (784) Lapse of statute of limitations (519) (1,221) (1,850) Balance at end of year $ 2,845 $ 3,495 $ 4,770 |
Retirement Plans (Tables)
Retirement Plans (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Retirement Benefits [Abstract] | |
Components Of Net Periodic Pension Cost | Net periodic pension cost for fiscal 2024, 2023 and 2022, includes the following components: United States Plans International Plans Fiscal year ended March 31, Fiscal year ended March 31, 2024 2023 2022 2024 2023 2022 Service cost $ — $ — $ — $ 884 $ 918 $ 1,114 Interest cost 657 582 517 2,215 1,715 1,427 Expected return on plan assets (424) (455) (526) (1,244) (2,005) (2,200) Amortization and deferral — — 7 326 478 1,205 Net periodic benefit cost $ 233 $ 127 $ (2) $ 2,181 $ 1,106 $ 1,546 |
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, 2024 2023 2024 2023 Change in projected benefit obligation Benefit obligation at the beginning of the period $ 14,056 $ 16,205 $ 51,718 $ 70,833 Service cost — — 884 918 Interest cost 657 582 2,215 1,715 Benefits paid, inclusive of plan expenses (865) (843) (2,353) (2,052) Plan curtailments and settlements — — — — Plan combinations — — 1,835 — Actuarial (gains) losses (535) (1,888) 633 (15,995) Foreign currency translation adjustment — — 874 (3,701) Benefit obligation at the end of the period $ 13,313 $ 14,056 $ 55,806 $ 51,718 |
Summary Of Change In Plan Assets | Change in plan assets Fair value of plan assets at the beginning of the period $ 13,975 $ 16,166 $ 40,104 $ 42,067 Actual return on plan assets 2,043 (1,348) (7,717) (3,722) Employer contributions — — 1,655 6,428 Benefits paid, inclusive of plan expenses (865) (843) (2,353) (2,052) Plan curtailments and settlements — — — — Foreign currency translation adjustment — — 874 (2,617) Fair value of plan assets at the end of the period $ 15,153 $ 13,975 $ 32,563 $ 40,104 Funded status surplus (deficit) $ 1,840 $ (81) $ (23,243) $ (11,614) |
Summary Of Amounts Recognized In The Balance Sheets | March 31, 2024 2023 Amounts recognized in the Consolidated Balance Sheets consist of: Non-current assets $ 5,606 $ 14,147 Accrued expenses (1,497) (1,314) Other liabilities (25,512) (24,528) Funded status deficit $ (21,403) $ (11,695) |
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, 2024, 2023 and 2022: Fiscal year ended March 31, 2024 2023 2022 Amounts recorded in AOCI before taxes: Prior service cost $ (85) $ (128) $ (174) Net loss (9,590) (2,307) (14,049) Net amount recognized $ (9,675) $ (2,435) $ (14,223) The following table represents changes in plan assets and benefit obligations recognized in AOCI for the Company’s pension plans for the years ended March 31, 2024, 2023 and 2022: |
Summary Of Changes In AOCI | Fiscal year ended March 31, 2024 2023 2022 Changes in plan assets and benefit obligations: New prior service cost $ — $ — $ — Net loss (gain) arising during the year 7,439 (10,352) (9,362) Effect of exchange rates on amounts included in AOCI 127 (957) (883) Amounts recognized as a component of net periodic benefit costs: Amortization of prior service cost (42) (41) (45) Amortization or settlement recognition of net loss (284) (438) (1,167) Total recognized in other comprehensive (income) loss $ 7,240 $ (11,788) $ (11,457) |
Summary Of Recognized Components Of Net Periodic Pension Cost Included In Accumulated Other Comprehensive Income | The amounts included in AOCI as of March 31, 2024 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 $ (42) Net loss (465) Net amount expected to be recognized $ (507) |
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 fiscal year are as follows: United States Plans International Plans March 31, March 31, 2024 2023 2024 2023 All defined benefit plans: Accumulated benefit obligation $ 13,313 $ 14,056 $ 53,169 $ 49,290 Unfunded defined benefit plans: Projected benefit obligation $ — $ — $ 27,009 $ 25,562 Accumulated benefit obligation — — 24,930 23,704 Defined benefit plans with a projected benefit obligation in excess of the fair value of plan assets: Projected benefit obligation $ — $ 11,671 $ 27,009 $ 25,908 Fair value of plan assets — 11,403 — 335 Defined benefit plans with an accumulated benefit obligation in excess of the fair value of plan assets: Projected benefit obligation $ — $ 11,671 $ 27,009 $ 25,562 Accumulated benefit obligation — 11,671 24,930 23,704 Fair value of plan assets — 11,403 — — |
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, 2024 2023 2022 2024 2023 2022 Discount rate 4.9 % 3.7 % 3.0 % 3.5%-6.0% 1.5%-5.4% 0.5%-2.3% Expected return on plan assets 5.5 5.5 5.5 4.0-4.7 3.1-5.3 2.7-5.3 Rate of compensation increase N/A N/A N/A 2.3-4.5 1.8-5.5 1.5-4.0 N/A = not applicable |
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, 2024 2023 2024 2023 Discount rate 5.2 % 4.9 % 3.8%-5.3% 3.5%-6% Rate of compensation increase N/A N/A 2.5-4.5 2.3-4.5 N/A = not applicable |
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, 2024 and 2023 and the basis for that measurement: March 31, 2024 United States Plans International Plans Total Fair Quoted Price Significant Significant Total Fair Quoted Price Significant Significant Asset category: Cash and cash equivalents $ 5,473 $ 5,473 $ — $ — $ 3,752 $ 3,752 $ — $ — Equity securities US (a) — — — — — — — — International (b) — — — — — — — — Fixed income (c) 9,680 9,680 — — 314 — 314 — Other investments (d) — — — — 28,497 — — 28,497 Total $ 15,153 $ 15,153 $ — $ — $ 32,563 $ 3,752 $ 314 $ 28,497 March 31, 2023 United States Plans International Plans Total Fair Quoted Price Significant Significant Total Fair Quoted Price Significant Significant Asset category: Cash and cash equivalents $ 1,714 $ 1,714 $ — $ — $ 7,775 $ 7,775 $ — $ — Equity securities US (a) 8,308 8,308 — — — — — — International (b) — — — — — — — — Fixed income (c) 3,953 3,953 — — 32,329 — 32,329 — Total $ 13,975 $ 13,975 $ — $ — $ 40,104 $ 7,775 $ 32,329 $ — 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. (d) Other investments consists of a buy-in annuity insurance contract. The fair value of the buy-in policy is set equal to the value of the obligations as determined by the actuary. This value is considered Level 3 due to the use of the significant unobservable inputs. Level 3 Rollforward The following presents our Level 3 Rollforward for our defined pension plan assets: Beginning of year balance as of March 31, 2023 $ — Actual return on plan assets, relating to assets still held at the reporting date $ (2,945) Purchases $ 31,287 Change due to exchange rate changes $ 155 End of year balance as of March 31, 2024 $ 28,497 |
Summary Of Estimated Future Benefit Payments | Estimated future benefit payments under the Company’s pension plans are as follows: 2025 $ 3,328 2026 3,312 2027 3,454 2028 4,236 2029 4,616 Years 2030-2034 23,925 |
Stockholders_ Equity (Tables)
Stockholders’ Equity (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Equity [Abstract] | |
Change in Number of Shares of Common Stock Outstanding | The following demonstrates the change in the number of shares of common stock outstanding during fiscal years ended March 31, 2022, 2023 and 2024, respectively: Shares outstanding as of March 31, 2021 42,753,020 Purchase of treasury stock (1,996,334) Shares issued towards equity-based compensation plans, net of equity awards surrendered for option price and taxes 229,972 Shares outstanding as of March 31, 2022 40,986,658 Purchase of treasury stock (358,365) Shares issued under equity-based compensation plans, net of equity awards surrendered for option price and taxes 272,766 Shares outstanding as of March 31, 2023 40,901,059 Purchase of treasury stock (1,002,415) Shares issued under equity-based compensation plans, net of equity awards surrendered for option price and taxes 373,292 Shares outstanding as of March 31, 2024 40,271,936 |
Components Of Accumulated Other Comprehensive Income | The components of AOCI, net of tax, are as follows: Beginning Before Reclassifications Amount Reclassified from AOCI Ending March 31, 2024 Pension funded status adjustment $ (4,423) $ (5,672) $ 297 $ (9,798) Net unrealized gain (loss) on derivative instruments 1,411 6,283 (6,939) 755 Foreign currency translation adjustment (1) (180,462) (15,346) — (195,808) Accumulated other comprehensive loss $ (183,474) $ (14,735) $ (6,642) $ (204,851) March 31, 2023 Pension funded status adjustment $ (12,637) $ 7,872 $ 342 $ (4,423) Net unrealized gain (loss) on derivative instruments 2,963 (2,453) 901 1,411 Foreign currency translation adjustment (1) (133,821) (46,641) — (180,462) Accumulated other comprehensive loss $ (143,495) $ (41,222) $ 1,243 $ (183,474) March 31, 2022 Pension funded status adjustment $ (20,947) $ 7,374 $ 936 $ (12,637) Net unrealized gain (loss) on derivative instruments 360 10,063 (7,460) 2,963 Foreign currency translation adjustment (95,296) (38,525) — (133,821) Accumulated other comprehensive loss $ (115,883) $ (21,088) $ (6,524) $ (143,495) |
Reclassification out of Accumulated Other Comprehensive Income | The following table presents reclassifications from AOCI during the twelve months ended March 31, 2024: 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 $ (9,057) Cost of goods sold Tax expense 2,118 Net unrealized gain on derivative instruments, net of tax $ (6,939) Derivatives in net investment hedging relationships: Net unrealized gain on derivative instruments $ (713) Interest expense Tax expense 167 Net unrealized gain on derivative instruments, net of tax $ (546) Defined benefit pension costs: Prior service costs and deferrals $ 326 Net periodic benefit cost, included in other (income) expense, net - See Note 15 Tax benefit (29) Net periodic benefit cost, net of tax $ 297 The following table presents reclassifications from AOCI during the twelve months ended March 31, 2023: Components of AOCI Amounts Reclassified from AOCI Location of (Gain) Loss Recognized on Income Statement Derivatives in Cash Flow Hedging Relationships: Net unrealized loss on derivative instruments $ 1,176 Cost of goods sold Tax benefit (275) Net unrealized loss on derivative instruments, net of tax $ 901 Derivatives in net investment hedging relationships: Net unrealized gain on derivative instruments $ (3,587) Interest expense Tax expense 839 Net unrealized gain on derivative instruments, net of tax $ (2,748) Defined benefit pension costs: Prior service costs and deferrals $ 478 Net periodic benefit cost, included in other (income) expense, net - See Note 15 Tax benefit (136) Net periodic benefit cost, net of tax $ 342 The following table presents reclassifications from AOCI during the twelve months ended March 31, 2022: 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 $ (9,742) Cost of goods sold Tax benefit 2,282 Net unrealized gain on derivative instruments, net of tax $ (7,460) Derivatives in net investment hedging relationships: Net unrealized gain on derivative instruments $ (1,181) Interest expense Tax expense 276 Net unrealized gain on derivative instruments, net of tax $ (905) Defined benefit pension costs: Prior service costs and deferrals $ 1,212 Net periodic benefit cost, included in other (income) expense, net - See Note 15 Tax benefit (276) Net periodic benefit cost, net of tax $ 936 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Summary Of Stock Option Activity | For purposes of determining the fair value of stock options granted, the Company used a Black-Scholes Model with the following assumptions: 2024 2023 2022 Risk-free interest rate 4.24 % 2.92 % 0.89 % Dividend yield 0.95 % 0.99 % 0.76 % Expected life (years) 6 6 6 Volatility 38.3 % 37.4 % 37.3 % The following table summarizes the Company’s stock option activity in the years indicated: Number of Weighted- Weighted- Aggregate Options outstanding as of March 31, 2021 799,501 7.8 $ 72.31 $ 14,781 Granted 246,222 97.32 — Exercised (42,640) 65.71 1,079 Forfeited (27,478) 71.26 520 Expired — — — Options outstanding as of March 31, 2022 975,605 7.5 $ 78.94 $ 3,605 Granted 310,140 75.33 — Exercised (75,180) 65.22 1,561 Forfeited (9,575) 80.05 39 Expired (4,679) 85.12 — Options outstanding as of March 31, 2023 1,196,311 7.3 $ 78.83 $ 12,150 Granted 200,314 101.04 — Exercised (197,350) 71.81 6,110 Forfeited (9,166) 78.68 158 Expired — — — Options outstanding as of March 31, 2024 1,190,109 7.0 $ 83.74 $ 15,043 Options exercisable as of March 31, 2024 713,932 5.9 $ 79.70 $ 11,178 Options vested and expected to vest, as of March 31, 2024 1,176,995 7.0 $ 83.66 $ 14,944 |
Summary Of Information Regarding Stock Options Outstanding And Exercisable | The following table summarizes information regarding stock options outstanding as of March 31, 2024: Range of Exercise Prices Number of Weighted- Weighted- $57.60-$60.00 98,680 5.0 $ 57.73 $60.01-$70.00 26,118 0.9 $ 68.76 $70.01-$80.00 423,674 7.4 $ 75.50 $80.01-$90.00 219,580 5.3 $ 83.00 $90.01-$100.00 140,375 8.3 $ 93.16 $100.01-$104.18 281,682 8.3 $ 102.51 1,190,109 7.0 $ 83.74 |
Summary Of The Changes In Restricted Stock Units And Market Share Units | A summary of the changes in restricted stock units, including DSU's, and TSRs awarded to employees and directors that were outstanding under the Company’s equity compensation plans during fiscal 2024 is presented below: Restricted Stock Units (RSU) Market condition-based Share Units (TSR) Number of Weighted- Number of Weighted- Non-vested awards as of March 31, 2023 1,009,783 $ 65.48 31,653 $ 62.19 Granted 299,284 92.44 — — Stock dividend 8,987 68.55 61 62.80 Vested (262,315) 72.63 (30,582) 62.02 Forfeitures (32,903) 79.36 — — Non-vested awards as of March 31, 2024 1,022,836 $ 69.24 1,132 $ 66.89 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
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, 2024 2023 2022 Net earnings attributable to EnerSys stockholders $ 269,096 $ 175,810 $ 143,911 Weighted-average number of common shares outstanding: Basic 40,669,392 40,809,235 42,106,337 Dilutive effect of: Common shares from exercise and lapse of equity awards, net of shares assumed reacquired 702,047 517,520 677,036 Diluted weighted-average number of common shares outstanding 41,371,439 41,326,755 42,783,373 Basic earnings per common share attributable to EnerSys stockholders $ 6.62 $ 4.31 $ 3.42 Diluted earnings per common share attributable to EnerSys stockholders $ 6.50 $ 4.25 $ 3.36 Anti-dilutive equity awards not included in diluted weighted-average common shares 356,893 710,678 951,057 |
Restructuring, Exit and Other C
Restructuring, Exit and Other Charges (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Restructuring and Related Activities [Abstract] | |
Acquisition And Non-Acquisition Related Restructuring Reserve | Restructuring and exit charges for fiscal 2024, 2023 and 2022 by reportable segments are as follows: Fiscal year ended March 31, 2024 Energy Systems Motive Power Specialty Total Restructuring charges $ 4,526 $ 3,445 $ 35 $ 8,006 Exit charges 4,312 8,253 7,532 20,097 Restructuring and other exit charges $ 8,838 $ 11,698 $ 7,567 $ 28,103 Fiscal year ended March 31, 2023 Energy Systems Motive Power Specialty Total Restructuring charges $ 1,318 $ 327 $ 42 $ 1,687 Exit charges 123 12,537 2,092 14,752 Restructuring and other exit charges $ 1,441 $ 12,864 $ 2,134 $ 16,439 Fiscal year ended March 31, 2022 Energy Systems Motive Power Specialty Total Restructuring charges $ 2,005 $ 2,348 $ 75 $ 4,428 Exit charges 708 14,711 (1,091) 14,328 Restructuring and other exit charges $ 2,713 $ 17,059 $ (1,016) $ 18,756 A roll-forward of the restructuring reserve is as follows: Balance at March 31, 2021 $ 2,595 Accrued 4,428 Costs incurred (6,013) Foreign currency impact and other 20 Balance at March 31, 2022 $ 1,030 Accrued 1,687 Costs incurred (2,224) Foreign currency impact and other (48) Balance at March 31, 2023 $ 445 Accrued 8,006 Costs incurred (6,064) Foreign currency impact and other 21 Balance at March 31, 2024 $ 2,408 |
Warranty (Tables)
Warranty (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Guarantees [Abstract] | |
Analysis Of Changes In Liability For Product Warranties | An analysis of changes in the liability for product warranties is as follows: Fiscal year ended March 31, 2024 2023 2022 Balance at beginning of year $ 56,630 $ 54,978 $ 58,962 Current year provisions 34,110 29,132 17,645 Costs incurred (30,160) (25,251) (20,648) Foreign currency translation adjustment 239 (2,229) (981) Balance at end of year $ 60,819 $ 56,630 $ 54,978 |
Other (Income) Expense, Net (Ta
Other (Income) Expense, Net (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Other Income and Expenses [Abstract] | |
Summary Of Other (Income) Expense, Net | Other (income) expense, net consists of the following: Fiscal year ended March 31, 2024 2023 2022 Cost of Funds Asset Securitization $ 8,776 $ 2,314 $ — Non-service components of pension expense 1,530 315 430 Foreign exchange transaction (gains) losses (6,053) 671 (7,169) Other 5,178 4,893 1,274 Total $ 9,431 $ 8,193 $ (5,465) |
Business Segments (Tables)
Business Segments (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
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, 2024, 2023 and 2022 and for each of the fiscal years then ended is shown below. Fiscal year ended March 31, 2024 2023 2022 Net sales by segment to unaffiliated customers Energy Systems $ 1,590,023 $ 1,738,195 $ 1,536,673 Motive Power 1,456,181 1,451,244 1,361,254 Specialty 535,667 519,140 459,392 Total net sales $ 3,581,871 $ 3,708,579 $ 3,357,319 Operating earnings by segment Energy Systems $ 86,955 $ 90,400 $ 48,875 Motive Power 214,650 179,972 172,396 Specialty 31,366 40,487 46,730 Corporate and other (3) 117,260 17,283 — Inventory adjustment relating to exit activities - Energy Systems (17,075) 211 (186) Inventory adjustment relating to exit activities - Motive — (892) (2,418) Inventory adjustment relating to exit activities - Specialty (3,098) — — Restructuring and other exit charges - Energy Systems (8,840) (1,441) (2,713) Restructuring and other exit charges - Motive Power (11,697) (12,864) (17,059) Restructuring and other exit charges - Specialty (7,566) (2,134) 1,016 Impairment of indefinite-lived intangibles - Energy Systems (13,619) (100) (501) Impairment of indefinite-lived intangibles - Motive Power — — (677) Impairment of indefinite-lived intangibles - Specialty — (380) — Loss on assets held for sale - Motive Power — — (2,973) Total Amortization - Energy Systems (24,503) (27,383) (29,277) Total Amortization - Motive Power (683) (441) (1,055) Total Amortization - Specialty (2,808) (2,923) (2,962) Legal proceedings charge, net - Energy Systems (3,705) — — Other - Energy Systems (3,740) (712) (1,628) Other - Motive Power (1,032) (627) (1,040) Other - Specialty (295) (95) (277) Total operating earnings (2) $ 351,570 $ 278,361 $ 206,251 Capital Expenditures Energy Systems $ 33,626 $ 37,249 $ 33,614 Motive Power 17,115 16,373 13,887 Specialty 35,596 35,150 26,540 Other 100 — — Total $ 86,437 $ 88,772 $ 74,041 Depreciation and Amortization Energy Systems $ 49,469 $ 52,034 $ 54,580 Motive Power 23,690 22,404 24,918 Specialty 18,762 16,715 16,380 Other 100 — — Total $ 92,021 $ 91,153 $ 95,878 (1) Reportable segments do not record inter-segment revenues and accordingly there are none to report. (2) The Company does not allocate interest expense or other (income) expense, net, to the reportable segments. (3) Corporate and other includes amounts managed on a company-wide basis and not directly allocated to any reportable segments, primarily relating to IRA production tax credits. Also, included are start-up costs for exploration of a new lithium plant as well as start-up operating expenses from the New Ventures operating segment. The Company's property, plant and equipment by reportable segments as of March 31, 2024 and 2023 are as follows: March 31, 2024 March 31, 2023 Property, plant and equipment, net Energy Systems $ 189,519 $ 199,414 Motive Power 145,395 142,301 Specialty 197,368 171,568 Other 168 $ — Total $ 532,450 $ 513,283 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Detail) $ in Thousands | 12 Months Ended | 48 Months Ended | |
Mar. 31, 2024 USD ($) segments | Mar. 31, 2023 USD ($) | Mar. 31, 2020 | |
Summary Of Significant Accounting Policies [Line Items] | |||
Cash and cash equivalents include all highly liquid investments with an original maturity, when purchased, in months | 3 months | ||
Increase (decrease) in cost of goods and income tax payable | $ | $ (136,360) | $ (17,283) | |
Number of operating segments | 4 | ||
Number of reportable segments | 4 | ||
Restricted Stock and Restricted Stock Units | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Percentage of restricted stock units granted, vested per year | 25% | ||
Vesting period, in years | 4 years | ||
Market condition-based Share Units (TSR) | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Vesting period, in years | 3 years | ||
Total shareholder return, return from average grant price, percentage | 25% | ||
Minimum | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Percentage of investment ownership, consolidated | 50% | ||
Estimated useful lives of finite-lived assets | 3 years | ||
Minimum | Investments In Affiliates | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Percentage of investment ownership, equity method | 20% | ||
Minimum | Market condition-based Share Units (TSR) | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Total shareholder return, number of awards granted, percentage | 0% | ||
Minimum | Energy Systems 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 | Specialty Transportation 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, cost method | 20% | ||
Estimated useful lives of finite-lived assets | 20 years | ||
Maximum | Investments In Affiliates | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Percentage of investment ownership, equity method | 50% | ||
Maximum | Market condition-based Share Units (TSR) | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Total shareholder return, number of awards granted, percentage | 200% | ||
Maximum | Energy Systems 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 | 5 years | ||
Maximum | Specialty Transportation Batteries | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Product warranty for a period | 4 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 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Schedule of Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Balance at Beginning of Period | $ 8,775 | $ 12,219 | $ 12,992 |
Provision for Expected Credit Losses | 1,873 | (431) | 2,621 |
Write-offs, net of Recoveries and Other | (2,541) | (3,013) | (3,394) |
Balance at End of Period | $ 8,107 | $ 8,775 | $ 12,219 |
Revenue Recognition - Additiona
Revenue Recognition - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Disaggregation of Revenue [Line Items] | |||
Net sales | $ 3,581,871 | $ 3,708,579 | $ 3,357,319 |
Contract with customer, liability, current portion | 27,649 | 34,594 | |
Contract with customer, liability, noncurrent portion | 960 | 1,437 | |
Revenue recognized | 20,166 | 9,779 | |
Unbilled contracts receivable | 55,363 | 48,616 | |
Right to recover product | 4,530 | ||
Refund liability | 7,399 | ||
Remaining performance obligation | 147,016 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01 | |||
Disaggregation of Revenue [Line Items] | |||
Remaining performance obligation | 111,041 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-04-01 | |||
Disaggregation of Revenue [Line Items] | |||
Remaining performance obligation | 27,644 | ||
Transferred over Time | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 251,820 | 244,013 | 193,824 |
Service | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | $ 420,009 | $ 400,798 | $ 353,088 |
Revenue Recognition - Remaining
Revenue Recognition - Remaining Performance Obligation (Details) $ in Thousands | Mar. 31, 2024 USD ($) |
Revenue from Contract with Customer [Abstract] | |
Remaining performance obligation | $ 147,016 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01 | |
Revenue from Contract with Customer [Abstract] | |
Remaining performance obligation | $ 111,041 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation, timing of satisfaction | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-04-01 | |
Revenue from Contract with Customer [Abstract] | |
Remaining performance obligation | $ 27,644 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation, timing of satisfaction | 2 years |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-04-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation, timing of satisfaction | 3 years |
Leases - Additional Information
Leases - Additional Information (Detail) | Mar. 31, 2024 |
Minimum | |
Lessee, Lease, Description [Line Items] | |
Contract term | 1 year |
Maximum | |
Lessee, Lease, Description [Line Items] | |
Contract term | 16 years |
Leases - Balance Sheet Classifi
Leases - Balance Sheet Classification (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Mar. 31, 2023 |
Leases [Abstract] | ||
Operating lease right-of-use assets | $ 76,413 | $ 85,237 |
Operating lease current liabilities | 19,280 | 21,230 |
Operating lease non-current liabilities | 61,687 | 66,555 |
Finance lease right-of-use assets | 878 | 342 |
Finance lease current liabilities | 237 | 90 |
Finance lease non-current liabilities | $ 647 | $ 254 |
Operating lease, right-of-use asset, statement of financial position | Other assets | Other assets |
Operating lease, liability, current, statement of financial position | Accrued expenses | Accrued expenses |
Operating lease, liability, noncurrent, statement of financial position | Other liabilities | Other liabilities |
Finance lease, right-of-use asset, statement of financial position | Property, plant, and equipment, net | Property, plant, and equipment, net |
Leases - Components of Lease Ex
Leases - Components of Lease Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Operating Leases: | ||
Operating lease cost | $ 28,030 | $ 20,232 |
Variable lease cost | 11,669 | 9,816 |
Short term lease cost | 8,078 | 4,310 |
Finance Leases: | ||
Depreciation | 297 | 95 |
Interest expense | 57 | 10 |
Total | $ 48,131 | $ 34,463 |
Leases - Additional Informati_2
Leases - Additional Information Related to Leases (Detail) | Mar. 31, 2024 | Mar. 31, 2023 |
Operating Leases: | ||
Weighted average remaining lease term (years) | 5 years 6 months | 5 years 10 months 24 days |
Weighted average discount rate | 5.38% | 4.93% |
Finance Leases: | ||
Weighted average remaining lease term (years) | 3 years 9 months 18 days | 3 years 8 months 12 days |
Weighted average discount rate | 7.40% | 6.79% |
Leases - Finance and Operating
Leases - Finance and Operating Lease Maturity Schedules (Detail) $ in Thousands | Mar. 31, 2024 USD ($) |
Finance Leases | |
2025 | $ 290 |
2026 | 256 |
2027 | 232 |
2028 | 194 |
2029 | 39 |
Thereafter | 0 |
Total undiscounted lease payments | 1,012 |
Present value discount | 128 |
Finance lease liability | 884 |
Operating Leases | |
2025 | 22,890 |
2026 | 20,048 |
2027 | 16,819 |
2028 | 13,200 |
2029 | 7,846 |
Thereafter | 13,224 |
Total undiscounted lease payments | 94,026 |
Present value discount | 13,059 |
Operating lease liabilities | $ 80,967 |
Leases - Supplemental Cash Flow
Leases - Supplemental Cash Flow Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Cash paid for amounts included in the measurement of lease liabilities: | ||
Operating cash flows from finance leases | $ 57 | $ 15 |
Operating cash flows from operating leases | 27,406 | 27,176 |
Financing cash flows from finance leases | 275 | 151 |
Supplemental non-cash information on lease liabilities arising from right-of-use assets: | ||
Right-of-use assets obtained in exchange for new finance lease liabilities | 811 | 254 |
Right-of-use assets obtained in exchange for new operating lease liabilities | $ 31,284 | $ 24,423 |
Accounts Receivable - Schedule
Accounts Receivable - Schedule of Accounts Receivable (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Mar. 31, 2023 |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Accounts receivable | $ 532,832 | $ 646,592 |
Allowance for doubtful accounts | 8,107 | 8,775 |
Accounts receivable, net | $ 524,725 | $ 637,817 |
Accounts Receivable - Additiona
Accounts Receivable - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Accounts receivable, selling, maximum amount | $ 150,000 | |
Accounts receivable sold to financial institution | 710,746 | $ 343,013 |
Accounts receivable sold to financial institution, net proceeds | 710,746 | 192,713 |
Accounts receivable sold to financial institution, proceeds collected | 710,746 | 193,013 |
Accounts receivables, collateralized | $ 341,223 | $ 274,121 |
Secured Overnight Financing Rate (SOFR) | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Accounts receivable, fee, basis spread on sold receivable balance | 0.85% |
Inventories - Summary of Invent
Inventories - Summary of Inventories (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Mar. 31, 2023 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 284,773 | $ 323,418 |
Work-in-process | 115,191 | 123,401 |
Finished goods | 297,734 | 350,979 |
Total | $ 697,698 | $ 797,798 |
Property, Plant, and Equipmen_2
Property, Plant, and Equipment - Summary of Property, Plant, and Equipment (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Mar. 31, 2023 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, including finance lease right-of-use asset, gross | $ 1,335,945 | $ 1,268,545 |
Less accumulated depreciation | (803,495) | (755,262) |
Total | 532,450 | 513,283 |
Land, buildings, and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, including finance lease right-of-use asset, gross | 313,258 | 312,294 |
Machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, including finance lease right-of-use asset, gross | 930,858 | 881,198 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, including finance lease right-of-use asset, gross | $ 91,829 | $ 75,053 |
Property, Plant, and Equipmen_3
Property, Plant, and Equipment - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation expense | $ 64,028 | $ 60,405 | $ 62,584 |
Interest capitalized | $ 1,268 | $ 857 | $ 447 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Schedule of Company's Other Intangible Assets (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Mar. 31, 2023 |
Intangible Assets [Line Items] | ||
Gross Amount, Total | $ 536,665 | $ 549,675 |
Accumulated Amortization ,Total | (217,258) | (189,263) |
Net Amount ,Total | 319,407 | 360,412 |
Trademarks | ||
Intangible Assets [Line Items] | ||
Indefinite-lived intangible assets, Gross Amount | 131,167 | 144,702 |
Finite-lived intangible assets, Gross Amount | 9,554 | 8,946 |
Indefinite-lived intangible assets, Accumulated Amortization | (953) | (953) |
Finite-lived intangible assets, Accumulated Amortization | (8,482) | (6,442) |
Indefinite-lived intangible assets, Net Amount | 130,214 | 143,749 |
Finite-lived intangible assets, Net Amount | 1,072 | 2,504 |
Customer relationships | ||
Intangible Assets [Line Items] | ||
Finite-lived intangible assets, Gross Amount | 295,215 | 295,293 |
Finite-lived intangible assets, Accumulated Amortization | (147,833) | (130,262) |
Finite-lived intangible assets, Net Amount | 147,382 | 165,031 |
Non-compete | ||
Intangible Assets [Line Items] | ||
Finite-lived intangible assets, Gross Amount | 2,825 | 2,825 |
Finite-lived intangible assets, Accumulated Amortization | (2,825) | (2,825) |
Finite-lived intangible assets, Net Amount | 0 | 0 |
Technology | ||
Intangible Assets [Line Items] | ||
Finite-lived intangible assets, Gross Amount | 96,708 | 96,713 |
Finite-lived intangible assets, Accumulated Amortization | (55,969) | (47,585) |
Finite-lived intangible assets, Net Amount | 40,739 | 49,128 |
Licenses | ||
Intangible Assets [Line Items] | ||
Finite-lived intangible assets, Gross Amount | 1,196 | 1,196 |
Finite-lived intangible assets, Accumulated Amortization | (1,196) | (1,196) |
Finite-lived intangible assets, Net Amount | $ 0 | $ 0 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Indefinite-lived Intangible Assets [Line Items] | |||||
Amortization expense, related to finite-lived intangible assets | $ 27,993 | $ 30,748 | $ 33,294 | ||
Expected amortization expense, 2024 | $ 26,574 | 26,574 | |||
Expected amortization expense, 2025 | 25,646 | 25,646 | |||
Expected amortization expense, 2026 | 24,844 | 24,844 | |||
Expected amortization expense, 2027 | 24,280 | 24,280 | |||
Expected amortization expense, 2028 | 22,451 | 22,451 | |||
Impairment of indefinite-lived intangible assets | 13,619 | 480 | $ 1,178 | ||
Estimated tax-deductible goodwill | 78,147 | $ 86,709 | $ 78,147 | $ 86,709 | |
Trademarks | EMEA | |||||
Indefinite-lived Intangible Assets [Line Items] | |||||
Impairment of indefinite-lived intangible assets | $ 13,619 | $ 480 |
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, 2024 | Mar. 31, 2023 | |
Goodwill [Roll Forward] | ||
Balance at beginning of year | $ 676,715 | $ 700,640 |
Foreign currency translation adjustment | 1,829 | (23,925) |
Acquisitions | 4,390 | |
Balance at end of year | 682,934 | 676,715 |
Energy Systems | ||
Goodwill [Roll Forward] | ||
Balance at beginning of year | 258,204 | 279,461 |
Foreign currency translation adjustment | 807 | (21,257) |
Acquisitions | 0 | |
Balance at end of year | 259,011 | 258,204 |
Motive Power | ||
Goodwill [Roll Forward] | ||
Balance at beginning of year | 321,530 | 323,303 |
Foreign currency translation adjustment | 798 | (1,773) |
Acquisitions | 4,390 | |
Balance at end of year | 326,718 | 321,530 |
Specialty | ||
Goodwill [Roll Forward] | ||
Balance at beginning of year | 96,981 | 97,876 |
Foreign currency translation adjustment | 224 | (895) |
Acquisitions | 0 | |
Balance at end of year | $ 97,205 | $ 96,981 |
Prepaid and Other Current Ass_3
Prepaid and Other Current Assets (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Mar. 31, 2023 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Contract assets | $ 55,363 | $ 48,616 |
Prepaid non-income taxes | 19,509 | 17,946 |
Non-trade receivables | 4,124 | 6,978 |
Prepaid income taxes | 94,866 | 4,915 |
Other | 53,087 | 35,146 |
Total | $ 226,949 | $ 113,601 |
Accrued Expenses (Detail)
Accrued Expenses (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Mar. 31, 2023 |
Payables and Accruals [Abstract] | ||
Payroll and benefits | $ 84,734 | $ 80,826 |
Accrued selling expenses | 46,738 | 47,330 |
Contract liabilities | 27,649 | 34,594 |
Warranty | 26,304 | 24,226 |
Operating lease liabilities | 19,280 | 21,230 |
VAT and other non-income taxes | 17,595 | 15,321 |
Freight | 16,549 | 16,482 |
Income taxes payable (1) | 16,716 | 8,152 |
Interest | 9,201 | 7,531 |
Other | 58,954 | 53,255 |
Total | $ 323,720 | 308,947 |
Transition tax | 11,572 | |
Transition tax, prepaid position | $ 3,420 |
Debt - Long Term Debt (Detail)
Debt - Long Term Debt (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Mar. 31, 2023 |
Debt Instrument [Line Items] | ||
Long-term debt gross | $ 810,000 | $ 1,048,413 |
Unamortized debt issuance expense | 8,035 | 6,424 |
Long-term debt, net of unamortized issuance costs | 801,965 | 1,041,989 |
Senior Notes | ||
Debt Instrument [Line Items] | ||
Long-term debt | 600,000 | 300,000 |
Unamortized debt issuance expense | 6,064 | 2,705 |
Line Of Credit And Secured Debt | Fourth Amended Credit Facility, due 2026 | Secured Debt | ||
Debt Instrument [Line Items] | ||
Incremental term loan commitment | 210,000 | 748,413 |
Unamortized debt issuance expense | $ 1,971 | $ 3,719 |
Debt - Additional Information (
Debt - Additional Information (Detail) | 3 Months Ended | 12 Months Ended | ||||||||||
Jan. 11, 2024 USD ($) | Dec. 11, 2019 USD ($) | Mar. 31, 2024 USD ($) | Mar. 31, 2023 USD ($) | Oct. 02, 2022 USD ($) | Mar. 31, 2024 USD ($) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 USD ($) | Mar. 31, 2019 USD ($) | Oct. 02, 2022 CAD ($) | Mar. 31, 2019 CAD ($) | Mar. 31, 2018 USD ($) | |
Debt Instrument [Line Items] | ||||||||||||
Repayments of senior debt | $ 0 | $ 300,000,000 | $ 0 | |||||||||
Loss on extinguishment of debt | $ 753,000 | |||||||||||
Weighted-average interest rate | 5.20% | 4.60% | 5.20% | 4.60% | ||||||||
Short term borrowing outstanding amount | $ 30,444,000 | $ 30,642,000 | $ 30,444,000 | $ 30,642,000 | ||||||||
Short-term debt, weighted-average interest rates | 6.70% | 7% | 6.70% | 7% | ||||||||
Amortization expense included in interest expense | $ 1,697,000 | $ 1,964,000 | 2,107,000 | |||||||||
Deferred financing fees, net of accumulated amortization | $ 8,035,000 | $ 6,424,000 | 8,035,000 | 6,424,000 | ||||||||
Senior Notes | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Long-term debt | 600,000,000 | 300,000,000 | 600,000,000 | 300,000,000 | ||||||||
Line of Credit | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Available lines of credit | 938,334,000 | 693,444,000 | 938,334,000 | 693,444,000 | ||||||||
Outstanding amount | 90,866,000 | 90,839,000 | 90,866,000 | 90,839,000 | ||||||||
Convertible Notes Payable | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Stand by letters of credit | 3,919,000 | 3,565,000 | 3,919,000 | 3,565,000 | ||||||||
2027 Notes | Senior Notes | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Long-term debt | $ 300,000,000 | |||||||||||
Interest rate of debt instrument | 4.375% | |||||||||||
Proceeds from debt, net | $ 296,250,000 | |||||||||||
2032 Notes | Senior Notes | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Long-term debt | $ 300,000,000 | |||||||||||
Interest rate of debt instrument | 6.625% | |||||||||||
Proceeds from debt, net | $ 297,000 | |||||||||||
2017 Revolver borrowings | Secured Debt | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Face value of debt instrument | $ 150,000,000 | |||||||||||
Change in face amount | $ 299,105,000 | |||||||||||
2017 Revolver borrowings | Revolving Credit Facility | Line of Credit | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Maximum borrowing capacity | $ 600,000,000 | |||||||||||
Amended 2017 Term Loan | Secured Debt | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Maximum borrowing capacity | 449,105,000 | |||||||||||
Proceeds from senior notes | 86,488,000 | |||||||||||
Repayments of senior debt | 86,488,000 | |||||||||||
Amended 2017 Term Loan | Term Loan | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Maximum borrowing capacity | 99,105,000 | $ 133,050,000 | ||||||||||
Amended 2017 Revolver | Line of Credit | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Maximum borrowing capacity | 700,000,000 | |||||||||||
Amended 2017 Revolver | Revolving Credit Facility | Line of Credit | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Change in borrowing capacity | $ 100,000,000 | |||||||||||
Second Amended Term Loan, Canadian Dollars | Secured Debt | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Face value of debt instrument | $ 84,229,000 | $ 106,440,000 | ||||||||||
Second Amended Term Loan | Secured Debt | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Face value of debt instrument | 130,000,000 | |||||||||||
Change in face amount | (150,000,000) | |||||||||||
Proceeds from senior notes | 188,750,000 | |||||||||||
Available lines of credit | 110,000,000 | 110,000,000 | ||||||||||
Repayments of senior notes | $ 188,750,000 | |||||||||||
Second Amended Revolver | Revolving Credit Facility | Line of Credit | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Maximum borrowing capacity | 850,000,000 | |||||||||||
Change in borrowing capacity | 150,000,000 | |||||||||||
Second Amended Credit Facility | Line Of Credit And Secured Debt | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Payments of debt issuance costs | 1,122,000 | |||||||||||
2038 Notes | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest paid | 48,080,000 | $ 58,368,000 | $ 37,776,000 | |||||||||
Third Amended Term Loan | Secured Debt | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Long-term debt | 300,000,000 | 300,000,000 | ||||||||||
Maximum borrowing capacity | $ 300,000,000 | |||||||||||
Deferred costs and other assets | 1,096,000 | 1,096,000 | ||||||||||
Available lines of credit | 100,000,000 | 100,000,000 | ||||||||||
Debt issuance costs | $ 1,161,000 | $ 1,161,000 | ||||||||||
Third Amended Term Loan | Minimum | Secured Debt | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Line of credit facility, commitment fees percentage | 0.175% | |||||||||||
Third Amended Term Loan | Maximum | Secured Debt | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Line of credit facility, commitment fees percentage | 0.35% | |||||||||||
Fourth Amended Credit Facility | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument, covenant, leverage ratio | 4.50 | 4.50 | ||||||||||
Debt instrument, covenant, leverage ratio | 4 | 4 | ||||||||||
Fourth Amended Credit Facility | Line Of Credit And Secured Debt | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Percentage of capital stock collateralizing debt | 65% | |||||||||||
Fourth Amended Credit Facility | Minimum | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument, covenant, leverage ratio | 4 | 4 | ||||||||||
Debt instrument, covenant, leverage ratio | 3.50 | 3.50 | ||||||||||
Fourth Amended Credit Facility | Maximum | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument, covenant, leverage ratio | 4.25 | 4.25 | ||||||||||
Consideration transferred | $ 250,000,000 | |||||||||||
Debt instrument, covenant, leverage ratio | 4.25 | 4.25 | ||||||||||
Fourth Amended Credit Facility | Revolving Credit Facility | Line Of Credit And Secured Debt | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Optional increase in line of credit maximum borrowing capacity | $ 350,000,000 | $ 350,000,000 | ||||||||||
Third And Fourth Amended Credit Facilities | Line Of Credit And Secured Debt | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Payments of debt issuance costs | $ 4,061,000 | |||||||||||
Federal Funds Effective Rate | Second Amended Credit Facility | Line Of Credit And Secured Debt | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest at a floating rate | 0.50% | |||||||||||
Federal Funds Effective Rate | Third Amended Term Loan | Secured Debt | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest at a floating rate | 0.50% | |||||||||||
Eurocurrency Base Rate | Second Amended Credit Facility | Line Of Credit And Secured Debt | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest at a floating rate | 1% | |||||||||||
Eurocurrency Base Rate | Third Amended Term Loan | Secured Debt | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest at a floating rate | 1% | |||||||||||
Canadian Dollar Offered Rate (CDOR) | Second Amended Credit Facility | Line Of Credit And Secured Debt | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest at a floating rate | 0.50% | |||||||||||
Secured Overnight Financing Rate | Second Amended Credit Facility | Line Of Credit And Secured Debt | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest at a floating rate | 1.125% | |||||||||||
Secured Overnight Financing Rate | Second Amended Credit Facility | Minimum | Line Of Credit And Secured Debt | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest at a floating rate | 1.125% | |||||||||||
Secured Overnight Financing Rate | Second Amended Credit Facility | Maximum | Line Of Credit And Secured Debt | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest at a floating rate | 2.25% | |||||||||||
Secured Overnight Financing Rate | Third Amended Term Loan | Secured Debt | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest at a floating rate | 0.10% | |||||||||||
Secured Overnight Financing Rate | Third Amended Term Loan | Secured Debt | Net Leverage Ratio | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest at a floating rate | 1.375% | |||||||||||
Secured Overnight Financing Rate | Third Amended Term Loan | Minimum | Secured Debt | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest at a floating rate | 1.375% | |||||||||||
Secured Overnight Financing Rate | Third Amended Term Loan | Maximum | Secured Debt | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest at a floating rate | 2.50% | |||||||||||
Base Rate | Third Amended Term Loan | Minimum | Secured Debt | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest at a floating rate | 0.375% | |||||||||||
Base Rate | Third Amended Term Loan | Maximum | Secured Debt | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest at a floating rate | 1.50% | |||||||||||
Debt Instrument, Redemption, Period One | 2027 Notes | Senior Notes | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Redemption price, percentage | 100% | |||||||||||
Debt Instrument, Redemption, Period One | 2032 Notes | Senior Notes | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Redemption price, percentage | 100% | |||||||||||
Debt Instrument, Redemption, Period One | Second Amended Term Loan | Secured Debt | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Periodic payment | $ 2,607,000 | |||||||||||
Debt Instrument, Redemption, Period One | Third Amended Term Loan | Secured Debt | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Periodic payment | 3,750,000 | |||||||||||
Debt Instrument, Redemption, Period Two | 2027 Notes | Senior Notes | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Redemption price, percentage | 100% | |||||||||||
Debt Instrument, Redemption, Period Two | 2032 Notes | Senior Notes | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Redemption price, percentage | 100% | |||||||||||
Debt Instrument, Redemption, Period Two | Second Amended Term Loan | Secured Debt | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Periodic payment | 3,911,000 | |||||||||||
Debt Instrument, Redemption, Period Two | Third Amended Term Loan | Secured Debt | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Periodic payment | 5,625,000 | |||||||||||
Debt Instrument, Redemption, Period Three | 2027 Notes | Senior Notes | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Redemption price, percentage | 101% | |||||||||||
Debt Instrument, Redemption, Period Three | 2032 Notes | Senior Notes | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Redemption price, percentage | 106.625% | |||||||||||
Debt instrument, redemption price, percentage of principal amount redeemed | 40% | |||||||||||
Debt Instrument, Redemption, Period Three | Second Amended Term Loan | Secured Debt | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Periodic payment | 5,215,000 | |||||||||||
Debt Instrument, Redemption, Period Three | Third Amended Term Loan | Secured Debt | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Periodic payment | 7,500,000 | |||||||||||
Debt Instrument, Redemption, Period Four | 2032 Notes | Senior Notes | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Redemption price, percentage | 101% | |||||||||||
Debt Instrument, Redemption, Period Four | Second Amended Term Loan | Secured Debt | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Periodic payment | 156,448,000 | |||||||||||
Debt Instrument, Redemption, Period Four | Third Amended Term Loan | Secured Debt | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Periodic payment | $ 232,500,000 |
Other Liabilities (Detail)
Other Liabilities (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Mar. 31, 2023 |
Other Liabilities Disclosure [Abstract] | ||
Operating lease liabilities | $ 61,687 | $ 66,555 |
Tax Act - Transition Tax | 0 | 34,715 |
Warranty | 34,515 | 32,404 |
Pension | 25,512 | 24,528 |
Long-term interest rate swaps | 19,167 | 15,760 |
Liability for uncertain tax positions | 3,300 | 3,930 |
Contract liabilities | 959 | 1,437 |
Other | 6,742 | 23,613 |
Total | $ 151,882 | $ 202,942 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - Fair Value, Recurring - USD ($) $ in Thousands | Mar. 31, 2024 | Mar. 31, 2023 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total derivatives | $ (17,301) | $ (16,088) |
Lead forward contracts | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total derivatives | (835) | (89) |
Foreign currency forward contracts | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total derivatives | 5 | 923 |
Net investment hedges | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total derivatives | (19,167) | (15,760) |
Interest rate swaps | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total derivatives | 2,696 | (1,162) |
Quoted Price In Active Markets for Identical Assets (Level 1) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total derivatives | 0 | 0 |
Quoted Price In Active Markets for Identical Assets (Level 1) | Lead forward contracts | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total derivatives | 0 | 0 |
Quoted Price In Active Markets for Identical Assets (Level 1) | Foreign currency forward contracts | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total derivatives | 0 | 0 |
Quoted Price In Active Markets for Identical Assets (Level 1) | Net investment hedges | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total derivatives | 0 | 0 |
Quoted Price In Active Markets for Identical Assets (Level 1) | Interest rate swaps | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total derivatives | 0 | |
Significant Other Observable Inputs (Level 2) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total derivatives | (17,301) | (16,088) |
Significant Other Observable Inputs (Level 2) | Lead forward contracts | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total derivatives | (835) | (89) |
Significant Other Observable Inputs (Level 2) | Foreign currency forward contracts | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total derivatives | 5 | 923 |
Significant Other Observable Inputs (Level 2) | Net investment hedges | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total derivatives | (19,167) | (15,760) |
Significant Other Observable Inputs (Level 2) | Interest rate swaps | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total derivatives | 2,696 | (1,162) |
Significant Unobservable Inputs (Level 3) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total derivatives | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Lead forward contracts | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total derivatives | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Foreign currency forward contracts | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total derivatives | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Net investment hedges | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total derivatives | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Interest rate swaps | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total derivatives | $ 0 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments - Additional Information (Detail) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||
Nov. 08, 2023 USD ($) | Mar. 03, 2022 USD ($) | Jan. 03, 2022 USD ($) | Mar. 31, 2024 USD ($) | Jan. 01, 2023 USD ($) | Mar. 31, 2024 USD ($) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 USD ($) | Dec. 31, 2023 USD ($) | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||
Impairment of indefinite-lived intangibles | $ 13,619 | $ 480 | $ 1,178 | ||||||
Loss on assets held for sale | 0 | $ 0 | 2,973 | ||||||
Indefinite Suspension of Facility in Russia | |||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||
Fixed asset impairment | $ 3,999 | ||||||||
Closure of Facility in Vijayawada, India | |||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||
Fair value of fixed assets | $ 1,600 | 1,600 | 1,600 | ||||||
Assets held for sale | 4,573 | $ 4,573 | 4,573 | ||||||
Loss on assets held for sale | 2,973 | ||||||||
Closure of Facility in Hagen, Germany | |||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||
Fair value of fixed assets | $ 14,456 | ||||||||
Fixed asset impairment | $ 3,975 | ||||||||
Closure Of Facility In Ooltewah, Tennessee | Fixed Asset Write-Off | |||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||
Restructuring charges | $ 7,300 | ||||||||
2027 Notes | |||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||
Trading of convertible notes, face value, disclosed as a percentage | 94% | 94% | 92% | ||||||
2032 Notes | |||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||
Trading of convertible notes, face value, disclosed as a percentage | 100% | 100% | |||||||
Trademarks | |||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||
Fair value of fixed assets | $ 880 | ||||||||
Impairment of indefinite-lived intangibles | $ 6,020 | ||||||||
Trademarks | EMEA | |||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||
Fair value of fixed assets | $ 6,900 | 980 | $ 7,599 | ||||||
Impairment of indefinite-lived intangibles | $ 480 | $ 1,178 | |||||||
Royalty Rate | Trademarks | Maximum | |||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||
Measurement inputs | 0.015 | ||||||||
Royalty Rate | Trademarks | EMEA | Maximum | |||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||
Measurement inputs | 0.015 | 0.0125 | |||||||
Discount Rate | Trademarks | Minimum | |||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||
Measurement inputs | 0.245 | ||||||||
Discount Rate | Trademarks, One | EMEA | Minimum | |||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||
Measurement inputs | 0.240 | 0.130 | |||||||
Discount Rate | Trademarks, Two | EMEA | Minimum | |||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||
Measurement inputs | 0.145 |
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, 2024 | Mar. 31, 2023 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Other liabilities | Other liabilities |
Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative Asset | $ 0 | $ 0 |
Senior Notes | 600,000 | 300,000 |
Derivative Liability | (17,301) | (16,088) |
Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative Asset | 0 | 0 |
Senior Notes | 582,750 | 276,000 |
Derivative Liability | $ (17,301) | $ (16,088) |
Derivative Financial Instrume_3
Derivative Financial Instruments - Additional Information (Detail) $ in Thousands, lb in Millions | 12 Months Ended | |||
Sep. 29, 2022 USD ($) | Mar. 31, 2024 USD ($) lb | Mar. 31, 2023 USD ($) lb | Mar. 31, 2022 USD ($) | |
Derivatives, Fair Value [Line Items] | ||||
Payments for (proceeds from) other investing activities | $ 43,384 | $ 0 | $ 43,384 | $ 0 |
Cost of Goods Sold and Interest Expense | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative gain (loss) to be recorded in income within 12 months, before tax | 1,784 | |||
Lead forward contracts | ||||
Derivatives, Fair Value [Line Items] | ||||
Total purchase price of derivative | 49,977 | $ 47,921 | ||
Designated as Hedging Instrument | Cross currency fixed interest rate swaps | ||||
Derivatives, Fair Value [Line Items] | ||||
Notional amount | 300,000 | 300 | ||
Designated as Hedging Instrument | Cross Currency Fixed Interest Rate Contract | ||||
Derivatives, Fair Value [Line Items] | ||||
Notional amount | $ 150,000 | 150 | ||
Designated as Hedging Instrument | Interest Rate Swap, Fixed-Rate Basis | ||||
Derivatives, Fair Value [Line Items] | ||||
Notional amount | $ 200,000 | |||
Designated as Hedging Instrument | Lead forward contracts | ||||
Derivatives, Fair Value [Line Items] | ||||
Hedge forward contracts, maturity | 1 year | |||
Derivative, nonmonetary notional amount, mass | lb | 53 | 50 | ||
Designated as Hedging Instrument | Foreign currency forward contracts | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative, term (not extending beyond) | 1 year | |||
Notional amount | $ 46,159 | $ 45,823 | ||
Derivatives Not Designated as Hedging Instruments | Foreign currency forward contracts | ||||
Derivatives, Fair Value [Line Items] | ||||
Notional amount | $ 69,319 | $ 102,558 |
Derivative Financial Instrume_4
Derivative Financial Instruments - Fair Value of Derivative Instruments (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Mar. 31, 2023 |
Designated as Hedging Instrument | Cash Flow Hedging | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives assets, Fair Value | $ 3,092 | $ 723 |
Derivatives liabilities, Fair Value | 835 | 1,251 |
Designated as Hedging Instrument | Net investment hedges | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives assets, Fair Value | 0 | 0 |
Derivatives liabilities, Fair Value | 19,167 | 15,760 |
Designated as Hedging Instrument | Prepaid and other current assets | Lead forward contracts | Cash Flow Hedging | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives assets, Fair Value | 0 | 0 |
Designated as Hedging Instrument | Prepaid and other current assets | Foreign currency forward contracts | Cash Flow Hedging | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives assets, Fair Value | 396 | 723 |
Designated as Hedging Instrument | Prepaid and other current assets | Interest rate swaps | Cash Flow Hedging | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives assets, Fair Value | 2,696 | 0 |
Designated as Hedging Instrument | Accrued expenses | Lead forward contracts | Cash Flow Hedging | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives liabilities, Fair Value | 835 | 89 |
Designated as Hedging Instrument | Other liabilities | Cash Flow Hedging | Cross currency fixed interest rate swaps | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives liabilities, Fair Value | 0 | 1,162 |
Designated as Hedging Instrument | Other liabilities | Net investment hedges | Cross currency fixed interest rate swaps | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives liabilities, Fair Value | 19,167 | 15,760 |
Derivatives Not Designated as Hedging Instruments | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives assets, Fair Value | 0 | 200 |
Derivatives liabilities, Fair Value | 391 | 0 |
Derivatives Not Designated as Hedging Instruments | Prepaid and other current assets | Lead forward contracts | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives assets, Fair Value | 0 | 0 |
Derivatives Not Designated as Hedging Instruments | Prepaid and other current assets | Foreign currency forward contracts | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives assets, Fair Value | 0 | 200 |
Derivatives Not Designated as Hedging Instruments | Prepaid and other current assets | Interest rate swaps | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives assets, Fair Value | 0 | 0 |
Derivatives Not Designated as Hedging Instruments | Accrued expenses | Lead forward contracts | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives liabilities, Fair Value | 0 | 0 |
Derivatives Not Designated as Hedging Instruments | Accrued expenses | Foreign currency forward contracts | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives liabilities, Fair Value | $ 391 | $ 0 |
Derivative Financial Instrume_5
Derivative Financial Instruments - Derivatives Effect on Statements of Income (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Designated as Hedging Instrument | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Pretax Gain (Loss) Recognized in AOCI on Derivative (Effective Portion) | $ 8,200 | $ (3,196) | $ 13,134 |
Pretax Gain (Loss) Reclassified from AOCI into Income (Effective Portion) | 9,057 | (1,176) | 9,742 |
Pretax Gain (Loss) Recognized in AOCI on Derivative (Effective Portion) | (2,695) | 29,021 | 1,479 |
Pretax Gain (Loss) Reclassified from AOCI into Income (Effective Portion) | 713 | 3,587 | 1,181 |
Derivatives Not Designated as Hedging Instruments | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Pretax Gain (Loss) Reclassified from AOCI into Income (Effective Portion) | (846) | 1,182 | (157) |
Lead forward contracts | Designated as Hedging Instrument | Cost of goods sold | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Pretax Gain (Loss) Recognized in AOCI on Derivative (Effective Portion) | (455) | (3,883) | 12,193 |
Pretax Gain (Loss) Reclassified from AOCI into Income (Effective Portion) | 5,388 | (3,765) | 8,974 |
Foreign currency forward contracts | Designated as Hedging Instrument | Cost of goods sold | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Pretax Gain (Loss) Recognized in AOCI on Derivative (Effective Portion) | 1,740 | 1,849 | 941 |
Pretax Gain (Loss) Reclassified from AOCI into Income (Effective Portion) | 612 | 2,589 | 768 |
Foreign currency forward contracts | Derivatives Not Designated as Hedging Instruments | Other (income) expense, net | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Pretax Gain (Loss) Reclassified from AOCI into Income (Effective Portion) | (846) | 1,182 | (157) |
Cross currency fixed interest rate swaps | Designated as Hedging Instrument | Interest expense | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Pretax Gain (Loss) Recognized in AOCI on Derivative (Effective Portion) | (2,695) | 29,021 | 1,479 |
Pretax Gain (Loss) Reclassified from AOCI into Income (Effective Portion) | 713 | 3,587 | $ 1,181 |
Interest rate swaps | Designated as Hedging Instrument | Interest expense | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Pretax Gain (Loss) Recognized in AOCI on Derivative (Effective Portion) | 6,915 | (1,162) | |
Pretax Gain (Loss) Reclassified from AOCI into Income (Effective Portion) | $ 3,057 | $ 0 |
Derivative Financial Instrume_6
Derivative Financial Instruments - Effect of Derivative Instruments (Detail) - Derivatives Not Designated as Hedging Instruments - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Derivatives, Fair Value [Line Items] | |||
Derivatives Not Designated as Hedging Instruments | $ (846) | $ 1,182 | $ (157) |
Other (income) expense, net | Foreign currency forward contracts | |||
Derivatives, Fair Value [Line Items] | |||
Derivatives Not Designated as Hedging Instruments | $ (846) | $ 1,182 | $ (157) |
Income Taxes - Schedule of Inco
Income Taxes - Schedule of Income Tax Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Current: | |||
Federal | $ 21,785 | $ 21,203 | $ 9,558 |
State | 3,252 | 5,654 | 4,022 |
Foreign | 27,396 | 23,208 | 15,333 |
Total current income tax expense | 52,433 | 50,065 | 28,913 |
Deferred income tax (benefit) expense | |||
Federal | (25,008) | (18,370) | 1,183 |
State | (3,564) | (2,534) | (1,453) |
Foreign | (772) | 5,668 | 1,385 |
Total deferred income tax (benefit) expense | (29,344) | (15,236) | 1,115 |
Total income tax expense | $ 23,089 | $ 34,829 | $ 30,028 |
Income Taxes - Schedule of Earn
Income Taxes - Schedule of Earning Before Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | |||
United States | $ 99,230 | $ 38,703 | $ 21,871 |
Foreign | 192,955 | 171,936 | 152,068 |
Earnings before income taxes | $ 292,185 | $ 210,639 | $ 173,939 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | |||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Income Tax Contingency [Line Items] | ||||
Income taxes paid | $ 28,810,000 | $ 46,309,000 | $ 50,484,000 | |
Net operating loss carryforwards carried forward indefinitely | 111,526,000 | |||
Net operating loss carryforwards subject to expiration | 99,963,000 | |||
Valuation allowance | 35,754,000 | 31,172,000 | 31,017,000 | $ 31,928,000 |
Increase (decrease) in deferred tax asset | (2,267,000) | (1,913,000) | (3,862,000) | |
Income tax expense (benefit) | $ 23,089,000 | $ 34,829,000 | $ 30,028,000 | |
Effective income tax rates | 7.90% | 16.50% | 17.30% | |
Foreign pre-tax income | $ 192,955,000 | $ 171,936,000 | $ 152,068,000 | |
Foreign pre-tax income, percent | 13.80% | 16.80% | 11% | |
Tax rate of Swiss subsidiary | 9% | 7% | 4% | |
Blended rate | 21% | 21% | 21% | |
Undistributed earnings of foreign subsidiaries | $ 1,352,000,000 | $ 1,340,000,000 | ||
Unrecognized tax benefits | 2,845,000 | 3,495,000 | $ 4,770,000 | $ 6,785,000 |
Estimated change in unrecognized tax benefit in fiscal 2015 | 533,000 | |||
Tax related interest and penalties | 455,000 | 435,000 | ||
Federal | ||||
Income Tax Contingency [Line Items] | ||||
United States federal net operating loss carryforwards | 539,000 | |||
Valuation allowance | 0 | 0 | ||
Foreign | ||||
Income Tax Contingency [Line Items] | ||||
United States federal net operating loss carryforwards | 211,489,000 | |||
Valuation allowance | 35,219,000 | 30,829,000 | ||
Increase (decrease) in deferred tax asset | 4,389,000 | |||
Foreign | Increase to Income Tax Expense (Benefit) | ||||
Income Tax Contingency [Line Items] | ||||
Increase (decrease) in deferred tax asset | 6,656,000 | |||
Foreign | Purchase Accounting Adjustment | ||||
Income Tax Contingency [Line Items] | ||||
Increase (decrease) in deferred tax asset | (2,267,000) | |||
State | ||||
Income Tax Contingency [Line Items] | ||||
United States federal net operating loss carryforwards | 25,646,000 | |||
Valuation allowance | $ 535,000 | $ 343,000 |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 |
Deferred tax assets: | ||||
Accounts receivable | $ 309 | $ 219 | ||
Inventories | 13,472 | 6,387 | ||
Net operating loss carryforwards | 51,005 | 48,801 | ||
Lease liabilities | 20,081 | 20,888 | ||
Capitalized R&D Expenditures | 32,740 | 16,378 | ||
Accrued expenses | 35,132 | 31,949 | ||
Other assets | 29,079 | 22,029 | ||
Gross deferred tax assets | 181,818 | 146,651 | ||
Less valuation allowance | (35,754) | (31,172) | $ (31,017) | $ (31,928) |
Total deferred tax assets | 146,064 | 115,479 | ||
Deferred tax liabilities: | ||||
Property, plant and equipment | 45,493 | 42,884 | ||
Lease Right-of-use assets | 20,071 | 20,888 | ||
Intangible assets | 56,726 | 59,152 | ||
Other liabilities | 4,560 | 4,521 | ||
Total deferred tax liabilities | 126,850 | 127,445 | ||
Net deferred tax assets (liabilities) | $ 19,214 | $ 11,966 |
Income Taxes - Schedule of Valu
Income Taxes - Schedule of Valuation Allowance (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Deferred Tax Asset, Valuation Allowance [Roll Forward] | |||
Balance at Beginning of Period | $ 31,172 | $ 31,017 | $ 31,928 |
Additions Charged to Expense | 9,463 | 2,654 | 4,486 |
Valuation Allowance Reversal | (2,614) | (586) | (1,535) |
Other | (2,267) | (1,913) | (3,862) |
Balance at End of Period | $ 35,754 | $ 31,172 | $ 31,017 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Income Taxes at Statutory Rate (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | |||
United States statutory income tax expense | $ 61,358 | $ 44,233 | $ 36,527 |
State income taxes, net of federal effect | (995) | 1,714 | 1,724 |
Nondeductible expenses and other | 3,833 | 6,028 | 1,217 |
Net effect of GILTI, FDII, BEAT | 3,313 | 2,457 | 5,405 |
Effect of foreign operations | (17,475) | (12,978) | (14,192) |
Valuation allowance | 6,849 | 2,068 | 2,951 |
Research and Development Credit | (5,158) | (5,063) | (3,604) |
IRA Impact | (28,636) | (3,630) | 0 |
Total income tax expense | $ 23,089 | $ 34,829 | $ 30,028 |
Income Taxes - Reconciliation_2
Income Taxes - Reconciliation of Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Reconciliation of Unrecognized Tax Benefits | |||
Balance at beginning of year | $ 3,495 | $ 4,770 | $ 6,785 |
Increases related to current year tax positions | (2) | ||
Increases related to current year tax positions | 24 | 21 | |
Increases related to prior year tax positions | (1) | ||
Increases related to prior year tax positions | 0 | 598 | |
Decreases related to prior tax positions | (129) | 0 | 0 |
Decreases related to prior year tax positions settled | 0 | (77) | (784) |
Lapse of statute of limitations | (519) | (1,221) | (1,850) |
Balance at end of year | $ 2,845 | $ 3,495 | $ 4,770 |
Retirement Plans - Net Periodic
Retirement Plans - Net Periodic Pension Costs (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
United States Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 0 | $ 0 | $ 0 |
Interest cost | 657 | 582 | 517 |
Expected return on plan assets | (424) | (455) | (526) |
Amortization and deferral | 0 | 0 | 7 |
Net periodic benefit cost | 233 | 127 | (2) |
International Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 884 | 918 | 1,114 |
Interest cost | 2,215 | 1,715 | 1,427 |
Expected return on plan assets | (1,244) | (2,005) | (2,200) |
Amortization and deferral | 326 | 478 | 1,205 |
Net periodic benefit cost | $ 2,181 | $ 1,106 | $ 1,546 |
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, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
United States Plans | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation at the beginning of the period | $ 14,056 | $ 16,205 | |
Service cost | 0 | 0 | $ 0 |
Interest cost | 657 | 582 | 517 |
Benefits paid, inclusive of plan expenses | (865) | (843) | |
Plan curtailments and settlements | 0 | 0 | |
Plan combinations | 0 | 0 | |
Actuarial (gains) losses | (535) | (1,888) | |
Foreign currency translation adjustment | 0 | 0 | |
Benefit obligation at the end of the period | 13,313 | 14,056 | 16,205 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets at the beginning of the period | 13,975 | 16,166 | |
Actual return on plan assets | 2,043 | (1,348) | |
Employer contributions | 0 | 0 | |
Benefits paid, inclusive of plan expenses | (865) | (843) | |
Plan curtailments and settlements | 0 | 0 | |
Foreign currency translation adjustment | 0 | 0 | |
Fair value of plan assets at the end of the period | 15,153 | 13,975 | 16,166 |
Funded status surplus (deficit) | 1,840 | (81) | |
International Plans | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation at the beginning of the period | 51,718 | 70,833 | |
Service cost | 884 | 918 | 1,114 |
Interest cost | 2,215 | 1,715 | 1,427 |
Benefits paid, inclusive of plan expenses | (2,353) | (2,052) | |
Plan curtailments and settlements | 0 | 0 | |
Plan combinations | (1,835) | 0 | |
Actuarial (gains) losses | 633 | (15,995) | |
Foreign currency translation adjustment | 874 | (3,701) | |
Benefit obligation at the end of the period | 55,806 | 51,718 | 70,833 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets at the beginning of the period | 40,104 | 42,067 | |
Actual return on plan assets | (7,717) | (3,722) | |
Employer contributions | 1,655 | 6,428 | |
Benefits paid, inclusive of plan expenses | (2,353) | (2,052) | |
Plan curtailments and settlements | 0 | 0 | |
Foreign currency translation adjustment | 874 | (2,617) | |
Fair value of plan assets at the end of the period | 32,563 | 40,104 | $ 42,067 |
Funded status surplus (deficit) | $ (23,243) | $ (11,614) |
Retirement Plans - Amounts Reco
Retirement Plans - Amounts Recognized in Consolidated Balance Sheets (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Mar. 31, 2023 |
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan amounts recognized in balance sheet | $ (21,403) | $ (11,695) |
Non-current assets | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan amounts recognized in balance sheet | 5,606 | 14,147 |
Accrued expenses | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan amounts recognized in balance sheet | (1,497) | (1,314) |
Other liabilities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan amounts recognized in balance sheet | $ (25,512) | $ (24,528) |
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, 2024 | Mar. 31, 2023 | Mar. 31, 2022 |
Retirement Benefits [Abstract] | |||
Prior service cost | $ (85) | $ (128) | $ (174) |
Net loss | (9,590) | (2,307) | (14,049) |
Net amount recognized | $ (9,675) | $ (2,435) | $ (14,223) |
Retirement Plans - Summary Chan
Retirement Plans - Summary Changes in Plan Assets and Benefit Obligations (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Changes in plan assets and benefit obligations: | |||
New prior service cost | $ 0 | $ 0 | $ 0 |
Net loss (gain) arising during the year | 7,439 | (10,352) | (9,362) |
Effect of exchange rates on amounts included in AOCI | 127 | (957) | (883) |
Amounts recognized as a component of net periodic benefit costs: | |||
Amortization of prior service cost | 42 | 41 | $ 45 |
Defined Benefit Plan Net Periodic Benefit Cost Credit Curtailment Gain Loss Statement Of Income Or Comprehensive Income Extensible List Not Disclosed Flag | Amortization of prior service cost | ||
Amortization or settlement recognition of net loss | (284) | (438) | $ (1,167) |
Defined Benefit Plan Net Periodic Benefit Cost Credit Settlement Gain Loss Statement Of Income Or Comprehensive Income Extensible List Not Disclosed Flag | Amortization or settlement recognition of net loss | ||
Total recognized in other comprehensive (income) loss | $ 7,240 | $ (11,788) | $ (11,457) |
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, 2024 USD ($) |
Retirement Benefits [Abstract] | |
Prior service cost | $ (42) |
Net loss | (465) |
Net amount expected to be recognized | $ (507) |
Retirement Plans - Summary of A
Retirement Plans - Summary of Accumulated Benefit Obligation Related to All Defined Pension Plans (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Mar. 31, 2023 |
United States Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accumulated benefit obligation | $ 13,313 | $ 14,056 |
Projected benefit obligation | 0 | 11,671 |
Fair value of plan assets | 0 | 11,403 |
United States Plans | Unfunded defined benefit plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accumulated benefit obligation | 0 | 0 |
Projected benefit obligation | 0 | 0 |
United States Plans | Defined benefit plans with an accumulated benefit obligation in excess of the fair value of plan assets | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | 0 | 11,671 |
Fair value of plan assets | 0 | 11,403 |
Accumulated benefit obligation | 0 | 11,671 |
International Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accumulated benefit obligation | 53,169 | 49,290 |
Projected benefit obligation | 27,009 | 25,908 |
Fair value of plan assets | 0 | 335 |
International Plans | Unfunded defined benefit plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accumulated benefit obligation | 24,930 | 23,704 |
Projected benefit obligation | 27,009 | 25,562 |
International Plans | Defined benefit plans with an accumulated benefit obligation in excess of the fair value of plan assets | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | 27,009 | 25,562 |
Fair value of plan assets | 0 | 0 |
Accumulated benefit obligation | $ 24,930 | $ 23,704 |
Retirement Plans - Significant
Retirement Plans - Significant Assumptions Used to Determine Net Periodic Benefit Cost (Detail) | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
United States Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 4.90% | 3.70% | 3% |
Expected return on plan assets | 5.50% | 5.50% | 5.50% |
Minimum | International Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 3.50% | 1.50% | 0.50% |
Expected return on plan assets | 4% | 3.10% | 2.70% |
Rate of compensation increase | 2.30% | 1.80% | 1.50% |
Maximum | International Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 6% | 5.40% | 2.30% |
Expected return on plan assets | 4.70% | 5.30% | 5.30% |
Rate of compensation increase | 4.50% | 5.50% | 4% |
Retirement Plans - Significan_2
Retirement Plans - Significant Assumptions Used to Determine Projected Benefit Obligations (Detail) | Mar. 31, 2024 | Mar. 31, 2023 |
United States Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 5.20% | 4.90% |
International Plans | Minimum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 3.80% | 3.50% |
Rate of compensation increase | 2.50% | 2.30% |
International Plans | Maximum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 5.30% | 6% |
Rate of compensation increase | 4.50% | 4.50% |
Retirement Plans - Additional I
Retirement Plans - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Expected cash contributions to pension plans in 2023 | $ 1,532 | ||
Defined Contribution Pension | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Employer expenses | 22,819 | $ 20,933 | $ 18,402 |
United States Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Employer expenses | 0 | 0 | |
International Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Employer expenses | $ 1,655 | $ 6,428 | |
International Plans | Equity Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target allocation percentage | 65% | ||
Minimum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension plan benchmark funds and returns, term (in years) | 3 years | ||
Minimum | United States Plans | Equity Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Equity investments target range, minimum | 40% | ||
Minimum | UNITED KINGDOM | Equity Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Equity investments target range, minimum | 60% | ||
Maximum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension plan benchmark funds and returns, term (in years) | 5 years | ||
Maximum | United States Plans | Equity Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Equity investments target range, minimum | 75% |
Retirement Plans - Summary of P
Retirement Plans - Summary of Pension Plan Investments Measured at Fair Value (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 |
United States Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value Measurement | $ 15,153 | $ 13,975 | $ 16,166 |
International Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value Measurement | 32,563 | 40,104 | $ 42,067 |
Quoted Price In Active Markets for Identical Assets (Level 1) | United States Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value Measurement | 15,153 | 13,975 | |
Quoted Price In Active Markets for Identical Assets (Level 1) | International Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value Measurement | 3,752 | 7,775 | |
Significant Other Observable Inputs (Level 2) | United States Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value Measurement | 0 | 0 | |
Significant Other Observable Inputs (Level 2) | International Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value Measurement | 314 | 32,329 | |
Significant Unobservable Inputs (Level 3) | United States Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value Measurement | 0 | 0 | |
Significant Unobservable Inputs (Level 3) | International Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value Measurement | 28,497 | 0 | |
Cash and Cash Equivalents | United States Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value Measurement | 5,473 | 1,714 | |
Cash and Cash Equivalents | International Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value Measurement | 3,752 | 7,775 | |
Cash and Cash Equivalents | Quoted Price In Active Markets for Identical Assets (Level 1) | United States Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value Measurement | 5,473 | 1,714 | |
Cash and Cash Equivalents | Quoted Price In Active Markets for Identical Assets (Level 1) | International Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value Measurement | 3,752 | 7,775 | |
Cash and Cash Equivalents | Significant Other Observable Inputs (Level 2) | United States Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value Measurement | 0 | 0 | |
Cash and Cash Equivalents | Significant Other Observable Inputs (Level 2) | International Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value Measurement | 0 | 0 | |
Cash and Cash Equivalents | Significant Unobservable Inputs (Level 3) | United States Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value Measurement | 0 | 0 | |
Cash and Cash Equivalents | Significant Unobservable Inputs (Level 3) | International Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value Measurement | 0 | 0 | |
US Equity Securities | United States Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value Measurement | 0 | 8,308 | |
US Equity Securities | Quoted Price In Active Markets for Identical Assets (Level 1) | United States Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value Measurement | 0 | 8,308 | |
US Equity Securities | Significant Other Observable Inputs (Level 2) | United States Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value Measurement | 0 | 0 | |
US Equity Securities | Significant Unobservable Inputs (Level 3) | United States Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value Measurement | 0 | 0 | |
International Equity Securities | International Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value Measurement | 0 | 0 | |
International Equity Securities | Quoted Price In Active Markets for Identical Assets (Level 1) | International Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value Measurement | 0 | 0 | |
International Equity Securities | Significant Other Observable Inputs (Level 2) | International Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value Measurement | 0 | 0 | |
International Equity Securities | Significant Unobservable Inputs (Level 3) | International Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value Measurement | 0 | 0 | |
Fixed Income Funds | United States Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value Measurement | 9,680 | 3,953 | |
Fixed Income Funds | International Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value Measurement | 314 | 32,329 | |
Fixed Income Funds | Quoted Price In Active Markets for Identical Assets (Level 1) | United States Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value Measurement | 9,680 | 3,953 | |
Fixed Income Funds | Quoted Price In Active Markets for Identical Assets (Level 1) | International Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value Measurement | 0 | 0 | |
Fixed Income Funds | Significant Other Observable Inputs (Level 2) | United States Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value Measurement | 0 | 0 | |
Fixed Income Funds | Significant Other Observable Inputs (Level 2) | International Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value Measurement | 314 | 32,329 | |
Fixed Income Funds | Significant Unobservable Inputs (Level 3) | United States Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value Measurement | 0 | 0 | |
Fixed Income Funds | Significant Unobservable Inputs (Level 3) | International Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value Measurement | 0 | 0 | |
Other Investments | International Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value Measurement | 28,497 | ||
Other Investments | Quoted Price In Active Markets for Identical Assets (Level 1) | International Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value Measurement | 0 | ||
Other Investments | Significant Other Observable Inputs (Level 2) | International Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value Measurement | 0 | ||
Other Investments | Significant Unobservable Inputs (Level 3) | International Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value Measurement | $ 28,497 | $ 0 |
Retirement Plans - Schedule of
Retirement Plans - Schedule of Level 3 Rollforward (Details) $ in Thousands | 12 Months Ended |
Mar. 31, 2024 USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |
Purchases | $ 31,287 |
Change due to exchange rate changes | 155 |
International Plans | |
Defined Benefit Plan Disclosure [Line Items] | |
Fair value of plan assets at the beginning of the period | 40,104 |
Fair value of plan assets at the end of the period | 32,563 |
Significant Unobservable Inputs (Level 3) | International Plans | |
Defined Benefit Plan Disclosure [Line Items] | |
Fair value of plan assets at the beginning of the period | 0 |
Fair value of plan assets at the end of the period | 28,497 |
Other Investments | International Plans | |
Defined Benefit Plan Disclosure [Line Items] | |
Fair value of plan assets at the end of the period | 28,497 |
Other Investments | Significant Unobservable Inputs (Level 3) | International Plans | |
Defined Benefit Plan Disclosure [Line Items] | |
Fair value of plan assets at the beginning of the period | 0 |
Actual return on plan assets, relating to assets still held at the reporting date | (2,945) |
Fair value of plan assets at the end of the period | $ 28,497 |
Retirement Plans - Summary of E
Retirement Plans - Summary of Estimated Future Benefit Payments (Detail) $ in Thousands | Mar. 31, 2024 USD ($) |
Defined Benefit Plan, Expected Future Benefit Payment [Abstract] | |
2025 | $ 3,328 |
2026 | 3,312 |
2027 | 3,454 |
2028 | 4,236 |
2029 | 4,616 |
Years 2030-2034 | $ 23,925 |
Stockholders_ Equity - Addition
Stockholders’ Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Class of Stock [Line Items] | |||
Preferred stock, shares authorized (in shares) | 1,000,000 | 1,000,000 | |
Preferred stock, par value (usd per share) | $ 0.01 | $ 0.01 | |
Preferred stock, shares issued (in shares) | 0 | 0 | |
Preferred stock, shares outstanding (in shares) | 0 | 0 | |
Number of shares of common stock purchased (in shares) | 1,002,415 | 358,365 | 1,996,334 |
Repurchased common stock value | $ 95,690 | $ 22,907 | $ 156,366 |
Treasury stock (in shares) | 16,091,988 | 15,103,554 | |
Employee Stock Purchase Plan | |||
Class of Stock [Line Items] | |||
Shares issued in ESPP (USD per share) | $ 62.55 | $ 62.55 | $ 62.55 |
Common Stock | Employee Stock Purchase Plan | |||
Class of Stock [Line Items] | |||
Shares issued in employee stock purchase plan (in shares) | 13,981 | 17,077 | 13,858 |
Stockholders' Equity - Change i
Stockholders' Equity - Change in Number of Shares of Common Stock Outstanding (Detail) - shares | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Shares outstanding, beginning balance (in shares) | 40,901,059 | 40,986,658 | 42,753,020 |
Purchase of treasury stock (in shares) | (1,002,415) | (358,365) | (1,996,334) |
Shares issued as part of equity-based compensation plans, net of equity awards surrendered for option price and taxes (in shares) | 373,292 | 272,766 | 229,972 |
Shares outstanding, ending balance (in shares) | 40,271,936 | 40,901,059 | 40,986,658 |
Stockholders' Equity - Componen
Stockholders' Equity - Components of Accumulated Other Comprehensive Income (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | Sep. 29, 2022 | |
Increase (Decrease) in Accumulated Other Comprehensive Income [Roll Forward] | ||||
Beginning Balance | $ (183,474) | $ (143,495) | $ (115,883) | |
Before Reclassifications | (14,735) | (41,222) | (21,088) | |
Amount Reclassified from AOCI | (6,642) | 1,243 | (6,524) | |
Ending Balance | (204,851) | (183,474) | (143,495) | |
Foreign currency translation adjustment, gain | (14,735) | (41,222) | (21,088) | |
Cross currency fixed interest rate swaps | Designated as Hedging Instrument | ||||
Increase (Decrease) in Accumulated Other Comprehensive Income [Roll Forward] | ||||
Notional amount | 300 | $ 300,000 | ||
Cross Currency Fixed Interest Rate Contract | Designated as Hedging Instrument | ||||
Increase (Decrease) in Accumulated Other Comprehensive Income [Roll Forward] | ||||
Notional amount | 150 | $ 150,000 | ||
Pension funded status adjustment | ||||
Increase (Decrease) in Accumulated Other Comprehensive Income [Roll Forward] | ||||
Beginning Balance | (4,423) | (12,637) | (20,947) | |
Before Reclassifications | (5,672) | 7,872 | 7,374 | |
Amount Reclassified from AOCI | 297 | 342 | 936 | |
Ending Balance | (9,798) | (4,423) | (12,637) | |
Foreign currency translation adjustment, gain | (5,672) | 7,872 | 7,374 | |
Net unrealized gain (loss) on derivative instruments | ||||
Increase (Decrease) in Accumulated Other Comprehensive Income [Roll Forward] | ||||
Beginning Balance | 1,411 | 2,963 | 360 | |
Before Reclassifications | 6,283 | (2,453) | 10,063 | |
Amount Reclassified from AOCI | (6,939) | 901 | (7,460) | |
Ending Balance | 755 | 1,411 | 2,963 | |
Foreign currency translation adjustment, gain | 6,283 | (2,453) | 10,063 | |
Foreign currency translation adjustment | ||||
Increase (Decrease) in Accumulated Other Comprehensive Income [Roll Forward] | ||||
Beginning Balance | (180,462) | (133,821) | (95,296) | |
Before Reclassifications | (15,346) | (46,641) | (38,525) | |
Amount Reclassified from AOCI | 0 | 0 | 0 | |
Ending Balance | (195,808) | (180,462) | (133,821) | |
Foreign currency translation adjustment, gain | (15,346) | (46,641) | (38,525) | |
Foreign currency translation adjustment | Cross currency fixed interest rate swaps | Net investment hedges | Designated as Hedging Instrument | ||||
Increase (Decrease) in Accumulated Other Comprehensive Income [Roll Forward] | ||||
Before Reclassifications | 2,615 | 19,491 | 228 | |
Foreign currency translation adjustment, gain | 2,615 | 19,491 | 228 | |
Foreign currency translation adjustment, tax | $ 797 | $ 4,557 | $ 70 |
Stockholders' Equity and Noncon
Stockholders' Equity and Noncontrolling Interests - (Reclassifications from AOCI) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Net unrealized gain on derivative instruments, Interest expense | $ (49,954) | $ (59,529) | $ (37,777) | |
Derivatives in cash flow hedging relationships | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Tax expense (benefit) | $ 2,118 | (275) | 2,282 | |
Net of tax | 901 | (7,460) | ||
Derivatives in cash flow hedging relationships | Reclassification out of Accumulated Other Comprehensive Income | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Net unrealized gain (loss) on derivative instruments, Cost of goods sold | (9,057) | 1,176 | (9,742) | |
Derivatives in net investment hedging relationships | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Tax expense (benefit) | 167 | 839 | 276 | |
Net of tax | (546) | (2,748) | (905) | |
Derivatives in net investment hedging relationships | Reclassification out of Accumulated Other Comprehensive Income | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Net unrealized gain on derivative instruments, Interest expense | (713) | (3,587) | (1,181) | |
Defined benefit pension costs | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Prior service costs and deferrals | 326 | 478 | 1,212 | |
Tax expense (benefit) | $ (29) | (136) | (276) | |
Net of tax | $ 342 | $ 936 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares available for future grants (in shares) | 5,449,381 | ||
Stock options granted (in shares) | 200,314 | 310,140 | 246,222 |
Stock-based compensation expense | $ 7,022 | $ 6,232 | $ 6,235 |
Stock-based compensation expense, net of tax | $ 730 | $ 848 | $ 738 |
Market price per unit of stock award (usd per share) | $ 94.34 | $ 66.90 | $ 88.27 |
Unrecognized compensation expense associated with non-vested incentive awards outstanding | $ 54,014 | ||
Nonvested stock, weighted average remaining contractual term | 22 months | ||
Restricted Stock Units (RSU) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Market price per unit of stock award (usd per share) | $ 92.44 | ||
Stock unit grant during period (in shares) | 299,284 | ||
Restricted Shares Restricted Stock Units and Market Share Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | $ 23,585 | $ 20,139 | $ 18,054 |
Stock unit grant during period (in shares) | 8,386 | 1,635 | 781 |
Equity-based compensation expense, tax benefit | $ 4,557 | $ 3,746 | $ 3,072 |
Management | Nonqualified Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock options granted (in shares) | 200,314 | ||
Vesting period, in years | 3 years | ||
Management | Restricted Stock Units (RSU) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Market price per unit of stock award (usd per share) | $ 94.31 | $ 70.88 | $ 91.81 |
Stock unit grant during period (in shares) | 269,751 | 345,449 | 229,600 |
Non Employee Directors | Restricted Stock Units (RSU) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock units granted (in shares) | 21,147 | 39,792 | 24,055 |
Market price per unit of stock award (usd per share) | $ 76.83 | $ 42.95 | $ 60.29 |
Equity Incentive Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares available for future grants (in shares) | 3,614,500 | ||
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 Stock-
Stock Based Compensation Stock-Based Compensation - Summary of Assumptions Used for Market Share Units (Detail) - Stock Options | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk-free interest rate | 4.24% | 2.92% | 0.89% |
Dividend yield | 0.95% | 0.99% | 0.76% |
Expected life (years) | 6 years | 6 years | 6 years |
Volatility | 38.30% | 37.40% | 37.30% |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Stock Option Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Number of Options | ||||
Number of Options outstanding, Beginning Balance (in shares) | 1,196,311 | 975,605 | 799,501 | |
Number of Options, Granted (in shares) | 200,314 | 310,140 | 246,222 | |
Number of Options, Exercised (in shares) | (197,350) | (75,180) | (42,640) | |
Number of Options, Forfeited (in shares) | (9,166) | (9,575) | (27,478) | |
Number of Options, Expired (in shares) | 0 | (4,679) | 0 | |
Number of Options outstanding, Ending Balance (in shares) | 1,190,109 | 1,196,311 | 975,605 | 799,501 |
Number of Options, Exercisable (in shares) | 713,932 | |||
Number of Options, Vested and Expected to Vest (in shares) | 1,176,995 | |||
Weighted- Average Remaining Contract Term (Years) | ||||
Options outstanding, Weighted Average Remaining Contract Term (Years) | 7 years | 7 years 3 months 18 days | 7 years 6 months | 7 years 9 months 18 days |
Options exercisable, Weighted Average Remaining Contract Term (Years) | 5 years 10 months 24 days | |||
Options vested and expected to vest, Weighted Average Remaining Contract Term (Years) | 7 years | |||
Weighted- Average Exercise Price | ||||
Options outstanding, Weighted Average Exercise Price, Beginning Balance (usd per share) | $ 78.83 | $ 78.94 | $ 72.31 | |
Weighted Average Exercise Price, Granted (usd per share) | 101.04 | 75.33 | 97.32 | |
Weighted Average Exercise Price, Exercised (usd per share) | 71.81 | 65.22 | 65.71 | |
Weighted Average Exercise Price, Expired (usd per share) | 78.68 | 80.05 | 71.26 | |
Weighted Average Exercise Price, Forfeited (usd per share) | 0 | 85.12 | 0 | |
Options outstanding, Weighted Average Exercise Price, Ending Balance (usd per share) | 83.74 | $ 78.83 | $ 78.94 | $ 72.31 |
Options exercisable, Weighted Average Exercise Price (usd per share) | 79.70 | |||
Weighted Average Exercise Price, Vested and Expected to Vest (usd per share) | $ 83.66 | |||
Aggregate Intrinsic Value | ||||
Options outstanding, Aggregate Intrinsic Value, Beginning Balance | $ 12,150 | $ 3,605 | $ 14,781 | |
Options exercised, aggregate intrinsic value | 6,110 | 1,561 | 1,079 | |
Options forfeited, aggregate intrinsic value | 158 | 39 | 520 | |
Options expired, aggregate intrinsic value | 0 | 0 | 0 | |
Options outstanding, Aggregate Intrinsic Value, Ending Balance | 15,043 | $ 12,150 | $ 3,605 | $ 14,781 |
Options exercisable, Aggregate Intrinsic Value | 11,178 | |||
Options vested and expected to vest, aggregate intrinsic value | $ 14,944 |
Stock-Based Compensation - Su_2
Stock-Based Compensation - Summary of Information Regarding Stock Options Outstanding and Exercisable (Detail) | 12 Months Ended |
Mar. 31, 2024 $ / shares shares | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Number of Options | shares | 1,190,109 |
Weighted- Average Remaining Contractual Life (Years) | 7 years |
Weighted-Average Exercise Price (usd per share) | $ / shares | $ 83.74 |
$57.60-$60.00 | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Number of Options | shares | 98,680 |
Weighted- Average Remaining Contractual Life (Years) | 5 years |
Weighted-Average Exercise Price (usd per share) | $ / shares | $ 57.73 |
$60.01-$70.00 | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Number of Options | shares | 26,118 |
Weighted- Average Remaining Contractual Life (Years) | 10 months 24 days |
Weighted-Average Exercise Price (usd per share) | $ / shares | $ 68.76 |
$70.01-$80.00 | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Number of Options | shares | 423,674 |
Weighted- Average Remaining Contractual Life (Years) | 7 years 4 months 24 days |
Weighted-Average Exercise Price (usd per share) | $ / shares | $ 75.50 |
$80.01-$90.00 | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Number of Options | shares | 219,580 |
Weighted- Average Remaining Contractual Life (Years) | 5 years 3 months 18 days |
Weighted-Average Exercise Price (usd per share) | $ / shares | $ 83 |
$90.01-$100.00 | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Number of Options | shares | 140,375 |
Weighted- Average Remaining Contractual Life (Years) | 8 years 3 months 18 days |
Weighted-Average Exercise Price (usd per share) | $ / shares | $ 93.16 |
$100.01-$104.18 | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Number of Options | shares | 281,682 |
Weighted- Average Remaining Contractual Life (Years) | 8 years 3 months 18 days |
Weighted-Average Exercise Price (usd per share) | $ / shares | $ 102.51 |
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, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Weighted average grant date fair value | |||
Weighted Average Grant Date Fair Value, Granted (usd per share) | $ 94.34 | $ 66.90 | $ 88.27 |
Restricted Stock Units (RSU) | |||
Number of RSU and MSU | |||
Number of Non-vested awards, Beginning Balance (in shares) | 1,009,783 | ||
Number of units, Granted (in shares) | 299,284 | ||
Number of units, Stock dividend (in shares) | 8,987 | ||
Number of units, Vested (in shares) | (262,315) | ||
Number of units, Forfeitures (in shares) | (32,903) | ||
Number of Non-vested awards, Ending Balance (in shares) | 1,022,836 | 1,009,783 | |
Weighted average grant date fair value | |||
Weighted Average Grant Date Fair Value, Non-vested awards, Beginning Balance (usd per share) | $ 65.48 | ||
Weighted Average Grant Date Fair Value, Granted (usd per share) | 92.44 | ||
Weighted Average Grant Date Fair Value, Stock dividend (usd per share) | 68.55 | ||
Weighted Average Grant Date Fair Value, Vested (usd per share) | 72.63 | ||
Weighted Average Grant Date Fair Value, Forfeitures (usd per share) | 79.36 | ||
Weighted Average Grant Date Fair Value, Non-vested awards, Ending Balance (usd per share) | $ 69.24 | $ 65.48 | |
Market condition-based Share Units (TSR) | |||
Number of RSU and MSU | |||
Number of Non-vested awards, Beginning Balance (in shares) | 31,653 | ||
Number of units, Granted (in shares) | 0 | ||
Number of units, Stock dividend (in shares) | 61 | ||
Number of units, Vested (in shares) | (30,582) | ||
Number of units, Forfeitures (in shares) | 0 | ||
Number of Non-vested awards, Ending Balance (in shares) | 1,132 | 31,653 | |
Weighted average grant date fair value | |||
Weighted Average Grant Date Fair Value, Non-vested awards, Beginning Balance (usd per share) | $ 62.19 | ||
Weighted Average Grant Date Fair Value, Granted (usd per share) | 0 | ||
Weighted Average Grant Date Fair Value, Stock dividend (usd per share) | 62.80 | ||
Weighted Average Grant Date Fair Value, Vested (usd per share) | 62.02 | ||
Weighted Average Grant Date Fair Value, Forfeitures (usd per share) | 0 | ||
Weighted Average Grant Date Fair Value, Non-vested awards, Ending Balance (usd per share) | $ 66.89 | $ 62.19 |
Earnings Per Share - Weighted A
Earnings Per Share - Weighted Average Common Shares Basic and Common Shares Diluted (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |||
Net earnings attributable to EnerSys stockholders | $ 269,096 | $ 175,810 | $ 143,911 |
Basic (in shares) | 40,669,392 | 40,809,235 | 42,106,337 |
Dilutive effect of: | |||
Common shares from exercise and lapse of equity awards, net of shares assumed reacquired (in shares) | 702,047 | 517,520 | 677,036 |
Diluted weighted-average number of common shares outstanding (in shares) | 41,371,439 | 41,326,755 | 42,783,373 |
Basic earnings per common share attributable to EnerSys stockholders (usd per share) | $ 6.62 | $ 4.31 | $ 3.42 |
Diluted earnings per common share attributable to EnerSys stockholders (usd per share) | $ 6.50 | $ 4.25 | $ 3.36 |
Anti-dilutive equity awards not included in diluted weighted-average common shares (in shares) | 356,893,000 | 710,678,000 | 951,057,000 |
Commitments, Contingencies an_2
Commitments, Contingencies and Litigation - Additional Information (Detail) | 12 Months Ended |
Mar. 31, 2024 Employee | |
Commitments and Contingencies Disclosure [Abstract] | |
Company number of employees | 10,797 |
Percentage of employees covered by collective bargaining agreements | 28% |
Percentage of collective bargaining agreements that expire in next twelve months | 7% |
Average term of collective bargaining agreements | 2 years |
Longest term of collective bargaining agreements | 4 years |
Restructuring, Exit and Other_2
Restructuring, Exit and Other Charges - Additional Information (Details) | 3 Months Ended | 12 Months Ended | ||||||||
Jun. 29, 2022 USD ($) Employee | Mar. 03, 2022 USD ($) | Jan. 01, 2023 USD ($) | Mar. 31, 2024 USD ($) Employee | Mar. 31, 2023 USD ($) Employee | Mar. 31, 2022 USD ($) Employee | Mar. 31, 2021 USD ($) | Mar. 31, 2020 USD ($) | Mar. 31, 2019 USD ($) | Nov. 08, 2023 USD ($) | |
Restructuring Cost and Reserve [Line Items] | ||||||||||
Expected cost remaining | $ 2,276,000 | |||||||||
Write-off of assets relating to restructuring and other exit charges | (24,229,000) | $ (8,920,000) | $ (6,503,000) | |||||||
Loss on assets held for sale | 0 | 0 | 2,973,000 | |||||||
Restructuring and other exit charges | 28,103,000 | 16,439,000 | 18,756,000 | |||||||
Restructuring charges, cash charges related to employee severance and other charges | 6,064,000 | 2,224,000 | 6,013,000 | |||||||
Employee Severance | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Exit charges | 20,097,000 | 14,752,000 | 14,328,000 | |||||||
Restructuring charges | 8,006,000 | 1,687,000 | 4,428,000 | |||||||
Restructuring and other exit charges | 28,103,000 | 16,439,000 | 18,756,000 | |||||||
Closure of Facility in Samudio, Spain | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Gain on disposal of facility | 740,000 | |||||||||
Proceeds for sale of certain licenses and assets | 1,779,000 | |||||||||
Closure of Facility in Hagen, Germany | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Expected remaining restructuring charges | $ 60,000,000 | |||||||||
Expected reduction in number of employees | Employee | 200 | |||||||||
Fixed asset impairment | $ 3,975,000 | |||||||||
Fair value of fixed assets | $ 14,456,000 | |||||||||
Closure of Facility in Hagen, Germany | Fixed Asset Write Off, Non-Cash Charges | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Restructuring charges | $ 3,522,000 | $ 7,946,000 | ||||||||
Closure of Facility in Hagen, Germany | Severance, Cash Charges | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Restructuring charges | 8,069,000 | 23,331,000 | ||||||||
Closure of Facility in Hagen, Germany | Cash Charges | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Expected remaining restructuring charges | 40,000,000 | |||||||||
Closure of Facility in Hagen, Germany | Inventory, Non-Cash Charges | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Expected remaining restructuring charges | 20,000,000 | |||||||||
Cost of goods sold | 960,000 | |||||||||
Closure of Facility in Hagen, Germany | Site Clean Up, Cash Charges | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Restructuring charges | 2,118,000 | 2,207,000 | ||||||||
Closure of Facility in Hagen, Germany | Accelerated Depreciation, Non Cash Charges | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Restructuring charges | 526,000 | 562,000 | ||||||||
Closure of Facility in Vijayawada, India | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Exit charges | 1,509,000 | |||||||||
Cost of goods sold | 820,000 | |||||||||
Assets held for sale | 4,573,000 | 4,573,000 | ||||||||
Loss on assets held for sale | 2,973,000 | |||||||||
Fair value of fixed assets | 1,600,000 | 1,600,000 | ||||||||
Closure Of Facility In Targovishte, Bulgaria | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Expected cost remaining | $ 26,000,000 | |||||||||
Proceeds for sale of certain licenses and assets | 1,489,000 | |||||||||
Loss on assets held for sale | (1,208,000) | |||||||||
Restructuring and other exit charges | $ 220,000 | $ 5,123,000 | $ 20,242,000 | |||||||
Closure Of Facility In Ooltewah, Tennessee | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Expected remaining restructuring charges | $ 18,500,000 | |||||||||
Expected reduction in number of employees | Employee | 165 | |||||||||
Closure Of Facility In Ooltewah, Tennessee | Non Cash Charges | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Expected remaining restructuring charges | $ 9,300,000 | 7,261,000 | ||||||||
Closure Of Facility In Ooltewah, Tennessee | Cash Charges | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Expected remaining restructuring charges | $ 9,200,000 | 4,399,000 | 2,735,000 | |||||||
Closure Of Facility In Ooltewah, Tennessee | Inventories, Non Cash Charges | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Expected remaining restructuring charges | 1,613,000 | |||||||||
Closure of Facility in Sylmar, California | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Write-off of assets relating to restructuring and other exit charges | $ (8,837,000) | |||||||||
Exit charges | 12,730,000 | |||||||||
Restructuring charges | 3,892,000 | |||||||||
Closure of Facility in Sylmar, California | Non Cash Charges | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Restructuring charges | 377,000 | |||||||||
Closure of Facility in Sylmar, California | Severance, Cash Charges | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Restructuring charges | 7,155,000 | 1,682,000 | ||||||||
Closure of Facility in Sylmar, California | Contract Assets, Non-Cash Charges | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Restructuring charges | 417,000 | |||||||||
Closure of Facility in Sylmar, California | Inventory, Non-Cash Charges | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Restructuring charges | 3,098,000 | |||||||||
Indefinite Suspension of Facility in Russia | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Write-off of assets relating to restructuring and other exit charges | (1,284,000) | 739,000 | ||||||||
Fixed asset impairment | $ 3,999,000 | |||||||||
Cost of goods sold | 932,000 | |||||||||
OutBack And Mojave Brands | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Expected remaining restructuring charges | $ 24,500,000 | |||||||||
OutBack And Mojave Brands | Employee Severance | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Expected remaining restructuring charges | 900,000 | |||||||||
Write-off of assets relating to restructuring and other exit charges | (689,000) | |||||||||
OutBack And Mojave Brands | Non Cash Charges | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Expected remaining restructuring charges | 23,600,000 | |||||||||
Write-off of assets relating to restructuring and other exit charges | (551,000) | |||||||||
OutBack And Mojave Brands | Inventories, Non Cash Charges | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Write-off of assets relating to restructuring and other exit charges | (17,075,000) | |||||||||
Closure Of Facility In Spokane, Washington | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Expected remaining restructuring charges | 3,600,000 | |||||||||
Closure Of Facility In Spokane, Washington | Employee Severance | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Expected remaining restructuring charges | 1,400,000 | |||||||||
Write-off of assets relating to restructuring and other exit charges | (1,343,000) | |||||||||
Closure Of Facility In Spokane, Washington | Fixed Asset Write Off, Non-Cash Charges | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Expected remaining restructuring charges | $ 2,200,000 | |||||||||
Write-off of assets relating to restructuring and other exit charges | (2,066,000) | |||||||||
Energy Systems | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Restructuring and other exit charges | 8,840,000 | 1,441,000 | 2,713,000 | |||||||
Energy Systems | Employee Severance | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Severance payments | $ 4,468,000 | 1,230,000 | $ 1,284,000 | |||||||
Approximate number of positions eliminated | Employee | 146 | 10 | ||||||||
Exit charges | $ 4,312,000 | 123,000 | $ 708,000 | |||||||
Restructuring charges | 4,526,000 | 1,318,000 | 2,005,000 | |||||||
Restructuring and other exit charges | 8,838,000 | 1,441,000 | 2,713,000 | |||||||
Motive Power | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Loss on assets held for sale | 0 | 0 | 2,973,000 | |||||||
Restructuring and other exit charges | 11,697,000 | $ 12,864,000 | 17,059,000 | |||||||
Motive Power | Employee Severance | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Severance payments | $ 2,713,000 | |||||||||
Approximate number of positions eliminated | Employee | 37 | 9 | ||||||||
Exit charges | $ 8,253,000 | $ 12,537,000 | 14,711,000 | |||||||
Restructuring charges | 3,445,000 | 327,000 | 2,348,000 | |||||||
Restructuring and other exit charges | 11,698,000 | 12,864,000 | 17,059,000 | |||||||
Specialty | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Restructuring and other exit charges | 7,566,000 | 2,134,000 | (1,016,000) | |||||||
Specialty | Employee Severance | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Exit charges | 7,532,000 | 2,092,000 | (1,091,000) | |||||||
Restructuring charges | 35,000 | 42,000 | 75,000 | |||||||
Restructuring and other exit charges | $ 7,567,000 | $ 2,134,000 | $ (1,016,000) |
Restructuring, Exit and Other_3
Restructuring, Exit and Other Charges - Acquisition and Non-Acquisition Related Restructuring Reserve (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and other exit charges | $ 28,103 | $ 16,439 | $ 18,756 |
Restructuring Reserve [Roll Forward] | |||
Beginning balance | 445 | 1,030 | 2,595 |
Accrued | 8,006 | 1,687 | 4,428 |
Costs incurred | (6,064) | (2,224) | (6,013) |
Foreign currency impact and other | 21 | (48) | 20 |
Ending balance | $ 2,408 | $ 445 | 1,030 |
Accrued Restructuring Incurred Cost Statement Of Income Or Comprehensive Income Extensible Enumeration Not Disclosed Flag | Accrued | Accrued | |
Energy Systems | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and other exit charges | $ 8,840 | $ 1,441 | 2,713 |
Motive Power | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and other exit charges | 11,697 | 12,864 | 17,059 |
Specialty | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and other exit charges | 7,566 | 2,134 | (1,016) |
Employee Severance | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 8,006 | 1,687 | 4,428 |
Exit charges | 20,097 | 14,752 | 14,328 |
Restructuring and other exit charges | 28,103 | 16,439 | 18,756 |
Employee Severance | Energy Systems | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 4,526 | 1,318 | 2,005 |
Exit charges | 4,312 | 123 | 708 |
Restructuring and other exit charges | 8,838 | 1,441 | 2,713 |
Employee Severance | Motive Power | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 3,445 | 327 | 2,348 |
Exit charges | 8,253 | 12,537 | 14,711 |
Restructuring and other exit charges | 11,698 | 12,864 | 17,059 |
Employee Severance | Specialty | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 35 | 42 | 75 |
Exit charges | 7,532 | 2,092 | (1,091) |
Restructuring and other exit charges | $ 7,567 | $ 2,134 | $ (1,016) |
Warranty (Detail)
Warranty (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Product Warranty Accrual [Roll Forward] | |||
Balance at beginning of year | $ 56,630 | $ 54,978 | $ 58,962 |
Current year provisions | 34,110 | 29,132 | 17,645 |
Costs incurred | (30,160) | (25,251) | (20,648) |
Foreign currency translation adjustment | 239 | (2,229) | (981) |
Balance at end of year | $ 60,819 | $ 56,630 | $ 54,978 |
Other (Income) Expense, Net (De
Other (Income) Expense, Net (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Other Income and Expenses [Abstract] | |||
Foreign exchange transaction (gains) losses | $ (6,053) | $ 671 | $ (7,169) |
Non-service components of pension expense | 1,530 | 315 | 430 |
Cost of Funds Asset Securitization | 8,776 | 2,314 | 0 |
Other | 5,178 | 4,893 | 1,274 |
Total | $ 9,431 | $ 8,193 | $ (5,465) |
Business Segments (Detail)
Business Segments (Detail) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2024 USD ($) segments Country | Mar. 31, 2023 USD ($) | Mar. 31, 2022 | |
Segment Reporting Information [Line Items] | |||
Number of operating segments | segments | 4 | ||
Operations in number of countries | Country | 100 | ||
Property, plant, and equipment, net | $ 532,450 | $ 513,283 | |
United States | |||
Segment Reporting Information [Line Items] | |||
Property, plant, and equipment, net | $ 357,416 | $ 336,970 | |
United States | Geographic Concentration Risk | Revenue Benchmark | |||
Segment Reporting Information [Line Items] | |||
Percentage of sales to customers | 60.20% | 63.40% | 60.70% |
Business Segments - Schedule of
Business Segments - Schedule of Financial Information by Reportable Segment (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Segment Reporting Information [Line Items] | |||
Net sales | $ 3,581,871 | $ 3,708,579 | $ 3,357,319 |
Operating earnings | 351,570 | 278,361 | 206,251 |
Inventory step up to fair value relating to acquisitions | (20,173) | (681) | (2,604) |
Restructuring and other exit charges | (28,103) | (16,439) | (18,756) |
Impairment of indefinite-lived intangibles | (13,619) | (480) | (1,178) |
Loss on assets held for sale - Motive Power | 0 | 0 | (2,973) |
Other expenses | (589,599) | (544,858) | (520,810) |
Capital Expenditures | 86,437 | 88,772 | 74,041 |
Depreciation and amortization | 92,021 | 91,153 | 95,878 |
Property, plant, and equipment, net | 532,450 | 513,283 | |
Energy Systems | |||
Segment Reporting Information [Line Items] | |||
Net sales | 1,590,023 | 1,738,195 | 1,536,673 |
Legal proceedings charge | (3,705) | 0 | 0 |
Operating earnings | 86,955 | 90,400 | 48,875 |
Inventory adjustment relating to exit activities | (17,075) | 211 | (186) |
Restructuring and other exit charges | (8,840) | (1,441) | (2,713) |
Impairment of indefinite-lived intangibles | (13,619) | (100) | (501) |
Capital Expenditures | 33,626 | 37,249 | 33,614 |
Depreciation and amortization | 49,469 | 52,034 | 54,580 |
Property, plant, and equipment, net | 189,519 | 199,414 | |
Energy Systems | Americas | |||
Segment Reporting Information [Line Items] | |||
Other expenses | (3,740) | (712) | (1,628) |
Depreciation and amortization | 24,503 | 27,383 | 29,277 |
Motive Power | |||
Segment Reporting Information [Line Items] | |||
Net sales | 1,456,181 | 1,451,244 | 1,361,254 |
Operating earnings | 214,650 | 179,972 | 172,396 |
Inventory adjustment relating to exit activities | 0 | (892) | (2,418) |
Restructuring and other exit charges | (11,697) | (12,864) | (17,059) |
Impairment of indefinite-lived intangibles | 0 | 0 | (677) |
Loss on assets held for sale - Motive Power | 0 | 0 | (2,973) |
Capital Expenditures | 17,115 | 16,373 | 13,887 |
Depreciation and amortization | 23,690 | 22,404 | 24,918 |
Property, plant, and equipment, net | 145,395 | 142,301 | |
Motive Power | EMEA | |||
Segment Reporting Information [Line Items] | |||
Other expenses | (1,032) | (627) | (1,040) |
Depreciation and amortization | 683 | 441 | 1,055 |
Specialty | |||
Segment Reporting Information [Line Items] | |||
Net sales | 535,667 | 519,140 | 459,392 |
Operating earnings | 31,366 | 40,487 | 46,730 |
Inventory step up to fair value relating to acquisitions | (3,098) | 0 | 0 |
Restructuring and other exit charges | (7,566) | (2,134) | 1,016 |
Impairment of indefinite-lived intangibles | 0 | (380) | 0 |
Capital Expenditures | 35,596 | 35,150 | 26,540 |
Depreciation and amortization | 18,762 | 16,715 | 16,380 |
Property, plant, and equipment, net | 197,368 | 171,568 | |
Specialty | Asia | |||
Segment Reporting Information [Line Items] | |||
Other expenses | (295) | (95) | (277) |
Depreciation and amortization | 2,808 | 2,923 | 2,962 |
Other | |||
Segment Reporting Information [Line Items] | |||
Operating earnings | (117,260) | (17,283) | 0 |
Capital Expenditures | 100 | 0 | 0 |
Depreciation and amortization | 100 | 0 | $ 0 |
Property, plant, and equipment, net | $ 168 | $ 0 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | May 22, 2024 | May 02, 2024 |
Forecast | ||
Subsequent Event [Line Items] | ||
Business acquisition, consideration transferred | $ 208 | |
Subsequent Event | Dividend Declared | ||
Subsequent Event [Line Items] | ||
Common Stock cash dividends, per share (usd per share) | $ 0.225 |