Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Jun. 28, 2015 | Jul. 31, 2015 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 28, 2015 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | ENS | |
Entity Registrant Name | ENERSYS | |
Entity Central Index Key | 1,289,308 | |
Current Fiscal Year End Date | --03-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 46,377,476 |
Consolidated Condensed Balance
Consolidated Condensed Balance Sheets - USD ($) | Jun. 28, 2015 | Mar. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 444,779,000 | $ 268,921,000 |
Accounts receivable, net of allowance for doubtful accounts: June 28, 2015 - $8,005; March 31, 2015 - $7,562 | 504,383,000 | 518,165,000 |
Total | 353,535,000 | 337,011,000 |
Deferred taxes | 29,250,000 | 31,749,000 |
Prepaid and other current assets | 77,525,000 | 77,572,000 |
Total current assets | 1,409,472,000 | 1,233,418,000 |
Property, plant, and equipment, net | 360,781,000 | 356,854,000 |
Goodwill | 375,531,000 | 369,730,000 |
Other intangible assets, net | 156,764,000 | 158,160,000 |
Other assets | 50,745,000 | 44,885,000 |
Total assets | 2,353,293,000 | 2,163,047,000 |
Current liabilities: | ||
Short-term debt | 18,910,000 | 19,715,000 |
Current portion of long-term debt and capital lease obligations | 172,180,000 | 0 |
Accounts payable | 233,025,000 | 218,574,000 |
Accrued expenses | 196,394,000 | 195,082,000 |
Total current liabilities | 620,509,000 | 433,371,000 |
Long-term debt and capital lease obligations | 450,000,000 | 495,936,000 |
Deferred taxes | 97,591,000 | 99,398,000 |
Other liabilities | 81,040,000 | 81,616,000 |
Total liabilities | $ 1,249,140,000 | $ 1,110,321,000 |
Commitments and contingencies | ||
Redeemable noncontrolling interests | $ 6,479,000 | $ 6,956,000 |
Redeemable equity component of Convertible Notes | 0 | 1,330,000 |
Equity: | ||
Preferred Stock, $0.01 par value, 1,000,000 shares authorized, no shares issued or outstanding at June 28, 2015 and at March 31, 2015 | 0 | 0 |
Common Stock, $0.01 par value per share, 135,000,000 shares authorized; 54,093,992 shares issued and 44,488,045 shares outstanding at June 28, 2015; 53,664,639 shares issued and 44,068,588 shares outstanding at March 31, 2015 | 545,000 | 537,000 |
Additional paid-in capital | 519,508,000 | 525,967,000 |
Treasury stock, at cost, 9,605,947 shares held as of June 28, 2015; 9,596,051 shares held as of March 31, 2015 | (376,642,000) | (376,005,000) |
Retained earnings | 1,037,797,000 | 997,376,000 |
Accumulated other comprehensive income | (89,023,000) | (108,975,000) |
Total EnerSys stockholders' equity | 1,092,185,000 | 1,038,900,000 |
Noncontrolling interests | 5,489,000 | 5,540,000 |
Total equity | 1,097,674,000 | 1,044,440,000 |
Total liabilities and equity | $ 2,353,293,000 | $ 2,163,047,000 |
Consolidated Condensed Balance3
Consolidated Condensed Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 28, 2015 | Mar. 31, 2015 |
Accounts receivable, allowance for doubtful accounts | $ 8,005 | $ 7,562 |
Common Stock, par value | $ 0.01 | $ 0.01 |
Common Stock, shares authorized | 135,000,000 | 135,000,000 |
Common Stock, shares issued | 54,093,992 | 53,664,639 |
Treasury stock, shares | 9,605,947 | 9,596,051 |
Consolidated Condensed Statemen
Consolidated Condensed Statements of Income - USD ($) $ in Thousands | 3 Months Ended | ||
Jun. 28, 2015 | Jun. 29, 2014 | ||
Net sales | $ 562,068 | $ 634,110 | |
Cost of goods sold | 411,653 | 471,533 | |
Gross profit | 150,415 | 162,577 | |
Operating expenses | 84,508 | 89,059 | |
Restructuring charges | 1,218 | 1,829 | |
Operating earnings | [1] | 69,037 | 71,689 |
Interest expense | 6,347 | 4,884 | |
Other (income) expense, net | 695 | 1,028 | |
Earnings before income taxes | 61,995 | 65,777 | |
Income tax expense | 14,061 | 16,662 | |
Net earnings | 47,934 | 49,115 | |
Net losses attributable to noncontrolling interests | (453) | (54) | |
Net earnings attributable to EnerSys stockholders | $ 48,387 | $ 49,169 | |
Net earnings per common share attributable to EnerSys stockholders: | |||
Basic earnings per common share attributable to EnerSys stockholders | $ 1.09 | $ 1.05 | |
Diluted earnings per common share attributable to EnerSys stockholders | 1.03 | 0.99 | |
Dividends per common share | $ 0.175 | $ 0.175 | |
Weighted average shares of common stock outstanding: | |||
Basic | 44,233,915 | 46,899,303 | |
Diluted | 46,756,376 | 49,726,238 | |
Manufacturing Facility | |||
Gain on sale of facility | $ (4,348) | $ 0 | |
[1] | The Company does not allocate interest expense or other (income) expense to the reportable segments. |
Consolidated Condensed Stateme5
Consolidated Condensed Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 28, 2015 | Jun. 29, 2014 | |
Net earnings | $ 47,934 | $ 49,115 |
Other comprehensive income (loss): | ||
Net unrealized gain (loss) on derivative instruments, net of tax | (993) | 2,491 |
Pension funded status adjustment, net of tax | 323 | 185 |
Foreign currency translation adjustments | 20,547 | (2,557) |
Total other comprehensive (loss) income, net of tax | 19,877 | 119 |
Total comprehensive income | 67,811 | 49,234 |
Comprehensive loss attributable to noncontrolling interests | (528) | (221) |
Comprehensive income attributable to EnerSys stockholders | $ 68,339 | $ 49,455 |
Consolidated Condensed Stateme6
Consolidated Condensed Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 28, 2015 | Jun. 29, 2014 | |
Cash flows from operating activities | ||
Net earnings | $ 47,934 | $ 49,115 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Depreciation and amortization | 13,615 | 14,291 |
Restructuring Costs | 0 | 365 |
Derivatives not designated in hedging relationships: | ||
Net (gains) losses | 9 | 10 |
Cash settlements | 307 | 33 |
Provision for doubtful accounts | 496 | 250 |
Deferred income taxes | (4,352) | 58 |
Non-cash interest expense | 1,763 | 2,262 |
Stock-based compensation | 4,239 | 5,096 |
Changes in assets and liabilities, net of effects of acquisitions: | ||
Accounts receivable | 21,446 | 3,256 |
Inventory | (5,919) | (24,423) |
Prepaid expenses and other current assets | 2,147 | 1,469 |
Other assets | (351) | 1,626 |
Accounts payable | 15,503 | 1,760 |
Accrued expenses | (7,719) | (19,474) |
Other liabilities | (2,415) | 6,144 |
Net cash provided by operating activities | 82,330 | 41,821 |
Cash flows from investing activities | ||
Capital expenditures | (19,670) | (14,761) |
Purchase of a business | (943) | 0 |
Net cash used in investing activities | (11,365) | (14,727) |
Cash flows from financing activities | ||
Net increase in short-term debt | (684) | (3,858) |
Proceeds from revolving credit borrowings | 10,000 | 81,600 |
Repayments of revolving credit borrowings | (185,000) | (43,000) |
Proceeds from long-term debt | 300,000 | 0 |
Repurchase of Convertible Notes | 86 | 194 |
Deferred financing costs | (4,800) | 0 |
Taxes paid related to net share settlement of equity awards, net of option proceeds | (15,291) | (12,664) |
Excess tax benefits from exercise of stock options and vesting of equity awards | 3,450 | 600 |
Purchase of treasury stock | (637) | (45,587) |
Dividends paid to stockholders | (7,785) | (8,196) |
Other | 146 | (47) |
Net cash used in financing activities | 99,313 | (31,346) |
Effect of exchange rate changes on cash and cash equivalents | 5,580 | (953) |
Net increase in cash and cash equivalents | 175,858 | (5,205) |
Cash and cash equivalents at beginning of period | 268,921 | 240,103 |
Cash and cash equivalents at end of period | 444,779 | 234,898 |
Manufacturing Facility | ||
Derivatives not designated in hedging relationships: | ||
Gain on disposal of property, plant, and equipment | (4,348) | 0 |
Cash flows from investing activities | ||
Proceeds from disposal of property, plant, and equipment | (9,179) | 0 |
Property, Plant, and Equipment Excluding Manufacturing Facility [Member] | ||
Derivatives not designated in hedging relationships: | ||
Gain on disposal of property, plant, and equipment | (25) | (17) |
Cash flows from investing activities | ||
Proceeds from disposal of property, plant, and equipment | $ 69 | $ 34 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Jun. 28, 2015 | |
Text Block [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying interim unaudited consolidated condensed financial statements of EnerSys (the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all the information and notes required for complete financial statements. In the opinion of management, the unaudited consolidated condensed financial statements include all normal recurring adjustments considered necessary for the fair presentation of the financial position, results of operations, and cash flows for the interim periods presented. The financial statements should be read in conjunction with the Consolidated Financial Statements and Notes thereto included in the Company’s 2015 Annual Report on Form 10-K (SEC File No. 001-32253), which was filed on May 27, 2015 (the "2015 Annual Report"). The Company reports interim financial information for 13-week periods, except for the first quarter, which always begins on April 1, and the fourth quarter, which always ends on March 31. The four quarters in fiscal 2016 end on June 28, 2015, September 27, 2015, December 27, 2015, and March 31, 2016, respectively. The four quarters in fiscal 2015 ended on June 29, 2014, September 28, 2014, December 28, 2014, and March 31, 2015, respectively. The consolidated condensed financial statements include the accounts of the Company and its wholly-owned subsidiaries and any partially owned subsidiaries that the Company has the ability to control. All intercompany transactions and balances have been eliminated in consolidation. The Company also consolidates certain subsidiaries in which the noncontrolling interest party has within its control the right to require the Company to redeem all or a portion of its interest in the subsidiary. The redeemable noncontrolling interests are reported at their estimated redemption value, and the amount presented in temporary equity is not less than the initial amount reported in temporary equity. Any adjustment to the redemption value impacts retained earnings but does not impact net income or comprehensive income. Noncontrolling interests which are redeemable only upon future events, the occurrence of which is not currently probable, are recorded at carrying value. Recently Issued Accounting Pronouncements In May 2014, the Financial Accounting Standards Board ("FASB") issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) providing guidance on revenue from contracts with customers that will supersede most current revenue recognition guidance, including industry-specific guidance. The underlying principle is that an entity will recognize revenue to depict the transfer of goods or services to customers at an amount that the entity expects to be entitled to in exchange for those goods or services. In July 2015, the FASB voted to delay the effective date for interim and annual reporting periods beginning after December 15, 2017, with early adoption permissible one year earlier. The Company is currently evaluating the impact, if any, of the adoption of this newly issued guidance on the consolidated financial position, results of operations and related disclosures. In April 2015, the FASB issued ASU 2015-03, “Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs.” The update simplifies the presentation of debt issuance costs by requiring that debt issuance costs be presented in the balance sheet as a direct deduction from the carrying amount of debt liability, consistent with debt discounts or premiums. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this update and amortization of the costs will continue to be reported as interest expense. For public companies, this update is effective for interim and annual periods beginning after December 15, 2015, and is to be applied retrospectively. Early adoption is permitted. The Company does not expect this standard to have a significant impact on its consolidated financial statements and has not yet concluded whether it will adopt ASU 2015-03 prior to the effective date. In July 2015, the FASB issued ASU 2015-011, “Simplifying the Measurement of Inventory (Topic 330).” This update requires inventory to be measured at the lower of cost or net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. Subsequent measurement is unchanged for inventory measured using LIFO or the retail inventory method. This update will be effective for the Company for all annual and interim periods beginning after December 15, 2016. The amendments in this update should be applied prospectively with earlier application permitted as of the beginning of an interim or annual reporting period. This update will not have a material impact on the presentation of the Company’s financial position. |
Inventories
Inventories | 3 Months Ended |
Jun. 28, 2015 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Inventories, net consist of: June 28, 2015 March 31, 2015 Raw materials $ 81,077 $ 82,954 Work-in-process 114,579 106,196 Finished goods 157,879 147,861 Total $ 353,535 $ 337,011 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 3 Months Ended |
Jun. 28, 2015 | |
Text Block [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 June 28, 2015 and March 31, 2015 and the basis for that measurement: Total Fair Value Measurement June 28, 2015 Quoted Price in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Lead forward contracts $ (4,591 ) $ — $ (4,591 ) $ — Foreign currency forward contracts 506 — 506 — Total derivatives $ (4,085 ) $ — $ (4,085 ) $ — Total Fair Value Measurement March 31, 2015 Quoted Price in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Lead forward contracts $ (341 ) $ — $ (341 ) $ — Foreign currency forward contracts 4,155 — 4,155 — Total derivatives $ 3,814 $ — $ 3,814 $ — The fair values of lead forward contracts are calculated using observable prices for lead as quoted on the London Metal Exchange (“LME”) and, therefore, were classified as Level 2 within the fair value hierarchy, as described in the Company's consolidated financial statements included in its 2015 Annual Report in Note 1, Summary of Significant Accounting Policies. The fair values for foreign currency forward contracts are based upon current quoted market prices and are classified as Level 2 based on the nature of the underlying market in which these derivatives are traded. Financial Instruments The fair values of the Company’s cash and cash equivalents, accounts receivable and accounts payable approximate carrying value due to their short maturities. The fair value of the Company’s short-term debt and borrowings under the 2011 Credit Facility (as defined in Note 9), approximate their respective carrying value, as they are variable rate debt and the terms are comparable to market terms as of the balance sheet dates and are classified as Level 2. The Company’s 3.375% convertible senior notes due 2038 ( the “Convertible Notes”), with an original face value of $172,500 , were issued when the Company’s stock price was trading at $30.19 per share. The Convertible Notes were called for redemption on June 8, 2015. Accordingly, as of June 28, 2015 , the holders of the Convertible Notes exercised their conversion rights and the Convertible Notes were to be paid off on July 17, 2015. The fair value amount of the Convertible Notes, reflects in aggregate, the amount paid in cash on the scheduled settlement date of July 17, 2015, for principal and interest and the shares issued to settle the conversion premium, valued at the closing share price on the day of settlement. See Note 9 for further details. The Company's 5.0% Senior Notes due 2023 (the "Notes"), with an original face value of $300,000 , were issued in April 2015. The fair values of these Notes represent the trading values based upon quoted market prices and are classified as Level 2. The Notes were trading at 99% of face value on June 28, 2015 . The carrying amounts and estimated fair values of the Company’s derivatives, Notes and Convertible Notes at June 28, 2015 and March 31, 2015 were as follows: June 28, 2015 March 31, 2015 Carrying Amount Fair Value Carrying Amount Fair Value Financial assets: Derivatives (1) $ 506 $ 506 $ 4,155 $ 4,155 Financial liabilities: Notes $ 300,000 $ 296,250 (2) $ — $ — Convertible Notes 172,180 (4) 297,034 (3) 170,936 (4) 277,348 (2) Derivatives (1) 4,591 4,591 341 341 (1) Represents lead and foreign currency hedges. (2) The fair value amount of the Notes at June 28, 2015 and the Convertible Notes at March 31, 2015 represent the trading value of the instruments. (3) The Convertible Notes were no longer trading at June 28, 2015 as the holders exercised their conversion rights by that date. The fair value amount of the Convertible Notes, reflects in aggregate, the amount paid in cash on the scheduled settlement date of July 17, 2015, for principal and interest and the shares issued to settle the conversion premium, valued at the closing share price on the day of settlement. (4) The carrying amounts of the Convertible Notes at June 28, 2015 and March 31, 2015 represent the $172,180 and $172,266 principal balance, less the unamortized debt discount (see Note 9 for further details). 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 to the Consolidated Financial Statements included in the Company's 2015 Annual Report for details). Goodwill is tested for impairment by determining the fair value of the Company’s reporting units. The unobservable inputs used to measure the fair value of the reporting units include projected growth rates, profitability, and the risk factor premium added to the discount rate. The remeasurement of goodwill is classified as a Level 3 fair value assessment due to the significance of unobservable inputs developed using company-specific information. The inputs used to measure the fair value of other intangible assets were largely unobservable and accordingly were also classified as Level 3. The fair value of indefinite-lived assets, such as trademarks, is based on the royalties saved that would have been paid to a third party had the Company not owned the trademark. The fair value of other intangible assets was estimated using the income approach, based on cash flow projections of revenue growth rates, taking into consideration industry and market conditions. |
Derivative Financial Instrument
Derivative Financial Instruments | 3 Months Ended |
Jun. 28, 2015 | |
Text Block [Abstract] | |
Derivative Financial Instruments | Derivative Financial Instruments The Company utilizes derivative instruments to reduce its exposure to fluctuations in commodity prices and foreign exchange rates under established procedures and controls. The Company does not enter into derivative contracts for speculative purposes. The Company’s agreements are with creditworthy financial institutions and the Company anticipates performance by counterparties to these contracts and therefore no material loss is expected. Derivatives in Cash Flow Hedging Relationships Lead Hedge Forward Contracts The Company enters into lead hedge forward contracts to fix the price for a portion of its lead purchases. Management considers the lead hedge forward contracts to be effective against changes in the cash flows of the underlying lead purchases. The vast majority of such contracts are for a period not extending beyond one year and the notional amounts at June 28, 2015 and March 31, 2015 were 110.4 million pounds and 91.6 million pounds, respectively. Foreign Currency Forward Contracts The Company uses foreign currency forward contracts and options to hedge a portion of the Company’s foreign currency exposures for lead as well as other foreign currency exposures so that gains and losses on these contracts offset changes in the underlying foreign currency denominated exposures. The vast majority of such contracts are for a period not extending beyond one year. As of June 28, 2015 and March 31, 2015 , the Company had entered into a total of $86,623 and $75,878 , respectively, of such contracts. In the coming twelve months, the Company anticipates that $1,716 of pretax loss relating to lead and foreign currency forward contracts will be reclassified from accumulated other comprehensive income (“AOCI”) as part of cost of goods sold. This amount represents the current net unrealized impact of hedging lead and foreign exchange rates, which will change as market rates change in the future, and will ultimately be realized in the Consolidated Statement of Income as an offset to the corresponding actual changes in lead costs to be realized in connection with the variable lead cost and foreign exchange rates being hedged. Derivatives not Designated in Hedging Relationships Foreign Currency Forward Contracts The Company also enters into foreign currency forward contracts to economically hedge foreign currency fluctuations on intercompany loans and foreign currency denominated receivables and payables. These are not designated as hedging instruments and changes in fair value of these instruments are recorded directly in the Consolidated Condensed Statements of Income. As of June 28, 2015 and March 31, 2015 , the notional amount of these contracts was $22,650 and $26,246 , respectively. Presented below in tabular form is information on the location and amounts of derivative fair values in the Consolidated Condensed Balance Sheets and derivative gains and losses in the Consolidated Condensed Statements of Income: Fair Value of Derivative Instruments June 28, 2015 and March 31, 2015 Derivatives and Hedging Activities Designated as Cash Flow Hedges Derivatives and Hedging Activities Not Designated as Hedging Instruments June 28, 2015 March 31, 2015 June 28, 2015 March 31, 2015 Prepaid and other current assets Foreign currency forward contracts $ 403 $ 3,735 $ 103 $ 420 Total assets $ 403 $ 3,735 $ 103 $ 420 Accrued expenses Lead hedge forward contracts $ 4,591 $ 341 $ — $ — Total liabilities $ 4,591 $ 341 $ — $ — The Effect of Derivative Instruments on the Consolidated Condensed Statements of Income For the quarter ended June 28, 2015 Derivatives Designated as Cash Flow Hedges Pretax Gain (Loss) Recognized in AOCI on Derivative (Effective Portion) Location of Gain (Loss) Reclassified from AOCI into Income (Effective Portion) Pretax Gain (Loss) Reclassified from AOCI into Income (Effective Portion) Lead hedge contracts $ (1,089 ) Cost of goods sold $ (5,402 ) Foreign currency forward contracts (2,060 ) Cost of goods sold 3,827 Total $ (3,149 ) $ (1,575 ) Derivatives Not Designated as Hedging Instruments Location of Gain (Loss) Recognized in Income on Derivative Pretax Gain (Loss) Foreign currency forward contracts Other (income) expense, net $ (9 ) Total $ (9 ) The Effect of Derivative Instruments on the Consolidated Condensed Statements of Income For the quarter ended June 29, 2014 Derivatives Designated as Cash Flow Hedges Pretax Gain (Loss) Recognized in AOCI on Derivative (Effective Portion) Location of Gain (Loss) Reclassified from AOCI into Income (Effective Portion) Pretax Gain (Loss) Reclassified from AOCI into Income (Effective Portion) Lead hedge contracts $ 3,036 Cost of goods sold $ (528 ) Foreign currency forward contracts 502 Cost of goods sold 120 Total $ 3,538 $ (408 ) Derivatives Not Designated as Hedging Instruments Location of Gain (Loss) Recognized in Income on Derivative Pretax Gain (Loss) Foreign currency forward contracts Other (income) expense, net $ (10 ) Total $ (10 ) |
Income Taxes
Income Taxes | 3 Months Ended |
Jun. 28, 2015 | |
Text Block [Abstract] | |
Income Taxes | Income Taxes The Company’s income tax provision consists of federal, state and foreign income taxes. The tax provision for the first quarters of fiscal 2016 and 2015 were based on the estimated effective tax rates applicable for the full years ending March 31, 2016 and March 31, 2015 , respectively, after giving effect to items specifically related to the interim periods. The Company’s effective income tax rate with respect to any period may be volatile based on the mix of income in the tax jurisdictions in which the Company operates and the amount of the Company's consolidated income before taxes. The consolidated effective income tax rates for the first quarters of fiscal 2016 and 2015 were 22.7% and 25.3% , respectively. The rate decrease in the first quarter of fiscal 2016 compared to the first quarter of fiscal 2015 is primarily due to the subsequent recognition of a previously unrecognized tax position related to one of the Company's foreign subsidiaries and changes in the mix of earnings among tax jurisdictions. Foreign income as a percentage of worldwide income is estimated to be 57% for the first quarter of fiscal 2016 compared to 54% for the first quarter of fiscal 2015 . The foreign effective income tax rate for the first quarter of fiscal 2016 and 2015 were 12.8% and 15.3% , respectively. The rate decrease compared to the prior year period is primarily due to the subsequent recognition of a previously unrecognized tax position related to one of the Company's foreign subsidiaries and changes in the mix of earnings among tax jurisdictions. Income from the Company's Swiss subsidiary comprised a substantial portion of the Company's overall foreign mix of income and is taxed at an effective income tax rate of approximately 7% . |
Warranties
Warranties | 3 Months Ended |
Jun. 28, 2015 | |
Disclosure Analysis Of Changes In Liability For Product Warranties [Abstract] | |
Warranties | Warranty The Company provides for estimated product warranty expenses when the related products are sold, with related liabilities included within accrued expenses and other liabilities. Because warranty estimates are forecasts that are based on the best available information, primarily historical claims experience, claims costs may differ from amounts provided. An analysis of changes in the liability for product warranties is as follows: Quarter ended June 28, 2015 June 29, 2014 Balance at beginning of period $ 39,810 $ 40,426 Current period provisions 3,885 4,515 Costs incurred (4,361 ) (3,564 ) Foreign currency translation adjustment 451 (61 ) Balance at end of period $ 39,785 $ 41,316 |
Commitments, Contingencies and
Commitments, Contingencies and Litigation | 3 Months Ended |
Jun. 28, 2015 | |
Text Block [Abstract] | |
Commitments, Contingencies and Litigation | Commitments, Contingencies and Litigation Litigation and Other Legal Matters The Company is involved in litigation incidental to the conduct of its business, the results of which, in the opinion of management, are not likely to be material to the Company’s financial position, results of operations, or cash flows. See Note 18 to the Consolidated Financial Statements included in the Company's 2015 Annual Report on Form 10-K. There have been no significant changes since March 31, 2015 . Environmental Issues As a result of its operations, the Company is subject to various federal, state, and local, as well as international environmental laws and regulations and is exposed to the costs and risks of registering, handling, processing, storing, transporting, and disposing of hazardous substances, especially lead and acid. The Company’s operations are also subject to federal, state, local and international occupational safety and health regulations, including laws and regulations relating to exposure to lead in the workplace. The Company is responsible for certain cleanup obligations at the former Yuasa battery facility in Sumter, South Carolina, that predates its ownership of this facility. This manufacturing facility was closed in 2001 and is separate from the Company’s current metal fabrication facility in Sumter. The Company has established a reserve for this facility. As of June 28, 2015 and March 31, 2015 , the reserves related to this facility were $1,923 and $2,902 , respectively. Based on current information, the Company’s management believes these reserves are adequate to satisfy the Company’s environmental liabilities at this facility. Lead Contracts To stabilize its costs, the Company has entered into contracts with financial institutions to fix the price of lead. The vast majority of such contracts are for a period not extending beyond one year. Under these contracts, at June 28, 2015 and March 31, 2015 , the Company has hedged the price to purchase 110.4 million pounds and 91.6 million pounds of lead, respectively, for a total purchase price of $94,162 and $76,143 , respectively. Foreign Currency Forward Contracts The Company quantifies and monitors its global foreign currency exposures. On a selective basis, the Company will enter into foreign currency forward and option contracts to reduce the volatility from currency movements that affect the Company. The vast majority of such contracts are for a period not extending beyond one year. The Company’s largest exposure is from the purchase and conversion of U.S. dollar based lead costs into local currencies in EMEA. Additionally, the Company has currency exposures from intercompany financing and intercompany and third party trade transactions. To hedge these exposures, the Company has entered into a total of $109,273 and $102,124 , respectively, of foreign currency forward contracts with financial institutions as of June 28, 2015 and March 31, 2015 . |
Restructuring Plans
Restructuring Plans | 3 Months Ended |
Jun. 28, 2015 | |
Text Block [Abstract] | |
Restructuring Plans | Restructuring Plans During fiscal 2013, the Company announced a restructuring related to improving the efficiency of its manufacturing operations in EMEA. The Company estimates that the total charges for these actions will amount to approximately $6,900 , primarily from cash expenses for employee severance-related payments and non-cash expenses associated with the write-off of certain fixed assets and inventory. The Company estimates that these actions will result in the reduction of approximately 140 employees upon completion. The Company recorded restructuring charges of $6,895 through fiscal 2015 , consisting of non-cash charges of $1,399 and cash charges of $5,496 and no additional charges were recorded during the first quarter of fiscal 2016 . The Company incurred $5,207 of costs against the accrual through fiscal 2015 , and incurred $50 in costs against the accrual during the first quarter of fiscal 2016 . As of June 28, 2015 , the reserve balance associated with these actions is $221 . The Company expects no additional restructuring charges related to these actions during fiscal 2016 , and expects to complete the program during fiscal 2016 . During fiscal 2014 , the Company announced further restructuring programs to improve the efficiency of its manufacturing, sales and engineering operations in EMEA including the restructuring of its manufacturing operations in Bulgaria. The restructuring of the Bulgaria operations was announced during the third quarter of fiscal 2014 and consists of the transfer of motive power and a portion of reserve power battery manufacturing to the Company's facilities in Western Europe. The Company estimates that the total charges for all actions announced during fiscal 2014 will amount to approximately $23,300 , primarily from non-cash charges related to the write-off of fixed assets and inventory of $11,000 , along with cash charges for employee severance-related payments and other charges of $12,300 . The Company estimates that these actions will result in the reduction of approximately 500 employees upon completion. The Company recorded restructuring charges of $22,115 through fiscal 2015, consisting of non-cash charges of $10,934 and cash charges of $11,181 and recorded an additional $311 in cash charges during the first quarter of fiscal 2016. The Company incurred $9,737 in costs against the accrual through fiscal 2015 and incurred an additional $342 against the accrual during the first quarter of fiscal 2016 . As of June 28, 2015 , the reserve balance associated with these actions is $1,233 . The Company expects to be committed to an additional $800 of restructuring charges related to these actions in fiscal 2016 when it expects to complete the program. During the third quarter of fiscal 2015, the Company announced a restructuring related to its manufacturing facility located in Jiangdu, the People’s Republic of China ("PRC"), pursuant to which the Company completed the transfer of the manufacturing at that location to its other facilities in PRC, as part of the closure of the Jiangdu facility in the first quarter of fiscal 2016 . The Company estimates that the total charges for these actions will amount to approximately $5,400 primarily from cash expenses for employee severance-related payments. The Company estimates that these actions will result in the reduction of approximately 300 employees upon completion. The Company recorded restructuring charges of $3,870 during fiscal 2015 consisting of cash charges for employee severance-related payments. No additional charges were recorded during the first quarter of fiscal 2016. The Company incurred $1,874 in costs against the accrual through fiscal 2015 and incurred an additional $1,914 against the accrual during the first quarter of fiscal 2016. As of June 28, 2015, the reserve balance associated with these actions is $82 . The Company expects to be committed to an additional $1,600 of restructuring charges related to these actions in 2016 when it expects to complete the program. During fiscal 2015 the Company announced a restructuring primarily related to a portion of its sales and engineering organizations in Europe to improve efficiencies. The Company estimates that the total charges for these actions will amount to approximately $800 , primarily from cash charges for employee severance-related payments. The Company estimates that these actions will result in the reduction of approximately 10 employees upon completion in fiscal 2016. In fiscal 2015, the Company recorded restructuring charges of $450 and recorded an additional $337 during the first quarter of fiscal 2016. The Company incurred $193 in costs against the accrual in fiscal 2015 and incurred an additional $126 against the accrual during the first quarter of fiscal 2016. As of June 28, 2015, the reserve balance associated with these actions is $564 . The Company expects no additional restructuring charges related to these actions during fiscal 2016, and expects to complete the program during fiscal 2017. During the first quarter of fiscal 2016 the Company completed a restructuring related to a reduction of two executives associated with one of Americas’ recent acquisitions to improve efficiencies. The Company recorded total severance-related charges of $570 , all of which was paid during the first quarter of fiscal 2016, primarily per the terms of a pre-existing employee agreement. A roll-forward of the restructuring reserve is as follows: Employee Severance Other Total Balance as of March 31, 2015 $ 2,966 $ 854 $ 3,820 Accrued 1,218 — 1,218 Costs incurred (2,926 ) (76 ) (3,002 ) Foreign currency impact and other 32 32 64 Balance as of June 28, 2015 $ 1,290 $ 810 $ 2,100 |
Debt
Debt | 3 Months Ended |
Jun. 28, 2015 | |
Text Block [Abstract] | |
Debt | Debt The following summarizes the Company’s long-term debt as of June 28, 2015 and March 31, 2015 : June 28, 2015 March 31, 2015 5.0% Senior Notes due 2023 $ 300,000 $ — 2011 Credit Facility, due 2018 150,000 325,000 3.375% Convertible Notes, net of discount, due 2038 172,180 170,936 622,180 495,936 Less current portion 172,180 — Total long-term debt $ 450,000 $ 495,936 5.0% Senior Notes On April 23, 2015, the Company issued $300,000 in aggregate principal amount of its 5.00% Senior Notes due 2023 (the “Notes”). The Notes bear interest at a rate of 5.00% per annum accruing from April 23, 2015. Interest is payable semiannually in arrears on April 30 and October 30 of each year, commencing on October 30, 2015. The Notes will mature on April 30, 2023, unless earlier redeemed or repurchased in full. The Notes are unsecured and unsubordinated obligations of the Company. The Notes are fully and unconditionally guaranteed (the “Guarantees”), jointly and severally, by each of its subsidiaries that are guarantors under the 2011 Credit Facility (the "Guarantors"). The Guarantees are unsecured and unsubordinated obligations of the Guarantors. The net proceeds from the sale of the Notes were used primarily to redeem, settle, repurchase or otherwise repay and retire in full the $172,180 principal amount of the Company’s outstanding 3.375% Convertible Notes as discussed below. 2011 Credit Facility The Company is party to a $350,000 senior secured revolving credit facility (as amended, “2011 Credit Facility”) and, on July 8, 2014, amended the credit facility while also entering into an Incremental Commitment Agreement pursuant to which certain banks agreed to provide incremental term loan commitments of $150,000 and incremental revolving commitments of $150,000 . Pursuant to these changes, the 2011 Credit Facility is now comprised of a $500,000 senior secured revolving credit facility and a $150,000 senior secured incremental term loan (the "Term Loan") that matures on September 30, 2018. The Term Loan is payable in quarterly installments of $1,875 beginning June 30, 2015 and $3,750 beginning June 30, 2016 with a final payment of $108,750 on September 30, 2018. The 2011 Credit Facility may be increased by an aggregate amount of $300,000 in revolving commitments and/or one or more new tranches of term loans, under certain conditions. Both revolving loans and the Term loan under the 2011 Credit Facility will bear interest, at the Company's option, at a rate per annum equal to either (i) the London Interbank Offered Rate (“LIBOR”) plus between 1.25% and 1.75% (currently 1.25% and based on the Company's consolidated net leverage ratio) or (ii) the Base Rate (which is the highest of (a) the Bank of America prime rate, and (b) the Federal Funds Effective Rate) plus between 0.25% and 0.75% (based on the Company’s consolidated net leverage ratio). Obligations under the 2011 Credit Facility are secured by substantially all of the Company’s existing and future acquired assets, including substantially all of the capital stock of the Company’s United States subsidiaries that are guarantors under the credit facility, and 65% of the capital stock of certain of the Company’s foreign subsidiaries that are owned by the Company’s United States companies. The current portion of the Term Loan of $7,500 is classified as long-term debt as the Company expects to refinance the quarterly payments beginning June 30, 2015 with revolver borrowings under its 2011 Credit Facility. As of June 28, 2015 , the Company had no balance outstanding in revolver borrowings and $150,000 under its term loan borrowings. 3.375% Convertible Notes On May 7, 2015, the Company filed a notice of redemption for all of the Convertible Notes with a redemption date of June 8, 2015 and 99% of the Convertible Notes holders exercised their conversion rights on or before June 5, 2015, pursuant to which, on July 17, 2015, the Company paid the principal balance and accreted interest aggregating $172,388 in cash and settled the conversion premium by issuing in the aggregate, 1,889,431 shares of the Company's common stock issued from its treasury shares, thereby resulting in the extinguishment of all of the Convertible Notes as of that date. The impact resulting from such extinguishment is not expected to be material as the fair value of the total settlement consideration transferred and allocated to the liability component approximates the carrying value of the Convertible Notes and will be recognized in the second quarter of fiscal 2016. The carrying value of the Convertible Notes of $172,180 is classified as current maturities of long-term debt on the Consolidated Condensed Balance Sheet as of June 28, 2015 . The following represents the principal amount of the liability component, the unamortized discount, and the net carrying amount of the Convertible Notes as of June 28, 2015 and March 31, 2015 : June 28, 2015 March 31, 2015 Principal $ 172,180 $ 172,266 Unamortized discount — (1,330 ) Net carrying amount $ 172,180 $ 170,936 The effective interest rate on the liability component of the Convertible Notes is 8.50% . The amount of interest cost recognized for the amortization of the discount on the liability component of the Convertible Notes was $1,330 and $2,006 , respectively, during the quarters ended June 28, 2015 and June 29, 2014 . Short-Term Debt As of June 28, 2015 and March 31, 2015 , the Company had $18,910 and $19,715 , respectively, of short-term borrowings. The weighted-average interest rates on these borrowings were approximately 10% at June 28, 2015 and March 31, 2015 . Letters of Credit As of June 28, 2015 and March 31, 2015 , the Company had $4,937 and $3,862 , respectively, of standby letters of credit. Deferred Financing Fees In connection with the issuance of the Notes, the Company incurred $4,800 in new deferred finance fees. Amortization expense, relating to deferred financing fees, included in interest expense was $433 and $256 , respectively, during the quarters ended June 28, 2015 and June 29, 2014 . Deferred financing fees, net of accumulated amortization, totaled $7,079 and $2,712 , respectively at June 28, 2015 and March 31, 2015 . Available Lines of Credit As of June 28, 2015 and March 31, 2015 , the Company had available and undrawn, under all its lines of credit, $652,233 and $464,733 , respectively, including $154,033 and $141,533 , of uncommitted lines of credit as of June 28, 2015 and March 31, 2015 , respectively. |
Retirement Plans
Retirement Plans | 3 Months Ended |
Jun. 28, 2015 | |
Text Block [Abstract] | |
Retirement Plans | Retirement Plans The following tables present the components of the Company’s net periodic benefit cost related to its defined benefit pension plans: United States Plans International Plans Quarter ended Quarter ended June 28, 2015 June 29, 2014 June 28, 2015 June 29, 2014 Service cost $ 138 $ 102 $ 208 $ 211 Interest cost 168 169 485 680 Expected return on plan assets (215 ) (221 ) (576 ) (592 ) Amortization and deferral 134 87 317 178 Net periodic benefit cost $ 225 $ 137 $ 434 $ 477 |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Jun. 28, 2015 | |
Text Block [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation As of June 28, 2015 , the Company maintains the Amended and Restated EnerSys 2010 Equity Incentive Plan, (“2010 EIP”). The 2010 EIP reserved 3,177,477 shares of common stock for the grant of various classes of nonqualified stock options, restricted stock units, market share units and other forms of equity-based compensation. The Company recognized stock-based compensation expense associated with its equity incentive plans of $4,239 for the first quarter of fiscal 2016 and $5,096 for the first quarter of fiscal 2015 . The Company recognizes compensation expense using the straight-line method over the vesting period of the awards, except for awards issued to certain retirement-eligible participants, which are expensed on an accelerated basis. During the first quarter ended June 28, 2015 , the Company granted to non-employee directors 855 restricted stock units, pursuant to the EnerSys Deferred Compensation Plan for Non-Employee Directors. During the first quarter ended June 28, 2015 , the Company granted to management and other key employees 127,966 non-qualified stock options and 212,248 performance-based market share units that vest three years from the date of grant and 119,977 restricted stock units that vest 25% each year over four years from the date of grant. Of these grants, 127,966 non-qualified stock options and 134,948 performance-based market share units were subject to stockholders approval, which was obtained on July 30, 2015. See Note 15. Common stock activity during the first quarter ended June 28, 2015 included the vesting of 133,493 restricted stock units and 527,009 market share units and exercise of 6,486 stock options. As of June 28, 2015 , there were 224,297 non-qualified stock options, 485,464 restricted stock units and 555,869 market share units outstanding. |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Jun. 28, 2015 | |
Text Block [Abstract] | |
Stockholders' Equity | Stockholders’ Equity and Noncontrolling Interests Common Stock The following demonstrates the change in the number of shares of common stock outstanding during the first quarter ended June 28, 2015 : Shares outstanding as of March 31, 2015 44,068,588 Purchase of treasury stock (9,896 ) Shares issued as part of equity-based compensation plans, net of equity awards surrendered for option price and taxes 429,353 Shares outstanding as of June 28, 2015 44,488,045 Treasury Stock During the first quarter ended June 28, 2015 , the Company purchased 9,896 shares of its common stock for $637 . At June 28, 2015 and March 31, 2015 , the Company held 9,605,947 shares and 9,596,051 shares as treasury stock, respectively. Accumulated Other Comprehensive Income ("AOCI") The components of AOCI, net of tax, as of June 28, 2015 and March 31, 2015 , are as follows: March 31, 2015 Before Reclassifications Amounts Reclassified from AOCI June 28, 2015 Pension funded status adjustment $ (23,719 ) $ — $ 323 $ (23,396 ) Net unrealized (loss) gain on derivative instruments (95 ) (1,988 ) 995 (1,088 ) Foreign currency translation adjustment (85,161 ) 20,622 — (64,539 ) Accumulated other comprehensive income (loss) $ (108,975 ) $ 18,634 $ 1,318 $ (89,023 ) The following table presents reclassifications from AOCI during the first quarter ended June 28, 2015 : Components of AOCI Amounts Reclassified from AOCI Location of (Gain) Loss Recognized on Income Statement Derivatives in Cash Flow Hedging Relationships: Net unrealized loss on derivative instruments $ 1,575 Cost of goods sold Tax benefit (580 ) Net unrealized loss on derivative instruments, net of tax $ 995 Defined benefit pension costs: Prior service costs and deferrals $ 451 Net periodic benefit cost, included in cost of goods sold and operating expenses - See Note 10 Tax benefit (128 ) Net periodic benefit cost, net of tax $ 323 The following table presents reclassifications from AOCI during the first quarter ended June 29, 2014 : Components of AOCI Amounts Reclassified from AOCI Location of (Gain) Loss Recognized on Income Statement Derivatives in Cash Flow Hedging Relationships: Net unrealized loss on derivative instruments $ 408 Cost of goods sold Tax benefit (151 ) Net unrealized loss on derivative instruments, net of tax $ 257 Defined benefit pension costs: Prior service costs and deferrals $ 265 Net periodic benefit cost, included in cost of goods sold and operating expenses - See Note 10 Tax benefit (80 ) Net periodic benefit cost, net of tax $ 185 The following demonstrates the change in equity attributable to EnerSys stockholders and nonredeemable noncontrolling interests during the first quarter ended June 28, 2015 : Equity Attributable to EnerSys Stockholders Nonredeemable Noncontrolling Interests Total Equity Balance as of March 31, 2015 $ 1,038,900 $ 5,540 $ 1,044,440 Total comprehensive income: Net earnings (losses) 48,387 (12 ) 48,375 Net unrealized loss on derivative instruments, net of tax (993 ) — (993 ) Pension funded status adjustment, net of tax 323 — 323 Foreign currency translation adjustment 20,622 (39 ) 20,583 Total other comprehensive income (loss), net of tax 19,952 (39 ) 19,913 Total comprehensive income (loss) 68,339 (51 ) 68,288 Other changes in equity: Purchase of treasury stock (637 ) — (637 ) Cash dividends - common stock ($0.175 per share) (7,785 ) — (7,785 ) Reclassification of redeemable equity component of Convertible Notes 1,330 — 1,330 Other, including activity related to equity awards (7,962 ) — (7,962 ) Balance as of June 28, 2015 $ 1,092,185 $ 5,489 $ 1,097,674 The following demonstrates the change in redeemable noncontrolling interests during the first quarter ended June 28, 2015 : Redeemable Noncontrolling Interests Balance as of March 31, 2015 $ 6,956 Net loss (441 ) Foreign currency translation adjustment (36 ) Balance as of June 28, 2015 $ 6,479 |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Jun. 28, 2015 | |
Text Block [Abstract] | |
Earnings Per Share | Earnings Per Share The following table sets forth the reconciliation from basic to diluted weighted-average number of common shares outstanding and the calculations of net earnings per common share attributable to EnerSys stockholders. Quarter ended June 28, 2015 June 29, 2014 Net earnings attributable to EnerSys stockholders $ 48,387 $ 49,169 Weighted-average number of common shares outstanding: Basic 44,233,915 46,899,303 Dilutive effect of: Common shares from exercise and lapse of equity awards, net of shares assumed reacquired 703,434 1,089,658 Convertible Notes 1,819,027 1,737,277 Diluted weighted-average number of common shares outstanding 46,756,376 49,726,238 Basic earnings per common share attributable to EnerSys stockholders $ 1.09 $ 1.05 Diluted earnings per common share attributable to EnerSys stockholders $ 1.03 $ 0.99 Anti-dilutive equity awards not included in diluted weighted-average common shares — 414 The aggregate number of common shares that the Company could be obligated to issue upon conversion of its Convertible Notes, as of June 28, 2015 , was 4,334,839 . On June 8, 2015, the Company announced its election to settle the principal portion of the Convertible Notes and interest accreted thereon in cash and settle the conversion premium by issuing shares of its common stock. During the first quarter of fiscal 2016 , the average price of the Company's common stock of $68.55 per share exceeded the conversion price of $39.72 per share on the Convertible Notes and 1,819,027 shares relating to the conversion premium on the Convertible Notes were included in the diluted earnings per share using the "if converted" method. On July 17, 2015, the Company paid the principal and accreted interest outstanding on the Convertible Notes amounting to $172,388 in cash and settled the conversion premium by issuing, in aggregate, 1,889,431 shares of its common stock. See Notes 9 and 15 for details. |
Business Segments
Business Segments | 3 Months Ended |
Jun. 28, 2015 | |
Disclosure Schedule Of Financial Data For Company Reportable Business Segments And Product Lines [Abstract] | |
Business Segments | Business Segments The Company has three reportable business segments based on geographic regions, defined as follows: • Americas , which includes North and South America, with segment headquarters in Reading, Pennsylvania, USA; • EMEA , which includes Europe, the Middle East and Africa, with segment headquarters in Zurich, Switzerland; and • Asia , which includes Asia, Australia and Oceania, with segment headquarters in Singapore. Summarized financial information related to the Company's reportable segments for the first quarters ended June 28, 2015 and June 29, 2014 is shown below: Quarter ended June 28, 2015 June 29, 2014 Net sales by segment to unaffiliated customers Americas $ 317,026 $ 330,928 EMEA 196,641 241,935 Asia 48,401 61,247 Total net sales $ 562,068 $ 634,110 Net sales by product line Reserve power $ 264,264 $ 311,374 Motive power 297,804 322,736 Total net sales $ 562,068 $ 634,110 Intersegment sales Americas $ 10,040 $ 8,918 EMEA 18,638 17,699 Asia 6,386 11,459 Total intersegment sales (1) $ 35,064 $ 38,076 Operating earnings by segment Americas $ 45,345 $ 41,489 EMEA 20,552 28,601 Asia 10 3,428 Restructuring charges - Americas (570 ) — Restructuring charges - EMEA (648 ) (1,829 ) Gain on sale of facility - Asia 4,348 — Total operating earnings (2) $ 69,037 $ 71,689 (1) Intersegment sales are presented on a cost-plus basis, which takes into consideration the effect of transfer prices between legal entities. (2) The Company does not allocate interest expense or other (income) expense to the reportable segments. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Jun. 28, 2015 | |
Text Block [Abstract] | |
Subsequent Events | Subsequent Events On July 17, 2015, the Company paid the principal and accreted interest outstanding on the Convertible Notes amounting to $172,388 in cash and settled the conversion premium by issuing, in the aggregate, 1,889,431 shares of its common stock from its treasury shares. See Note 9 for details. On July 23, 2015, the Company announced that it has completed the acquisition of of ICS Industries Pty. Ltd. (ICS), headquartered in Melbourne, Australia. ICS is a leading full line shelter designer, manufacturer with installation and maintenance services company serving the telecommunications, utilities, datacenter, natural resources and transport industries operating in Australia and serving customers in the Asia Pacific region. On July 30, 2015, the Company's stockholders approved the grant to management of 127,966 non-qualified stock options and 134,948 performance-based market share units that vest three years from the date of grant. On August 5, 2015, the Company announced the declaration of a quarterly cash dividend of $0.175 per share of common stock to be paid on September 25, 2015, to stockholders of record as of September 11, 2015. |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Jun. 28, 2015 | |
Inventory Disclosure [Abstract] | |
Summary Of Inventories | Inventories, net consist of: June 28, 2015 March 31, 2015 Raw materials $ 81,077 $ 82,954 Work-in-process 114,579 106,196 Finished goods 157,879 147,861 Total $ 353,535 $ 337,011 |
Fair Value of Financial Instr23
Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Jun. 28, 2015 | |
Text Block [Abstract] | |
Financial Assets And (Liabilities), Measured At Fair Value On A Recurring Basis | The following tables represent the financial assets and (liabilities) measured at fair value on a recurring basis as of June 28, 2015 and March 31, 2015 and the basis for that measurement: Total Fair Value Measurement June 28, 2015 Quoted Price in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Lead forward contracts $ (4,591 ) $ — $ (4,591 ) $ — Foreign currency forward contracts 506 — 506 — Total derivatives $ (4,085 ) $ — $ (4,085 ) $ — Total Fair Value Measurement March 31, 2015 Quoted Price in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Lead forward contracts $ (341 ) $ — $ (341 ) $ — Foreign currency forward contracts 4,155 — 4,155 — Total derivatives $ 3,814 $ — $ 3,814 $ — |
Carrying Amounts And Estimated Fair Values Of Company's Financial Instruments | The carrying amounts and estimated fair values of the Company’s derivatives, Notes and Convertible Notes at June 28, 2015 and March 31, 2015 were as follows: June 28, 2015 March 31, 2015 Carrying Amount Fair Value Carrying Amount Fair Value Financial assets: Derivatives (1) $ 506 $ 506 $ 4,155 $ 4,155 Financial liabilities: Notes $ 300,000 $ 296,250 (2) $ — $ — Convertible Notes 172,180 (4) 297,034 (3) 170,936 (4) 277,348 (2) Derivatives (1) 4,591 4,591 341 341 |
Derivative Financial Instrume24
Derivative Financial Instruments (Tables) | 3 Months Ended |
Jun. 28, 2015 | |
Text Block [Abstract] | |
Fair Value of Derivative Instruments | Presented below in tabular form is information on the location and amounts of derivative fair values in the Consolidated Condensed Balance Sheets and derivative gains and losses in the Consolidated Condensed Statements of Income: Fair Value of Derivative Instruments June 28, 2015 and March 31, 2015 Derivatives and Hedging Activities Designated as Cash Flow Hedges Derivatives and Hedging Activities Not Designated as Hedging Instruments June 28, 2015 March 31, 2015 June 28, 2015 March 31, 2015 Prepaid and other current assets Foreign currency forward contracts $ 403 $ 3,735 $ 103 $ 420 Total assets $ 403 $ 3,735 $ 103 $ 420 Accrued expenses Lead hedge forward contracts $ 4,591 $ 341 $ — $ — Total liabilities $ 4,591 $ 341 $ — $ — |
The Effect Of Derivative Instruments On Consolidated Condensed Statements Of Income | Derivatives Designated as Cash Flow Hedges Pretax Gain (Loss) Recognized in AOCI on Derivative (Effective Portion) Location of Gain (Loss) Reclassified from AOCI into Income (Effective Portion) Pretax Gain (Loss) Reclassified from AOCI into Income (Effective Portion) Lead hedge contracts $ (1,089 ) Cost of goods sold $ (5,402 ) Foreign currency forward contracts (2,060 ) Cost of goods sold 3,827 Total $ (3,149 ) $ (1,575 ) Derivatives Not Designated as Hedging Instruments Location of Gain (Loss) Recognized in Income on Derivative Pretax Gain (Loss) Foreign currency forward contracts Other (income) expense, net $ (9 ) Total $ (9 ) The Effect of Derivative Instruments on the Consolidated Condensed Statements of Income For the quarter ended June 29, 2014 Derivatives Designated as Cash Flow Hedges Pretax Gain (Loss) Recognized in AOCI on Derivative (Effective Portion) Location of Gain (Loss) Reclassified from AOCI into Income (Effective Portion) Pretax Gain (Loss) Reclassified from AOCI into Income (Effective Portion) Lead hedge contracts $ 3,036 Cost of goods sold $ (528 ) Foreign currency forward contracts 502 Cost of goods sold 120 Total $ 3,538 $ (408 ) Derivatives Not Designated as Hedging Instruments Location of Gain (Loss) Recognized in Income on Derivative Pretax Gain (Loss) Foreign currency forward contracts Other (income) expense, net $ (10 ) Total $ (10 ) |
Warranties (Tables)
Warranties (Tables) | 3 Months Ended |
Jun. 28, 2015 | |
Disclosure Analysis Of Changes In Liability For Product Warranties [Abstract] | |
Analysis Of Changes In Liability For Product Warranties | An analysis of changes in the liability for product warranties is as follows: Quarter ended June 28, 2015 June 29, 2014 Balance at beginning of period $ 39,810 $ 40,426 Current period provisions 3,885 4,515 Costs incurred (4,361 ) (3,564 ) Foreign currency translation adjustment 451 (61 ) Balance at end of period $ 39,785 $ 41,316 |
Restructuring Plans (Tables)
Restructuring Plans (Tables) | 3 Months Ended |
Jun. 28, 2015 | |
Text Block [Abstract] | |
Reconciliation of Restructuring Reserve | A roll-forward of the restructuring reserve is as follows: Employee Severance Other Total Balance as of March 31, 2015 $ 2,966 $ 854 $ 3,820 Accrued 1,218 — 1,218 Costs incurred (2,926 ) (76 ) (3,002 ) Foreign currency impact and other 32 32 64 Balance as of June 28, 2015 $ 1,290 $ 810 $ 2,100 |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Jun. 28, 2015 | |
Text Block [Abstract] | |
Long-Term Debt And Capital Lease Obligations | The following summarizes the Company’s long-term debt as of June 28, 2015 and March 31, 2015 : June 28, 2015 March 31, 2015 5.0% Senior Notes due 2023 $ 300,000 $ — 2011 Credit Facility, due 2018 150,000 325,000 3.375% Convertible Notes, net of discount, due 2038 172,180 170,936 622,180 495,936 Less current portion 172,180 — Total long-term debt $ 450,000 $ 495,936 |
Components Of Net Carrying Amount Of Convertible Notes | The following represents the principal amount of the liability component, the unamortized discount, and the net carrying amount of the Convertible Notes as of June 28, 2015 and March 31, 2015 : June 28, 2015 March 31, 2015 Principal $ 172,180 $ 172,266 Unamortized discount — (1,330 ) Net carrying amount $ 172,180 $ 170,936 |
Retirement Plans (Tables)
Retirement Plans (Tables) | 3 Months Ended |
Jun. 28, 2015 | |
Text Block [Abstract] | |
Net Periodic Benefit Cost Related To Defined Benefit Pension Plans | The following tables present the components of the Company’s net periodic benefit cost related to its defined benefit pension plans: United States Plans International Plans Quarter ended Quarter ended June 28, 2015 June 29, 2014 June 28, 2015 June 29, 2014 Service cost $ 138 $ 102 $ 208 $ 211 Interest cost 168 169 485 680 Expected return on plan assets (215 ) (221 ) (576 ) (592 ) Amortization and deferral 134 87 317 178 Net periodic benefit cost $ 225 $ 137 $ 434 $ 477 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 3 Months Ended |
Jun. 28, 2015 | |
Text Block [Abstract] | |
Change In Number Of Shares Of Common Stock Outstanding | The following demonstrates the change in the number of shares of common stock outstanding during the first quarter ended June 28, 2015 : Shares outstanding as of March 31, 2015 44,068,588 Purchase of treasury stock (9,896 ) Shares issued as part of equity-based compensation plans, net of equity awards surrendered for option price and taxes 429,353 Shares outstanding as of June 28, 2015 44,488,045 |
Components Of Accumulated Other Comprehensive Income | The components of AOCI, net of tax, as of June 28, 2015 and March 31, 2015 , are as follows: March 31, 2015 Before Reclassifications Amounts Reclassified from AOCI June 28, 2015 Pension funded status adjustment $ (23,719 ) $ — $ 323 $ (23,396 ) Net unrealized (loss) gain on derivative instruments (95 ) (1,988 ) 995 (1,088 ) Foreign currency translation adjustment (85,161 ) 20,622 — (64,539 ) Accumulated other comprehensive income (loss) $ (108,975 ) $ 18,634 $ 1,318 $ (89,023 ) |
Noncontrolling Interest Disclosure [Text Block] | The following demonstrates the change in equity attributable to EnerSys stockholders and nonredeemable noncontrolling interests during the first quarter ended June 28, 2015 : Equity Attributable to EnerSys Stockholders Nonredeemable Noncontrolling Interests Total Equity Balance as of March 31, 2015 $ 1,038,900 $ 5,540 $ 1,044,440 Total comprehensive income: Net earnings (losses) 48,387 (12 ) 48,375 Net unrealized loss on derivative instruments, net of tax (993 ) — (993 ) Pension funded status adjustment, net of tax 323 — 323 Foreign currency translation adjustment 20,622 (39 ) 20,583 Total other comprehensive income (loss), net of tax 19,952 (39 ) 19,913 Total comprehensive income (loss) 68,339 (51 ) 68,288 Other changes in equity: Purchase of treasury stock (637 ) — (637 ) Cash dividends - common stock ($0.175 per share) (7,785 ) — (7,785 ) Reclassification of redeemable equity component of Convertible Notes 1,330 — 1,330 Other, including activity related to equity awards (7,962 ) — (7,962 ) Balance as of June 28, 2015 $ 1,092,185 $ 5,489 $ 1,097,674 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Jun. 28, 2015 | |
Text Block [Abstract] | |
Schedule of Weighted Average Number of Shares | The following table sets forth the reconciliation from basic to diluted weighted-average number of common shares outstanding and the calculations of net earnings per common share attributable to EnerSys stockholders. Quarter ended June 28, 2015 June 29, 2014 Net earnings attributable to EnerSys stockholders $ 48,387 $ 49,169 Weighted-average number of common shares outstanding: Basic 44,233,915 46,899,303 Dilutive effect of: Common shares from exercise and lapse of equity awards, net of shares assumed reacquired 703,434 1,089,658 Convertible Notes 1,819,027 1,737,277 Diluted weighted-average number of common shares outstanding 46,756,376 49,726,238 Basic earnings per common share attributable to EnerSys stockholders $ 1.09 $ 1.05 Diluted earnings per common share attributable to EnerSys stockholders $ 1.03 $ 0.99 Anti-dilutive equity awards not included in diluted weighted-average common shares — 414 |
Business Segments Business Segm
Business Segments Business Segments (Tables) | 3 Months Ended |
Jun. 28, 2015 | |
Segment Reporting [Abstract] | |
Selected Financial Data for Reportable Business Segments and Product Lines | : Quarter ended June 28, 2015 June 29, 2014 Net sales by segment to unaffiliated customers Americas $ 317,026 $ 330,928 EMEA 196,641 241,935 Asia 48,401 61,247 Total net sales $ 562,068 $ 634,110 Net sales by product line Reserve power $ 264,264 $ 311,374 Motive power 297,804 322,736 Total net sales $ 562,068 $ 634,110 Intersegment sales Americas $ 10,040 $ 8,918 EMEA 18,638 17,699 Asia 6,386 11,459 Total intersegment sales (1) $ 35,064 $ 38,076 Operating earnings by segment Americas $ 45,345 $ 41,489 EMEA 20,552 28,601 Asia 10 3,428 Restructuring charges - Americas (570 ) — Restructuring charges - EMEA (648 ) (1,829 ) Gain on sale of facility - Asia 4,348 — Total operating earnings (2) $ 69,037 $ 71,689 (1) Intersegment sales are presented on a cost-plus basis, which takes into consideration the effect of transfer prices between legal entities. (2) The Company does not allocate interest expense or other (income) expense to the reportable segments. |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Jun. 28, 2015 | Mar. 31, 2015 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 81,077 | $ 82,954 |
Work-in-process | 114,579 | 106,196 |
Finished goods | 157,879 | 147,861 |
Total | $ 353,535 | $ 337,011 |
Fair Value of Financial Instr33
Fair Value of Financial Instruments (Financial Assets and (Liabilities)) (Details) - USD ($) $ in Thousands | Jun. 28, 2015 | Mar. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative fair value | $ (4,085) | $ 3,814 |
Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative fair value | 3,814 | |
Lead hedge forward contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative fair value | (4,591) | (341) |
Lead hedge forward contracts | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative fair value | (4,591) | (341) |
Foreign currency forward contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative fair value | 506 | 4,155 |
Foreign currency forward contracts | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative fair value | $ 506 | $ 4,155 |
Fair Value of Financial Instr34
Fair Value of Financial Instruments (Carrying Amounts and Estimated Fair Values) (Details) - USD ($) $ in Thousands | Jun. 28, 2015 | Mar. 31, 2015 | |
Carrying Amount [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Derivative asset | $ 506 | $ 4,155 | |
Notes | 300,000 | 0 | |
Convertible Notes | 172,180 | 170,936 | |
Derivative liability | 4,591 | 341 | |
Fair Value [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Derivative asset | 506 | 4,155 | |
Notes | 296,250 | 0 | |
Convertible Notes | [1] | 297,034 | 277,348 |
Derivative liability | $ 4,591 | $ 341 | |
[1] | e carrying amounts of the Convertible Notes at June 28, 2015 and March 31, 2015 represent the $172,180 and $172,266 principal balance, less the unamortized debt discount (see Note 9 for further details).Non-recurring fair value measurementsThe valuation of goodwill and other intangible assets is based on information and assumptions available to the Company at the time of acquisition, using income and market approaches to determine fair value. The Company tests goodwill and other intangible assets annually for impairment, or when indications of potential impairment exist (see Note 1 to the Consolidated Financial Statements included in the Company's 2015 Annual Report for details). Goodwill is tested for impairment by determining the fair value of the Company’s reporting units. The unobservable inputs used to measure the fair value of the reporting units include projected growth rates, profitability, and the risk factor premium added to the discount rate. The remeasurement of goodwill is classified as a Level 3 fair value assessment due to the significance of unobservable inputs developed using company-specific information. The inputs used to measure the fair value of other intangible assets were largely unobservable and accordingly were also classified as Level 3. The fair value of indefinite-lived assets, such as trademarks, is based on the royalties saved that would have been paid to a third party had the Company not owned the trademark.The fair value of other intangible assets was estimated using the income approach, based on cash flow projections of revenue growth rates, taking into consideration industry and market conditions. |
Fair Value of Financial Instr35
Fair Value of Financial Instruments (Additional Information) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Mar. 31, 2014 | Jun. 28, 2015 | Apr. 23, 2015 | Mar. 31, 2015 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Face value of debt instrument | $ 172,180 | $ 172,266 | ||
Conversion option price per share | $ 39.72 | |||
Convertible Notes Payable | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Face value of debt instrument | 172,500 | |||
Debt Instrument Interest Rate | 3.375% | |||
Price of stock per share when convertible notes were issued | $ 30.19 | |||
Long-term debt | $ 172,180 | $ 170,936 | ||
Senior Unsecured Five Point Zero Percentage Convertible Notes Due Two Thousand And Twenty Eight [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Debt Instrument Interest Rate | 5.00% | 5.00% | ||
Long-term debt | $ 300,000 | $ 300,000 | $ 0 |
Derivative Financial Instrume36
Derivative Financial Instruments (Location and Amounts of Derivative Fair Values) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Jun. 28, 2015 | Jun. 29, 2014 | Mar. 31, 2015 | |
Derivatives, Fair Value [Line Items] | |||
Pretax Gain (Loss) Reclassified from AOCI into Income (Effective Portion) | $ 1,575 | $ 408 | |
Designated as Hedging Instrument | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | (3,149) | 3,538 | |
Pretax Gain (Loss) Reclassified from AOCI into Income (Effective Portion) | (1,575) | (408) | |
Derivatives assets, Fair Value | 403 | $ 3,735 | |
Designated as Hedging Instrument | Accrued expenses | |||
Derivatives, Fair Value [Line Items] | |||
Derivatives liabilities, Fair Value | 4,591 | 341 | |
Not Designated as Hedging Instrument | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | (9) | (10) | |
Derivatives assets, Fair Value | 103 | 420 | |
Not Designated as Hedging Instrument | Accrued expenses | |||
Derivatives, Fair Value [Line Items] | |||
Derivatives liabilities, Fair Value | 0 | 0 | |
Foreign currency forward contracts | Designated as Hedging Instrument | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | (2,060) | 502 | |
Foreign currency forward contracts | Designated as Hedging Instrument | Prepaid and other current assets | |||
Derivatives, Fair Value [Line Items] | |||
Derivatives assets, Fair Value | 403 | 3,735 | |
Foreign currency forward contracts | Not Designated as Hedging Instrument | Prepaid and other current assets | |||
Derivatives, Fair Value [Line Items] | |||
Derivatives assets, Fair Value | 103 | 420 | |
Lead hedge forward contracts | Designated as Hedging Instrument | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | (1,089) | 3,036 | |
Lead hedge forward contracts | Designated as Hedging Instrument | Accrued expenses | |||
Derivatives, Fair Value [Line Items] | |||
Derivatives liabilities, Fair Value | $ 341 | ||
Other Income Expense | Foreign currency forward contracts | Not Designated as Hedging Instrument | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | (9) | (10) | |
Cost of Sales | Foreign currency forward contracts | Designated as Hedging Instrument | |||
Derivatives, Fair Value [Line Items] | |||
Pretax Gain (Loss) Reclassified from AOCI into Income (Effective Portion) | 3,827 | 120 | |
Cost of Sales | Lead hedge forward contracts | Designated as Hedging Instrument | |||
Derivatives, Fair Value [Line Items] | |||
Pretax Gain (Loss) Reclassified from AOCI into Income (Effective Portion) | $ (5,402) | $ (528) |
Derivative Financial Instrume37
Derivative Financial Instruments (Derivatives Designated as Cash Flow Hedges) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 28, 2015 | Jun. 29, 2014 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Pretax Gain (Loss) Reclassified from AOCI into Income (Effective Portion) | $ 1,575 | $ 408 |
Designated as Hedging Instrument | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Pretax Gain (Loss) Recognized in AOCI on Derivative (Effective Portion) | (3,149) | 3,538 |
Pretax Gain (Loss) Reclassified from AOCI into Income (Effective Portion) | (1,575) | (408) |
Designated as Hedging Instrument | Lead hedge forward contracts | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Pretax Gain (Loss) Recognized in AOCI on Derivative (Effective Portion) | (1,089) | 3,036 |
Designated as Hedging Instrument | Lead hedge forward contracts | Cost of Sales | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Pretax Gain (Loss) Reclassified from AOCI into Income (Effective Portion) | (5,402) | (528) |
Designated as Hedging Instrument | Foreign currency forward contracts | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Pretax Gain (Loss) Recognized in AOCI on Derivative (Effective Portion) | (2,060) | 502 |
Designated as Hedging Instrument | Foreign currency forward contracts | Cost of Sales | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Pretax Gain (Loss) Reclassified from AOCI into Income (Effective Portion) | $ 3,827 | $ 120 |
Derivative Financial Instrume38
Derivative Financial Instruments (Derivatives Not Designated as Hedging Instruments) (Details) - Not Designated as Hedging Instrument - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 28, 2015 | Jun. 29, 2014 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $ (9) | $ (10) |
Foreign currency forward contracts | Other Income Expense | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $ (9) | $ (10) |
Derivative Financial Instrume39
Derivative Financial Instruments (Additional Information) (Details) $ in Thousands, lb in Millions | 3 Months Ended | ||
Jun. 28, 2015USD ($)lb | Jun. 29, 2014USD ($) | Mar. 31, 2015USD ($)lb | |
Derivatives, Fair Value [Line Items] | |||
Notional amount | $ 86,623 | $ 75,878 | |
Recorded expense in the consolidated condensed statements of income | (695) | $ (1,028) | |
Cost of Sales | |||
Derivatives, Fair Value [Line Items] | |||
Derivative gain (loss) to be recorded in income within 12 months, before tax | 1,716 | ||
Foreign currency forward contracts | |||
Derivatives, Fair Value [Line Items] | |||
Notional amount | $ 22,650 | $ 26,246 | |
Lead hedge forward contracts | |||
Derivatives, Fair Value [Line Items] | |||
Notional amount in pounds | lb | 110.4 | 91.6 | |
Hedging Derivatives Maturity Upper Limit | 1 year |
Income Taxes (Additional Inform
Income Taxes (Additional Information) (Details) - USD ($) | 3 Months Ended | |
Jun. 28, 2015 | Jun. 29, 2014 | |
Disclosure Income Taxes Additional Information [Abstract] | ||
Effective income tax rates | 22.70% | 25.30% |
Deferred Income Tax Expense (Benefit) | $ (4,352,000) | $ 58,000 |
Income (Loss) from Continuing Operations before Income Taxes, Foreign | $ 0.57 | $ 0.54 |
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Percent | 12.80% | 15.30% |
Tax Rate of Swiss Subsidiary | 7.00% |
Warranties (Analysis of Changes
Warranties (Analysis of Changes in the Liability) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 28, 2015 | Jun. 29, 2014 | |
Disclosure Analysis Of Changes In Liability For Product Warranties [Abstract] | ||
Balance at beginning of period | $ 39,810 | $ 40,426 |
Current period provisions | 3,885 | 4,515 |
Costs incurred | (4,361) | (3,564) |
Foreign exchange and other | 451 | (61) |
Balance at end of period | $ 39,785 | $ 41,316 |
Commitments Contingencies and L
Commitments Contingencies and Litigation (Additional Information) (Details) $ in Thousands, lb in Millions | 3 Months Ended | 12 Months Ended |
Jun. 28, 2015USD ($)lb | Mar. 31, 2015USD ($)lb | |
Commitments, Contingencies And Litigation [Line Items] | ||
Provision For Environmental Liabilities | $ 1,923 | $ 2,902 |
Interest rate swap agreements | ||
Commitments, Contingencies And Litigation [Line Items] | ||
Derivative Type Of Convertible Interest Rate Swap | 85,000 | |
Foreign currency forward contracts | ||
Commitments, Contingencies And Litigation [Line Items] | ||
Purchase price of hedges | $ 109,273 | $ 102,124 |
Lead hedge forward contracts | ||
Commitments, Contingencies And Litigation [Line Items] | ||
Purchase price of hedges, pounds of lead | lb | 110.4 | 91.6 |
Purchase price of hedges | $ 94,162 | $ 76,143 |
Maximum | Interest rate swap agreements | ||
Commitments, Contingencies And Litigation [Line Items] | ||
Derivative, Maturity Date | May 1, 2013 | |
Minimum | Interest rate swap agreements | ||
Commitments, Contingencies And Litigation [Line Items] | ||
Derivative, Maturity Date | Feb. 1, 2013 |
Restructuring Plans (Roll-forwa
Restructuring Plans (Roll-forward of Restructuring Reserve) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 28, 2015 | Mar. 31, 2015 | |
Restructuring Cost and Reserve [Line Items] | ||
Restructuring reserve | $ 2,100 | $ 3,820 |
Restructuring and Related Cost, Incurred Cost | 1,218 | |
Payments for Restructuring | (3,002) | |
Restructuring Reserve, Translation Adjustment | 64 | |
Employee Severance [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring reserve | 1,290 | 2,966 |
Restructuring and Related Cost, Incurred Cost | 1,218 | |
Payments for Restructuring | (2,926) | |
Restructuring Reserve, Translation Adjustment | 32 | |
Other Restructuring [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring reserve | 810 | $ 854 |
Restructuring and Related Cost, Incurred Cost | 0 | |
Payments for Restructuring | (76) | |
Restructuring Reserve, Translation Adjustment | $ 32 |
Restructuring Plans (Additional
Restructuring Plans (Additional Information) (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Jun. 28, 2015USD ($)Employee | Jun. 29, 2014USD ($) | Mar. 31, 2015USD ($)Employee | Mar. 31, 2014USD ($)Employee | Mar. 31, 2016USD ($) | |
Restructuring Cost and Reserve [Line Items] | |||||
Charges related to restructuring plan | $ 1,218 | ||||
Restructuring reserve | 2,100 | $ 3,820 | |||
Restructuring charges | 1,218 | $ 1,829 | |||
Restructuring charges, cash charges related to employee severance and other charges | 3,002 | ||||
Restructuring Costs | 0 | 365 | |||
Restructurings Related To Manufacturing Facility in Jiangdu [Member] | Cash Charges [Member] | Restructuring Twenty Fourteen Actions | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring charges | $ 3,870 | ||||
Americas | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Severance Costs | $ 570 | ||||
European Operations | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Expected reduction in number of employees | Employee | 500 | 140 | |||
Charges related to restructuring plan | $ 5,207 | ||||
Restructuring charges | 6,895 | ||||
Restructuring charges, non-cash charges related to the write-off of fixed assets and inventory | $ 11,000 | 1,399 | |||
Restructuring charges, cash charges related to employee severance and other charges | 9,737 | $ 50 | 5,496 | ||
Restructuring Costs | 23,300 | 6,900 | |||
European Operations | Restructuring Twenty Thirteen Actions | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring reserve | 221 | ||||
European Operations | Restructuring Twenty Fourteen Actions | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring reserve | 1,233 | ||||
European Operations | Restructuring Twenty Fifteen [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Expected additional restructuring charges | 800 | ||||
European Operations | Non Cash Charges [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring charges, cash charges related to employee severance and other charges | 12,300 | ||||
European Operations | Restructuring Related To A Portion Of Sales And Engineering in Europe [Member] | Restructuring Twenty Fourteen Actions | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Expected reduction in number of employees | Employee | 10 | ||||
Restructuring reserve | $ 564 | ||||
Restructuring charges, cash charges related to employee severance and other charges | 126 | 193 | |||
Restructuring Costs | 800 | ||||
European Operations | Restructuring Related To A Portion Of Sales And Engineering in Europe [Member] | Cash Charges [Member] | Restructuring Twenty Fourteen Actions | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring charges | 337 | $ 450 | |||
European Operations | Restructurings Related To Improving Efficiency Of Manufacturing Operations In Emea [Member] | Restructuring Twenty Fourteen Actions | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring charges | 22,115 | ||||
Restructuring charges, cash charges related to employee severance and other charges | 342 | ||||
European Operations | Restructurings Related To Improving Efficiency Of Manufacturing Operations In Emea [Member] | Non Cash Charges [Member] | Restructuring Twenty Fourteen Actions | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Costs | 10,934 | ||||
European Operations | Restructurings Related To Improving Efficiency Of Manufacturing Operations In Emea [Member] | Cash Charges [Member] | Restructuring Twenty Fourteen Actions | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring charges | 311 | $ 11,181 | |||
Asia | Restructurings Related To Manufacturing Facility in Jiangdu [Member] | Restructuring Twenty Fourteen Actions | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Expected reduction in number of employees | Employee | 300 | ||||
Restructuring reserve | $ 82 | $ 1,914 | |||
Restructuring charges, cash charges related to employee severance and other charges | 1,874 | ||||
Asia | Restructurings Related To Manufacturing Facility in Jiangdu [Member] | Cash Charges [Member] | Restructuring Twenty Fourteen Actions | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring charges | $ 5,400 | ||||
Asia | Subsequent Event [Member] | Restructurings Related To Manufacturing Facility in Jiangdu [Member] | Non Cash Charges [Member] | Restructuring Twenty Fourteen Actions | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Expected additional restructuring charges | $ 1,600 |
Debt (Long-term Debt Including
Debt (Long-term Debt Including Capital Lease Obligations) (Details) - USD ($) | Jun. 28, 2015 | Apr. 23, 2015 | Mar. 31, 2015 | Jul. 08, 2014 |
Debt Instrument [Line Items] | ||||
Gross long-term debt and capital lease obligations | $ 622,180,000 | $ 495,936,000 | ||
Less current portion | 172,180,000 | 0 | ||
Long-term debt and capital lease obligations | 450,000,000 | 495,936,000 | ||
Senior Unsecured Five Point Zero Percentage Convertible Notes Due Two Thousand And Twenty Eight [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | 300,000,000 | $ 300,000,000 | 0 | |
2011 Credit Facility due 2018 | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | 172,180,000 | 170,936,000 | ||
Secured Debt | Secured Debt | Incremental Commitment Agreement | ||||
Debt Instrument [Line Items] | ||||
Line of Credit Facility, Incremental Term Loan Commitment | $ 150,000,000 | $ 325,000,000 | $ 150,000,000 |
Debt (Convertible Notes) (Detai
Debt (Convertible Notes) (Details) - Convertible Notes Payable - USD ($) $ in Thousands | Jun. 28, 2015 | Mar. 31, 2015 |
Principal | $ 172,180 | $ 172,266 |
Unamortized discount | 0 | 1,330 |
Long-term debt | $ 172,180 | $ 170,936 |
Debt (Additional Information) (
Debt (Additional Information) (Details) - USD ($) | Jul. 17, 2015 | Jun. 05, 2015 | Jul. 08, 2014 | Jun. 28, 2015 | Jun. 29, 2014 | Mar. 31, 2015 | Apr. 23, 2015 |
Debt Instrument [Line Items] | |||||||
Face value of debt instrument | $ 172,180,000 | $ 172,266,000 | |||||
Conversion option price per share | $ 39.72 | ||||||
Debt Instrument, Convertible, Percent of Holders that Exercised Conversion Rights | 99.00% | ||||||
Payment of principal and accreted interest on Convertible Notes | $ 86,000 | $ 194,000 | |||||
Short-term debt | $ 18,910,000 | $ 19,715,000 | |||||
Short-term Debt, Weighted Average Interest Rate | 10.00% | ||||||
Company Owned Capital Stock Percentage Securing Senior Secured Credit Facility | 65.00% | ||||||
Temporary Equity, Carrying Amount, Attributable to Parent | $ 0 | $ 1,330,000 | |||||
Payments of Financing Costs | 4,800,000 | 0 | |||||
Amortization of Other Deferred Charges | 433,000 | 256,000 | |||||
Deferred Finance Costs, Net | 7,079,000 | 2,712,000 | |||||
Senior Unsecured Five Point Zero Percentage Convertible Notes Due Two Thousand And Twenty Eight [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Long-term debt | $ 300,000,000 | $ 0 | $ 300,000,000 | ||||
Debt Instrument Interest Rate | 5.00% | 5.00% | |||||
Convertible Notes Payable | |||||||
Debt Instrument [Line Items] | |||||||
Face value of debt instrument | $ 172,500,000 | ||||||
Interest rate percentage | 8.50% | ||||||
Amount of interest cost recognized for the amortization of the discount | $ 1,330,000 | $ 2,006,000 | |||||
Available lines of credit | 652,233,000 | 464,733,000 | |||||
Outstanding amount | 154,033,000 | 141,533,000 | |||||
Stand by letters of credit | 4,937,000 | 3,862,000 | |||||
Long-term debt | $ 172,180,000 | 170,936,000 | |||||
Debt Instrument Interest Rate | 3.375% | ||||||
2011 Credit Facility due 2018 | |||||||
Debt Instrument [Line Items] | |||||||
Long-term debt | $ 172,180,000 | 170,936,000 | |||||
Subsequent Event [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Payment of principal and accreted interest on Convertible Notes | $ 172,388,000 | ||||||
Number of shares issued from conversion | 1,889,431 | ||||||
Senior Secured Revolving Credit Facility | Line of Credit | Revolving Credit Facility | |||||||
Debt Instrument [Line Items] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | 350,000,000 | ||||||
Incremental Commitment Agreement | Revolving Commitments and/or Term Loans | |||||||
Debt Instrument [Line Items] | |||||||
Line of Credit Facility, Increase in Borrowing Capacity Limit | $ 300,000,000 | ||||||
Incremental Commitment Agreement | Line of Credit | Revolving Credit Facility | |||||||
Debt Instrument [Line Items] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | 500,000,000 | ||||||
Line of Credit Facility, Incremental Revolving Commitment | 150,000,000 | ||||||
Incremental Commitment Agreement | Secured Debt | Secured Debt | |||||||
Debt Instrument [Line Items] | |||||||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 7,500,000 | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | 150,000,000 | ||||||
Line of Credit Facility, Incremental Term Loan Commitment | $ 150,000,000 | $ 150,000,000 | $ 325,000,000 | ||||
LIBOR | Incremental Commitment Agreement | Revolving Commitments and/or Term Loans | Minimum | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | ||||||
LIBOR | Incremental Commitment Agreement | Revolving Commitments and/or Term Loans | Maximum | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | ||||||
Base Rate | Incremental Commitment Agreement | Revolving Commitments and/or Term Loans | Minimum | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 0.25% | ||||||
Base Rate | Incremental Commitment Agreement | Revolving Commitments and/or Term Loans | Maximum | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 0.75% | ||||||
Debt Instrument Quarterly Installments Beginning June 30, 2014 through June 30, 2016 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Periodic Payment | $ 1,875,000 | ||||||
Debt Instrument Quarterly Installments Beginning June 30, 2016 through September 30, 2018 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Periodic Payment | 3,750,000 | ||||||
Debt Instrument Final Installments Payable on September 30, 2018 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Periodic Payment | $ 108,750,000 |
Retirement Plans (Net Periodic
Retirement Plans (Net Periodic Benefit Cost) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 28, 2015 | Jun. 29, 2014 | |
United States Pension Plans of US Entity, Defined Benefit | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | $ 138 | $ 102 |
Interest cost | 168 | 169 |
Expected return on plan assets | (215) | (221) |
Amortization and deferral | 134 | 87 |
Net periodic benefit cost | 225 | 137 |
Foreign Pension Plans, Defined Benefit | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 208 | 211 |
Interest cost | 485 | 680 |
Expected return on plan assets | (576) | (592) |
Amortization and deferral | 317 | 178 |
Net periodic benefit cost | $ 434 | $ 477 |
Stock-Based Compensation (Addit
Stock-Based Compensation (Additional Information) (Details) - USD ($) $ in Thousands | Jul. 30, 2015 | Jun. 28, 2015 | Jun. 29, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares available for future grants | 3,177,477 | ||
Equity-based compensation expense | $ 4,239 | $ 5,096 | |
Stock options granted | 127,966 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 6,486 | ||
Performance Shares | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock unit grants during period | 212,248 | ||
Vesting period | 3 years | ||
Vested restricted stock and restricted stock units | 527,009 | ||
Stock option grants outstanding | 555,869 | ||
Restricted Stock Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vested restricted stock and restricted stock units | 133,493 | ||
Stock option grants outstanding | 485,464 | ||
Nonqualified Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock option grants outstanding | 224,297 | ||
Management | Restricted Stock Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock unit grants during period | 855 | ||
Percentage of restricted stock units granted, vested per year | 25.00% | ||
Vesting period | 4 years | ||
Non-employee Directors [Member] | Restricted Stock Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock unit grants during period | 119,977 | ||
Subsequent Event [Member] | Performance Shares | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Awards approved by shareholders | 134,948 | ||
Subsequent Event [Member] | Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Awards approved by shareholders | 127,966 |
Stockholders' Equity (Change in
Stockholders' Equity (Change in the Number of Shares of Common Stock Outstanding) (Details) | 3 Months Ended |
Jun. 28, 2015shares | |
Class of Stock [Line Items] | |
Shares outstanding, ending balance | 44,488,045 |
Number of shares of common stock purchased | (9,896) |
Shares issued as part of equity-based compensation plans, net of equity awards surrendered for option price and taxes | 429,353 |
Stockholders' Equity (Component
Stockholders' Equity (Components of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Jun. 28, 2015 | Jun. 29, 2014 | Mar. 31, 2015 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||
Pension funded status adjustment | $ (23,719) | ||
Unrealized gain on derivative instruments | (95) | ||
Foreign currency translation adjustment | (85,161) | ||
Accumulated other comprehensive income | (89,023) | $ (108,975) | |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, before Tax, [Abstract] | |||
Amount recognized in AOCI, net of tax | 0 | ||
Amount recognized in AOCI - Derivatives, net of tax | (1,988) | ||
Amount recognized in AOCI - CTA, net of tax | 20,622 | ||
Accumulated other comprehensive income, Before-Tax Amount | 18,634 | ||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Tax [Abstract] | |||
Amount reclassified out of AOCI, net of tax | 323 | $ 185 | |
Amount reclassified out of AOCI - Derivatives, net of tax | 995 | $ 257 | |
Amount reclassified out of AOCI - CTA, net of tax | 0 | ||
Accumulated other comprehensive income | 1,318 | ||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax [Abstract] | |||
Pension funded status adjustment | (23,396) | ||
Unrealized gain on derivative instruments | (1,088) | ||
Foreign currency translation adjustment | (64,539) | ||
Accumulated other comprehensive income | $ (89,023) | $ (108,975) |
Stockholders' Equity Components
Stockholders' Equity Components of AOCI (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 28, 2015 | Jun. 29, 2014 | |
Equity [Abstract] | ||
Net unrealized (gain) on derivative instruments | $ 1,575 | $ 408 |
Unrealized gain (loss) on derivative instruments, Tax Benefit (Expense) | (580) | (151) |
Unrealized gain (loss) on derivative instrument, Net-of-Tax Amount | 995 | 257 |
Pension funded status adjustment, Before-Tax Amount | 451 | 265 |
Pension funded status adjustment, Tax Benefit (Expense) | 128 | 80 |
Net periodic benefit cost, net of tax | $ 323 | $ 185 |
Stockholders' Equity Noncontrol
Stockholders' Equity Noncontrolling Interests (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||
Jun. 28, 2015 | Jun. 29, 2014 | Mar. 31, 2015 | |
Noncontrolling Interest [Line Items] | |||
Dividends declared (in dollars per share) | $ 0.175 | $ 0.175 | |
Stockholders' Equity Attributable to Noncontrolling Interest | $ 5,489 | $ 5,540 | |
Net earnings attributable to noncontrolling interests | 453 | $ 54 | |
Unrealized gain (loss) on derivative instrument, Net-of-Tax Amount | 995 | 257 | |
Amount reclassified out of AOCI, net of tax | 323 | 185 | |
Total other comprehensive (loss) income, net of tax | 19,877 | 119 | |
Total comprehensive income | 67,811 | 49,234 | |
Payments for Repurchase of Common Stock | 637 | 45,587 | |
Payments of Dividends | 7,785 | $ 8,196 | |
Adjustments to Additional Paid in Capital, Convertible Debt with Conversion Feature | (1,330) | ||
Redeemable Noncontrolling Interest [Member] | |||
Noncontrolling Interest [Line Items] | |||
Stockholders' Equity Attributable to Noncontrolling Interest | 1,092,185 | 1,038,900 | |
Net earnings attributable to noncontrolling interests | 48,387 | ||
Unrealized gain (loss) on derivative instrument, Net-of-Tax Amount | (993) | ||
Amount reclassified out of AOCI, net of tax | 323 | ||
Foreign currency translation adjustment, Net-of Tax Amount | 20,622 | ||
Total other comprehensive (loss) income, net of tax | 19,952 | ||
Total comprehensive income | 68,339 | ||
Payments for Repurchase of Common Stock | (637) | ||
Payments of Dividends | (7,785) | ||
Adjustments to Additional Paid in Capital, Convertible Debt with Conversion Feature | (1,330) | ||
Proceeds from Stock Options Exercised | (7,962) | ||
Nonredeemable Noncontrolling Interest [Member] | |||
Noncontrolling Interest [Line Items] | |||
Stockholders' Equity Attributable to Noncontrolling Interest | 5,489 | 5,540 | |
Net earnings attributable to noncontrolling interests | (12) | ||
Unrealized gain (loss) on derivative instrument, Net-of-Tax Amount | 0 | ||
Amount reclassified out of AOCI, net of tax | 0 | ||
Foreign currency translation adjustment, Net-of Tax Amount | (39) | ||
Total other comprehensive (loss) income, net of tax | (39) | ||
Total comprehensive income | (51) | ||
Payments for Repurchase of Common Stock | 0 | ||
Payments of Dividends | 0 | ||
Adjustments to Additional Paid in Capital, Convertible Debt with Conversion Feature | 0 | ||
Proceeds from Stock Options Exercised | 0 | ||
Stockholders' Equity, Total [Member] | |||
Noncontrolling Interest [Line Items] | |||
Stockholders' Equity Attributable to Noncontrolling Interest | 1,097,674 | $ 1,044,440 | |
Net earnings attributable to noncontrolling interests | 48,375 | ||
Unrealized gain (loss) on derivative instrument, Net-of-Tax Amount | (993) | ||
Amount reclassified out of AOCI, net of tax | 323 | ||
Foreign currency translation adjustment, Net-of Tax Amount | 20,583 | ||
Total other comprehensive (loss) income, net of tax | 19,913 | ||
Total comprehensive income | 68,288 | ||
Payments for Repurchase of Common Stock | (637) | ||
Payments of Dividends | (7,785) | ||
Proceeds from Stock Options Exercised | $ (7,962) |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Details) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 28, 2015 | Mar. 31, 2015 | |
Equity [Abstract] | ||
Number of shares of common stock purchased | 9,896 | |
Value of shares of common stock purchased | $ 637 | |
Treasury stock, shares | 9,605,947 | 9,596,051 |
Stockholders' Equity Redeemable
Stockholders' Equity Redeemable Noncontrolling Interests (Details) $ in Thousands | 3 Months Ended |
Jun. 28, 2015USD ($) | |
Noncontrolling Interest [Abstract] | |
Beginning balance, redeemable noncontrolling interests | $ 6,956 |
Net losses attributable to noncontrolling interests | (441) |
Foreign Currency Translation Adjustments | (36) |
Ending balance, redeemable noncontrolling interests | $ 6,479 |
Earnings Per Share (Reconciliat
Earnings Per Share (Reconciliation from Basic to Diluted Average Common Shares) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Jun. 28, 2015 | Jun. 29, 2014 | |
Earnings Per Share [Abstract] | ||
Net earnings attributable to EnerSys stockholders | $ 48,387 | $ 49,169 |
Basic | 44,233,915 | 46,899,303 |
Common shares from exercise and lapse of equity awards, net of shares assumed reacquired | 703,434 | 1,089,658 |
Incremental Common Shares Attributable to Conversion of Debt Securities | 1,819,027 | 1,737,277 |
Diluted weighted-average number of common shares outstanding | 46,756,376 | 49,726,238 |
Basic earnings per common share attributable to EnerSys stockholders | $ 1.09 | $ 1.05 |
Diluted earnings per common share attributable to EnerSys stockholders | $ 1.03 | $ 0.99 |
Anti-dilutive equity awards not included in diluted weighted-average common shares | 0 | 414 |
Earnings Per Share (Additional
Earnings Per Share (Additional Information) (Details) - USD ($) $ / shares in Units, $ in Thousands | Jul. 17, 2015 | Jun. 28, 2015 | Jun. 29, 2014 |
Debt Instrument [Line Items] | |||
Number of common shares issue upon conversion | 4,334,839 | ||
Average Price of Stock | $ 68.55 | ||
Conversion option price per share | $ 39.72 | ||
Incremental Common Shares Attributable to Conversion of Debt Securities | 1,819,027 | 1,737,277 | |
Payment of principal and accreted interest on Convertible Notes | $ 86 | $ 194 | |
Subsequent Event [Member] | |||
Debt Instrument [Line Items] | |||
Payment of principal and accreted interest on Convertible Notes | $ 172,388 | ||
Number of shares issued from conversion | 1,889,431 |
Business Segments (Details)
Business Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Jun. 28, 2015 | Jun. 29, 2014 | ||
Segment Reporting Information [Line Items] | |||
Total net sales | $ 562,068 | $ 634,110 | |
Net sales revenue by services | 562,068 | 634,110 | |
Total intersegment sales | [1] | 35,064 | 38,076 |
Total operating earnings | [2] | 69,037 | 71,689 |
Restructuring charges | 1,218 | 1,829 | |
Manufacturing Facility | |||
Segment Reporting Information [Line Items] | |||
Gain on sale of facility | 4,348 | 0 | |
Reserve Power | |||
Segment Reporting Information [Line Items] | |||
Net sales revenue by services | 264,264 | 311,374 | |
Motive Power | |||
Segment Reporting Information [Line Items] | |||
Net sales revenue by services | 297,804 | 322,736 | |
Europe | |||
Segment Reporting Information [Line Items] | |||
Total net sales | 317,026 | 330,928 | |
Total intersegment sales | 10,040 | 8,918 | |
Total operating earnings | 45,345 | 41,489 | |
Restructuring charges | (570) | 0 | |
Americas | |||
Segment Reporting Information [Line Items] | |||
Total net sales | 196,641 | 241,935 | |
Total intersegment sales | 18,638 | 17,699 | |
Total operating earnings | 20,552 | 28,601 | |
Asia | |||
Segment Reporting Information [Line Items] | |||
Total net sales | 48,401 | 61,247 | |
Total intersegment sales | 6,386 | 11,459 | |
Total operating earnings | 10 | 3,428 | |
Restructuring charges | $ (648) | $ (1,829) | |
[1] | Intersegment sales are presented on a cost-plus basis, which takes into consideration the effect of transfer prices between legal entities. | ||
[2] | The Company does not allocate interest expense or other (income) expense to the reportable segments. |
Subsequent Events Subsequent Ev
Subsequent Events Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Thousands | Aug. 05, 2015 | Jul. 30, 2015 | Jul. 17, 2015 | Jun. 28, 2015 | Jun. 29, 2014 |
Subsequent Event [Line Items] | |||||
Payment of principal and accreted interest on Convertible Notes | $ 86 | $ 194 | |||
Subsequent Event [Member] | |||||
Subsequent Event [Line Items] | |||||
Payment of principal and accreted interest on Convertible Notes | $ 172,388 | ||||
Number of shares issued from conversion | 1,889,431 | ||||
Common Stock, Dividends, Per Share, Declared | $ 0.175 | ||||
Subsequent Event [Member] | Stock Options | |||||
Subsequent Event [Line Items] | |||||
Awards approved by shareholders | 127,966 | ||||
Subsequent Event [Member] | Performance Shares | |||||
Subsequent Event [Line Items] | |||||
Awards approved by shareholders | 134,948 |
Uncategorized Items - ens-20150
Label | Element | Value |
Common Stock, Shares, Outstanding | us-gaap_CommonStockSharesOutstanding | 44,068,588 |