0001289308-21-000008 | 10-Q | XBRL Viewer

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Cover Page - shares	9 Months Ended
Cover Page - shares	Jan. 03, 2021	Feb. 05, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jan. 03, 2021
Document Transition Report	false
Entity File Number	001-32253
Entity Registrant Name	EnerSys
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	23-3058564
Entity Address, Address Line One	2366 Bernville Road
Entity Address, City or Town	Reading
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	19605
City Area Code	610
Local Phone Number	208-1991
Title of 12(b) Security	Common Stock, $0.01 par value per share
Trading Symbol	ENS
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		42,686,988
Entity Central Index Key	0001289308
Current Fiscal Year End Date	--03-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Amendment Flag	false

Consolidated Condensed Statements of Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 03, 2021	Dec. 31, 2019	Jan. 03, 2021	Dec. 31, 2019
Income Statement [Abstract]
Net sales	$ 751,067	$ 763,698	$ 2,164,393	$ 2,306,065
Cost of goods sold	561,755	574,612	1,622,544	1,718,150
Inventory step up to fair value relating to acquisitions	0	3,845	0	3,845
Gross profit	189,312	185,241	541,849	584,070
Operating expenses	118,045	132,740	357,441	395,869
Restructuring and other exit charges	15,196	9,417	19,702	18,071
Operating earnings	56,071	43,084	164,706	170,130
Interest expense	9,351	11,089	29,345	32,084
Other (income) expense, net	2,861	(606)	8,433	(1,559)
Earnings before income taxes	43,859	32,601	126,928	139,605
Income tax expense	5,235	5,296	17,390	966
Net earnings attributable to EnerSys stockholders	$ 38,624	$ 27,305	$ 109,538	$ 138,639
Net earnings per common share attributable to EnerSys stockholders:
Basic earnings per common share attributable to EnerSys stockholders (in dollars per share)	$ 0.91	$ 0.65	$ 2.58	$ 3.27
Diluted earnings per common share attributable to EnerSys stockholders (in dollars per share)	0.89	0.64	2.54	3.23
Dividends per common share (in dollars per share)	$ 0.175	$ 0.175	$ 0.525	$ 0.525
Weighted average shares of common stock outstanding:
Basic weighted-average number of common shares outstanding (in shares)	42,599,834	42,286,641	42,502,460	42,445,006
Diluted weighted-average number of common shares outstanding (in shares)	43,290,403	42,838,969	43,103,304	42,888,495

Consolidated Condensed Balance Sheets - USD ($) $ in Thousands	Jan. 03, 2021	Mar. 31, 2020
Current assets:
Cash and cash equivalents	$ 488,651	$ 326,979
Accounts receivable, net of allowance for doubtful accounts: January 3, 2021 - $11,991; March 31, 2020 - $15,246	547,462	595,873
Total	515,469	519,460
Prepaid and other current assets	132,565	120,593
Total current assets	1,684,147	1,562,905
Property, plant, and equipment, net	507,858	480,014
Goodwill	707,171	663,936
Other intangible assets, net	438,998	455,685
Deferred taxes	60,844	55,803
Other assets	76,210	83,355
Total assets	3,475,228	3,301,698
Current liabilities:
Short-term debt	40,268	46,544
Accounts payable	269,019	281,873
Accrued expenses	296,345	271,902
Total current liabilities	605,632	600,319
Long-term debt, net of unamortized debt issuance costs	1,054,191	1,104,731
Deferred taxes	80,420	78,363
Other liabilities	203,571	214,223
Total liabilities	1,943,814	1,997,636
Commitments and contingencies
Equity:
Preferred Stock, $0.01 par value, 1,000,000 shares authorized, no shares issued or outstanding at January 3, 2021 and at March 31, 2020	0	0
Common Stock, 0.01 par value per share, 135,000,000 shares authorized, 55,407,527 shares issued and 42,624,471 shares outstanding at January 3, 2021; 55,114,808 shares issued and 42,323,305 shares outstanding at March 31, 2020	554	551
Additional paid-in capital	546,385	529,100
Treasury stock at cost, 12,783,056 shares held as of January 3, 2021 and 12,791,503 shares held as of March 31, 2020	(563,662)	(564,376)
Retained earnings	1,643,583	1,556,980
Contra equity - indemnification receivable	(5,273)	(6,724)
Accumulated other comprehensive income	(94,030)	(215,006)
Total EnerSys stockholders' equity	1,527,557	1,300,525
Noncontrolling interests	3,857	3,537
Total equity	1,531,414	1,304,062
Total liabilities and equity	$ 3,475,228	$ 3,301,698

Consolidated Condensed Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jan. 03, 2021	Mar. 31, 2020
Statement of Financial Position [Abstract]
Accounts receivable, allowance for doubtful accounts	$ 11,991	$ 15,246
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	1,000,000	1,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	135,000,000	135,000,000
Common stock, shares issued (in shares)	55,407,527	55,114,808
Common stock, shares outstanding (in shares)	42,624,471	42,323,305
Treasury stock (in shares)	12,783,056	12,791,503

Consolidated Condensed Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 03, 2021	Dec. 31, 2019	Jan. 03, 2021	Dec. 31, 2019
Statement of Comprehensive Income [Abstract]
Net earnings	$ 38,624	$ 27,305	$ 109,538	$ 138,639
Other comprehensive income (loss):
Net unrealized gain (loss) on derivative instruments, net of tax	2,718	(3,409)	6,531	(2,152)
Pension funded status adjustment, net of tax	269	220	865	694
Foreign currency translation adjustment	52,901	28,167	113,881	(7,243)
Total other comprehensive income (loss), net of tax	55,888	24,978	121,277	(8,701)
Total comprehensive income	94,512	52,283	230,815	129,938
Comprehensive gain (loss) attributable to noncontrolling interests	149	64	301	(150)
Comprehensive income attributable to EnerSys stockholders	$ 94,363	$ 52,219	$ 230,514	$ 130,088

Consolidated Condensed Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Jan. 03, 2021	Dec. 31, 2019
Cash flows from operating activities
Net earnings	$ 109,538	$ 138,639
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	70,192	65,788
Write-off of assets relating to exit activities	7,292	10,024
Derivatives not designated in hedging relationships:
Net (gains) losses	(592)	517
Cash proceeds (settlements)	790	(599)
Provision for doubtful accounts	270	2,922
Deferred income taxes	(1,785)	(20,948)
Non-cash interest expense	1,554	1,160
Stock-based compensation	16,982	14,759
Gain on disposal of property, plant, and equipment	(4,007)	(112)
Changes in assets and liabilities, net of effects of acquisitions:
Accounts receivable	71,077	58,779
Inventories	28,069	(24,888)
Prepaid and other current assets	15,047	(6,977)
Other assets	3,012	3,686
Accounts payable	(40,933)	(44,885)
Accrued expenses	9,839	(7,295)
Other liabilities	(14,246)	(14,738)
Net cash provided by operating activities	272,099	175,832
Cash flows from investing activities
Capital expenditures	(53,742)	(60,936)
Purchase of business	0	(176,548)
Insurance proceeds relating to property, plant and equipment	4,800	403
Proceeds from disposal of property, plant, and equipment	145	2,718
Net cash used in investing activities	(48,797)	(234,363)
Cash flows from financing activities
Net repayments on short-term debt	(9,367)	(17,632)
Repayments of 2017 Term Loan	(28,194)	(11,276)
Debt issuance costs	0	(4,607)
Option proceeds	4,818	505
Payment of taxes related to net share settlement of equity awards	(4,959)	(6,281)
Purchase of treasury stock	0	(34,561)
Dividends paid to stockholders	(22,338)	(22,299)
Other	466	586
Net cash (used in) provided by financing activities	(92,574)	33,435
Effect of exchange rate changes on cash and cash equivalents	30,944	(1,606)
Net increase (decrease) in cash and cash equivalents	161,672	(26,702)
Cash and cash equivalents at beginning of period	326,979	299,212
Cash and cash equivalents at end of period	488,651	272,510
Amended Credit Facility, due 2022
Cash flows from financing activities
Proceeds from borrowings	90,000	326,700
Repayments of 2017 Revolver borrowings	(123,000)	(497,700)
4.375% Senior Notes due 2027
Cash flows from financing activities
Proceeds from borrowings	$ 0	$ 300,000

Basis of Presentation

9 Months Ended

Jan. 03, 2021

Accounting Policies [Abstract]

Basis of Presentation

The accompanying unaudited consolidated condensed financial statements have been prepared in accordance with generally accepted accounting principles 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 of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments except those otherwise described herein) considered necessary for a fair presentation have been included, unless otherwise disclosed. Operating results for the three and nine months ended January 3, 2021 are not necessarily indicative of the results that may be expected for the fiscal year ending March 31, 2021.

The Consolidated Condensed Balance Sheet at March 31, 2020 has been derived from the audited consolidated financial statements at that date but does not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements.

The financial statements should be read in conjunction with the Consolidated Financial Statements and Notes thereto included in the Company’s 2020 Annual Report on Form 10-K (SEC File No. 001-32253), which was filed on June 1, 2020 (the “2020 Annual Report”).

EnerSys (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 2021 end on July 5, 2020, October 4, 2020, January 3, 2021, and March 31, 2021, respectively. The four quarters in fiscal 2020 ended on June 30, 2019, September 29, 2019, December 29, 2019, and March 31, 2020, 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.

Recently Adopted Accounting Pronouncements

In June 2016, the FASB, issued ASU No. 2016-13, “Financial Instruments - Credit Losses (Topic 326)”: Measurement of Credit Losses on Financial Instruments, which changes the recognition model for the impairment of financial instruments, including accounts receivable, loans and held-to-maturity debt securities, among others. The guidance is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. In contrast to previous guidance, which considers current information and events and utilizes a probable threshold, (an “incurred loss” model), ASU 2016–13 mandates an “expected loss” model. The expected loss model: (i) estimates the risk of loss even when risk is remote, (ii) estimates losses over the contractual life, (iii) considers past events, current conditions and reasonable supported forecasts and (iv) has no recognition threshold. The Company adopted the standard effective April 1, 2020 and the adoption did not have a material impact on the Company's operating results, financial position or cash flows. However, the adoption resulted in the modification of the Company's policies for accounts receivable.

The Company estimates the allowance for credit losses in relation to accounts receivable based on relevant qualitative and quantitative information about historical events, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported accounts receivable. Subsequent to April 1, 2020, accounts receivable are recorded at amortized cost less an allowance for expected credit losses. The Company maintains an allowance for credit losses for the expected failure or inability of its customers to make required payments. The Company recognizes the allowance for expected credit losses at inception and reassesses quarterly, based on management’s expectation of the asset’s collectability. The allowance is based on multiple factors including historical experience with bad debts, the credit quality of the customer base, the aging of such receivables and current macroeconomic conditions, as well as management’s expectations of conditions in the future. The Company’s allowance for uncollectible accounts receivable is based on management’s assessment of the collectability of assets pooled together with similar risk characteristics. The Company then adjusts the historical credit loss percentage by current and forecasted economic conditions. The Company then includes a baseline credit loss percentage into the historical credit loss percentage for each aging category to reflect the potential impact of the current and economic conditions. Such a baseline calculation will be adjusted further if changes in the economic environment impacts the Company's expectation for future credit losses.

The following table sets forth the quarterly changes in the Company's allowance for doubtful accounts:


Allowance for doubtful accounts:	Balance at Beginning of Period		Provision for doubtful debts		Write-offs, net of recoveries and other		Balance at End of Period
First quarter ended July 5, 2020	$	15,246	$	96	$	(2,113)	$	13,229
Second quarter ended October 4, 2020	13,229		86		2		13,317
Third quarter ended January 3, 2021	13,317		88		(1,414)		11,991

In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848)”: Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides temporary optional expedients to ease the financial reporting burdens of the expected market transition from London Interbank Offered Rate (LIBOR) to an alternative reference rate such as Secured Overnight Financing Rate (SOFR). The Company’s agreements with respect to its borrowings already contain comparable alternative reference rates that would automatically take effect upon the phasing out of LIBOR. The Company has adopted the standard and the adoption did not have a material impact on the Company's consolidated financial statements.

Accounting Pronouncements Issued But Not Adopted as of January 3, 2021

In December 2019, the FASB issued ASU No. 2019-12, “Income Taxes (Topic 740)”: Simplifying the Accounting for Income Taxes, which is intended to simplify various aspects related to accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. The guidance is effective for fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. The Company is currently assessing the potential impact that the adoption will have on its consolidated financial statements.

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. These estimates and assumptions take into account historical and forward looking factors that the Company believes are reasonable, including, but not limited to, the potential impacts arising from the coronavirus pandemic of 2019 (“COVID-19”) and public and private sector policies and initiatives aimed at reducing its transmission. As the extent and duration of the impacts of COVID-19 remain unclear, the Company’s estimates and assumptions may evolve as conditions change. Actual results could differ significantly from those estimates.

Examples of significant estimates include the allowance for credit losses, the recoverability of property, plant and equipment, the incremental borrowing rate for lease liabilities, the recoverability of intangible assets and other long-lived assets, fair value measurements, including those related to financial instruments, goodwill and intangible assets, valuation allowances on tax assets, pension and postretirement benefit obligations, contingencies and the identification and valuation of assets acquired and liabilities assumed in connection with business combinations.

Revenue Recognition	9 Months Ended
Revenue Recognition	Jan. 03, 2021
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Revenue Recognition The Company's revenues by reportable segments are presented in Note 17. Service revenues related to the work performed for the Company’s customers by its maintenance technicians generally represent a separate and distinct performance obligation. Control for these services passes to the customer as the services are performed. Service revenues for the third quarter of fiscal 2021 and 2020 amounted to $73,581 and $78,907, respectively. Service revenues for the nine months of fiscal 2021 and 2020 amounted to $216,666 and $200,907, respectively. A small portion of the Company's customer arrangements obligate the Company to create customized products for its customers that require the bundling of both products and services into a single performance obligation because the individual products and services that are required to fulfill the customer requirements do not meet the definition for a distinct performance obligation. These customized products generally have no alternative use to the Company and the terms and conditions of these arrangements give the Company the enforceable right to payment for performance completed to date, including a reasonable profit margin. For these arrangements, control transfers over time and the Company measures progress towards completion by selecting the input or output method that best depicts the transfer of control of the underlying goods and services to the customer for each respective arrangement. Methods used by the Company to measure progress toward completion include labor hours, costs incurred and units of production. Revenues recognized over time for the third quarter of fiscal 2021 and 2020 amounted to $37,975 and $35,306, respectively. Revenues recognized over time for the nine months of fiscal 2021 and 2020 amounted to $109,152 and $110,396, respectively. On January 3, 2021, the aggregate transaction price allocated to unsatisfied (or partially unsatisfied) performance obligations was approximately $118,776, of which, the Company estimates that approximately $54,082 will be recognized as revenue in fiscal 2021, $50,893 in fiscal 2022, $12,388 in fiscal 2023, $1,359 in fiscal 2024 and $54 in fiscal 2025. Any payments that are received from a customer in advance, prior to the satisfaction of a related performance obligation and billings in excess of revenue recognized, are deferred and treated as a contract liability. Advance payments and billings in excess of revenue recognized are classified as current or non-current based on the timing of when recognition of revenue is expected. As of January 3, 2021, the current and non-current portion of contract liabilities were $19,445 and $4,122, respectively. As of March 31, 2020, the current and non-current portion of contract liabilities were $17,342 and $8,356, respectively. Revenues recognized during the third quarter of fiscal 2021 and 2020 that were included in the contract liability at the beginning of the quarter, amounted to $6,785 and $5,494, respectively. Revenues recognized during the nine months of fiscal 2021 and 2020 that were included in the contract liability at the beginning of the year, amounted to $12,110 and $13,901, respectively. Amounts representing work completed and not billed to customers represent contract assets and were $45,014 and $39,048 as of January 3, 2021 and March 31, 2020, respectively. The Company uses historic customer product return data as a basis of estimation for customer returns and records the reduction of sales at the time revenue is recognized. At January 3, 2021, the right of return asset related to the value of inventory anticipated to be returned from customers was $4,273 and refund liability representing amounts estimated to be refunded to customers was $7,104.

Leases

9 Months Ended

Jan. 03, 2021

Leases [Abstract]

Leases

The Company leases manufacturing facilities, distribution centers, office space, vehicles and other equipment under non-cancellable leases with initial terms typically ranging from 1 to 17 years.

Short term leases with an initial term of 12 months or less are not presented on the balance sheet and expense is recognized as incurred.

The following table presents lease assets and liabilities and their balance sheet classification:


	Classification	As of January 3, 2021		As of March 31, 2020
Operating Leases:
Right-of-use assets	Other assets	$	64,646	$	70,045
Operating lease current liabilities	Accrued expenses	21,591		21,128
Operating lease non-current liabilities	Other liabilities	45,294		51,215
Finance Leases:
Right-of-use assets	Property, plant, and equipment, net	$	647	$	540
Finance lease current liabilities	Accrued expenses	224		162
Finance lease non-current liabilities	Other liabilities	460		407

The components of lease expense for the third quarter and nine months ended January 3, 2021 and December 29, 2019 were as follows:


		Quarter ended				Nine months ended
	Classification	January 3, 2021		December 29, 2019		January 3, 2021		December 29, 2019
Operating Leases:
Operating lease cost	Operating expenses	$	6,635	$	7,263	$	20,316	$	21,818
Variable lease cost	Operating expenses	1,797		2,130		5,529		5,958
Short term lease cost	Operating expenses	1,610		1,640		5,016		5,751
Finance Leases:
Depreciation	Operating expenses	$	53	$	138	$	141	$	419
Interest expense	Interest expense	8		8		22		30
Total		$	10,103	$	11,179	$	31,024	$	33,976

The following table presents the weighted average lease term and discount rates for leases as of January 3, 2021:


Operating Leases:
Weighted average remaining lease term						6 years
Weighted average discount rate						5.35%
Finance Leases:
Weighted average remaining lease term						3.3 years
Weighted average discount rate						4.88%

The following table presents future payments due under leases reconciled to lease liabilities as of January 3, 2021:


	Finance Leases		Operating Leases
Three months ended March 31, 2021	$	63	$	6,653
Year ended March 31,
2022	251		22,828
2023	203		15,556
2024	147		9,876
2025	48		6,212
Thereafter	28		17,234
Total undiscounted lease payments	740		78,359
Present value discount	56		11,474
Lease liability	$	684	$	66,885

The following table presents supplemental disclosures of cash flow information related to leases for the third quarter and nine months ended January 3, 2021 and December 29, 2019:


	Quarter ended				Nine months ended
	January 3, 2021		December 29, 2019		January 3, 2021		December 29, 2019
Operating cash flows from finance leases	$	8	$	8	$	22	$	30
Operating cash flows from operating leases	6,710		7,176		20,370		21,559
Financing cash flows from finance leases	52		140		138		421
Supplemental non-cash information on lease liabilities arising from right-of-use assets:
Right-of-use assets obtained in exchange for new finance lease liabilities	$	98	$	—	$	185	$	—
Right-of-use assets obtained in exchange for new operating lease liabilities	2,181		2,876		9,313		7,822

Leases

The Company leases manufacturing facilities, distribution centers, office space, vehicles and other equipment under non-cancellable leases with initial terms typically ranging from 1 to 17 years.

Short term leases with an initial term of 12 months or less are not presented on the balance sheet and expense is recognized as incurred.

The following table presents lease assets and liabilities and their balance sheet classification:


	Classification	As of January 3, 2021		As of March 31, 2020
Operating Leases:
Right-of-use assets	Other assets	$	64,646	$	70,045
Operating lease current liabilities	Accrued expenses	21,591		21,128
Operating lease non-current liabilities	Other liabilities	45,294		51,215
Finance Leases:
Right-of-use assets	Property, plant, and equipment, net	$	647	$	540
Finance lease current liabilities	Accrued expenses	224		162
Finance lease non-current liabilities	Other liabilities	460		407

The components of lease expense for the third quarter and nine months ended January 3, 2021 and December 29, 2019 were as follows:


		Quarter ended				Nine months ended
	Classification	January 3, 2021		December 29, 2019		January 3, 2021		December 29, 2019
Operating Leases:
Operating lease cost	Operating expenses	$	6,635	$	7,263	$	20,316	$	21,818
Variable lease cost	Operating expenses	1,797		2,130		5,529		5,958
Short term lease cost	Operating expenses	1,610		1,640		5,016		5,751
Finance Leases:
Depreciation	Operating expenses	$	53	$	138	$	141	$	419
Interest expense	Interest expense	8		8		22		30
Total		$	10,103	$	11,179	$	31,024	$	33,976

The following table presents the weighted average lease term and discount rates for leases as of January 3, 2021:


Operating Leases:
Weighted average remaining lease term						6 years
Weighted average discount rate						5.35%
Finance Leases:
Weighted average remaining lease term						3.3 years
Weighted average discount rate						4.88%

The following table presents future payments due under leases reconciled to lease liabilities as of January 3, 2021:


	Finance Leases		Operating Leases
Three months ended March 31, 2021	$	63	$	6,653
Year ended March 31,
2022	251		22,828
2023	203		15,556
2024	147		9,876
2025	48		6,212
Thereafter	28		17,234
Total undiscounted lease payments	740		78,359
Present value discount	56		11,474
Lease liability	$	684	$	66,885

The following table presents supplemental disclosures of cash flow information related to leases for the third quarter and nine months ended January 3, 2021 and December 29, 2019:


	Quarter ended				Nine months ended
	January 3, 2021		December 29, 2019		January 3, 2021		December 29, 2019
Operating cash flows from finance leases	$	8	$	8	$	22	$	30
Operating cash flows from operating leases	6,710		7,176		20,370		21,559
Financing cash flows from finance leases	52		140		138		421
Supplemental non-cash information on lease liabilities arising from right-of-use assets:
Right-of-use assets obtained in exchange for new finance lease liabilities	$	98	$	—	$	185	$	—
Right-of-use assets obtained in exchange for new operating lease liabilities	2,181		2,876		9,313		7,822

Acquisitions

9 Months Ended

Jan. 03, 2021

Business Combinations [Abstract]

Acquisitions

Acquisition

NorthStar

In fiscal 2020, the Company completed the acquisition of N Holding, AB (“NorthStar”) for $77,777 in cash consideration and the assumption of $107,018 in debt, which was funded using existing cash and credit facilities. NorthStar, through its direct and indirect subsidiaries, manufactures and distributes thin plate pure lead (TPPL) batteries and battery enclosures. NorthStar has two large manufacturing facilities in Springfield, Missouri. The Company acquired tangible and intangible assets, including trademarks, technology, customer relationships and goodwill. Based on valuations performed, trademarks were valued at $6,000, technology at $19,000, customer relationships at $9,000, and goodwill was recorded at $76,784. As a result of the change in operating and reportable segments discussed in Note 17, goodwill associated with the acquisition of NorthStar has been allocated to the Energy Systems and Specialty segments on a relative fair value basis. The useful lives of technology were estimated at 10 years, customer relationships were estimated at 15 to 18 years and trademarks were estimated at 5 years. Goodwill deductible for tax purposes is $75,436.

During the second quarter of fiscal 2021, the Company finalized the measurement of all provisional amounts recognized in connection with the NorthStar business combination. The purchase accounting adjustments resulted in an increase to goodwill by $2,996 as a result of finalizing income tax accounting.

Other Intangible Assets

Information regarding the Company’s other intangible assets are as follows:


	Balance as of
	January 3, 2021						March 31, 2020
	Gross Amount		Accumulated Amortization		Net Amount		Gross Amount		Accumulated Amortization		Net Amount
Indefinite-lived intangible assets:
Trademarks	$	148,575	$	(957)	$	147,618	$	147,356	$	(953)	$	146,403
Finite-lived intangible assets:
Customer relationships	298,304		(81,894)		216,410		292,155		(64,855)		227,300
Non-compete	2,825		(2,825)		—		3,021		(2,817)		204
Technology	97,264		(27,332)		69,932		96,047		(20,349)		75,698
Trademarks	8,008		(2,970)		5,038		8,008		(1,928)		6,080
Licenses	1,196		(1,196)		—		1,196		(1,196)		—
Total	$	556,172	$	(117,174)	$	438,998	$	547,783	$	(92,098)	$	455,685

The Company’s amortization expense related to finite-lived intangible assets was $8,334 and $25,076 for the third quarter and nine months of fiscal 2021, compared to $9,843 and $24,468 for the third quarter and nine months of fiscal 2020. The expected amortization expense based on the finite-lived intangible assets as of January 3, 2021, is $7,583 for the remainder of fiscal 2021, $32,420 in fiscal 2022, $31,122 in fiscal 2023, $27,725 in fiscal 2024 and $26,494 in fiscal 2025.

Inventories

9 Months Ended

Jan. 03, 2021

Inventory Disclosure [Abstract]

Inventories

Inventories, net consist of:


	January 3, 2021		March 31, 2020
Raw materials	$	145,998	$	141,906
Work-in-process	100,910		91,520
Finished goods	268,561		286,034
Total	$	515,469	$	519,460

Fair Value of Financial Instruments

9 Months Ended

Jan. 03, 2021

Fair Value Disclosures [Abstract]

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 January 3, 2021 and March 31, 2020, and the basis for that measurement:


	Total Fair Value Measurement January 3, 2021		Quoted Price in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Lead forward contracts	$	1,008	$	—	$	1,008	$	—
Foreign currency forward contracts	(224)		—		(224)		—
Total derivatives	$	784	$	—	$	784	$	—


	Total Fair Value Measurement March 31, 2020		Quoted Price in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Lead forward contracts	$	(2,433)	$	—	$	(2,433)	$	—
Foreign currency forward contracts	1		—		1		—
Total derivatives	$	(2,432)	$	—	$	(2,432)	$	—

The fair values of lead forward contracts are calculated using observable prices for lead as quoted on the London Metal Exchange (“LME”) and, therefore, were classified as Level 2 within the fair value hierarchy, as described in Note 1. Summary of Significant Accounting Policies to the Company's consolidated financial statements included in its 2020 Annual Report.

The fair values for foreign currency forward contracts are based upon current quoted market prices and are classified as Level 2 based on the nature of the underlying market in which these derivatives are traded.

Financial Instruments

The fair values of the Company’s cash and cash equivalents approximate carrying value due to their short maturities.

The fair value of the Company’s short-term debt and borrowings under the Amended Credit Facility (as defined in Note 12), 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.

In fiscal 2020, the Company issued its 4.375% Senior Notes due 2027 (the “2027 Notes”), with an original face value of $300,000. The Company's 5.00% Senior Notes due 2023 (the “2023 Notes”), with an original face value of $300,000, were issued in April 2015. The fair value of the 2027 Notes and 2023 Notes, (collectively, the “Senior Notes”) represent the trading

values based upon quoted market prices and are classified as Level 2. The 2027 Notes were trading at approximately 106% and 94% of face value on January 3, 2021 and March 31, 2020, respectively. The 2023 Notes were trading at approximately 105% and 97% of face value on January 3, 2021 and March 31, 2020, respectively.

The carrying amounts and estimated fair values of the Company’s derivatives and Senior Notes at January 3, 2021 and March 31, 2020 were as follows:


	January 3, 2021				March 31, 2020
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets:
Derivatives (1)	$	784	$	784	$	—	$	—
Financial liabilities:
Senior Notes (2)	$	600,000	$	631,125	$	600,000	$	573,000
Derivatives (1)	—		—		2,432		2,432

(1)Represents lead and foreign currency forward contracts (see Note 7 for asset and liability positions of the lead and foreign currency forward contracts at January 3, 2021 and March 31, 2020).

(2)The fair value amount of the Senior Notes at January 3, 2021 and March 31, 2020 represent the trading value of the instruments.

Non-recurring fair value measurements

On November 11, 2020, the Company committed to a plan to substantially close its facility in Hagen, Germany, which produces flooded motive power batteries for forklifts. Management determined that future demand for the motive power batteries produced at this facility was not sufficient, given the conversion from flooded to maintenance free batteries by customers, the existing number of competitors in the market, as well as the near term decline in demand and increased uncertainty from the pandemic. As a result, the Company concluded that the carrying value of the asset group is not recoverable and recorded a write-off of $3,975 of the fixed assets to their estimated fair value of $14,456, which was recognized in the current quarter of fiscal 2021. The valuation technique used to measure the fair value of fixed assets was a combination of the income and market approaches. The inputs used to measure the fair value of these fixed assets under the income approach were largely unobservable and accordingly were classified as Level 3.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Derivative Financial Instruments

9 Months Ended

Jan. 03, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

The Company utilizes derivative instruments to reduce its exposure to fluctuations in commodity prices and foreign exchange rates under established procedures and controls. The Company does not enter into derivative contracts for speculative purposes. The Company’s agreements are with creditworthy financial institutions and the Company anticipates performance by counterparties to these contracts and therefore no material loss is expected.

Derivatives in Cash Flow Hedging Relationships

Lead Forward Contracts

The Company enters into lead forward contracts to fix the price for a portion of its lead purchases. Management considers the lead forward contracts to be effective against changes in the cash flows of the underlying lead purchases. The vast majority of such contracts are for a period not extending beyond one year. At January 3, 2021 and March 31, 2020, the Company has hedged the price to purchase approximately 50.0 million pounds and 35.0 million pounds of lead, respectively, for a total purchase price of $44,061 and $30,078, 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 January 3, 2021 and March 31, 2020, the Company had entered into a total of $27,838 and $34,008, respectively, of such contracts.

In the coming twelve months, the Company anticipates that $921 of pretax gain relating to lead and foreign currency forward contracts will be reclassified from AOCI (“Accumulated Other Comprehensive Income”) 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 Condensed Statements of Income as an offset to the corresponding actual changes in lead costs to be realized in connection with the variable lead cost and foreign exchange rates being hedged.

Derivatives not Designated in Hedging Relationships

Foreign Currency Forward Contracts

The Company also enters into foreign currency forward contracts to economically hedge foreign currency fluctuations on intercompany loans and foreign currency denominated receivables and payables. These are not designated as hedging instruments and changes in fair value of these instruments are recorded directly in the Consolidated Condensed Statements of Income. As of January 3, 2021 and March 31, 2020, the notional amount of these contracts was $27,543 and $42,232, 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

January 3, 2021 and March 31, 2020


	Derivatives and Hedging Activities Designated as Cash Flow Hedges				Derivatives and Hedging Activities Not Designated as Hedging Instruments
	January 3, 2021		March 31, 2020		January 3, 2021		March 31, 2020
Prepaid and other current assets:
Lead forward contracts	$	1,008	$	—	$	—	$	—
Foreign currency forward contracts	—		—		176		375
Total assets	$	1,008	$	—	$	176	$	375
Accrued expenses:
Lead forward contracts	$	—	$	2,433	$	—	$	—
Foreign currency forward contracts	400		374		—		—
Total liabilities	$	400	$	2,807	$	—	$	—

The Effect of Derivative Instruments on the Consolidated Condensed Statements of Income

For the quarter ended January 3, 2021


Derivatives Designated as Cash Flow Hedges	Pretax Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion)		Location of Gain (Loss) Reclassified from AOCI into Income (Effective Portion)	Pretax Gain (Loss) Reclassified from AOCI into Income (Effective Portion)
Lead forward contracts	$	4,843	Cost of goods sold	$	998
Foreign currency forward contracts	(618)		Cost of goods sold	(336)
Total	$	4,225		$	662


Derivatives Not Designated as Hedging Instruments	Location of Gain (Loss) Recognized in Income on Derivatives	Pretax Gain (Loss)
Foreign currency forward contracts	Other (income) expense, net	$	220
Total		$	220

The Effect of Derivative Instruments on the Consolidated Condensed Statements of Income

For the quarter ended December 29, 2019


Derivatives Designated as Cash Flow Hedges	Pretax Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion)		Location of Gain (Loss) Reclassified from AOCI into Income (Effective Portion)	Pretax Gain (Loss) Reclassified from AOCI into Income (Effective Portion)
Lead forward contracts	$	(3,199)	Cost of goods sold	$	1,034
Foreign currency forward contracts	305		Cost of goods sold	536
Total	$	(2,894)		$	1,570


Derivatives Not Designated as Hedging Instruments	Location of Gain (Loss) Recognized in Income on Derivatives	Pretax Gain (Loss)
Foreign currency forward contracts	Other (income) expense, net	$	179
Total		$	179

The Effect of Derivative Instruments on the Consolidated Condensed Statements of Income

For the nine months ended January 3, 2021


Derivatives Designated as Cash Flow Hedges	Pretax Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion)		Location of Gain (Loss) Reclassified from AOCI into Income (Effective Portion)	Pretax Gain (Loss) Reclassified from AOCI into Income (Effective Portion)
Lead forward contracts	$	1,350	Cost of goods sold	$	(7,655)
Foreign currency forward contracts	(811)		Cost of goods sold	(362)
Total	$	539		$	(8,017)


Derivatives Not Designated as Hedging Instruments	Location of Gain (Loss) Recognized in Income on Derivatives	Pretax Gain (Loss)
Foreign currency forward contracts	Other (income) expense, net	$	592
Total		$	592

The Effect of Derivative Instruments on the Consolidated Condensed Statements of Income

For the nine months ended December 29, 2019


Derivatives Designated as Cash Flow Hedges	Pretax Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion)		Location of Gain (Loss) Reclassified from AOCI into Income (Effective Portion)	Pretax Gain (Loss) Reclassified from AOCI into Income (Effective Portion)
Lead forward contracts	$	(4,167)	Cost of goods sold	$	(1,698)
Foreign currency forward contracts	470		Cost of goods sold	816
Total	$	(3,697)		$	(882)


Derivatives Not Designated as Hedging Instruments	Location of Gain (Loss) Recognized in Income on Derivatives	Pretax Gain (Loss)
Foreign currency forward contracts	Other (income) expense, net	$	(517)
Total		$	(517)

Income Taxes	9 Months Ended
Income Taxes	Jan. 03, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income TaxesThe Company’s income tax provision consists of federal, state and foreign income taxes. The tax provision for the third quarter of fiscal 2021 and 2020 was based on the estimated effective tax rates applicable for the full years ending March 31, 2021 and March 31, 2020, 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, change in tax laws and the amount of the Company's consolidated earnings before taxes. On May 19, 2019, a public referendum held in Switzerland approved the Federal Act on Tax Reform and AHV (Old-Age and Survivors Insurance) Financing (TRAF) as adopted by the Swiss Federal Parliament on September 28, 2018. The Company recorded a deferred tax asset of $22,500 during fiscal 2020 related to the amortizable goodwill. Based on further evaluation with the Swiss tax authority, the Company recorded an additional income tax benefit of $1,883 during the nine months of fiscal 2021. The consolidated effective income tax rates for the third quarter of fiscal 2021 and 2020 were 11.9% and 16.2% and for the nine months of fiscal 2021 and 2020 were 13.7% and 0.7%, respectively. The rate decrease in the third quarter of fiscal 2021 compared to the prior year quarter is primarily due to the Hagen, Germany exit charges and changes in the mix of earnings among tax jurisdictions. The rate increase for the nine months of fiscal 2021 compared to the comparable prior year period is primarily due to Swiss tax reform, partially offset by the Hagen, Germany exit charges and changes in the mix of earnings among tax jurisdictions. Foreign income as a percentage of worldwide income is estimated to be 67% for fiscal 2021 compared to 75% for fiscal 2020. The foreign effective tax rates for the nine months of fiscal 2021 and 2020 were 5.0% and (3.9)%, respectively. The rate increase compared to the prior year period is primarily due to Swiss tax reform, partially offset by the Hagen, Germany exit charges 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 for both fiscal 2021 and fiscal 2020 and is taxed at an effective income tax rate of approximately 8% and 6%, respectively.

Warranty

9 Months Ended

Jan. 03, 2021

Product Warranties Disclosures [Abstract]

Warranty

The Company provides for estimated product warranty expenses when products are sold, with related liabilities included within accrued expenses and other liabilities. As warranty estimates are forecasts that are based on the best available information, primarily historical claims experience, costs of claims may ultimately differ from amounts provided. An analysis of changes in the liability for product warranties is as follows:


	Quarter ended				Nine months ended
	January 3, 2021		December 29, 2019		January 3, 2021		December 29, 2019
Balance at beginning of period	$	60,312	$	54,936	$	63,525	$	54,568
Current period provisions	6,175		7,234		20,832		21,228
Costs incurred	(6,741)		(7,764)		(26,713)		(20,939)
Warranty reserves of acquired business	—		4,967		—		4,967
Foreign currency translation adjustment	698		1,946		2,800		1,495
Balance at end of period	$	60,444	$	61,319	$	60,444	$	61,319

Commitments, Contingencies and Litigation	9 Months Ended
Commitments, Contingencies and Litigation	Jan. 03, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments, Contingencies and Litigation	Commitments, Contingencies and Litigation Litigation and Other Legal Matters In the ordinary course of business, the Company and its subsidiaries are routinely defendants in or parties to pending and threatened legal actions and proceedings, including actions brought on behalf of various classes of claimants. These actions and proceedings are generally based on alleged violations of environmental, anticompetition, employment, contract and other laws. In some of these actions and proceedings, claims for substantial monetary damages are asserted against the Company and its subsidiaries. In the ordinary course of business, the Company and its subsidiaries are also subject to regulatory and governmental examinations, information gathering requests, inquiries, investigations, and threatened legal actions and proceedings. In connection with formal and informal inquiries by federal, state, local and foreign agencies, the Company and its subsidiaries receive numerous requests, subpoenas and orders for documents, testimony and information in connection with various aspects of their activities. European Competition Investigations Certain of the Company’s European subsidiaries had received subpoenas and requests for documents and, in some cases, interviews from, and have had on-site inspections conducted by, the competition authorities of Belgium, Germany and the Netherlands relating to conduct and anticompetitive practices of certain industrial battery participants. For additional information regarding these matters, see Note 19 - Commitments, Contingencies and Litigation to the consolidated financial statements contained in the Annual Report on Form 10-K for the fiscal year ended March 31, 2020. The Company settled the Belgian regulatory proceeding in February 2016 by acknowledging certain anticompetitive practices and conduct and agreeing to pay a fine of $1,962, which was paid in March 2016. With respect to the Belgian regulatory matter, during fiscal 2019, the Company paid $2,402 towards certain aspects related to this matter, which are under appeal. As of January 3, 2021 and March 31, 2020, the Company did not have a reserve balance related to these matters. The precise scope, timing and time period at issue, as well as the final outcome of the investigations or customer claims, remain uncertain. Accordingly, the Company’s estimate may change from time to time, and actual losses could vary. Environmental Issues As a result of its operations, the Company is subject to various federal, state, and local, as well as international environmental laws and regulations and is exposed to the costs and risks of registering, handling, processing, storing, transporting, and disposing of hazardous substances, especially lead and acid. The Company’s operations are also subject to federal, state, local and international occupational safety and health regulations, including laws and regulations relating to exposure to lead in the workplace. The Company is responsible for certain cleanup obligations at the former Yuasa battery facility in Sumter, South Carolina, that predates its ownership of this facility. This manufacturing facility was closed in 2001 and the Company established a reserve for this facility, which was $1,060 as of January 3, 2021 and March 31, 2020. Based on current information, the Company’s management believes this reserve is adequate to satisfy the Company’s environmental liabilities at this facility. This facility is separate from the Company’s current metal fabrication facility in Sumter. Lead and Foreign Currency Forward Contracts To stabilize its lead costs and reduce volatility from currency movements, the Company enters into contracts with financial institutions. The vast majority of such contracts are for a period not extending beyond one year. Please refer to Note 7 - Derivative Financial Instruments for more details.

Restructuring Plans

9 Months Ended

Jan. 03, 2021

Restructuring and Related Activities [Abstract]

Restructuring Plans

Restructuring and other Exit Charges

Restructuring Plans

As disclosed in the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2020, the Company committed to restructuring plans aimed at improving operational efficiencies across its lines of business. A substantial portion of these plans are complete with an estimated $10,900 remaining to be incurred by the end of fiscal 2021, mainly related to new plans started in fiscal 2021. Restructuring and exit charges for the third quarter and nine months of fiscal 2021 by reportable segments are as follows:


	Quarter ended January 3, 2021
	Energy Systems		Motive Power		Specialty		Total
Restructuring charges	$	868	$	2,665	$	9	$	3,542
Exit charges	—		11,683		(29)		11,654
Restructuring and other exit charges	$	868	$	14,348	$	(20)	$	15,196


	Nine months ended January 3, 2021
	Energy Systems		Motive Power		Specialty		Total
Restructuring charges	$	2,711	$	3,599	$	138	$	6,448
Exit charges	—		13,192		62		13,254
Restructuring and other exit charges	$	2,711	$	16,791	$	200	$	19,702

A roll-forward of the restructuring reserve is as follows:


Balance as of March 31, 2020	$	3,325
Accrued	6,448
Costs incurred	(5,270)
Foreign currency impact	413
Balance as of January 3, 2021	$	4,916

Exit Charges

Fiscal 2021 Programs

Hagen, Germany

On November 10, 2020, the EnerSys’ Board of Directors approved a plan to substantially close its facility in Hagen, Germany, which produces flooded motive power batteries for forklifts. Management determined that future demand for the motive power batteries produced at this facility was not sufficient, given the conversion from flooded to maintenance free batteries by customers, the existing number of competitors in the market, as well as the near term decline in demand and increased

uncertainty from the pandemic. The Company plans to retain the facility with limited sales, service and administrative functions along with related personnel for the foreseeable future.

The Company currently estimates that the total charges for these actions will amount to approximately $70,000, the majority of which are expected to be recorded by the end of calendar 2021. Cash charges for employee severance related payments, cleanup related to the facility, contractual releases and legal expenses are estimated to be $50,000 and non-cash charges from inventory and equipment write-offs are estimated to be $20,000. These actions will result in the reduction of approximately 200 employees.

During the current quarter, the Company recorded charges relating to severance of $6,168 and $5,515 primarily relating to fixed asset write-offs.

Vijayawada, India

During the second quarter of fiscal 2021, the Company committed to a plan to close its facility in Vijayawada, India to align with its strategic vision for the new line of business structure and footprint and recorded during the second quarter of fiscal 2021, exit charges of $1,509, primarily relating to asset write-offs.

Targovishte, Bulgaria

During fiscal 2019, the Company committed to a plan to close its facility in Targovishte, Bulgaria, which produced diesel-electric submarine batteries. Management determined that the future demand for batteries of diesel-electric submarines was not sufficient given the number of competitors in the market. Of the estimated total charges of $30,000 for this plan, the Company had recorded charges amounting to $20,242 in fiscal 2019, relating to severance and inventory and fixed asset write-offs and an additional $5,123 relating to cash and non-cash charges during fiscal 2020. During the nine months of fiscal 2021, in keeping with its strategy of exiting the manufacture of batteries for diesel-electric submarines, the Company continued to execute further actions which resulted in a non-material net impact from the cash and non-cash charges.

Fiscal 2020 Programs

During fiscal 2020, in keeping with its strategy of exiting the manufacture of batteries for diesel-electric submarines, the Company also sold certain licenses and assets for $2,031 and recorded a net gain of $892, which were reported as other exit charges in our Specialty segment.

During fiscal 2020, the Company also wrote off $5,441 of assets at its Kentucky and Tennessee motive power plants, as a result of its strategic product mix shift from traditional flooded batteries to maintenance free lead acid and lithium batteries.

Richmond, Kentucky Plant Fire

During the current quarter, the Company settled its claims with its insurance carrier relating to the fire that broke out in the battery formation area of the Company's Richmond, Kentucky motive power production facility in fiscal 2020. The total claims, for both property and business interruption, were $46,114, of which $40,564 was received through January 3, 2021. The balance of $3,206 relating to the property claim and $2,344 relating to business interruption was received on January 4, 2021.

The final settlement of insurance recoveries and finalization of costs related to the replacement of property, plant and equipment, resulted in a net gain of $4,397, which was recorded in the current quarter to operating expenses in the Consolidated Condensed Income Statement.

The details of charges and recoveries for fiscal 2021 and fiscal 2020 are as follows:

In fiscal 2020, the Company recorded as receivable, $17,037, consisting of write-offs for damages caused to its fixed assets and inventories, as well as for cleanup, asset replacement and other ancillary activities directly associated with the fire and received $12,000 related to its initial claims.

During the nine months of fiscal 2021, the Company recorded an additional $16,577 as receivable for cleanup and received $18,408 from the insurance carrier.

In addition to the property damage claim, the Company received $12,500 in business interruption claims, of which $5,000 was recorded in fiscal 2020 and $7,500 in the nine months of fiscal 2021, and was credited to cost of goods sold, in the respective periods.

Debt

9 Months Ended

Jan. 03, 2021

Debt Disclosure [Abstract]

Debt

The following summarizes the Company’s long-term debt as of January 3, 2021 and March 31, 2020:


	January 3, 2021				March 31, 2020
	Principal		Unamortized Issuance Costs		Principal		Unamortized Issuance Costs
Senior Notes	$	600,000	$	5,406	$	600,000	$	6,306
Amended Credit Facility, due 2022	461,130		1,533		513,224		2,187

	$	1,061,130	$	6,939	$	1,113,224	$	8,493
Less: Unamortized issuance costs	6,939				8,493
Long-term debt, net of unamortized issuance costs	$	1,054,191			$	1,104,731

The Company's Senior Notes comprise the following:

4.375% Senior Notes due 2027

On December 11, 2019, the Company issued $300,000 in aggregate principal amount of its 4.375% Senior Notes due December 15, 2027 (the “2027 Notes”). Proceeds from this offering, net of debt issuance costs were $296,250 and were utilized to pay down the Amended 2017 Revolver (defined below). The 2027 Notes bear interest at a rate of 4.375% per annum accruing from December 11, 2019. Interest is payable semiannually in arrears on June 15 and December 15 of each year, commencing on June 15, 2020. The 2027 Notes mature on December 15, 2027, unless earlier redeemed or repurchased in full. The 2027 Notes are unsecured and unsubordinated obligations of the Company. The 2027 Notes are fully and unconditionally guaranteed, jointly and severally, by certain of its subsidiaries that are guarantors under the Amended Credit Facility. These guarantees are unsecured and unsubordinated obligations of such guarantors.

The Company may redeem, prior to September 15, 2027, all or a portion of the 2027 Notes at a price equal to 100% of the principal amount of the 2027 Notes to be redeemed, plus accrued and unpaid interest and a “make whole” premium to, but excluding, the redemption date. The Company may redeem, on or after September 15, 2027, all or a portion of the 2027 Notes at a price equal to 100% of the principal amount of the 2027 Notes, plus accrued and unpaid interest to, but excluding, the redemption date. If a change of control triggering event occurs, the Company will be required to offer to repurchase the 2027

Notes at a price in cash equal to 101% of the aggregate principal amount of the 2027 Notes, plus accrued and unpaid interest to, but excluding, the date of repurchase. The 2027 Notes rank pari passu with the 2023 Notes.

5.00% Senior Notes due 2023

The 5% Senior Notes due April 30, 2023 (the “2023 Notes”) bear interest at a rate of 5.00% per annum and have an original face value of $300,000. Interest is payable semiannually in arrears on April 30 and October 30 of each year and commenced on October 30, 2015. The 2023 Notes will mature on April 30, 2023, unless earlier redeemed or repurchased in full. The 2023 Notes are unsecured and unsubordinated obligations of the Company. The 2023 Notes are fully and unconditionally guaranteed, jointly and severally, by certain of its subsidiaries that are guarantors under the Amended Credit Facility. These guarantees are unsecured and unsubordinated obligations of such guarantors.

2017 Credit Facility and Subsequent Amendment

In fiscal 2018, the Company entered into a credit facility (the “2017 Credit Facility”). The 2017 Credit Facility scheduled to mature on September 30, 2022, initially comprised a $600,000 senior secured revolving credit facility (“2017 Revolver”) and a $150,000 senior secured term loan (“2017 Term Loan”). The Company utilized the borrowings from the 2017 Credit Facility to repay its pre-existing credit facility.

In fiscal 2019, the Company amended the 2017 Credit Facility (as amended, the “Amended Credit Facility”) to fund the Alpha acquisition. The Amended Credit Facility consists of $449,105 senior secured term loans (the “Amended 2017 Term Loan”), including a CAD 133,050 ($99,105) term loan and a $700,000 senior secured revolving credit facility (the “Amended 2017 Revolver”). The amendment resulted in an increase of the 2017 Term Loan and the 2017 Revolver by $299,105 and $100,000, respectively.

As of January 3, 2021, the Company had $75,000 outstanding under the Amended 2017 Revolver and $386,130 under the Amended 2017 Term Loan.

Subsequent to the amendment, the quarterly installments payable on the Amended 2017 Term Loan are $5,645 beginning December 31, 2018, $8,468 beginning December 31, 2019 and $11,290 beginning December 31, 2020 with a final payment of $320,000 on September 30, 2022. The Amended Credit Facility may be increased by an aggregate amount of $325,000 in revolving commitments and / or one or more new tranches of term loans, under certain conditions. Both the Amended 2017 Revolver and the Amended 2017 Term Loan bear interest, at the Company's option, at a rate per annum equal to either (i) the London Interbank Offered Rate (“LIBOR”) or Canadian Dollar Offered Rate (“CDOR”) plus (i) LIBOR plus between 1.25% and 2.00% (currently 1.50% and based on the Company's consolidated net leverage ratio) or (ii) the U.S. Dollar Base Rate (which equals, for any day a fluctuating rate per annum equal to the highest of (a) the Federal Funds Effective Rate plus 0.50%, (b) Bank of America “Prime Rate” and (c) the Eurocurrency Base Rate plus 1%; provided that, if the Base Rate shall be less than zero, such rate shall be deemed zero) (iii) the CDOR Base Rate equal to the higher of (a) Bank of America “Prime Rate” and (b) average 30-day CDOR rate plus 0.50%. Obligations under the Amended Credit Facility are secured by substantially all of the Company’s existing and future acquired assets, including substantially all of the capital stock of the Company’s United States subsidiaries that are guarantors under the Amended Credit Facility and up to 65% of the capital stock of certain of the Company’s foreign subsidiaries that are owned by the Company’s United States subsidiaries.

The Amended Credit Facility allows for up to two temporary increases in the maximum leverage ratio from 3.50x to 4.00x for a four quarter period following an acquisition larger than $250,000. Effective December 7, 2018 through December 28, 2019, the maximum leverage ratio was increased to 4.00x. On December 29, 2019, the maximum leverage ratio returned to 3.50x.

The current portion of the Amended 2017 Term Loan of $45,427 is classified as long-term debt as the Company expects to refinance the future quarterly payments with revolver borrowings under the Amended Credit Facility.

Short-Term Debt

As of January 3, 2021 and March 31, 2020, the Company had $40,268 and $46,544, respectively, of short-term borrowings. The weighted average interest rate on these borrowings was approximately 2% at January 3, 2021 and 3% at March 31, 2020.

Letters of Credit

As of January 3, 2021 and March 31, 2020, the Company had standby letters of credit of $7,720.

Debt Issuance Costs

Amortization expense, relating to debt issuance costs, included in interest expense was $518 and $409, respectively, for the quarters ended January 3, 2021 and December 29, 2019 and $1,554 and $1,160 for the nine months ended January 3, 2021 and December 29, 2019. Debt issuance costs, net of accumulated amortization, totaled $6,939 and $8,493, respectively, at January 3, 2021 and March 31, 2020.

Available Lines of Credit

As of January 3, 2021 and March 31, 2020, the Company had available and undrawn, under all its lines of credit, $737,890 and $693,640, respectively, including $117,196 and $105,946, respectively, of uncommitted lines of credit as of January 3, 2021 and March 31, 2020.

Retirement Plans

9 Months Ended

Jan. 03, 2021

Retirement Benefits [Abstract]

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
	January 3, 2021		December 29, 2019		January 3, 2021		December 29, 2019
Service cost	$	—	$	—	$	252	$	229
Interest cost	135		154		352		375
Expected return on plan assets	(73)		(110)		(480)		(542)
Amortization and deferral	92		38		263		253

Net periodic benefit cost	$	154	$	82	$	387	$	315


	United States Plans				International Plans
	Nine months ended				Nine months ended
	January 3, 2021		December 29, 2019		January 3, 2021		December 29, 2019
Service cost	$	—	$	—	$	739	$	691
Interest cost	400		462		1,027		1,115
Expected return on plan assets	(204)		(336)		(1,401)		(1,598)
Amortization and deferral	357		141		766		751

Net periodic benefit cost	$	553	$	267	$	1,131	$	959

Stock-Based Compensation	9 Months Ended
Stock-Based Compensation	Jan. 03, 2021
Share-based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation As of January 3, 2021, the Company maintains the 2017 Equity Incentive Plan (“2017 EIP”). The 2017 EIP reserved 4,173,554 shares of common stock for the grant of various classes of nonqualified stock options, restricted stock units, market condition-based on total shareholder return (“TSR”) and performance condition-based share units (“PSU”) and other forms of equity-based compensation. The Company recognized stock-based compensation expense associated with its equity incentive plans of $6,396 for the third quarter of fiscal 2021 and $5,891 for the third quarter of fiscal 2020. Stock-based compensation was $16,982 and $14,759 for the nine months of fiscal 2021 and fiscal 2020, respectively. The Company recognizes compensation expense using the straight-line method over the vesting period of the awards. During fiscal 2021, the Company granted to non-employee directors 39,933 restricted stock units, pursuant to the 2017 EIP. The awards vest immediately upon the date of grant and are settled in shares of common stock. During fiscal 2021, the Company granted to management and other key employees 295,068 non-qualified stock options that vest ratably over three years from the date of grant and 283,101 restricted stock units that vest ratably over four years from the date of grant. Common stock activity during fiscal 2021 included the vesting of 204,694 restricted stock units, 65,096 TSRs, the exercise of 83,499 stock options and the release of 29,420 non-employee director restricted stock units. As of January 3, 2021, there were 972,121 non-qualified stock options, 932,523 restricted stock units including non-employee director restricted stock units, 127,052 TSRs and 99,497 PSUs outstanding.

Stockholders' Equity and Noncontrolling Interests

9 Months Ended

Jan. 03, 2021

Equity [Abstract]

Stockholders' Equity and Noncontrolling Interests

Stockholders’ Equity and Noncontrolling Interests

Common Stock

The following demonstrates the change in the number of shares of common stock outstanding during the nine months ended January 3, 2021:


Shares outstanding as of March 31, 2020						42,323,305


Shares issued under equity-based compensation plans, net of equity awards surrendered for option price and taxes						301,166
Shares outstanding as of January 3, 2021						42,624,471

Treasury Stock

During the nine months ended January 3, 2021, the Company did not purchase any shares but purchased 581,140 shares for $34,561 during the nine months ended December 29, 2019. At January 3, 2021 and March 31, 2020, the Company held 12,783,056 and 12,791,503 shares as treasury stock, respectively. During the nine months ended January 3, 2021, the Company also issued 10,244 shares out of its treasury stock, valued at $62.55 per share, on a LIFO basis, to participants under the Company's Employee Stock Purchase Plan.

Accumulated Other Comprehensive Income (“AOCI ”)

The components of AOCI, net of tax, as of January 3, 2021 and March 31, 2020, are as follows:


	March 31, 2020		Before Reclassifications		Amounts Reclassified from AOCI		January 3, 2021
Pension funded status adjustment	$	(22,794)	$	—	$	865	$	(21,929)
Net unrealized (loss) gain on derivative instruments	(5,923)		411		6,120		608
Foreign currency translation adjustment	(186,289)		113,580		—		(72,709)
Accumulated other comprehensive (loss) income	$	(215,006)	$	113,991	$	6,985	$	(94,030)

The following table presents reclassifications from AOCI during the third quarter ended January 3, 2021:


Components of AOCI	Amounts Reclassified from AOCI		Location of (Gain) Loss Recognized on Income Statement
Derivatives in cash flow hedging relationships:
Net unrealized gain on derivative instruments	$	(662)	Cost of goods sold
Tax expense	157
Net unrealized gain on derivative instruments, net of tax	$	(505)

Defined benefit pension costs:
Prior service costs and deferrals	$	355	Net periodic benefit cost, included in other (income) expense, net - See Note 13
Tax benefit	(86)
Net periodic benefit cost, net of tax	$	269

The following table presents reclassifications from AOCI during the nine months ended January 3, 2021:


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	$	8,017	Cost of goods sold
Tax benefit	(1,897)
Net unrealized loss on derivative instruments, net of tax	$	6,120

Defined benefit pension costs:
Prior service costs and deferrals	$	1,123	Net periodic benefit cost, included in other (income) expense, net - See Note 13
Tax benefit	(258)
Net periodic benefit cost, net of tax	$	865

The following table presents reclassifications from AOCI during the third quarter ended December 29, 2019:


Components of AOCI	Amounts Reclassified from AOCI		Location of (Gain) Loss Recognized on Income Statement
Derivatives in cash flow hedging relationships:
Net unrealized gain on derivative instruments	$	(1,570)	Cost of goods sold
Tax expense	372
Net unrealized gain on derivative instruments, net of tax	$	(1,198)

Defined benefit pension costs:
Prior service costs and deferrals	$	291	Net periodic benefit cost, included in other (income) expense, net - See Note 13
Tax benefit	(71)
Net periodic benefit cost, net of tax	$	220

The following table presents reclassifications from AOCI during the nine months ended December 29, 2019:


Components of AOCI	Amounts Reclassified from AOCI		Location of (Gain) Loss Recognized on Income Statement
Derivatives in cash flow hedging relationships:
Net unrealized loss on derivative instruments	$	882	Cost of goods sold
Tax benefit	(208)
Net unrealized loss on derivative instruments, net of tax	$	674

Defined benefit pension costs:
Prior service costs and deferrals	$	892	Net periodic benefit cost, included in other (income) expense, net - See Note 13
Tax benefit	(198)
Net periodic benefit cost, net of tax	$	694

The following demonstrates the change in equity attributable to EnerSys stockholders and nonredeemable noncontrolling interests during the third quarter and nine months ended January 3, 2021:


(In Thousands, Except Per Share Data)	Preferred Stock		Common Stock		Additional Paid-in Capital		Treasury Stock		Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Contra-Equity		Total EnerSys Stockholders’ Equity		Non- redeemable Non- Controlling Interests		Total Equity
Balance at March 31, 2020	$	—	$	551	$	529,100	$	(564,376)	$	1,556,980	$	(215,006)	$	(6,724)	$	1,300,525	$	3,537	$	1,304,062
Stock-based compensation	—		—		5,053		—		—		—		—		5,053		—		5,053
Exercise of stock options	—		2		479		—		—		—		—		481		—		481
Shares issued under equity awards (taxes paid related to net share settlement of equity awards), net	—		—		(3,135)		—		—		—		—		(3,135)		—		(3,135)
Other	—		—		(123)		299		—		—		—		176		—		176
Net earnings	—		—		—		—		35,183		—		—		35,183		—		35,183
Dividends ($0.175 per common share)	—		—		172		—		(7,600)		—		—		(7,428)		—		(7,428)
Other comprehensive income:
Pension funded status adjustment (net of tax benefit of $86)	—		—		—		—		—		291		—		291		—		291
Net unrealized gain (loss) on derivative instruments (net of tax expense of $726)	—		—		—		—		—		2,343		—		2,343		—		2,343
Foreign currency translation adjustment	—		—		—		—		—		28,139		—		28,139		8		28,147
Balance at July 5, 2020	$	—	$	553	$	531,546	$	(564,077)	$	1,584,563	$	(184,233)	$	(6,724)	$	1,361,628	$	3,545	$	1,365,173
Stock-based compensation	—		—		5,533		—		—		—		—		5,533		—		5,533
Exercise of stock options	—		1		1,284		—		—		—		—		1,285		—		1,285
Shares issued under equity awards (taxes paid related to net share settlement of equity awards), net	—		—		(1,467)		—		—		—		—		(1,467)		—		(1,467)
Contra equity - adjustment to indemnification receivable for acquisition related tax liability	—		—		—		—		—		—		1,451		1,451		—		1,451
Other	—		—		(7)		224		—		—		—		217		—		217
Net earnings	—		—		—		—		35,731		—		—		35,731		—		35,731
Dividends ($0.175 per common share)	—		—		203		—		(7,654)		—		—		(7,451)		—		(7,451)
Other comprehensive income:
Pension funded status adjustment (net of tax benefit of $86)	—		—		—		—		—		305		—		305		—		305
Net unrealized gain (loss) on derivative instruments (net of tax expense of $454)	—		—		—		—		—		1,470		—		1,470		—		1,470
Foreign currency translation adjustment	—		—		—		—		—		32,689		—		32,689		144		32,833
Balance at October 4, 2020	$	—	$	554	$	537,092	$	(563,853)	$	1,612,640	$	(149,769)	$	(5,273)	$	1,431,391	$	3,689	$	1,435,080
Stock-based compensation	—		—		6,396		—		—		—		—		6,396		—		6,396
Exercise of stock options	—		—		3,052		—		—		—		—		3,052		—		3,052
Shares issued under equity awards (taxes paid related to net share settlement of equity awards), net	—		—		(357)		—		—		—		—		(357)		—		(357)

Other	—		—		(1)		191		—		—		—		190		—		190
Net earnings	—		—		—		—		38,624		—		—		38,624		—		38,624
Dividends ($0.175 per common share)	—		—		203		—		(7,681)		—		—		(7,478)		19		(7,459)
Other comprehensive income:
Pension funded status adjustment (net of tax benefit of $86)	—		—		—		—		—		269		—		269		—		269
Net unrealized gain (loss) on derivative instruments (net of tax expense of $845)	—		—		—		—		—		2,718		—		2,718		—		2,718
Foreign currency translation adjustment	—		—		—		—		—		52,752		—		52,752		149		52,901
Balance at January 3, 2021	$	—	$	554	$	546,385	$	(563,662)	$	1,643,583	$	(94,030)	$	(5,273)	$	1,527,557	$	3,857	$	1,531,414

The following demonstrates the change in equity attributable to EnerSys stockholders and nonredeemable noncontrolling interests during the third quarter and nine months ended December 29, 2019:


(In Thousands, Except Per Share Data)	Preferred Stock		Common Stock		Additional Paid-in Capital		Treasury Stock		Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Contra-Equity		Total EnerSys Stockholders’ Equity		Non- redeemable Non- Controlling Interests		Total Equity
Balance at March 31, 2019	$	—	$	548	$	512,696	$	(530,760)	$	1,450,325	$	(142,682)	$	(7,840)	$	1,282,287	$	3,730	$	1,286,017
Stock-based compensation	—		—		3,874		—		—		—		—		3,874		—		3,874
Exercise of stock options	—		3		35		—		—		—		—		38		—		38
Shares issued under equity awards (taxes paid related to net share settlement of equity awards), net	—		—		(6,081)		—		—		—		—		(6,081)		—		(6,081)
Purchase of common stock	—		—		—		(23,029)		—		—		—		(23,029)		—		(23,029)
Other	—		—		(80)		—		—		—		—		(80)		—		(80)
Net earnings	—		—		—		—		48,636		—		—		48,636		—		48,636
Dividends ($0.175 per common share)	—		—		133		—		(7,632)		—		—		(7,499)		—		(7,499)
Other comprehensive income:
Pension funded status adjustment (net of tax benefit of $68)	—		—		—		—		—		237		—		237		—		237
Net unrealized gain (loss) on derivative instruments (net of tax benefit of $720)	—		—		—		—		—		(2,329)		—		(2,329)		—		(2,329)
Foreign currency translation adjustment	—		—		—		—		—		(3,128)		—		(3,128)		(83)		(3,211)
Balance at June 30, 2019	$	—	$	551	$	510,577	$	(553,789)	$	1,491,329	$	(147,902)	$	(7,840)	$	1,292,926	$	3,647	$	1,296,573
Stock-based compensation	—		—		4,994		—		—		—		—		4,994		—		4,994
Exercise of stock options	—		—		(13)		—		—		—		—		(13)		—		(13)
Shares issued under equity awards (taxes paid related to net share settlement of equity awards), net	—		—		(169)		—		—		—		—		(169)		—		(169)
Purchase of common stock	—		—		—		(11,532)		—		—		—		(11,532)		—		(11,532)
Contra equity - adjustment to indemnification receivable for acquisition related tax liability	—		—		—		—		—		—		2,002		2,002		—		2,002
Other	—		—		—		213		—		—		—		213		—		213
Net earnings	—		—		—		—		62,698		—		—		62,698		—		62,698
Dividends ($0.175 per common share)	—		—		209		—		(7,608)		—		—		(7,399)		—		(7,399)
Other comprehensive income:
Pension funded status adjustment (net of tax benefit of $59)	—		—		—		—		—		237		—		237		—		237
Net unrealized gain (loss) on derivative instruments (net of tax benefit of $1,112)	—		—		—		—		—		3,586		—		3,586		—		3,586
Foreign currency translation adjustment	—		—		—		—		—		(32,068)		—		(32,068)		(131)		(32,199)
Balance at September 29, 2019	$	—	$	551	$	515,598	$	(565,108)	$	1,546,419	$	(176,147)	$	(5,838)	$	1,315,475	$	3,516	$	1,318,991
Stock-based compensation	—		—		5,891		—		—		—		—		5,891		—		5,891
Exercise of stock options	—		—		480		—		—		—		—		480		—		480
Shares issued under equity awards (taxes paid related to net share settlement of equity awards), net	—		—		(31)		—		—		—		—		(31)		—		(31)

Contra equity - adjustment to indemnification receivable for acquisition related tax liability	—		—		—		—		—		—		(769)		(769)		—		(769)
Other	—		—		—		231		—		—		—		231		—		231
Net earnings	—		—		—		—		27,305		—		—		27,305		—		27,305
Dividends ($0.175 per common share)	—		—		208		—		(7,609)		—		—		(7,401)		—		(7,401)
Other comprehensive income:
Pension funded status adjustment (net of tax benefit of $71)	—		—		—		—		—		220		—		220		—		220
Net unrealized gain (loss) on derivative instruments (net of tax benefit of $1,055)	—		—		—		—		—		(3,409)		—		(3,409)		—		(3,409)
Foreign currency translation adjustment	—		—		—		—		—		28,103		—		28,103		64		28,167
Balance at December 29, 2019	$	—	$	551	$	522,146	$	(564,877)	$	1,566,115	$	(151,233)	$	(6,607)	$	1,366,095	$	3,580	$	1,369,675

Earnings Per Share

9 Months Ended

Jan. 03, 2021

Earnings Per Share [Abstract]

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				Nine months ended
	January 3, 2021		December 29, 2019		January 3, 2021		December 29, 2019
Net earnings attributable to EnerSys stockholders	$	38,624	$	27,305	$	109,538	$	138,639
Weighted-average number of common shares outstanding:
Basic	42,599,834		42,286,641		42,502,460		42,445,006
Dilutive effect of:
Common shares from exercise and lapse of equity awards, net of shares assumed reacquired	690,569		552,328		600,844		443,489
Diluted weighted-average number of common shares outstanding	43,290,403		42,838,969		43,103,304		42,888,495
Basic earnings per common share attributable to EnerSys stockholders	$	0.91	$	0.65	$	2.58	$	3.27
Diluted earnings per common share attributable to EnerSys stockholders	$	0.89	$	0.64	$	2.54	$	3.23
Anti-dilutive equity awards not included in diluted weighted-average common shares	120,048		636,255		218,642		766,130

Business Segments

9 Months Ended

Jan. 03, 2021

Segment Reporting [Abstract]

Business Segments

Effective April 1, 2020, the Company's chief operating decision maker, or CODM (the Company's Chief Executive Officer), changed the manner in which he reviews financial information for purposes of assessing business performance and allocating resources, by focusing on the lines of business on a global basis, rather than on geographic basis. As a result of this change, the Company re-evaluated the identification of its operating segments and reportable segments and identified the following as its three new operating segments, based on lines of business:

•Energy Systems - uninterruptible power systems, or “UPS” applications for computer and computer-controlled systems, as well as telecommunications systems, switchgear and electrical control systems used in industrial facilities and electric utilities, large-scale energy storage and energy pipelines. Energy Systems also includes highly integrated power solutions and services to broadband, telecom, renewable and industrial customers, as well as thermally managed cabinets and enclosures for electronic equipment and batteries.

•Motive Power - power for electric industrial forklifts used in manufacturing, warehousing and other material handling applications, as well as mining equipment, diesel locomotive starting and other rail equipment; and

•Specialty - premium starting, lighting and ignition applications in transportation, energy solutions for satellites, military aircraft, submarines, ships and other tactical vehicles, as well as medical and security systems.

The new operating segments also represent the Company's reportable segments under ASC 280, Segment Reporting. All prior comparative periods presented have been recast to conform to these changes.

Summarized financial information related to the Company's reportable segments for the third quarter and nine months ended January 3, 2021 and December 29, 2019, is shown below:


	Quarter ended				Nine months ended
	January 3, 2021		December 29, 2019		January 3, 2021		December 29, 2019
Net sales by segment to unaffiliated customers
Energy Systems	$	337,248	$	345,507	$	1,031,457	$	1,042,325
Motive Power	304,373		315,517		830,945		995,219
Specialty	109,446		102,674		301,991		268,521
Total net sales	$	751,067	$	763,698	$	2,164,393	$	2,306,065
Operating earnings by segment
Energy Systems	$	18,407	$	16,293	$	63,489	$	60,337
Motive Power	40,270		30,894		91,695		102,523
Specialty	12,590		9,159		29,224		29,186
Inventory step up to fair value relating to acquisitions - Energy Systems	—		(1,636)		—		(1,636)
Inventory step up to fair value relating to acquisitions - Specialty	—		(2,209)		—		(2,209)
Restructuring charges - Energy Systems	(868)		(4,594)		(2,711)		(6,326)
Restructuring and other exit charges - Motive Power	(14,348)		(520)		(16,791)		(1,512)
Restructuring and other exit charges - Specialty	20		(4,303)		(200)		(4,792)
Fixed asset write-off relating to exit activities and other - Energy Systems	—		—		—		(50)
Fixed asset write-off relating to exit activities and other - Motive Power	—		—		—		(5,380)
Fixed asset write-off relating to exit activities - Specialty	—		—		—		(11)
Total operating earnings (1)	$	56,071	$	43,084	$	164,706	$	170,130

(1) The Company does not allocate interest expense or other (income) expense to the reportable segments.

(2) The Company does not identify or allocate assets by reportable segment, nor does the CODM evaluate reportable segments using discrete asset information.

(3) Reportable segments do not record inter-segment revenues and accordingly there are none to report.

Goodwill

Concurrent with the change in reporting segments effective April 1, 2020, goodwill was reassigned to the affected reporting units that have been identified within each operating segment, using a relative fair value approach outlined in ASC 350, Intangibles - Goodwill and Other.

The following table presents the amount of goodwill that has been reassigned to each of the Company's reportable segments as of April 1, 2020, using the relative fair value approach, as well as any changes in the carrying amount of goodwill by segment during the nine months of fiscal 2021:


	Energy Systems		Motive Power		Specialty		Total
Balance at March 31, 2020	$	263,150	$	308,497	$	92,289	$	663,936
Measurement period adjustments	1,348		—		1,648		2,996
Foreign currency translation adjustment	15,349		19,993		4,897		40,239
Balance as of January 3, 2021	$	279,847	$	328,490	$	98,834	$	707,171

Subsequent Events	9 Months Ended
Subsequent Events	Jan. 03, 2021
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsOn February 10, 2021, the Board of Directors approved a quarterly cash dividend of $0.175 per share of common stock to be paid on March 26, 2021, to stockholders of record as of March 12, 2021.

Basis of Presentation (Policies)

9 Months Ended

Jan. 03, 2021

Accounting Policies [Abstract]

Basis of Presentation

Recently Adopted Accounting Pronouncements and Accounting Pronouncements Issued But Not Yet Adopted

Recently Adopted Accounting Pronouncements

The following table sets forth the quarterly changes in the Company's allowance for doubtful accounts:


Allowance for doubtful accounts:	Balance at Beginning of Period		Provision for doubtful debts		Write-offs, net of recoveries and other		Balance at End of Period
First quarter ended July 5, 2020	$	15,246	$	96	$	(2,113)	$	13,229
Second quarter ended October 4, 2020	13,229		86		2		13,317
Third quarter ended January 3, 2021	13,317		88		(1,414)		11,991

Accounting Pronouncements Issued But Not Adopted as of January 3, 2021

Use of Estimates

Basis of Presentation (Tables)

9 Months Ended

Jan. 03, 2021

Accounting Policies [Abstract]

Allowance for Doubtful Accounts Rollforward

The following table sets forth the quarterly changes in the Company's allowance for doubtful accounts:


Allowance for doubtful accounts:	Balance at Beginning of Period		Provision for doubtful debts		Write-offs, net of recoveries and other		Balance at End of Period
First quarter ended July 5, 2020	$	15,246	$	96	$	(2,113)	$	13,229
Second quarter ended October 4, 2020	13,229		86		2		13,317
Third quarter ended January 3, 2021	13,317		88		(1,414)		11,991

Leases (Tables)

9 Months Ended

Jan. 03, 2021

Leases [Abstract]

Lessee, Supplemental Balance Sheet Information Related To Leases

The following table presents lease assets and liabilities and their balance sheet classification:


	Classification	As of January 3, 2021		As of March 31, 2020
Operating Leases:
Right-of-use assets	Other assets	$	64,646	$	70,045
Operating lease current liabilities	Accrued expenses	21,591		21,128
Operating lease non-current liabilities	Other liabilities	45,294		51,215
Finance Leases:
Right-of-use assets	Property, plant, and equipment, net	$	647	$	540
Finance lease current liabilities	Accrued expenses	224		162
Finance lease non-current liabilities	Other liabilities	460		407

Lease, Cost

The components of lease expense for the third quarter and nine months ended January 3, 2021 and December 29, 2019 were as follows:


		Quarter ended				Nine months ended
	Classification	January 3, 2021		December 29, 2019		January 3, 2021		December 29, 2019
Operating Leases:
Operating lease cost	Operating expenses	$	6,635	$	7,263	$	20,316	$	21,818
Variable lease cost	Operating expenses	1,797		2,130		5,529		5,958
Short term lease cost	Operating expenses	1,610		1,640		5,016		5,751
Finance Leases:
Depreciation	Operating expenses	$	53	$	138	$	141	$	419
Interest expense	Interest expense	8		8		22		30
Total		$	10,103	$	11,179	$	31,024	$	33,976

Lessee, Supplemental Information Related To Leases

The following table presents the weighted average lease term and discount rates for leases as of January 3, 2021:


Operating Leases:
Weighted average remaining lease term						6 years
Weighted average discount rate						5.35%
Finance Leases:
Weighted average remaining lease term						3.3 years
Weighted average discount rate						4.88%

Lessee, Operating Lease, Liability, Maturity

The following table presents future payments due under leases reconciled to lease liabilities as of January 3, 2021:


	Finance Leases		Operating Leases
Three months ended March 31, 2021	$	63	$	6,653
Year ended March 31,
2022	251		22,828
2023	203		15,556
2024	147		9,876
2025	48		6,212
Thereafter	28		17,234
Total undiscounted lease payments	740		78,359
Present value discount	56		11,474
Lease liability	$	684	$	66,885

Finance Lease, Liability, Maturity

The following table presents future payments due under leases reconciled to lease liabilities as of January 3, 2021:


	Finance Leases		Operating Leases
Three months ended March 31, 2021	$	63	$	6,653
Year ended March 31,
2022	251		22,828
2023	203		15,556
2024	147		9,876
2025	48		6,212
Thereafter	28		17,234
Total undiscounted lease payments	740		78,359
Present value discount	56		11,474
Lease liability	$	684	$	66,885

Lessee, Supplemental Cash Flow Information Related To Leases

The following table presents supplemental disclosures of cash flow information related to leases for the third quarter and nine months ended January 3, 2021 and December 29, 2019:


	Quarter ended				Nine months ended
	January 3, 2021		December 29, 2019		January 3, 2021		December 29, 2019
Operating cash flows from finance leases	$	8	$	8	$	22	$	30
Operating cash flows from operating leases	6,710		7,176		20,370		21,559
Financing cash flows from finance leases	52		140		138		421
Supplemental non-cash information on lease liabilities arising from right-of-use assets:
Right-of-use assets obtained in exchange for new finance lease liabilities	$	98	$	—	$	185	$	—
Right-of-use assets obtained in exchange for new operating lease liabilities	2,181		2,876		9,313		7,822

Acquisition (Tables)

9 Months Ended

Jan. 03, 2021

Business Combinations [Abstract]

Schedule of Intangible Assets

Information regarding the Company’s other intangible assets are as follows:


	Balance as of
	January 3, 2021						March 31, 2020
	Gross Amount		Accumulated Amortization		Net Amount		Gross Amount		Accumulated Amortization		Net Amount
Indefinite-lived intangible assets:
Trademarks	$	148,575	$	(957)	$	147,618	$	147,356	$	(953)	$	146,403
Finite-lived intangible assets:
Customer relationships	298,304		(81,894)		216,410		292,155		(64,855)		227,300
Non-compete	2,825		(2,825)		—		3,021		(2,817)		204
Technology	97,264		(27,332)		69,932		96,047		(20,349)		75,698
Trademarks	8,008		(2,970)		5,038		8,008		(1,928)		6,080
Licenses	1,196		(1,196)		—		1,196		(1,196)		—
Total	$	556,172	$	(117,174)	$	438,998	$	547,783	$	(92,098)	$	455,685

Inventories (Tables)

9 Months Ended

Jan. 03, 2021

Inventory Disclosure [Abstract]

Summary Of Inventories

Inventories, net consist of:


	January 3, 2021		March 31, 2020
Raw materials	$	145,998	$	141,906
Work-in-process	100,910		91,520
Finished goods	268,561		286,034
Total	$	515,469	$	519,460

Fair Value of Financial Instruments (Tables)

9 Months Ended

Jan. 03, 2021

Fair Value Disclosures [Abstract]

Financial Assets And (Liabilities), Measured At Fair Value On A Recurring Basis

The following tables represent the financial assets and (liabilities) measured at fair value on a recurring basis as of January 3, 2021 and March 31, 2020, and the basis for that measurement:


	Total Fair Value Measurement January 3, 2021		Quoted Price in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Lead forward contracts	$	1,008	$	—	$	1,008	$	—
Foreign currency forward contracts	(224)		—		(224)		—
Total derivatives	$	784	$	—	$	784	$	—


	Total Fair Value Measurement March 31, 2020		Quoted Price in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Lead forward contracts	$	(2,433)	$	—	$	(2,433)	$	—
Foreign currency forward contracts	1		—		1		—
Total derivatives	$	(2,432)	$	—	$	(2,432)	$	—

Carrying Amounts And Estimated Fair Values Of Company's Financial Instruments

The carrying amounts and estimated fair values of the Company’s derivatives and Senior Notes at January 3, 2021 and March 31, 2020 were as follows:


	January 3, 2021				March 31, 2020
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets:
Derivatives (1)	$	784	$	784	$	—	$	—
Financial liabilities:
Senior Notes (2)	$	600,000	$	631,125	$	600,000	$	573,000
Derivatives (1)	—		—		2,432		2,432

(1)Represents lead and foreign currency forward contracts (see Note 7 for asset and liability positions of the lead and foreign currency forward contracts at January 3, 2021 and March 31, 2020).

(2)The fair value amount of the Senior Notes at January 3, 2021 and March 31, 2020 represent the trading value of the instruments.

Derivative Financial Instruments (Tables)

9 Months Ended

Jan. 03, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Fair Value of Derivative Instruments

January 3, 2021 and March 31, 2020


	Derivatives and Hedging Activities Designated as Cash Flow Hedges				Derivatives and Hedging Activities Not Designated as Hedging Instruments
	January 3, 2021		March 31, 2020		January 3, 2021		March 31, 2020
Prepaid and other current assets:
Lead forward contracts	$	1,008	$	—	$	—	$	—
Foreign currency forward contracts	—		—		176		375
Total assets	$	1,008	$	—	$	176	$	375
Accrued expenses:
Lead forward contracts	$	—	$	2,433	$	—	$	—
Foreign currency forward contracts	400		374		—		—
Total liabilities	$	400	$	2,807	$	—	$	—

The Effect Of Derivative Instruments On Consolidated Condensed Statements Of Income

The Effect of Derivative Instruments on the Consolidated Condensed Statements of Income

For the quarter ended January 3, 2021


Derivatives Designated as Cash Flow Hedges	Pretax Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion)		Location of Gain (Loss) Reclassified from AOCI into Income (Effective Portion)	Pretax Gain (Loss) Reclassified from AOCI into Income (Effective Portion)
Lead forward contracts	$	4,843	Cost of goods sold	$	998
Foreign currency forward contracts	(618)		Cost of goods sold	(336)
Total	$	4,225		$	662


Derivatives Not Designated as Hedging Instruments	Location of Gain (Loss) Recognized in Income on Derivatives	Pretax Gain (Loss)
Foreign currency forward contracts	Other (income) expense, net	$	220
Total		$	220

The Effect of Derivative Instruments on the Consolidated Condensed Statements of Income

For the quarter ended December 29, 2019


Derivatives Designated as Cash Flow Hedges	Pretax Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion)		Location of Gain (Loss) Reclassified from AOCI into Income (Effective Portion)	Pretax Gain (Loss) Reclassified from AOCI into Income (Effective Portion)
Lead forward contracts	$	(3,199)	Cost of goods sold	$	1,034
Foreign currency forward contracts	305		Cost of goods sold	536
Total	$	(2,894)		$	1,570


Derivatives Not Designated as Hedging Instruments	Location of Gain (Loss) Recognized in Income on Derivatives	Pretax Gain (Loss)
Foreign currency forward contracts	Other (income) expense, net	$	179
Total		$	179

The Effect of Derivative Instruments on the Consolidated Condensed Statements of Income

For the nine months ended January 3, 2021


Derivatives Designated as Cash Flow Hedges	Pretax Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion)		Location of Gain (Loss) Reclassified from AOCI into Income (Effective Portion)	Pretax Gain (Loss) Reclassified from AOCI into Income (Effective Portion)
Lead forward contracts	$	1,350	Cost of goods sold	$	(7,655)
Foreign currency forward contracts	(811)		Cost of goods sold	(362)
Total	$	539		$	(8,017)


Derivatives Not Designated as Hedging Instruments	Location of Gain (Loss) Recognized in Income on Derivatives	Pretax Gain (Loss)
Foreign currency forward contracts	Other (income) expense, net	$	592
Total		$	592

The Effect of Derivative Instruments on the Consolidated Condensed Statements of Income

For the nine months ended December 29, 2019


Derivatives Designated as Cash Flow Hedges	Pretax Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion)		Location of Gain (Loss) Reclassified from AOCI into Income (Effective Portion)	Pretax Gain (Loss) Reclassified from AOCI into Income (Effective Portion)
Lead forward contracts	$	(4,167)	Cost of goods sold	$	(1,698)
Foreign currency forward contracts	470		Cost of goods sold	816
Total	$	(3,697)		$	(882)


Derivatives Not Designated as Hedging Instruments	Location of Gain (Loss) Recognized in Income on Derivatives	Pretax Gain (Loss)
Foreign currency forward contracts	Other (income) expense, net	$	(517)
Total		$	(517)

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(n)(2))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
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-Section 50
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-URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5579240-113959

+ Details

Warranty (Tables)

9 Months Ended

Jan. 03, 2021

Product Warranties Disclosures [Abstract]

Analysis Of Changes In Liability For Product Warranties

An analysis of changes in the liability for product warranties is as follows:


	Quarter ended				Nine months ended
	January 3, 2021		December 29, 2019		January 3, 2021		December 29, 2019
Balance at beginning of period	$	60,312	$	54,936	$	63,525	$	54,568
Current period provisions	6,175		7,234		20,832		21,228
Costs incurred	(6,741)		(7,764)		(26,713)		(20,939)
Warranty reserves of acquired business	—		4,967		—		4,967
Foreign currency translation adjustment	698		1,946		2,800		1,495
Balance at end of period	$	60,444	$	61,319	$	60,444	$	61,319

Restructuring Plans (Tables)

9 Months Ended

Jan. 03, 2021

Restructuring and Related Activities [Abstract]

Reconciliation of Restructuring Reserve

Restructuring and exit charges for the third quarter and nine months of fiscal 2021 by reportable segments are as follows:


	Quarter ended January 3, 2021
	Energy Systems		Motive Power		Specialty		Total
Restructuring charges	$	868	$	2,665	$	9	$	3,542
Exit charges	—		11,683		(29)		11,654
Restructuring and other exit charges	$	868	$	14,348	$	(20)	$	15,196


	Nine months ended January 3, 2021
	Energy Systems		Motive Power		Specialty		Total
Restructuring charges	$	2,711	$	3,599	$	138	$	6,448
Exit charges	—		13,192		62		13,254
Restructuring and other exit charges	$	2,711	$	16,791	$	200	$	19,702

A roll-forward of the restructuring reserve is as follows:


Balance as of March 31, 2020	$	3,325
Accrued	6,448
Costs incurred	(5,270)
Foreign currency impact	413
Balance as of January 3, 2021	$	4,916

Debt (Tables)

9 Months Ended

Jan. 03, 2021

Debt Disclosure [Abstract]

Long-Term Debt And Capital Lease Obligations

The following summarizes the Company’s long-term debt as of January 3, 2021 and March 31, 2020:


	January 3, 2021				March 31, 2020
	Principal		Unamortized Issuance Costs		Principal		Unamortized Issuance Costs
Senior Notes	$	600,000	$	5,406	$	600,000	$	6,306
Amended Credit Facility, due 2022	461,130		1,533		513,224		2,187

	$	1,061,130	$	6,939	$	1,113,224	$	8,493
Less: Unamortized issuance costs	6,939				8,493
Long-term debt, net of unamortized issuance costs	$	1,054,191			$	1,104,731

Retirement Plans (Tables)

9 Months Ended

Jan. 03, 2021

Retirement Benefits [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
	January 3, 2021		December 29, 2019		January 3, 2021		December 29, 2019
Service cost	$	—	$	—	$	252	$	229
Interest cost	135		154		352		375
Expected return on plan assets	(73)		(110)		(480)		(542)
Amortization and deferral	92		38		263		253

Net periodic benefit cost	$	154	$	82	$	387	$	315


	United States Plans				International Plans
	Nine months ended				Nine months ended
	January 3, 2021		December 29, 2019		January 3, 2021		December 29, 2019
Service cost	$	—	$	—	$	739	$	691
Interest cost	400		462		1,027		1,115
Expected return on plan assets	(204)		(336)		(1,401)		(1,598)
Amortization and deferral	357		141		766		751

Net periodic benefit cost	$	553	$	267	$	1,131	$	959

Stockholders' Equity and Noncontrolling Interests (Tables)

9 Months Ended

Jan. 03, 2021

Equity [Abstract]

Change In Number Of Shares Of Common Stock Outstanding

The following demonstrates the change in the number of shares of common stock outstanding during the nine months ended January 3, 2021:


Shares outstanding as of March 31, 2020						42,323,305


Shares issued under equity-based compensation plans, net of equity awards surrendered for option price and taxes						301,166
Shares outstanding as of January 3, 2021						42,624,471

Components Of Accumulated Other Comprehensive Income

The components of AOCI, net of tax, as of January 3, 2021 and March 31, 2020, are as follows:


	March 31, 2020		Before Reclassifications		Amounts Reclassified from AOCI		January 3, 2021
Pension funded status adjustment	$	(22,794)	$	—	$	865	$	(21,929)
Net unrealized (loss) gain on derivative instruments	(5,923)		411		6,120		608
Foreign currency translation adjustment	(186,289)		113,580		—		(72,709)
Accumulated other comprehensive (loss) income	$	(215,006)	$	113,991	$	6,985	$	(94,030)

Reclassification from Accumulated Other Comprehensive Income

The following table presents reclassifications from AOCI during the third quarter ended January 3, 2021:


Components of AOCI	Amounts Reclassified from AOCI		Location of (Gain) Loss Recognized on Income Statement
Derivatives in cash flow hedging relationships:
Net unrealized gain on derivative instruments	$	(662)	Cost of goods sold
Tax expense	157
Net unrealized gain on derivative instruments, net of tax	$	(505)

Defined benefit pension costs:
Prior service costs and deferrals	$	355	Net periodic benefit cost, included in other (income) expense, net - See Note 13
Tax benefit	(86)
Net periodic benefit cost, net of tax	$	269

The following table presents reclassifications from AOCI during the nine months ended January 3, 2021:


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	$	8,017	Cost of goods sold
Tax benefit	(1,897)
Net unrealized loss on derivative instruments, net of tax	$	6,120

Defined benefit pension costs:
Prior service costs and deferrals	$	1,123	Net periodic benefit cost, included in other (income) expense, net - See Note 13
Tax benefit	(258)
Net periodic benefit cost, net of tax	$	865

The following table presents reclassifications from AOCI during the third quarter ended December 29, 2019:


Components of AOCI	Amounts Reclassified from AOCI		Location of (Gain) Loss Recognized on Income Statement
Derivatives in cash flow hedging relationships:
Net unrealized gain on derivative instruments	$	(1,570)	Cost of goods sold
Tax expense	372
Net unrealized gain on derivative instruments, net of tax	$	(1,198)

Defined benefit pension costs:
Prior service costs and deferrals	$	291	Net periodic benefit cost, included in other (income) expense, net - See Note 13
Tax benefit	(71)
Net periodic benefit cost, net of tax	$	220

The following table presents reclassifications from AOCI during the nine months ended December 29, 2019:


Components of AOCI	Amounts Reclassified from AOCI		Location of (Gain) Loss Recognized on Income Statement
Derivatives in cash flow hedging relationships:
Net unrealized loss on derivative instruments	$	882	Cost of goods sold
Tax benefit	(208)
Net unrealized loss on derivative instruments, net of tax	$	674

Defined benefit pension costs:
Prior service costs and deferrals	$	892	Net periodic benefit cost, included in other (income) expense, net - See Note 13
Tax benefit	(198)
Net periodic benefit cost, net of tax	$	694

Schedule of Change in Stockholders Equity

The following demonstrates the change in equity attributable to EnerSys stockholders and nonredeemable noncontrolling interests during the third quarter and nine months ended January 3, 2021:


(In Thousands, Except Per Share Data)	Preferred Stock		Common Stock		Additional Paid-in Capital		Treasury Stock		Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Contra-Equity		Total EnerSys Stockholders’ Equity		Non- redeemable Non- Controlling Interests		Total Equity
Balance at March 31, 2020	$	—	$	551	$	529,100	$	(564,376)	$	1,556,980	$	(215,006)	$	(6,724)	$	1,300,525	$	3,537	$	1,304,062
Stock-based compensation	—		—		5,053		—		—		—		—		5,053		—		5,053
Exercise of stock options	—		2		479		—		—		—		—		481		—		481
Shares issued under equity awards (taxes paid related to net share settlement of equity awards), net	—		—		(3,135)		—		—		—		—		(3,135)		—		(3,135)
Other	—		—		(123)		299		—		—		—		176		—		176
Net earnings	—		—		—		—		35,183		—		—		35,183		—		35,183
Dividends ($0.175 per common share)	—		—		172		—		(7,600)		—		—		(7,428)		—		(7,428)
Other comprehensive income:
Pension funded status adjustment (net of tax benefit of $86)	—		—		—		—		—		291		—		291		—		291
Net unrealized gain (loss) on derivative instruments (net of tax expense of $726)	—		—		—		—		—		2,343		—		2,343		—		2,343
Foreign currency translation adjustment	—		—		—		—		—		28,139		—		28,139		8		28,147
Balance at July 5, 2020	$	—	$	553	$	531,546	$	(564,077)	$	1,584,563	$	(184,233)	$	(6,724)	$	1,361,628	$	3,545	$	1,365,173
Stock-based compensation	—		—		5,533		—		—		—		—		5,533		—		5,533
Exercise of stock options	—		1		1,284		—		—		—		—		1,285		—		1,285
Shares issued under equity awards (taxes paid related to net share settlement of equity awards), net	—		—		(1,467)		—		—		—		—		(1,467)		—		(1,467)
Contra equity - adjustment to indemnification receivable for acquisition related tax liability	—		—		—		—		—		—		1,451		1,451		—		1,451
Other	—		—		(7)		224		—		—		—		217		—		217
Net earnings	—		—		—		—		35,731		—		—		35,731		—		35,731
Dividends ($0.175 per common share)	—		—		203		—		(7,654)		—		—		(7,451)		—		(7,451)
Other comprehensive income:
Pension funded status adjustment (net of tax benefit of $86)	—		—		—		—		—		305		—		305		—		305
Net unrealized gain (loss) on derivative instruments (net of tax expense of $454)	—		—		—		—		—		1,470		—		1,470		—		1,470
Foreign currency translation adjustment	—		—		—		—		—		32,689		—		32,689		144		32,833
Balance at October 4, 2020	$	—	$	554	$	537,092	$	(563,853)	$	1,612,640	$	(149,769)	$	(5,273)	$	1,431,391	$	3,689	$	1,435,080
Stock-based compensation	—		—		6,396		—		—		—		—		6,396		—		6,396
Exercise of stock options	—		—		3,052		—		—		—		—		3,052		—		3,052
Shares issued under equity awards (taxes paid related to net share settlement of equity awards), net	—		—		(357)		—		—		—		—		(357)		—		(357)

Other	—		—		(1)		191		—		—		—		190		—		190
Net earnings	—		—		—		—		38,624		—		—		38,624		—		38,624
Dividends ($0.175 per common share)	—		—		203		—		(7,681)		—		—		(7,478)		19		(7,459)
Other comprehensive income:
Pension funded status adjustment (net of tax benefit of $86)	—		—		—		—		—		269		—		269		—		269
Net unrealized gain (loss) on derivative instruments (net of tax expense of $845)	—		—		—		—		—		2,718		—		2,718		—		2,718
Foreign currency translation adjustment	—		—		—		—		—		52,752		—		52,752		149		52,901
Balance at January 3, 2021	$	—	$	554	$	546,385	$	(563,662)	$	1,643,583	$	(94,030)	$	(5,273)	$	1,527,557	$	3,857	$	1,531,414

The following demonstrates the change in equity attributable to EnerSys stockholders and nonredeemable noncontrolling interests during the third quarter and nine months ended December 29, 2019:


(In Thousands, Except Per Share Data)	Preferred Stock		Common Stock		Additional Paid-in Capital		Treasury Stock		Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Contra-Equity		Total EnerSys Stockholders’ Equity		Non- redeemable Non- Controlling Interests		Total Equity
Balance at March 31, 2019	$	—	$	548	$	512,696	$	(530,760)	$	1,450,325	$	(142,682)	$	(7,840)	$	1,282,287	$	3,730	$	1,286,017
Stock-based compensation	—		—		3,874		—		—		—		—		3,874		—		3,874
Exercise of stock options	—		3		35		—		—		—		—		38		—		38
Shares issued under equity awards (taxes paid related to net share settlement of equity awards), net	—		—		(6,081)		—		—		—		—		(6,081)		—		(6,081)
Purchase of common stock	—		—		—		(23,029)		—		—		—		(23,029)		—		(23,029)
Other	—		—		(80)		—		—		—		—		(80)		—		(80)
Net earnings	—		—		—		—		48,636		—		—		48,636		—		48,636
Dividends ($0.175 per common share)	—		—		133		—		(7,632)		—		—		(7,499)		—		(7,499)
Other comprehensive income:
Pension funded status adjustment (net of tax benefit of $68)	—		—		—		—		—		237		—		237		—		237
Net unrealized gain (loss) on derivative instruments (net of tax benefit of $720)	—		—		—		—		—		(2,329)		—		(2,329)		—		(2,329)
Foreign currency translation adjustment	—		—		—		—		—		(3,128)		—		(3,128)		(83)		(3,211)
Balance at June 30, 2019	$	—	$	551	$	510,577	$	(553,789)	$	1,491,329	$	(147,902)	$	(7,840)	$	1,292,926	$	3,647	$	1,296,573
Stock-based compensation	—		—		4,994		—		—		—		—		4,994		—		4,994
Exercise of stock options	—		—		(13)		—		—		—		—		(13)		—		(13)
Shares issued under equity awards (taxes paid related to net share settlement of equity awards), net	—		—		(169)		—		—		—		—		(169)		—		(169)
Purchase of common stock	—		—		—		(11,532)		—		—		—		(11,532)		—		(11,532)
Contra equity - adjustment to indemnification receivable for acquisition related tax liability	—		—		—		—		—		—		2,002		2,002		—		2,002
Other	—		—		—		213		—		—		—		213		—		213
Net earnings	—		—		—		—		62,698		—		—		62,698		—		62,698
Dividends ($0.175 per common share)	—		—		209		—		(7,608)		—		—		(7,399)		—		(7,399)
Other comprehensive income:
Pension funded status adjustment (net of tax benefit of $59)	—		—		—		—		—		237		—		237		—		237
Net unrealized gain (loss) on derivative instruments (net of tax benefit of $1,112)	—		—		—		—		—		3,586		—		3,586		—		3,586
Foreign currency translation adjustment	—		—		—		—		—		(32,068)		—		(32,068)		(131)		(32,199)
Balance at September 29, 2019	$	—	$	551	$	515,598	$	(565,108)	$	1,546,419	$	(176,147)	$	(5,838)	$	1,315,475	$	3,516	$	1,318,991
Stock-based compensation	—		—		5,891		—		—		—		—		5,891		—		5,891
Exercise of stock options	—		—		480		—		—		—		—		480		—		480
Shares issued under equity awards (taxes paid related to net share settlement of equity awards), net	—		—		(31)		—		—		—		—		(31)		—		(31)

Contra equity - adjustment to indemnification receivable for acquisition related tax liability	—		—		—		—		—		—		(769)		(769)		—		(769)
Other	—		—		—		231		—		—		—		231		—		231
Net earnings	—		—		—		—		27,305		—		—		27,305		—		27,305
Dividends ($0.175 per common share)	—		—		208		—		(7,609)		—		—		(7,401)		—		(7,401)
Other comprehensive income:
Pension funded status adjustment (net of tax benefit of $71)	—		—		—		—		—		220		—		220		—		220
Net unrealized gain (loss) on derivative instruments (net of tax benefit of $1,055)	—		—		—		—		—		(3,409)		—		(3,409)		—		(3,409)
Foreign currency translation adjustment	—		—		—		—		—		28,103		—		28,103		64		28,167
Balance at December 29, 2019	$	—	$	551	$	522,146	$	(564,877)	$	1,566,115	$	(151,233)	$	(6,607)	$	1,366,095	$	3,580	$	1,369,675

Earnings Per Share (Tables)

9 Months Ended

Jan. 03, 2021

Earnings Per Share [Abstract]

Schedule of Weighted Average Number of Shares


	Quarter ended				Nine months ended
	January 3, 2021		December 29, 2019		January 3, 2021		December 29, 2019
Net earnings attributable to EnerSys stockholders	$	38,624	$	27,305	$	109,538	$	138,639
Weighted-average number of common shares outstanding:
Basic	42,599,834		42,286,641		42,502,460		42,445,006
Dilutive effect of:
Common shares from exercise and lapse of equity awards, net of shares assumed reacquired	690,569		552,328		600,844		443,489
Diluted weighted-average number of common shares outstanding	43,290,403		42,838,969		43,103,304		42,888,495
Basic earnings per common share attributable to EnerSys stockholders	$	0.91	$	0.65	$	2.58	$	3.27
Diluted earnings per common share attributable to EnerSys stockholders	$	0.89	$	0.64	$	2.54	$	3.23
Anti-dilutive equity awards not included in diluted weighted-average common shares	120,048		636,255		218,642		766,130

Business Segments Business Segments (Tables)

9 Months Ended

Jan. 03, 2021

Segment Reporting [Abstract]

Selected Financial Data for Reportable Business Segments and Product Lines

Summarized financial information related to the Company's reportable segments for the third quarter and nine months ended January 3, 2021 and December 29, 2019, is shown below:


	Quarter ended				Nine months ended
	January 3, 2021		December 29, 2019		January 3, 2021		December 29, 2019
Net sales by segment to unaffiliated customers
Energy Systems	$	337,248	$	345,507	$	1,031,457	$	1,042,325
Motive Power	304,373		315,517		830,945		995,219
Specialty	109,446		102,674		301,991		268,521
Total net sales	$	751,067	$	763,698	$	2,164,393	$	2,306,065
Operating earnings by segment
Energy Systems	$	18,407	$	16,293	$	63,489	$	60,337
Motive Power	40,270		30,894		91,695		102,523
Specialty	12,590		9,159		29,224		29,186
Inventory step up to fair value relating to acquisitions - Energy Systems	—		(1,636)		—		(1,636)
Inventory step up to fair value relating to acquisitions - Specialty	—		(2,209)		—		(2,209)
Restructuring charges - Energy Systems	(868)		(4,594)		(2,711)		(6,326)
Restructuring and other exit charges - Motive Power	(14,348)		(520)		(16,791)		(1,512)
Restructuring and other exit charges - Specialty	20		(4,303)		(200)		(4,792)
Fixed asset write-off relating to exit activities and other - Energy Systems	—		—		—		(50)
Fixed asset write-off relating to exit activities and other - Motive Power	—		—		—		(5,380)
Fixed asset write-off relating to exit activities - Specialty	—		—		—		(11)
Total operating earnings (1)	$	56,071	$	43,084	$	164,706	$	170,130

(1) The Company does not allocate interest expense or other (income) expense to the reportable segments.

(2) The Company does not identify or allocate assets by reportable segment, nor does the CODM evaluate reportable segments using discrete asset information.

(3) Reportable segments do not record inter-segment revenues and accordingly there are none to report.


	Energy Systems		Motive Power		Specialty		Total
Balance at March 31, 2020	$	263,150	$	308,497	$	92,289	$	663,936
Measurement period adjustments	1,348		—		1,648		2,996
Foreign currency translation adjustment	15,349		19,993		4,897		40,239
Balance as of January 3, 2021	$	279,847	$	328,490	$	98,834	$	707,171

Basis of Presentation - Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands	3 Months Ended
	Jan. 03, 2021	Oct. 04, 2020	Jul. 05, 2020
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at Beginning of Period	$ 13,317	$ 13,229	$ 15,246
Provision for doubtful debts	88	86	96
Write-offs, net of recoveries and other	(1,414)	2	(2,113)
Balance at End of Period	$ 11,991	$ 13,317	$ 13,229

Revenue Recognition - (Additional Information) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 03, 2021	Dec. 31, 2019	Jan. 03, 2021	Dec. 31, 2019	Mar. 31, 2020
Disaggregation of Revenue [Line Items]
Net sales	$ 751,067	$ 763,698	$ 2,164,393	$ 2,306,065
Remaining performance obligation	118,776		118,776
Contract with customer, liability, current portion	19,445		19,445		$ 17,342
Contract with customer, liability, noncurrent portion	4,122		4,122		8,356
Deferred Revenue, Revenue Recognized	6,785	5,494	12,110	13,901
Unbilled contracts receivable	45,014		45,014		$ 39,048
Right to recover product	4,273		4,273
Refund liability	7,104		7,104
Transferred over Time
Disaggregation of Revenue [Line Items]
Net sales	37,975	35,306	109,152	110,396
Service
Disaggregation of Revenue [Line Items]
Net sales	$ 73,581	$ 78,907	$ 216,666	$ 200,907

Revenue Recognition - (Remaining Performance Obligation) (Details) $ in Thousands	Jan. 03, 2021 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 118,776
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 54,082
Remaining performance obligation, timing of satisfaction	3 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 50,893
Remaining performance obligation, timing of satisfaction	2 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 12,388
Remaining performance obligation, timing of satisfaction	3 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 1,359
Remaining performance obligation, timing of satisfaction	4 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 54
Remaining performance obligation, timing of satisfaction	5 years

Leases - (Additional Information) (Details)	Jan. 03, 2021
Minimum
Lessee, Lease, Description [Line Items]
Contract term	1 year
Maximum
Lessee, Lease, Description [Line Items]
Contract term	17 years

Leases - (Balance Sheet Classification) (Details) - USD ($) $ in Thousands	Jan. 03, 2021	Mar. 31, 2020
Leases [Abstract]
Operating lease right-of-use asset	$ 64,646	$ 70,045
Operating lease current liabilities	21,591	21,128
Operating lease non-current liabilities	45,294	51,215
Finance lease right-of-use asset	647	540
Finance lease current liabilities	224	162
Finance lease non-current liabilities	$ 460	$ 407

Leases - (Lease Cost) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Leases - (Lease Cost) (Details) - USD ($) $ in Thousands	Jan. 03, 2021	Dec. 31, 2019	Jan. 03, 2021	Dec. 31, 2019
Operating Leases:
Operating lease cost	$ 6,635	$ 7,263	$ 20,316	$ 21,818
Variable lease cost	1,797	2,130	5,529	5,958
Short term lease cost	1,610	1,640	5,016	5,751
Finance Leases:
Depreciation	53	138	141	419
Interest expense	8	8	22	30
Total	$ 10,103	$ 11,179	$ 31,024	$ 33,976

Leases - (Additional Information Related to Leases) (Details)	Jan. 03, 2021
Operating Leases:
Weighted average remaining lease term	6 years
Weighted average discount rate	5.35%
Finance Leases:
Weighted average remaining lease term	3 years 3 months 18 days
Weighted average discount rate	4.88%

Leases - (Finance and Operating Lease Maturity Schedules) (Details) $ in Thousands	Jan. 03, 2021 USD ($)
Finance Leases
Three months ended March 31, 2021	$ 63
Year ended March 31, 2022	251
Year ended March 31, 2023	203
Year ended March 31, 2024	147
Year ended March 31, 2025	48
Thereafter	28
Total undiscounted lease payments	740
Present value discount	56
Lease liability	684
Operating Leases
Three months ended March 31, 2021	6,653
Year ended March 31, 2022	22,828
Year ended March 31, 2023	15,556
Year ended March 31, 2024	9,876
Year ended March 31, 2025	6,212
Thereafter	17,234
Total undiscounted lease payments	78,359
Present value discount	11,474
Lease liability	$ 66,885

Leases - (Supplemental Cash Flow Information) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 03, 2021	Dec. 31, 2019	Jan. 03, 2021	Dec. 31, 2019
Cash Flow, Lessee [Abstract]
Operating cash flows from finance leases	$ 8	$ 8	$ 22	$ 30
Operating cash flows from operating leases	6,710	7,176	20,370	21,559
Financing cash flows from finance leases	52	140	138	421
Supplemental non-cash information on lease liabilities arising from right-of-use assets:
Right-of-use assets obtained in exchange for new finance lease liabilities	98	0	185	0
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 2,181	$ 2,876	$ 9,313	$ 7,822

Acquisitions - (Additional Information) (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended	9 Months Ended
	Jan. 03, 2021	Dec. 31, 2019	Oct. 04, 2020	Jan. 03, 2021	Dec. 31, 2019	Mar. 31, 2020
Business Acquisition [Line Items]
Goodwill	$ 707,171			$ 707,171		$ 663,936
Estimated tax-deductible goodwill						75,436
Purchase accounting adjustment related to goodwill				2,996
Amortization of intangible assets	8,334	$ 9,843		25,076	$ 24,468
Amortization of intangible assets, remainder of 2020	7,583			7,583
Amortization of intangible assets, 2021	32,420			32,420
Amortization of intangible assets, 2022	31,122			31,122
Amortization of intangible assets, 2023	27,725			27,725
Amortization of intangible assets, 2024	26,494			$ 26,494
N Holding AB
Business Acquisition [Line Items]
Payments to acquire businesses					77,777
Debt assumed						107,018
Goodwill						$ 76,784
Purchase accounting adjustment related to goodwill	$ 2,996
N Holding AB \| Developed Technology Rights
Business Acquisition [Line Items]
Acquired intangible assets					$ 19,000
Useful life of intangible assets					10 years
N Holding AB \| Trademarks
Business Acquisition [Line Items]
Acquired intangible assets					$ 6,000
Useful life of intangible assets					5 years
N Holding AB \| Customer relationships
Business Acquisition [Line Items]
Acquired intangible assets					$ 9,000
Minimum \| N Holding AB \| Customer relationships
Business Acquisition [Line Items]
Useful life of intangible assets			15 years
Maximum \| N Holding AB \| Customer relationships
Business Acquisition [Line Items]
Useful life of intangible assets			18 years

Acquisitions - (Other Intangible Assets) (Details) - USD ($) $ in Thousands	Jan. 03, 2021	Mar. 31, 2020
Acquired Finite-Lived Intangible Assets [Line Items]
Total intangible assets, gross amount	$ 556,172	$ 547,783
Total intangible assets, accumulated amortization	(117,174)	(92,098)
Total intangible assets, net amount	438,998	455,685
Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross amount	298,304	292,155
Finite-lived intangible assets, accumulated amortization	(81,894)	(64,855)
Finite-lived intangible assets, net amount	216,410	227,300
Non-compete
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross amount	2,825	3,021
Finite-lived intangible assets, accumulated amortization	(2,825)	(2,817)
Finite-lived intangible assets, net amount	0	204
Technology
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross amount	97,264	96,047
Finite-lived intangible assets, accumulated amortization	(27,332)	(20,349)
Finite-lived intangible assets, net amount	69,932	75,698
Trademarks
Acquired Finite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets, gross amount	148,575	147,356
Indefinite-lived intangible assets, accumulated amortization	(957)	(953)
Indefinite-lived intangible assets, net amount	147,618	146,403
Finite-lived intangible assets, gross amount	8,008	8,008
Finite-lived intangible assets, accumulated amortization	(2,970)	(1,928)
Finite-lived intangible assets, net amount	5,038	6,080
Licenses
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross amount	1,196	1,196
Finite-lived intangible assets, accumulated amortization	(1,196)	(1,196)
Finite-lived intangible assets, net amount	$ 0	$ 0

Inventories - (Details) - USD ($) $ in Thousands	Jan. 03, 2021	Mar. 31, 2020
Inventory Disclosure [Abstract]
Raw materials	$ 145,998	$ 141,906
Work-in-process	100,910	91,520
Finished goods	268,561	286,034
Total	$ 515,469	$ 519,460

Fair Value of Financial Instruments - (Additional Information) (Details) - USD ($) $ in Thousands	Nov. 11, 2020	Jan. 03, 2021	Mar. 31, 2020	Dec. 11, 2019	Apr. 23, 2015
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed asset write-off	$ 3,975
Fair Value, Nonrecurring
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Estimated fair value	$ 14,456
4.375% Senior Notes due 2027
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate		4.375%		4.375%
Long-term debt		$ 300,000		$ 300,000
Face value of trades, percentage		106.00%	94.00%
5.00% Senior Notes due 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate		5.00%			5.00%
Long-term debt		$ 300,000			$ 300,000
Face value of trades, percentage		105.00%	97.00%

Fair Value of Financial Instruments - (Carrying Amounts and Estimated Fair Values) (Details) - USD ($) $ in Thousands	Jan. 03, 2021	Mar. 31, 2020
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative asset	$ 784	$ 0
Notes	600,000	600,000
Derivative liability	0	2,432
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative asset	784	0
Notes	631,125	573,000
Derivative liability	$ 0	$ 2,432

Derivative Financial Instruments - (Additional Information) (Details) $ in Thousands, lb in Millions	Jan. 03, 2021 USD ($) lb	Mar. 31, 2020 USD ($) lb
Cost of Sales
Derivatives, Fair Value [Line Items]
Foreign currency cash flow hedge loss to be reclassified during next 12 months	$ 921
Lead forward contracts
Derivatives, Fair Value [Line Items]
Notional amount in pounds \| lb	50.0	35.0
Fair value of hedges, net	$ 44,061	$ 30,078
Foreign currency forward contracts
Derivatives, Fair Value [Line Items]
Derivative notional amount	27,838	34,008
Foreign currency forward contracts \| Derivatives and Hedging Activities Not Designated as Hedging Instruments
Derivatives, Fair Value [Line Items]
Derivative notional amount	$ 27,543	$ 42,232

Derivative Financial Instruments - (Location and Amounts of Derivative Fair Values) (Details) - USD ($) $ in Thousands	Jan. 03, 2021	Mar. 31, 2020
Derivatives and Hedging Activities Designated as Cash Flow Hedges
Derivatives, Fair Value [Line Items]
Derivative assets, fair value	$ 1,008	$ 0
Derivatives liabilities, fair value	400	2,807
Derivatives and Hedging Activities Not Designated as Hedging Instruments
Derivatives, Fair Value [Line Items]
Derivative assets, fair value	176	375
Derivatives liabilities, fair value	0	0
Foreign currency forward contracts \| Derivatives and Hedging Activities Designated as Cash Flow Hedges \| Accrued expenses
Derivatives, Fair Value [Line Items]
Derivatives liabilities, fair value	400	374
Foreign currency forward contracts \| Derivatives and Hedging Activities Designated as Cash Flow Hedges \| Prepaid and other current assets
Derivatives, Fair Value [Line Items]
Derivative assets, fair value	0	0
Foreign currency forward contracts \| Derivatives and Hedging Activities Not Designated as Hedging Instruments \| Accrued expenses
Derivatives, Fair Value [Line Items]
Derivatives liabilities, fair value	0	0
Foreign currency forward contracts \| Derivatives and Hedging Activities Not Designated as Hedging Instruments \| Prepaid and other current assets
Derivatives, Fair Value [Line Items]
Derivative assets, fair value	176	375
Lead forward contracts \| Derivatives and Hedging Activities Designated as Cash Flow Hedges \| Accrued expenses
Derivatives, Fair Value [Line Items]
Derivatives liabilities, fair value	0	2,433
Lead forward contracts \| Derivatives and Hedging Activities Designated as Cash Flow Hedges \| Prepaid and other current assets
Derivatives, Fair Value [Line Items]
Derivative assets, fair value	1,008	0
Lead forward contracts \| Derivatives and Hedging Activities Not Designated as Hedging Instruments \| Accrued expenses
Derivatives, Fair Value [Line Items]
Derivatives liabilities, fair value	0	0
Lead forward contracts \| Derivatives and Hedging Activities Not Designated as Hedging Instruments \| Prepaid and other current assets
Derivatives, Fair Value [Line Items]
Derivative assets, fair value	$ 0	$ 0

Derivative Financial Instruments - (Derivatives Designated as Cash Flow Hedges) (Details) - Derivatives Designated as Cash Flow Hedges - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 03, 2021	Dec. 31, 2019	Jan. 03, 2021	Dec. 31, 2019
Derivative Instruments, Gain (Loss) [Line Items]
Pretax Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion)	$ 4,225	$ (2,894)	$ 539	$ (3,697)
Pretax Gain (Loss) Reclassified from AOCI into Income (Effective Portion)	662	1,570	(8,017)	(882)
Lead forward contracts \| Cost of Sales
Derivative Instruments, Gain (Loss) [Line Items]
Pretax Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion)	4,843	(3,199)	1,350	(4,167)
Pretax Gain (Loss) Reclassified from AOCI into Income (Effective Portion)	998	1,034	(7,655)	(1,698)
Foreign currency forward contracts \| Cost of Sales
Derivative Instruments, Gain (Loss) [Line Items]
Pretax Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion)	(618)	305	(811)	470
Pretax Gain (Loss) Reclassified from AOCI into Income (Effective Portion)	$ (336)	$ 536	$ (362)	$ 816

Derivative Financial Instruments - (Derivatives Not Designated as Hedging Instruments) (Details) - Derivatives Not Designated as Hedging Instruments - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 03, 2021	Dec. 31, 2019	Jan. 03, 2021	Dec. 31, 2019
Derivative Instruments, Gain (Loss) [Line Items]
Derivatives Not Designated as Hedging Instruments	$ 220	$ 179	$ 592	$ (517)
Other Income Expense
Derivative Instruments, Gain (Loss) [Line Items]
Derivatives Not Designated as Hedging Instruments	$ 220	$ 179	$ 592	$ (517)

Income Taxes - (Additional Information) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 03, 2021	Dec. 31, 2019	Jan. 03, 2021	Dec. 31, 2019	Oct. 04, 2020
Income Tax Disclosure [Abstract]
Deferred Tax Assets, Goodwill and Intangible Assets					$ 22,500
Additional tax benefit recognized			$ 1,883
Effective income tax rates	11.90%	16.20%	13700000.00%	700000.00%
Foreign income as a percentage of worldwide income			67.00%	75.00%
Foreign effective income tax rates	5.00%	(3.90%)
Tax rate of Swiss subsidiary			8.00%	6.00%

Warranty - (Analysis of Changes in the Liability) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 03, 2021	Dec. 31, 2019	Jan. 03, 2021	Dec. 31, 2019
Product Warranties Disclosures [Abstract]
Balance at beginning of period	$ 60,312	$ 54,936	$ 63,525	$ 54,568
Current period provisions	6,175	7,234	20,832	21,228
Costs incurred	(6,741)	(7,764)	(26,713)	(20,939)
Warranty reserves of acquired business	0	4,967	0	4,967
Foreign currency translation adjustment	698	1,946	2,800	1,495
Balance at end of period	$ 60,444	$ 61,319	$ 60,444	$ 61,319

Commitments, Contingencies and Litigation - (Additional Information) (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended	9 Months Ended
	Feb. 29, 2016	Jul. 05, 2020	Jan. 03, 2021
Commitments, Contingencies And Litigation [Line Items]
Provision for environmental liabilities		$ 1,060	$ 1,060
Belgium Anti-Competition Proceeding
Commitments, Contingencies And Litigation [Line Items]
Penalties paid relating to anti-competition investigations	$ 1,962	$ 2,402

Restructuring Plans - (Additional Information) (Details) $ in Thousands			3 Months Ended			9 Months Ended		12 Months Ended		21 Months Ended
	Jan. 04, 2021 USD ($)	Nov. 10, 2020 USD ($) Employee	Jan. 03, 2021 USD ($)	Oct. 04, 2020 USD ($)	Dec. 31, 2019 USD ($)	Jan. 03, 2021 USD ($)	Dec. 31, 2019 USD ($)	Mar. 31, 2020 USD ($)	Mar. 31, 2019 USD ($)	Jan. 03, 2021 USD ($)
Restructuring Cost and Reserve [Line Items]
Expected remaining cost			$ 10,900			$ 10,900				$ 10,900
Restructuring and other exit charges			15,196		$ 9,417	19,702	$ 18,071
Write-off of assets relating to exit activities						7,292	$ 10,024
Employee Severance
Restructuring Cost and Reserve [Line Items]
Restructuring charges			3,542			6,448
Exit charges			11,654			13,254
Restructuring and other exit charges			15,196			19,702
Restructuring costs incurred						5,270
Energy Systems \| Employee Severance
Restructuring Cost and Reserve [Line Items]
Restructuring charges			868			2,711
Exit charges			0			0
Restructuring and other exit charges			868			2,711
Motive Power \| Employee Severance
Restructuring Cost and Reserve [Line Items]
Restructuring charges			2,665			3,599
Exit charges			11,683	$ 1,509		13,192
Restructuring and other exit charges			14,348			16,791
Specialty \| Employee Severance
Restructuring Cost and Reserve [Line Items]
Restructuring charges			9			138
Exit charges			(29)			62
Restructuring and other exit charges			(20)			200
Closure of Facility in Hagen, Germany
Restructuring Cost and Reserve [Line Items]
Expected additional restructuring charges		$ 70,000
Estimated number of positions eliminated \| Employee		200
Closure of Facility in Hagen, Germany \| Cash charges
Restructuring Cost and Reserve [Line Items]
Expected additional restructuring charges		$ 50,000
Closure of Facility in Hagen, Germany \| Non Cash Charges
Restructuring Cost and Reserve [Line Items]
Expected additional restructuring charges		$ 20,000	5,515			5,515				5,515
Closure of Facility in Hagen, Germany \| Employee Severance
Restructuring Cost and Reserve [Line Items]
Write-off of assets relating to exit activities			6,168
Closure Of Facility In Targovishte Bulgaria
Restructuring Cost and Reserve [Line Items]
Expected remaining cost									$ 30,000
Restructuring and other exit charges								$ 5,123	$ 20,242
Richmond Kentucky Battery Formation Area Fire
Restructuring Cost and Reserve [Line Items]
Restructuring and other exit charges										46,114
Gain on sale of assets						4,397
Prepaid Insurance			18,408			18,408		12,000		$ 18,408
Restructuring costs incurred			$ 7,500					5,000
Richmond Kentucky Battery Formation Area Fire \| Insurance Claim
Restructuring Cost and Reserve [Line Items]
Restructuring costs incurred						40,564
Richmond Kentucky Battery Formation Area Fire \| Property Claim \| Subsequent Event
Restructuring Cost and Reserve [Line Items]
Restructuring costs incurred	$ 3,206
Richmond Kentucky Battery Formation Area Fire \| Business Interruption
Restructuring Cost and Reserve [Line Items]
Restructuring costs incurred						12,500
Richmond Kentucky Battery Formation Area Fire \| Business Interruption \| Subsequent Event
Restructuring Cost and Reserve [Line Items]
Restructuring costs incurred	$ 2,344
Richmond Kentucky Battery Formation Area Fire \| Write-Offs for Damages, Cleanup, Asset Replacement, and Other
Restructuring Cost and Reserve [Line Items]
Restructuring and other exit charges								17,037
Richmond Kentucky Battery Formation Area Fire \| Cleanup
Restructuring Cost and Reserve [Line Items]
Restructuring and other exit charges						$ 16,577
Strategy To Exit Manufacture Of Batteries For Diesel-Electric Submarines
Restructuring Cost and Reserve [Line Items]
Proceeds for sale of certain licenses and assets								2,031
Gain on sale of assets								892
Fixed Asset Write-Off, Kentucky And Tennessee Plants
Restructuring Cost and Reserve [Line Items]
Restructuring and other exit charges								$ 5,441

Restructuring Plans - (Roll-forward of Restructuring Reserve) (Details) - Employee Severance $ in Thousands	9 Months Ended
	Jan. 03, 2021 USD ($)
Restructuring Cost and Reserve [Line Items]
Restructuring reserve, beginning balance	$ 3,325
Accrued	6,448
Costs incurred	(5,270)
Foreign currency impact	413
Restructuring reserve, ending balance	$ 4,916

Debt - (Long-term Debt Including Capital Lease Obligations) (Details) - USD ($) $ in Thousands	Jan. 03, 2021	Mar. 31, 2020
Debt Instrument [Line Items]
Debt and capital lease obligations	$ 1,061,130	$ 1,113,224
Unamortized Issuance Costs	6,939	8,493
Long-term debt, net of unamortized issuance costs	1,054,191	1,104,731
Senior Notes
Debt Instrument [Line Items]
Long-term debt	600,000	600,000
Unamortized Issuance Costs	5,406	6,306
Secured Debt \| Incremental Commitment Agreement \| Amended Credit Facility, due 2022
Debt Instrument [Line Items]
Incremental term loan commitment	461,130	513,224
Unamortized Issuance Costs	$ 1,533	$ 2,187

Debt - (Additional Information) (Details)			3 Months Ended		9 Months Ended
Debt - (Additional Information) (Details)	Dec. 11, 2019 USD ($)	Aug. 04, 2017 USD ($)	Jan. 03, 2021 USD ($)	Dec. 31, 2019 USD ($)	Jan. 03, 2021 USD ($)	Dec. 31, 2019 USD ($)	Mar. 31, 2020 USD ($)	Dec. 28, 2019	Mar. 31, 2019 USD ($)	Mar. 31, 2019 CAD ($)	Apr. 23, 2015 USD ($)
Debt Instrument [Line Items]
Increase in borrowing capacity limit		$ 325,000,000
Company owned capital stock, percentage securing senior secured credit facility		65.00%
Short-term debt			$ 40,268,000		$ 40,268,000		$ 46,544,000
Short-term debt, weighted average interest rate			2.00%		2.00%		3.00%
Amortization expense relating to debt issuance costs and included in interest expense			$ 518,000	$ 409,000	$ 1,554,000	$ 1,160,000
Deferred issuance costs, net of accumulated amortization			6,939,000		6,939,000		$ 8,493,000
4.375% Senior Notes due 2027
Debt Instrument [Line Items]
Long-term debt	$ 300,000,000		$ 300,000,000		$ 300,000,000
Interest rate	4.375%		4.375%		4.375%
Proceeds from issuance of debt, net of debt issuance costs	$ 296,250,000
5.00% Senior Notes due 2023
Debt Instrument [Line Items]
Long-term debt			$ 300,000,000		$ 300,000,000						$ 300,000,000
Interest rate			5.00%		5.00%						5.00%
Standby Letters of Credit
Debt Instrument [Line Items]
Available lines of credit			$ 737,890,000		$ 737,890,000		693,640,000
Stand by letters of credit			7,720,000		7,720,000		7,720,000
Outstanding amount			117,196,000		117,196,000		$ 105,946,000
Maximum
Debt Instrument [Line Items]
Consideration transferred					250,000
Amended Credit Facility, due 2022 \| Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		$ 600,000,000							$ 100,000,000
Available lines of credit			75,000,000		75,000,000
Amended Credit Facility, due 2022 \| Secured Debt
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity									299,105,000
Debt instrument, face amount		$ 150,000,000
Available lines of credit			386,130,000		386,130,000
Current portion of long-term debt			$ 45,427,000		$ 45,427,000
Amended 2017 Term Loan \| Term Loan
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity									99,105,000
Amended 2017 Term Loan \| Secured Debt
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity									449,105,000	$ 133,050,000
Amended 2017 Revolver \| Secured Debt
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity									$ 700,000,000
LIBOR \| 2017 Revolver And 2017 Term Loan
Debt Instrument [Line Items]
Basis spread on variable rate		1.50%
LIBOR \| 2017 Revolver And 2017 Term Loan \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate		1.25%
LIBOR \| 2017 Revolver And 2017 Term Loan \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate		2.00%
Federal Funds Effective Rate \| 2017 Revolver And 2017 Term Loan
Debt Instrument [Line Items]
Basis spread on variable rate		0.50%
Eurocurrency Base Rate \| 2017 Revolver And 2017 Term Loan
Debt Instrument [Line Items]
Basis spread on variable rate		1.00%
CDOR \| 2017 Revolver And 2017 Term Loan
Debt Instrument [Line Items]
Basis spread on variable rate		0.50%
Debt Instrument Quarterly Installments Beginning December 31, 2018 Through December 30, 2019
Debt Instrument [Line Items]
Debt instrument, periodic payment		$ 5,645,000
Debt Instrument Quarterly Installments Beginning December 31, 2019 Through December 30, 2020
Debt Instrument [Line Items]
Debt instrument, periodic payment		8,468,000
Debt Instrument Quarterly Installments Beginning December 31, 2020 Through September 29, 2022
Debt Instrument [Line Items]
Debt instrument, periodic payment		11,290,000
Debt Instrument Final Installments Payable On September 30, 2022
Debt Instrument [Line Items]
Debt instrument, periodic payment		$ 320,000,000
Maximum Leverage Ratio
Debt Instrument [Line Items]
Measurement input			3.50		3.50			4.00
Maximum Leverage Ratio \| Minimum
Debt Instrument [Line Items]
Measurement input			3.50		3.50
Maximum Leverage Ratio \| Maximum
Debt Instrument [Line Items]
Measurement input			4.00		4.00
Prior to September 15, 2027 \| 4.375% Senior Notes due 2027
Debt Instrument [Line Items]
Redemption percentage					100.00%
On or after September 15, 2027 \| 4.375% Senior Notes due 2027
Debt Instrument [Line Items]
Redemption percentage					100.00%
Change of control triggering event \| 4.375% Senior Notes due 2027
Debt Instrument [Line Items]
Redemption percentage					101.00%

Retirement Plans - (Net Periodic Benefit Cost) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 03, 2021	Dec. 31, 2019	Jan. 03, 2021	Dec. 31, 2019
United States Plans
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 0	$ 0	$ 0	$ 0
Interest cost	135	154	400	462
Expected return on plan assets	(73)	(110)	(204)	(336)
Amortization and deferral	92	38	357	141
Net periodic benefit cost	154	82	553	267
International Plans
Defined Benefit Plan Disclosure [Line Items]
Service cost	252	229	739	691
Interest cost	352	375	1,027	1,115
Expected return on plan assets	(480)	(542)	(1,401)	(1,598)
Amortization and deferral	263	253	766	751
Net periodic benefit cost	$ 387	$ 315	$ 1,131	$ 959

Stock-Based Compensation - (Additional Information) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 03, 2021	Dec. 31, 2019	Jan. 03, 2021	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for future grants	4,173,554		4,173,554
Equity-based compensation expense	$ 6,396	$ 5,891	$ 16,982	$ 14,759
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested restricted stock units (in shares)			204,694
Awards outstanding (in shares)	932,523		932,523
TSRs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards outstanding (in shares)	127,052		127,052
Employee Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options exercised (in shares)			83,499
PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards outstanding (in shares)	99,497		99,497
Non-employee Directors \| RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock unit grants during period (in shares)			39,933
Vested restricted stock units (in shares)			29,420
Non-employee Directors \| TSRs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock unit grants during period (in shares)			65,096
Management and Other Key Employees \| RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option grants during period (in shares)			283,101
Management and Other Key Employees \| Employee Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option grants during period (in shares)			295,068
Stock option grants outstanding (in shares)	972,121		972,121

Stockholders' Equity and Noncontrolling Interests - (Change in the Number of Shares of Common Stock Outstanding) (Details) - shares	3 Months Ended		9 Months Ended
	Jan. 03, 2021	Dec. 31, 2019	Jan. 03, 2021
Common Stock Outstanding Roll Forward
Shares outstanding, beginning balance (in shares)			42,323,305
Purchase of treasury stock (in shares)	0	581,140
Shares issued towards equity-based compensation plans, net of equity awards surrendered for option price and taxes (in shares)			301,166
Shares outstanding, ending balance (in shares)	42,624,471		42,624,471

Stockholders' Equity and Noncontrolling Interests - (Treasury Stock) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 03, 2021	Dec. 31, 2019	Jan. 03, 2021	Dec. 31, 2019	Mar. 31, 2020
Equity [Abstract]
Purchase of treasury stock (in shares)	0	581,140
Treasury stock purchased during period, value		$ 34,561	$ 0	$ 34,561
Treasury stock (in shares)	12,783,056		12,783,056		12,791,503
Treasury shares issued (in shares)			10,244
Treasury shares issued (in dollars per share)			$ 62.55

Stockholders' Equity and Noncontrolling Interests - (Components of Accumulated Other Comprehensive Income) (Details) $ in Thousands	9 Months Ended
	Jan. 03, 2021 USD ($)
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Beginning balance	$ 1,304,062
Ending balance	1,531,414
Pension funded status adjustment
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Beginning balance	22,794
Before Reclassifications	0
Amounts Reclassified from AOCI	(865)
Ending balance	21,929
Net unrealized (loss) gain on derivative instruments
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Beginning balance	(5,923)
Before Reclassifications	(411)
Amounts Reclassified from AOCI	6,120
Ending balance	608
Foreign currency translation adjustment
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Beginning balance	(186,289)
Before Reclassifications	(113,580)
Amounts Reclassified from AOCI	0
Ending balance	(72,709)
Accumulated other comprehensive (loss) income
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Beginning balance	(215,006)
Before Reclassifications	113,991
Amounts Reclassified from AOCI	6,985
Ending balance	$ (94,030)

Stockholders' Equity and Noncontrolling Interests - (Reclassifications from AOCI) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 03, 2021	Dec. 31, 2019	Jan. 03, 2021	Dec. 31, 2019
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net unrealized (gain) loss on derivative instruments	$ (561,755)	$ (574,612)	$ (1,622,544)	$ (1,718,150)
Derivatives in cash flow hedging relationships
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Tax expense (benefit)	157	372	(1,897)	(208)
Net of tax	(505)	(1,198)	6,120	674
Derivatives in cash flow hedging relationships \| Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net unrealized (gain) loss on derivative instruments	(662)	(1,570)	8,017	882
Defined benefit pension costs
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Prior service costs and deferrals	355	291	1,123	892
Tax expense (benefit)	(86)	(71)	(258)	(198)
Net of tax	$ 269	$ 220	$ 865	$ 694

- (Other Disclosures) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Jan. 03, 2021	Oct. 04, 2020	Jul. 05, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Jan. 03, 2021	Dec. 31, 2019
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	$ 1,435,080	$ 1,365,173	$ 1,304,062	$ 1,318,991	$ 1,296,573	$ 1,286,017	$ 1,304,062	$ 1,286,017
Stock-based compensation	6,396	5,533	5,053	5,891	4,994	3,874
Exercise of stock options	3,052	1,285	481	480	(13)	38
Shares issued under equity awards (taxes paid related to net share settlement of equity awards), net	(357)	(1,467)	(3,135)	(31)	(169)	(6,081)
Purchase of common stock					(11,532)	(23,029)
Other	190	217	176	231	213	(80)
Net earnings	38,624	35,731	35,183	27,305	62,698	48,636
Dividends	(7,459)	(7,451)	(7,428)	(7,401)	(7,399)	(7,499)
Contra equity - adjustment to indemnification receivable for acquisition related tax liability		1,451		(769)	2,002
Other comprehensive income:
Pension funded status adjustment, net of tax	269	305	291	220	237	237	865	694
Net unrealized gain (loss) on derivative instruments (net of tax)	2,718	1,470	2,343	(3,409)	3,586	(2,329)	6,531	(2,152)
Foreign currency translation adjustment (excludes losses related to redeemable noncontrolling interests)	52,901	32,833	28,147	28,167	(32,199)	(3,211)	113,881	(7,243)
Ending balance	$ 1,531,414	$ 1,435,080	$ 1,365,173	$ 1,369,675	$ 1,318,991	$ 1,296,573	$ 1,531,414	$ 1,369,675
Dividends per common share (in dollars per share)	$ 0.175	$ 0.175	$ 0.175	$ 0.175	$ 0.175	$ 0.175	$ 0.525	$ 0.525
Pension funded status adjustment, tax benefit (expense)	$ 86	$ 86	$ 86	$ 71	$ 59	$ 68
Net unrealized gain (loss) on derivative instruments, tax (benefit) expense	(845)	(454)	726	1,055	1,112	720
Preferred Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	0	0	0	0	0	0	$ 0	$ 0
Other comprehensive income:
Ending balance	0	0	0	0	0	0	0	0
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	554	553	551	551	551	548	551	548
Exercise of stock options		1	2			3
Other comprehensive income:
Ending balance	554	554	553	551	551	551	554	551
Additional Paid-in Capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	537,092	531,546	529,100	515,598	510,577	512,696	529,100	512,696
Stock-based compensation	6,396	5,533	5,053	5,891	4,994	3,874
Exercise of stock options	3,052	1,284	479	480	(13)	35
Shares issued under equity awards (taxes paid related to net share settlement of equity awards), net	(357)	(1,467)	(3,135)	(31)	(169)	(6,081)
Other	(1)	(7)	(123)	0	0	(80)
Dividends	203	203	172	208	209	133
Other comprehensive income:
Ending balance	546,385	537,092	531,546	522,146	515,598	510,577	546,385	522,146
Treasury Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(563,853)	(564,077)	(564,376)	(565,108)	(553,789)	(530,760)	(564,376)	(530,760)
Purchase of common stock					(11,532)	(23,029)
Other	191	224	299	231	213
Other comprehensive income:
Ending balance	(563,662)	(563,853)	(564,077)	(564,877)	(565,108)	(553,789)	(563,662)	(564,877)
Retained Earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	1,612,640	1,584,563	1,556,980	1,546,419	1,491,329	1,450,325	1,556,980	1,450,325
Net earnings	38,624	35,731	35,183	27,305	62,698	48,636
Dividends	(7,681)	(7,654)	(7,600)	(7,609)	(7,608)	(7,632)
Other comprehensive income:
Ending balance	1,643,583	1,612,640	1,584,563	1,566,115	1,546,419	1,491,329	1,643,583	1,566,115
Accumulated Other Comprehensive Income (Loss)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(149,769)	(184,233)	(215,006)	(176,147)	(147,902)	(142,682)	(215,006)	(142,682)
Other comprehensive income:
Pension funded status adjustment, net of tax	269	305	291	220	237	237
Net unrealized gain (loss) on derivative instruments (net of tax)	2,718	1,470	2,343	(3,409)	3,586	(2,329)
Foreign currency translation adjustment (excludes losses related to redeemable noncontrolling interests)	52,752	32,689	28,139	28,103	(32,068)	(3,128)
Ending balance	(94,030)	(149,769)	(184,233)	(151,233)	(176,147)	(147,902)	(94,030)	(151,233)
Contra-Equity
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(5,273)	(6,724)	(6,724)	(5,838)	(7,840)	(7,840)	(6,724)	(7,840)
Contra equity - adjustment to indemnification receivable for acquisition related tax liability		1,451		(769)	2,002
Other comprehensive income:
Ending balance	(5,273)	(5,273)	(6,724)	(6,607)	(5,838)	(7,840)	(5,273)	(6,607)
Total EnerSys Stockholders’ Equity
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	1,431,391	1,361,628	1,300,525	1,315,475	1,292,926	1,282,287	1,300,525	1,282,287
Stock-based compensation	6,396	5,533	5,053	5,891	4,994	3,874
Exercise of stock options	3,052	1,285	481	480	(13)	38
Shares issued under equity awards (taxes paid related to net share settlement of equity awards), net	(357)	(1,467)	(3,135)	(31)	(169)	(6,081)
Purchase of common stock					(11,532)	(23,029)
Other	190	217	176	231	213	(80)
Net earnings	38,624	35,731	35,183	27,305	62,698	48,636
Dividends	(7,478)	(7,451)	(7,428)	(7,401)	(7,399)	(7,499)
Contra equity - adjustment to indemnification receivable for acquisition related tax liability		1,451		(769)	2,002
Other comprehensive income:
Pension funded status adjustment, net of tax	269	305	291	220	237	237
Net unrealized gain (loss) on derivative instruments (net of tax)	2,718	1,470	2,343	(3,409)	3,586	(2,329)
Foreign currency translation adjustment (excludes losses related to redeemable noncontrolling interests)	52,752	32,689	28,139	28,103	(32,068)	(3,128)
Ending balance	1,527,557	1,431,391	1,361,628	1,366,095	1,315,475	1,292,926	1,527,557	1,366,095
Non- redeemable Non- Controlling Interests
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	3,689	3,545	3,537	3,516	3,647	3,730	3,537	3,730
Net earnings						0
Dividends	19
Other comprehensive income:
Foreign currency translation adjustment (excludes losses related to redeemable noncontrolling interests)	149	144	8	64	(131)	(83)
Ending balance	$ 3,857	$ 3,689	$ 3,545	$ 3,580	$ 3,516	$ 3,647	$ 3,857	$ 3,580

Earnings Per Share - (Reconciliation from Basic to Diluted Average Common Shares) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 03, 2021	Dec. 31, 2019	Jan. 03, 2021	Dec. 31, 2019
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net earnings attributable to EnerSys stockholders	$ 38,624	$ 27,305	$ 109,538	$ 138,639
Basic weighted-average number of common shares outstanding (in shares)	42,599,834	42,286,641	42,502,460	42,445,006
Common shares from exercise and lapse of equity awards, net of shares assumed reacquired (in shares)	690,569	552,328	600,844	443,489
Diluted weighted-average number of common shares outstanding (in shares)	43,290,403	42,838,969	43,103,304	42,888,495
Basic earnings per common share attributable to EnerSys stockholders (in dollars per share)	$ 0.91	$ 0.65	$ 2.58	$ 3.27
Diluted earnings per common share attributable to EnerSys stockholders (in dollars per share)	$ 0.89	$ 0.64	$ 2.54	$ 3.23
Anti-dilutive equity awards not included in diluted weighted-average common shares (in shares)	120,048	636,255	218,642	766,130
RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Vested restricted stock units (in shares)			204,694
Non-employee Directors \| RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Vested restricted stock units (in shares)			29,420

Business Segments - (Details) $ in Thousands	3 Months Ended		9 Months Ended
Business Segments - (Details) $ in Thousands	Jan. 03, 2021 USD ($)	Dec. 31, 2019 USD ($)	Jan. 03, 2021 USD ($) segment	Dec. 31, 2019 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments \| segment			3
Net sales	$ 751,067	$ 763,698	$ 2,164,393	$ 2,306,065
Operating earnings by segment	56,071	43,084	164,706	170,130
Inventory step up to fair value relating to acquisitions	0	(3,845)	0	(3,845)
Restructuring charges	(15,196)	(9,417)	(19,702)	(18,071)
Energy Systems
Segment Reporting Information [Line Items]
Inventory step up to fair value relating to acquisitions	0	(1,636)	0	(1,636)
Energy Systems \| Energy Systems
Segment Reporting Information [Line Items]
Net sales	337,248	345,507	1,031,457	1,042,325
Operating earnings by segment	18,407	16,293	63,489	60,337
Restructuring charges	(868)	(4,594)	(2,711)	(6,326)
Motive Power \| Motive Power
Segment Reporting Information [Line Items]
Net sales	304,373	315,517	830,945	995,219
Operating earnings by segment	40,270	30,894	91,695	102,523
Restructuring charges	(14,348)	(520)	(16,791)	(1,512)
Specialty
Segment Reporting Information [Line Items]
Inventory step up to fair value relating to acquisitions	0	(2,209)	0	(2,209)
Specialty \| Specialty
Segment Reporting Information [Line Items]
Net sales	109,446	102,674	301,991	268,521
Operating earnings by segment	12,590	9,159	29,224	29,186
Restructuring charges	20	(4,303)	(200)	(4,792)
Inventory Adjustment \| Energy Systems
Segment Reporting Information [Line Items]
Restructuring charges	0	0	0	(50)
Fixed Asset Write-Off \| Motive Power
Segment Reporting Information [Line Items]
Restructuring charges	0	0	0	(5,380)
Fixed Asset Write-Off \| Specialty
Segment Reporting Information [Line Items]
Restructuring charges	$ 0	$ 0	$ 0	$ (11)

Business Segments - (Goodwill) (Details) $ in Thousands	9 Months Ended
Business Segments - (Goodwill) (Details) $ in Thousands	Jan. 03, 2021 USD ($)
Segment Reporting Information [Line Items]
Balance at March 31, 2020	$ 663,936
Measurement period adjustments	2,996
Foreign currency translation adjustment	40,239
Balance as of January 3, 2021	707,171
Energy Systems
Segment Reporting Information [Line Items]
Balance at March 31, 2020	263,150
Measurement period adjustments	1,348
Foreign currency translation adjustment	15,349
Balance as of January 3, 2021	279,847
Motive Power
Segment Reporting Information [Line Items]
Balance at March 31, 2020	308,497
Measurement period adjustments	0
Foreign currency translation adjustment	19,993
Balance as of January 3, 2021	328,490
Specialty
Segment Reporting Information [Line Items]
Balance at March 31, 2020	92,289
Measurement period adjustments	1,648
Foreign currency translation adjustment	4,897
Balance as of January 3, 2021	$ 98,834

Subsequent Events - (Details)	Feb. 10, 2021 $ / shares
Subsequent Event
Subsequent Event [Line Items]
Common stock dividends (in dollars per share)	$ 0.175

Fair Value of Financial Instruments - (Financial Assets and Liabilities) (Details) - USD ($) $ in Thousands	Jan. 03, 2021	Mar. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative fair value	$ 784	$ (2,432)
Quoted Price in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative fair value	0	0
Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative fair value	784	(2,432)
Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative fair value	0	0
Lead forward contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative fair value	1,008	(2,433)
Lead forward contracts \| Quoted Price in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative fair value	0	0
Lead forward contracts \| Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative fair value	1,008	(2,433)
Lead forward contracts \| Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative fair value	0	0
Foreign currency forward contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative fair value	(224)	1
Foreign currency forward contracts \| Quoted Price in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative fair value	0	0
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	(224)	1
Foreign currency forward contracts \| Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative fair value	$ 0	$ 0