0001289308-24-000041 | 10-Q | XBRL Viewer

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Income Taxes	6 Months Ended
Income Taxes	Sep. 29, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company’s income tax provision consists of federal, state and foreign income taxes. The tax provision for the second quarter of fiscal 2025 and 2024 was based on the estimated effective tax rates applicable for the full years ending March 31, 2025 and March 31, 2024, 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, changes in tax laws and the amount of the Company's consolidated earnings before taxes. The Organization for Economic Co-operation and Development (OECD) has a global minimum corporate tax of 15% for companies with global revenues and profits above certain thresholds (referred to as Pillar 2), with certain aspects of Pillar 2 effective for taxable years beginning after December 31, 2023. While it is uncertain whether the U.S. will enact legislation to adopt Pillar 2, certain countries in which we operate have adopted legislation, and other countries are in the process of introducing legislation to implement Pillar 2. On August 26, 2024, the U.S. Tax Court issued a ruling in Varian Medical Systems, Inc. v. Commissioner ("Varian"). The ruling related to the U.S. taxation of deemed foreign dividends in the transition tax of the Tax Cuts and Jobs Act (our fiscal 2018). The impact of the enacted legislation and ruling is included below. The Company will continue to monitor and evaluate as new legislation and guidance is issued. The consolidated effective income tax rates for the second quarter of fiscal 2025 and 2024 were 2.3% and 11.2% and for the six months of fiscal 2025 and 2024 were 6.8% and 10.2%. The rate decrease in the second quarter compared to the prior year period is primarily due to a discrete tax benefit as a result of Varian, offset by the impact of Pillar 2. The rate decrease in the six months of fiscal 2025 compared to the prior year periods are primarily due to a discrete tax benefit as a result of Varian, offset primarily by a discrete foreign exchange tax benefit related to undistributed earnings in first quarter of fiscal 2024, impact of Pillar 2, and mix of earnings among tax jurisdictions. Foreign income as a percentage of worldwide income is estimated to be 53% for fiscal 2025 compared to 56% for fiscal 2024. The foreign effective tax rates for the six months of fiscal 2025 and 2024 were 15% and 13%, respectively. The foreign effective tax rate increase in the second quarter compared to the second quarter of the prior year is primarily due to the impact of Pillar 2. Income from the Company's Swiss subsidiary comprised a substantial portion of the Company's overall foreign mix of income for both fiscal 2025 and fiscal 2024 and were taxed at an effective income tax rate of approximately 11% and 9%, respectively.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Business Segments

6 Months Ended

Sep. 29, 2024

Segment Reporting [Abstract]

Business Segments

Effective April 1, 2023, the Company created a new line of business and operating segment named New Ventures in addition to the existing lines of businesses: Energy Systems, Motive Power, and Specialty. The results of New Ventures include start-up operating expenses captured within the "Corporate and other" category of operating earnings. New Ventures provides energy storage and management systems for demand charge reduction, utility back-up power, and dynamic fast charging for electric vehicles.

Summarized financial information related to the Company's reportable segments for the second quarter and six months ended September 29, 2024 and October 1, 2023, is shown below:


	Quarter ended				Six months ended
	September 29, 2024		October 1, 2023		September 29, 2024		October 1, 2023
Net sales by segment to unaffiliated customers (1)
Energy Systems	$	382,091	$	422,466	$	743,142	$	847,014
Motive Power	366,744		355,206		732,899		705,987
Specialty	134,834		123,361		260,544		256,601

Total net sales	$	883,669	$	901,033	$	1,736,585	$	1,809,602
Operating earnings by segment
Energy Systems	$	24,361	$	25,563	$	43,361	$	55,212
Motive Power	57,590		53,448		113,556		103,816
Specialty	7,338		5,587		12,238		15,404
Corporate and other (2)	25,281		18,894		51,106		36,297

Inventory step up to fair value relating to acquisitions - Specialty	(1,883)		—		(1,883)		—


Inventory adjustment relating to exit activities - Specialty	—		—		—		(3,098)
Restructuring and other exit charges - Energy Systems	(747)		(2,227)		(4,524)		(2,715)
Restructuring and other exit charges - Motive Power	(1,088)		(3,479)		(2,483)		(5,038)
Restructuring and other exit charges - Specialty	(389)		(1,528)		(1,155)		(5,790)
Amortization - Energy Systems	(6,013)		(6,219)		(12,014)		(12,436)
Amortization - Motive Power	(187)		(231)		(370)		(342)
Amortization - Specialty	(1,952)		(702)		(2,654)		(1,404)



Acquisition expense - Energy Systems	(5)		(8)		(11)		(13)
Acquisition expense - Motive Power	(3)		(77)		(11)		(162)
Acquisition expense - Specialty	(1,082)		—		(2,434)		—
Integration costs - Energy Systems	(55)		(166)		(225)		(249)
Integration costs - Motive Power	—		—		—		—
Integration costs - Specialty	(1,779)		—		(1,779)		—
Other - Energy Systems	—		(136)		—		(797)
Other - Motive Power	—		(45)		—		(428)
Other - Specialty	—		(60)		—		(198)
Total operating earnings (3)	$	99,387	$	88,614	$	190,718	$	178,059

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

(2) Corporate and other includes amounts managed on a company-wide basis and not directly allocated to any reportable segments, primarily relating to IRA production tax credits. Also, included are start-up costs for exploration of a new lithium plant as well as start-up operating expenses from the New Ventures operating segment.

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

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 280
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-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Derivative Financial Instruments - (Location and Amounts of Derivative Fair Values) (Details) - USD ($) $ in Thousands	Sep. 29, 2024	Mar. 31, 2024
Derivatives and Hedging Activities Designated as Hedging Instruments \| Cash Flow Hedges
Derivatives, Fair Value [Line Items]
Total assets	$ 0	$ 3,092
Total liabilities	2,445	835
Derivatives and Hedging Activities Designated as Hedging Instruments \| Net investment hedges
Derivatives, Fair Value [Line Items]
Total assets	0	0
Total liabilities	30,258	19,167
Derivatives and Hedging Activities Designated as Hedging Instruments \| Prepaid and other current assets \| Net investment hedges
Derivatives, Fair Value [Line Items]
Total assets	0	0
Derivatives and Hedging Activities Designated as Hedging Instruments \| Other Assets \| Interest rate swaps \| Cash Flow Hedges
Derivatives, Fair Value [Line Items]
Total assets	0	2,696
Derivatives and Hedging Activities Designated as Hedging Instruments \| Other Assets \| Interest rate swaps \| Net investment hedges
Derivatives, Fair Value [Line Items]
Total assets	0	0
Derivatives and Hedging Activities Designated as Hedging Instruments \| Other liabilities \| Net investment hedges
Derivatives, Fair Value [Line Items]
Total liabilities	30,258	19,167
Derivatives and Hedging Activities Designated as Hedging Instruments \| Other liabilities \| Interest rate swaps \| Cash Flow Hedges
Derivatives, Fair Value [Line Items]
Total liabilities	1,601	0
Derivatives and Hedging Activities Not Designated as Hedging Instruments
Derivatives, Fair Value [Line Items]
Total assets	72	0
Total liabilities	0	391
Lead forward contracts \| Derivatives and Hedging Activities Designated as Hedging Instruments \| Prepaid and other current assets \| Lead forward contracts \| Cash Flow Hedges
Derivatives, Fair Value [Line Items]
Total assets	0	0
Lead forward contracts \| Derivatives and Hedging Activities Designated as Hedging Instruments \| Accrued expenses \| Lead forward contracts \| Cash Flow Hedges
Derivatives, Fair Value [Line Items]
Total liabilities	576	835
Lead forward contracts \| Derivatives and Hedging Activities Designated as Hedging Instruments \| Accrued expenses \| Foreign currency forward contracts \| Cash Flow Hedges
Derivatives, Fair Value [Line Items]
Total liabilities	268	0
Lead forward contracts \| Derivatives and Hedging Activities Not Designated as Hedging Instruments \| Accrued expenses \| Lead forward contracts
Derivatives, Fair Value [Line Items]
Total liabilities	0	0
Foreign currency forward contracts \| Derivatives and Hedging Activities Designated as Hedging Instruments \| Prepaid and other current assets \| Foreign currency forward contracts \| Cash Flow Hedges
Derivatives, Fair Value [Line Items]
Total assets	0	396
Foreign currency forward contracts \| Derivatives and Hedging Activities Not Designated as Hedging Instruments \| Prepaid and other current assets \| Foreign currency forward contracts
Derivatives, Fair Value [Line Items]
Total assets	72	0
Foreign currency forward contracts \| Derivatives and Hedging Activities Not Designated as Hedging Instruments \| Accrued expenses \| Foreign currency forward contracts
Derivatives, Fair Value [Line Items]
Total liabilities	$ 0	$ 391

Restructuring and other Exit Charges - (Roll-forward of Restructuring and Other Exit Charges) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 29, 2024	Oct. 01, 2023	Sep. 29, 2024	Oct. 01, 2023
Restructuring Reserve [Roll Forward]
Restructuring and other exit charges	$ 2,224	$ 7,234	$ 8,162	$ 13,543
Employee Severance
Restructuring Reserve [Roll Forward]
Restructuring charges	1,026		5,082
Exit charges	1,198		3,080
Restructuring and other exit charges	2,224		8,162
Employee Severance \| Energy Systems
Restructuring Reserve [Roll Forward]
Restructuring charges	917		3,855
Exit charges	(170)		669
Restructuring and other exit charges	747		4,524
Employee Severance \| Motive Power
Restructuring Reserve [Roll Forward]
Restructuring charges	13		842
Exit charges	1,075		1,641
Restructuring and other exit charges	1,088		2,483
Employee Severance \| Specialty
Restructuring Reserve [Roll Forward]
Restructuring charges	96		385
Exit charges	293		770
Restructuring and other exit charges	$ 389		$ 1,155

Consolidated Condensed Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Sep. 29, 2024	Oct. 01, 2023
Cash flows from operating activities
Net earnings	$ 152,377	$ 132,026
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	48,757	45,214
Write-off of assets relating to exit activities	244	4,146
Derivatives not designated in hedging relationships:
Net losses (gains)	(1,783)	1,204
Cash (settlements) proceeds	1,320	695
Provision for doubtful accounts	1,124	1,456
Deferred income taxes	114	46
Non-cash interest expense	969	820
Stock-based compensation	12,187	13,077
(Gain) loss on disposal of property, plant, and equipment	64	158
Changes in assets and liabilities:
Accounts receivable	(9,323)	93,368
Inventories	(12,401)	10,529
Prepaid and other current assets	(26,201)	(13,891)
Other assets	968	(1,306)
Accounts payable	(40,104)	(57,233)
Accrued expenses	(83,963)	(44,803)
Other liabilities	(303)	217
Net cash provided by (used in) operating activities	44,046	185,723
Cash flows from investing activities
Capital expenditures	(66,486)	(35,854)
Purchase of business	(205,276)	(8,270)
Proceeds from disposal of property, plant, and equipment	89	2,007
Investment in Equity Securities	(10,852)	0
Net cash (used in) provided by investing activities	(282,525)	(42,117)
Cash flows from financing activities
Net (repayments) borrowings on short-term debt	(434)	(61)
Proceeds from Second Amended Revolver borrowings	476,600	172,500
Repayments of Second Amended Revolver borrowings	(76,600)	(252,500)
Repayments of Second and Third Amended Term Loans	0	(12,736)
Finance lease obligations	(8)	0
Option proceeds, net	7,445	9,668
Payment of taxes related to net share settlement of equity awards	(7,984)	(7,348)
Purchase of treasury stock	(75,187)	(47,340)
Issuance of treasury stock- ESPP	537	0
Dividends paid to stockholders	(18,598)	(16,341)
PPD Deferred Financing on Bond Issue-Legal Fees	(351)	0
Other	(166)	690
Net cash (used in) financing activities	305,254	(153,468)
Effect of exchange rate changes on cash and cash equivalents	7,820	(9,052)
Net increase (decrease) in cash and cash equivalents	74,595	(18,914)
Cash and cash equivalents at beginning of period	333,324	346,665
Cash and cash equivalents at end of period	$ 407,919	$ 327,751

Stock-Based Compensation	6 Months Ended
Stock-Based Compensation	Sep. 29, 2024
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation As of September 29, 2024, the Company maintains the 2023 Equity Incentive Plan (“2023 EIP”). The 2023 EIP reserved 3,614,500 shares of common stock for the grant of various classes of nonqualified stock options, restricted stock units, market condition-based on total shareholder return (“TSR”) and performance condition-based share units (“PSU”) and other forms of equity-based compensation. The Company recognized stock-based compensation expense associated with its equity incentive plans of $5,125 for the second quarter of fiscal 2025 and $5,144 for the second quarter of fiscal 2024. Stock-based compensation expense was $12,187 and $13,077 for the six months of fiscal 2025 and fiscal 2024, respectively. The Company recognizes compensation expense using the straight-line method over the vesting period of the awards. During the six months of fiscal 2025, the Company granted to non-employee directors 25,107 restricted stock units, under the deferred compensation plan for non-employee directors. The awards vest immediately upon the date of grant and are settled in shares of common stock. During the six months of fiscal 2025, the Company granted to management and other key employees 238,712 non-qualified stock options that vest ratably over three years from the date of the grant and 309,356 restricted stock units that vest ratably over four years from the date of grant. Common stock activity during the six months of fiscal 2025 included the exercise of 105,055 stock options and the vesting or release of 306,932 restricted stock units including non-employee director restricted stock units As of September 29, 2024, there were 1,323,766 non-qualified stock options, 1,032,531 restricted stock units including non-employee director restricted stock units and 1,134 TSRs outstanding.

Derivative Financial Instruments - (Derivatives Effect on Statements of Income) (Details) - Designated as Hedging Instrument - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 29, 2024	Oct. 01, 2023	Sep. 29, 2024	Oct. 01, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Pretax Gain (Loss) Recognized in AOCI on Derivative (Effective Portion)	$ (7,975)	$ 3,477	$ (3,814)	$ 9,700
Pretax Gain (Loss) Reclassified from AOCI into Income (Effective Portion)	2,258	218	1,639	4,114
Pretax Gain (Loss) Recognized in AOCI on Derivative (Effective Portion)	(12,375)	3,701	(10,116)	911
Pretax Gain (Loss) Reclassified from AOCI into Income (Effective Portion)	711	0	975	112
Lead forward contracts \| Cost of goods sold
Derivative Instruments, Gain (Loss) [Line Items]
Pretax Gain (Loss) Recognized in AOCI on Derivative (Effective Portion)	(3,123)	1,903	(392)	2,378
Pretax Gain (Loss) Reclassified from AOCI into Income (Effective Portion)	1,783	453	297	3,548
Foreign currency forward contracts \| Cost of goods sold
Derivative Instruments, Gain (Loss) [Line Items]
Pretax Gain (Loss) Recognized in AOCI on Derivative (Effective Portion)	(539)	(40)	(191)	859
Pretax Gain (Loss) Reclassified from AOCI into Income (Effective Portion)	227	(235)	276	(64)
Cross currency fixed interest rate swaps \| Interest expense
Derivative Instruments, Gain (Loss) [Line Items]
Pretax Gain (Loss) Recognized in AOCI on Derivative (Effective Portion)	(12,375)	3,701	(10,116)	911
Pretax Gain (Loss) Reclassified from AOCI into Income (Effective Portion)	711	0	975	112
Interest rate swaps \| Cost of goods sold
Derivative Instruments, Gain (Loss) [Line Items]
Pretax Gain (Loss) Recognized in AOCI on Derivative (Effective Portion)	(4,313)	1,614		6,463
Pretax Gain (Loss) Reclassified from AOCI into Income (Effective Portion)	$ 248	$ 0		$ 630
Interest rate swaps \| Interest expense
Derivative Instruments, Gain (Loss) [Line Items]
Pretax Gain (Loss) Recognized in AOCI on Derivative (Effective Portion)			(3,231)
Pretax Gain (Loss) Reclassified from AOCI into Income (Effective Portion)			$ 1,066

Restructuring and other Exit Charges (Tables)

6 Months Ended

Sep. 29, 2024

Restructuring and Related Activities [Abstract]

Reconciliation of Restructuring Reserve

Restructuring and exit charges for the second quarter of fiscal 2025 by reportable segments are as follows:


	Quarter ended September 29, 2024
	Energy Systems		Motive Power		Specialty		Total
Restructuring charges	$	917	$	13	$	96	$	1,026
Exit charges	(170)		1,075		293		1,198
Restructuring and other exit charges	$	747	$	1,088	$	389	$	2,224


	Six months ended September 29, 2024
	Energy Systems		Motive Power		Specialty		Total
Restructuring charges	$	3,855	$	842	$	385	$	5,082
Exit charges	669		1,641		770		3,080
Restructuring and other exit charges	$	4,524	$	2,483	$	1,155	$	8,162

A roll-forward of the restructuring reserve, excluding exit charges, is as follows:


Balance as of March 31, 2024	$	2,408
Accrued	5,082
Costs incurred	(6,072)
Foreign currency impact	55
Balance as of September 29, 2024	$	1,473

Stockholders' Equity and Noncontrolling Interests - (Change in the Number of Shares of Common Stock Outstanding) (Details) - shares	6 Months Ended
	Sep. 29, 2024	Oct. 01, 2023
Common Stock Outstanding Roll Forward
Shares outstanding, beginning balance (in shares)	40,271,936
Purchase of treasury stock (in shares)	(780,849)	(480,060)
Shares issued towards equity-based compensation plans, net of equity awards surrendered for option price and taxes (in shares)	322,817
Shares outstanding, ending balance (in shares)	39,813,904

Debt - (Credit Facility and Subsequent Amendments - Narrative) (Details)	3 Months Ended			6 Months Ended		12 Months Ended
	Sep. 29, 2024 USD ($)	Mar. 31, 2024 USD ($)	Oct. 02, 2022 USD ($)	Sep. 29, 2024 USD ($)	Oct. 01, 2023 USD ($)	Mar. 31, 2020 USD ($)	Oct. 02, 2022 CAD ($)	Mar. 31, 2020 CAD ($)	Mar. 31, 2019 USD ($)
Debt Instrument [Line Items]
Repayments of Long-term Debt				$ 0	$ 12,736,000
Debt issuance costs written off		$ 753,000
Line of Credit
Debt Instrument [Line Items]
Available lines of credit	$ 535,395,000	938,334,000		535,395,000
Amended Credit Facility, due 2022 \| Secured Debt
Debt Instrument [Line Items]
Debt instrument, face amount									$ 150,000,000
Amended 2017 Term Loan \| Secured Debt
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity						$ 449,105,000
Change in face amount						(299,105,000)
Amended 2017 Term Loan, Canadian Dollars \| Secured Debt
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity						99,105,000		$ 133,050,000
Amended 2017 Revolver \| Line of Credit
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity						700,000,000
Second Amended Term Loan \| Secured Debt
Debt Instrument [Line Items]
Debt instrument, face amount			$ 130,000,000
Change in face amount			150,000,000
Available lines of credit	110,000,000			110,000,000
Repayments of Senior Debt		86,488,000
Second Amended Term Loan \| Secured Debt \| Redemption Period One
Debt Instrument [Line Items]
Debt instrument, periodic payment	2,609,000
Second Amended Term Loan \| Secured Debt \| Redemption Period Two
Debt Instrument [Line Items]
Debt instrument, periodic payment	3,913,000
Second Amended Term Loan \| Secured Debt \| Redemption Period Three
Debt Instrument [Line Items]
Debt instrument, periodic payment	5,218,000
Second Amended Term Loan \| Secured Debt \| Debt Instrument, Redemption, Period Four
Debt Instrument [Line Items]
Debt instrument, periodic payment	156,532,000
Second Amended Term Loan, Canadian Dollars \| Secured Debt
Debt Instrument [Line Items]
Debt instrument, face amount			84,229,000				$ 106,440,000
Second Amended Revolver \| Secured Debt
Debt Instrument [Line Items]
Available lines of credit	$ 400,000,000			$ 400,000,000
Third Amended Term Loan
Debt Instrument [Line Items]
Debt instrument, covenant, leverage ratio	4.50			4.50
Debt instrument, covenant, leverage ratio	4.00			4.00
Third Amended Term Loan \| Minimum
Debt Instrument [Line Items]
Debt instrument, covenant, leverage ratio	4.00			4.00
Debt instrument, covenant, leverage ratio	3.50			3.50
Third Amended Term Loan \| Maximum
Debt Instrument [Line Items]
Debt instrument, covenant, leverage ratio	4.25			4.25
Total consideration transferred	$ 250,000,000
Debt instrument, covenant, leverage ratio	4.25			4.25
Third Amended Term Loan \| Secured Debt
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity					300,000,000
Capitalized debt issuance costs					1,161,000
Deferred asset					1,096,000
Long-term debt					$ 300,000,000
Repayments of Long-term Debt		$ 188,750,000
Third Amended Term Loan \| Secured Debt \| Secured Overnight Financing Rate
Debt Instrument [Line Items]
Basis spread on variable rate	1000.00%
Third Amended Term Loan \| Secured Debt \| Secured Overnight Financing Rate \| Net Leverage Ratio
Debt Instrument [Line Items]
Basis spread on variable rate	1.50%
Third Amended Term Loan \| Secured Debt \| Federal Funds Effective Rate
Debt Instrument [Line Items]
Basis spread on variable rate	0.50%
Third Amended Term Loan \| Secured Debt \| Eurocurrency Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate	1.00%
Third Amended Term Loan \| Secured Debt \| Minimum
Debt Instrument [Line Items]
Commitment fee percentage	0.175%
Third Amended Term Loan \| Secured Debt \| Minimum \| Secured Overnight Financing Rate
Debt Instrument [Line Items]
Basis spread on variable rate	1.375%
Third Amended Term Loan \| Secured Debt \| Minimum \| Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate	0.375%
Third Amended Term Loan \| Secured Debt \| Maximum
Debt Instrument [Line Items]
Commitment fee percentage	0.35%
Third Amended Term Loan \| Secured Debt \| Maximum \| Secured Overnight Financing Rate
Debt Instrument [Line Items]
Basis spread on variable rate	2.50%
Third Amended Term Loan \| Secured Debt \| Maximum \| Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate	1.50%
Third Amended Term Loan \| Secured Debt \| Redemption Period One
Debt Instrument [Line Items]
Debt instrument, periodic payment	$ 3,750,000
Third Amended Term Loan \| Secured Debt \| Redemption Period Two
Debt Instrument [Line Items]
Debt instrument, periodic payment	5,625,000
Third Amended Term Loan \| Secured Debt \| Redemption Period Three
Debt Instrument [Line Items]
Debt instrument, periodic payment	7,500,000
Third Amended Term Loan \| Secured Debt \| Debt Instrument, Redemption, Period Four
Debt Instrument [Line Items]
Debt instrument, periodic payment	$ 232,500,000
Second Amended Credit Facility \| Secured Debt \| Secured Overnight Financing Rate
Debt Instrument [Line Items]
Basis spread on variable rate				1000.00%
Second Amended Credit Facility \| Fourth Amended Credit Facility, due 2026
Debt Instrument [Line Items]
Percentage of capital stock collateralizing debt	65.00%
Debt issuance costs written off			753,000
Second Amended Credit Facility \| Fourth Amended Credit Facility, due 2026 \| Secured Overnight Financing Rate
Debt Instrument [Line Items]
Basis spread on variable rate	1.25%
Second Amended Credit Facility \| Fourth Amended Credit Facility, due 2026 \| Federal Funds Effective Rate
Debt Instrument [Line Items]
Basis spread on variable rate	0.50%
Second Amended Credit Facility \| Fourth Amended Credit Facility, due 2026 \| Eurocurrency Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate	1.00%
Second Amended Credit Facility \| Fourth Amended Credit Facility, due 2026 \| CDOR
Debt Instrument [Line Items]
Basis spread on variable rate	0.50%
Second Amended Credit Facility \| Fourth Amended Credit Facility, due 2026 \| Minimum \| Secured Overnight Financing Rate
Debt Instrument [Line Items]
Basis spread on variable rate	1.125%
Second Amended Credit Facility \| Fourth Amended Credit Facility, due 2026 \| Minimum \| Base Rate Or Canadian Prime Rate
Debt Instrument [Line Items]
Basis spread on variable rate	12.50%
Second Amended Credit Facility \| Fourth Amended Credit Facility, due 2026 \| Maximum \| Secured Overnight Financing Rate
Debt Instrument [Line Items]
Basis spread on variable rate	2.25%
Second Amended Credit Facility \| Fourth Amended Credit Facility, due 2026 \| Maximum \| Base Rate Or Canadian Prime Rate
Debt Instrument [Line Items]
Basis spread on variable rate	1.25%
Revolving Credit Facility \| Amended Credit Facility, due 2022 \| Line of Credit
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity									$ 600,000,000
Revolving Credit Facility \| Amended 2017 Revolver \| Line of Credit
Debt Instrument [Line Items]
Change in borrowing capacity						$ 100,000,000
Revolving Credit Facility \| Second Amended Revolver \| Line of Credit
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity			850,000,000
Change in borrowing capacity			$ 150,000,000
Revolving Credit Facility \| Third Amended Term Loan \| Line of Credit
Debt Instrument [Line Items]
Available lines of credit	$ 100,000,000			$ 100,000,000
Revolving Credit Facility \| Fourth Amended Credit Facility \| Fourth Amended Credit Facility, due 2026
Debt Instrument [Line Items]
Optional increase in line of credit maximum borrowing capacity	$ 350,000,000			$ 350,000,000

Restructuring and other Exit Charges

6 Months Ended

Sep. 29, 2024

Restructuring and Related Activities [Abstract]

Restructuring and other Exit Charges

Restructuring and Other Exit Charges

Restructuring Programs

As disclosed in the 2024 Annual Report, 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 $1,382 remaining to be incurred by the end of fiscal 2025, mainly related to new plans started in fiscal 2024. Restructuring and exit charges for the second quarter of fiscal 2025 by reportable segments are as follows:


	Quarter ended September 29, 2024
	Energy Systems		Motive Power		Specialty		Total
Restructuring charges	$	917	$	13	$	96	$	1,026
Exit charges	(170)		1,075		293		1,198
Restructuring and other exit charges	$	747	$	1,088	$	389	$	2,224


	Six months ended September 29, 2024
	Energy Systems		Motive Power		Specialty		Total
Restructuring charges	$	3,855	$	842	$	385	$	5,082
Exit charges	669		1,641		770		3,080
Restructuring and other exit charges	$	4,524	$	2,483	$	1,155	$	8,162

A roll-forward of the restructuring reserve, excluding exit charges, is as follows:


Balance as of March 31, 2024	$	2,408
Accrued	5,082
Costs incurred	(6,072)
Foreign currency impact	55
Balance as of September 29, 2024	$	1,473

Exit Charges

Fiscal 2024 Program

Renewables

On November 8, 2023, the Company's Board of Directors approved a plan to stop production and operations of residential renewable energy products, which include our OutBack and Mojave brands. Management determined that residential renewable energy products no longer fit with the company’s core strategy and resources will be better allocated toward commercial energy solutions for enterprise customers. The Company currently estimates that the total charges for these actions will amount to approximately $24,500. Non-cash charges for inventory and fixed assets write-offs, and impairment of an indefinite-lived intangible asset are estimated to be $23,600, and cash charges for employee severance and retention payments are estimated to be $900. The plan was substantially complete in fiscal 2024.

During fiscal 2024, the Company recorded non-cash charges totaling $551 primarily related to fixed assets and cash charges of $689 related to severance costs. The Company also recorded non-cash write-offs relating to inventories of $17,075, which was reported in cost of goods sold, and impairment of indefinite lived intangible asset of $6,020.

Spokane

On November 8, 2023, the Company committed to a plan to close its facility in Spokane, Washington, which primarily manufactures enclosure systems for telecommunications and related end markets. Management determined that existing manufacturing locations have the capacity to satisfy demand for these products and will execute more efficient distribution to customers. The Company currently estimates that the total charges for these actions will amount to approximately $3,600 relating to $1,400 in cash charges for employee severance, and non-cash charges of $2,200 relating to fixed assets, facility lease, and inventory. The majority of the charges were incurred in fiscal 2024.

During fiscal 2024, the Company recorded cash charges of $1,343 primarily related to severance costs and non-cash charges totaling $2,066 related to lease right of use asset and fixed asset write-offs.

During the six months of fiscal 2025, the Company recorded cash charges of $669 primarily related to manufacturing variances.

Fiscal 2023 Programs

Sylmar

In November 2022, the Company committed to a plan to close its facility in Sylmar, California, which manufactures specialty lithium batteries for aerospace and medical applications. Management determined to close the site upon the expiration of its lease on the property and to redirect production through consolidation into existing locations. The Company currently estimates total charges in the exit to amount to $13,499. Cash charges are estimated to total $9,607 primarily relating to severance and other costs to leave the site. Non-cash charges are estimated to be $3,892 relating to fixed assets, inventory, and contract assets. The plan was substantially complete in fiscal 2024.

During fiscal 2023, the Company recorded cash charges of $1,682 related primarily related to severance costs and non-cash charges totaling $417 primarily relating to contract assets.

During fiscal 2024, the Company recorded cash charges of $7,155 related primarily related to severance costs, relocation expenses, and manufacturing variances, and non-cash charges totaling $377. The Company also recorded a non-cash write-off relating to inventories of $3,098, which was reported in cost of goods sold.

During the six months of fiscal 2025, the Company recorded cash charges of $770 primarily related to relocation costs.

Ooltewah

On June 29, 2022, the Company committed to a plan to close its facility in Ooltewah, Tennessee, which produced flooded motive power batteries for electric forklifts. Management determined that future demand for traditional motive power flooded cells will decrease as customers transition to maintenance free product solutions in lithium and TPPL. The Company currently estimates that the total charges for these actions will amount to approximately $18,500. Cash charges for employee severance related payments, cleanup related to the facility, contractual releases and legal expenses are estimated to be $9,200 and non-cash charges from inventory and fixed asset write-offs are estimated to be $9,300. These actions will result in the reduction of approximately 165 employees. The majority of these charges were recorded by the end of fiscal 2024.

During fiscal 2023, the Company recorded cash charges relating to severance and manufacturing variances of $2,735 and non-cash charges of $7,261 relating to fixed asset write-offs. The Company also recorded a non-cash write-off relating to inventories of $1,613, which was reported in cost of goods sold.

During fiscal 2024, the Company recorded cash charges relating to site cleanup and decommissioning equipment of $4,399.

During the six months of fiscal 2025, the Company recorded $305 cash charges relating to site cleanup.

Fiscal 2021 Program

Hagen, Germany

In fiscal 2021, the Company's Board of Directors approved a plan to close substantially all of its facility in Hagen, Germany, which produced flooded motive power batteries for electric forklifts. Management determined that future demand for the motive power batteries produced at this facility was not sufficient, given the conversion from flooded to maintenance free batteries by customers, the existing number of competitors in the market, as well as the near term decline in demand and increased uncertainty from the pandemic. The Company plans to retain the facility with limited sales, service and administrative functions along with related personnel for the foreseeable future.

The Company currently estimates that the total charges for these actions will amount to approximately $60,000, of which cash charges for employee severance related payments, cleanup related to the facility, contractual releases and legal expenses were estimated to be $40,000 and non-cash charges from inventory and equipment write-offs were estimated to be $20,000. The majority of these charges were recorded as of January 1, 2023. These actions resulted in the reduction of approximately 200 employees.

During fiscal 2021, the Company recorded cash charges relating to severance of $23,331 and non-cash charges of $7,946 primarily relating to fixed asset write-offs.

During fiscal 2022, the Company recorded cash charges primarily relating to severance of $8,069 and non-cash charges of $3,522 primarily relating to fixed asset write-offs. The Company also recorded a non-cash write-off relating to inventories of $960, which was reported in cost of goods sold.

During fiscal 2023, the Company recorded cash charges of $2,207 relating to primarily to site cleanup and $562 of non-cash charges relating to accelerated depreciation of fixed assets.

During fiscal 2024, the Company recorded cash charges of $2,118 relating primarily to site cleanup and $526 of non-cash charges relating to accelerated depreciation of fixed assets.

During the six months of fiscal 2025, the Company recorded cash charges of $1,092 relating primarily to site cleanup and $244 of non-cash charges relating to accelerated depreciation of fixed assets.

Business Combinations and Asset Acquisitions - Additional Information (Details) - Bren-Tronics Defense LLC	Jul. 26, 2024 USD ($)
Business Acquisition [Line Items]
Business combination, acquired receivable, fair value	$ 10,478,000
Gross contractual amount of receivables	10,478,000
Trademarks
Business Acquisition [Line Items]
Acquired intangible assets	$ 4,200,000
Acquired finite-lived intangible assets, weighted average useful life (in years)	6 years
Customer relationships
Business Acquisition [Line Items]
Acquired intangible assets	$ 63,200,000
Acquired finite-lived intangible assets, weighted average useful life (in years)	13 years
Technology
Business Acquisition [Line Items]
Acquired intangible assets	$ 23,200,000
Acquired finite-lived intangible assets, weighted average useful life (in years)	12 years

Debt - (Additional Information) (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Sep. 29, 2024	Mar. 31, 2024	Oct. 01, 2023	Oct. 02, 2022	Sep. 29, 2024	Oct. 01, 2023
Debt Instrument [Line Items]
Short-term debt	$ 30,080	$ 30,444			$ 30,080
Short-term debt, weighted average interest rate	6.00%	6.70%			6.00%
Debt issuance costs written off		$ 753
Standby Letters of Credit
Debt Instrument [Line Items]
Stand by letters of credit	$ 6,855	3,919			$ 6,855
Line of Credit
Debt Instrument [Line Items]
Available lines of credit	535,395	938,334			535,395
Outstanding amount	90,826	90,866			90,826
Second Amended Term Loan \| Secured Debt
Debt Instrument [Line Items]
Current portion of long-term debt	4,875				4,875
Available lines of credit	110,000				110,000
Third And Fourth Amended Credit Facilities \| Fourth Amended Credit Facility, due 2026
Debt Instrument [Line Items]
Capitalized debt issuance costs				$ 4,412
Second Amended Credit Facility \| Secured Debt
Debt Instrument [Line Items]
Amortization expense relating to debt issuance costs and included in interest expense	479		$ 410		969	$ 820
Deferred issuance costs, net of accumulated amortization	$ 7,417	$ 8,035			$ 7,417
Second Amended Credit Facility \| Fourth Amended Credit Facility, due 2026
Debt Instrument [Line Items]
Debt issuance costs written off				$ 753

Derivative Financial Instruments

6 Months Ended

Sep. 29, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

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

Derivatives in Cash Flow Hedging Relationships

Lead Forward Contracts

The Company enters into lead forward contracts to fix the price for a portion of its lead purchases. Management considers the lead forward contracts to be effective against changes in the cash flows of the underlying lead purchases. The vast majority of such contracts are for a period not extending beyond one year. At September 29, 2024 and March 31, 2024, the Company has hedged the price to purchase approximately 62.5 million pounds and 53.0 million pounds of lead, respectively, for a total purchase price of $59,350 and $49,977, 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 September 29, 2024 and March 31, 2024, the Company had entered into a total of $51,076 and $46,159, respectively, of such contracts.

Interest Rate Swap Agreements

The Company is exposed to changes in variable interest rates on borrowings under our credit agreement. On a selective basis, from time to time, it enters into interest rate swap agreements to reduce the negative impact that increases in interest rates could have on our outstanding variable rate debt. At September 29, 2024 and March 31, 2024 such agreements effectively convert $200,000 of our variable-rate debt to a fixed-rate basis, utilizing the one-month term SOFR, as a floating rate reference. Fluctuations in SOFR and fixed rates affect both our net financial investment position and the amount of cash to be paid or received by us under these agreements.

Derivatives in Net Investment Hedging Relationships

Net Investment Hedges

The Company uses cross currency fixed interest rate swaps to hedge its net investments in foreign operations against future volatility in the exchange rates between the U.S. Dollar and Euro.

On September 29, 2022, the Company entered into cross-currency fixed interest rate swap contracts with an aggregate notional amount of $150,000, maturing on December 15, 2027. Additionally, on July 2, 2024, the Company entered into cross-currency fixed interest rate swap contracts with an aggregate notional amount of $150,000, maturing on January 15, 2029. The cross-currency fixed interest rate swap contracts qualify for hedge accounting as a net investment hedging instrument, which allows for them to be remeasured to foreign currency translation adjustment within AOCI (“Accumulated Other Comprehensive Income”) to offset the translation risk from those investments. Balances in the foreign currency translation adjustment accounts remain until the sale or substantially complete liquidation of the foreign entity, upon which they are recognized as a component of other income (expense).

Impact of Hedging Instruments on AOCI

In the coming twelve months, the Company anticipates that $116 of pretax loss relating to lead, foreign currency forward contracts, interest rate swaps, and net investment hedges will be reclassified from AOCI as part of cost of goods sold and interest expense. This amount represents the current net unrealized impact of hedging lead, foreign exchange rates and interest rates, which will change as market rates change in the future. This amount will ultimately be realized in the Consolidated Condensed Statements of Income as an offset to the corresponding actual changes in lead, foreign exchange rates and interest costs resulting from variable lead cost, foreign exchange and interest rates hedged.

Derivatives not Designated in Hedging Relationships

Foreign Currency Forward Contracts

The Company also enters into foreign currency forward contracts to economically hedge foreign currency fluctuations on intercompany loans and foreign currency denominated receivables and payables. These are not designated as hedging instruments and changes in fair value of these instruments are recorded directly in the Consolidated Condensed Statements of Income. As of September 29, 2024 and March 31, 2024, the notional amount of these contracts was $68,312 and $69,319, 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

September 29, 2024 and March 31, 2024


	Derivatives and Hedging Activities Designated as Cash Flow Hedges				Derivatives and Hedging Activities Designated as Net Investment Hedges				Derivatives and Hedging Activities Not Designated as Hedging Instruments
	September 29, 2024		March 31, 2024		September 29, 2024		March 31, 2024		September 29, 2024		March 31, 2024
Prepaid and other current assets:
Lead forward contracts	$	—	$	—	$	—	$	—	$	—	$	—
Foreign currency forward contracts	—		396		—		—		72		—
Net investment hedges	—		—		—		—		—		—
Other assets:
Interest rate swaps	—		2,696		—		—		—		—
Net investment hedges	—		—		—		—		—		—
Total assets	$	—	$	3,092	$	—	$	—	$	72	$	—
Accrued expenses:
Lead forward contracts	$	576	$	835	$	—	$	—	$	—	$	—
Foreign currency forward contracts	268		—		—		—		—		391
Other liabilities:
Interest rate swaps	1,601		—		—		—		—		—
Net investment hedges	—		—		30,258		19,167		—		—
Total liabilities	$	2,445	$	835	$	30,258	$	19,167	$	—	$	391

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

For the quarter ended September 29, 2024


Derivatives Designated as Cash Flow Hedges	Pretax Gain (Loss) Recognized in AOCI on Derivative (Effective Portion)		Location of Gain (Loss) Reclassified from AOCI into Income (Effective Portion)	Pretax Gain (Loss) Reclassified from AOCI into Income (Effective Portion)
Lead forward contracts	$	(3,123)	Cost of goods sold	$	1,783
Foreign currency forward contracts	(539)		Cost of goods sold	227
Interest rate swaps	(4,313)		Interest expense	248
Total	$	(7,975)		$	2,258


Derivatives Designated as Net Investment Hedges	Pretax Gain (Loss) Recognized in AOCI on Derivative (Effective Portion)		Location of Gain (Loss) Reclassified from AOCI into Income (Effective Portion)	Pretax Gain (Loss) Reclassified from AOCI into Income (Effective Portion)
Cross currency fixed interest rate swaps	$	(12,375)	Interest expense	$	711
Total	$	(12,375)		$	711


Derivatives Not Designated as Hedging Instruments	Location of Gain (Loss) Recognized in Income on Derivatives	Pretax Gain (Loss)
Foreign currency forward contracts	Other (income) expense, net	$	1,429
Total		$	1,429

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

For the quarter ended October 1, 2023


Derivatives Designated as Cash Flow Hedges	Pretax Gain (Loss) Recognized in AOCI on Derivative (Effective Portion)		Location of Gain (Loss) Reclassified from AOCI into Income (Effective Portion)	Pretax Gain (Loss) Reclassified from AOCI into Income (Effective Portion)
Lead forward contracts	$	1,903	Cost of goods sold	$	453
Foreign currency forward contracts	(40)		Cost of goods sold	(235)
Interest rate swaps	1,614		Interest expense	—
Total	$	3,477		$	218

Derivatives Designated as Net Investment Hedges	Pretax Gain (Loss) Recognized in AOCI on Derivative (Effective Portion)		Location of Gain (Loss) Reclassified from AOCI into Income (Effective Portion)	Pretax Gain (Loss) Reclassified from AOCI into Income (Effective Portion)
Cross currency fixed interest rate swaps	$	3,701	Interest expense	$	—
Total	$	3,701		$	—


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	$	(701)
Total		$	(701)

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

For the six months ended September 29, 2024


Derivatives Designated as Cash Flow Hedges	Pretax Gain (Loss) Recognized in AOCI on Derivative (Effective Portion)		Location of Gain (Loss) Reclassified from AOCI into Income (Effective Portion)	Pretax Gain (Loss) Reclassified from AOCI into Income (Effective Portion)
Lead forward contracts	$	(392)	Cost of goods sold	$	297
Foreign currency forward contracts	(191)		Cost of goods sold	276
Interest rate swaps	(3,231)		Interest expense	1,066
Total	$	(3,814)		$	1,639


Derivatives Designated as Net Investment Hedges	Pretax Gain (Loss) Recognized in AOCI on Derivative (Effective Portion)		Location of Gain (Loss) Reclassified from AOCI into Income (Effective Portion)	Pretax Gain (Loss) Reclassified from AOCI into Income (Effective Portion)
Cross currency fixed interest rate swaps	$	(10,116)	Interest expense	$	975
Total	$	(10,116)		$	975


Derivatives Not Designated as Hedging Instruments	Location of Gain (Loss) Recognized in Income on Derivative	Pretax Gain (Loss)
Foreign currency forward contracts	Other (income) expense, net	$	1,783
Total		$	1,783

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

For the six months ended October 1, 2023


Derivatives Designated as Cash Flow Hedges	Pretax Gain (Loss) Recognized in AOCI on Derivative (Effective Portion)		Location of Gain (Loss) Reclassified from AOCI into Income (Effective Portion)	Pretax Gain (Loss) Reclassified from AOCI into Income (Effective Portion)
Lead forward contracts	$	2,378	Cost of goods sold	$	3,548
Foreign currency forward contracts	859		Cost of goods sold	(64)
Interest rate swaps	6,463		Interest expense	630
Total	$	9,700		$	4,114


Derivatives Designated as Net Investment Hedges	Pretax Gain (Loss) Recognized in AOCI on Derivative (Effective Portion)		Location of Gain (Loss) Reclassified from AOCI into Income (Effective Portion)	Pretax Gain (Loss) Reclassified from AOCI into Income (Effective Portion)
Cross currency fixed interest rate swaps	$	911	Interest expense	$	112
Total	$	911		$	112


Derivatives Not Designated as Hedging Instruments	Location of Gain (Loss) Recognized in Income on Derivative	Pretax Gain (Loss)
Foreign currency forward contracts	Other (income) expense, net	$	(1,204)
Total		$	(1,204)

Derivative Financial Instruments - (Additional Information) (Details) $ in Thousands, lb in Millions	Sep. 29, 2024 USD ($) lb	Mar. 31, 2024 USD ($) lb	Sep. 29, 2022 USD ($)
Designated as Hedging Instrument \| Cross Currency Fixed Interest Rate Contract
Derivatives, Fair Value [Line Items]
Derivative notional amount	$ 300		$ 150,000
Designated as Hedging Instrument \| Interest Rate Swap, Fixed-Rate Basis
Derivatives, Fair Value [Line Items]
Derivative notional amount	200,000	$ 200,000
Cost of Sales and Interest Expense
Derivatives, Fair Value [Line Items]
Foreign currency cash flow hedge gain to be reclassified during next 12 months	$ 116
Lead forward contracts
Derivatives, Fair Value [Line Items]
Notional amount in pounds \| lb	62.5	53.0
Fair value of hedges, net	$ 59,350	$ 49,977
Foreign currency forward contracts
Derivatives, Fair Value [Line Items]
Derivative notional amount	51,076	46,159
Foreign currency forward contracts \| Derivatives and Hedging Activities Not Designated as Hedging Instruments
Derivatives, Fair Value [Line Items]
Derivative notional amount	$ 68,312	$ 69,319

Inventories (Tables)

6 Months Ended

Sep. 29, 2024

Inventory Disclosure [Abstract]

Summary Of Inventories


	September 29, 2024		March 31, 2024
Raw materials	$	314,498	$	284,773
Work-in-process	132,319		115,191
Finished goods	316,699		297,734
Total	$	763,516	$	697,698

Acquisition (Tables)

6 Months Ended

Sep. 29, 2024

Business Combination and Asset Acquisition [Abstract]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following table summarizes the provisional fair values of the assets acquired and liabilities assumed at the date of the acquisition:



Trade Receivables	10,478
Inventory	47,937
Prepaid and other current assets	1,178
Property, plant and equipment	14,701
Other intangible assets	90,600
Other assets	2,003
Total assets acquired	$	166,897
Accounts payable	2,374
Accrued liabilities	7,319
Other liabilities	2,236
Total liabilities assumed	$	11,929
Net assets acquired	$	154,968

Consideration transferred:
Cash consideration, net of cash and restricted cash acquired	205,276
Total consideration transferred	205,276
Less: Fair value of acquired identifiable assets and liabilities	154,968
Goodwill	$	50,308

Revenue Recognition	6 Months Ended
Revenue Recognition	Sep. 29, 2024
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Revenue Recognition The Company’s revenues by reportable segments are presented in Note 18 and are consistent with how we organize and manage our operations, as well as product line net sales information. 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. A small portion of the Company's customer arrangements oblige the Company to create customized products for its customers that require combining 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 second quarter of fiscal 2025 and 2024 amounted to$49,520 and $68,812, respectively. Revenues recognized over time for the six months of fiscal 2025 and 2024 amounted to $101,852 and $127,466, respectively. On September 29, 2024, the aggregate transaction price allocated to unsatisfied (or partially unsatisfied) performance obligations was approximately $132,656, of which, the Company estimates that approximately $68,380 will be recognized as revenue in fiscal 2025, $54,568 in fiscal 2026, and $9,708 in fiscal 2027. 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 September 29, 2024, the current and non-current portion of contract liabilities were $28,809 and $712, respectively. As of March 31, 2024, the current and non-current portion of contract liabilities were $27,649 and $960, respectively. Revenues recognized during the second quarter of fiscal 2025 and 2024 that were included in the contract liability at the beginning of the quarter, amounted to $7,096 and $6,737, respectively. Revenues recognized during the six months of fiscal 2025 and 2024 that were included in the contract liability at the beginning of the year, amounted to $7,928 and $14,113, respectively. Amounts representing work completed and not billed to customers represent contract assets and were $75,556 and $55,363 as of September 29, 2024 and March 31, 2024, 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 September 29, 2024, the right of return asset related to the value of inventory anticipated to be returned from customers was $4,300 and refund liability representing amounts estimated to be refunded to customers was $7,177.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

Accounts Receivable - Schedule of Accounts Receivable (Details) - USD ($) $ in Thousands	Sep. 29, 2024	Mar. 31, 2024
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Accounts receivable	$ 557,819	$ 532,832
Allowance for doubtful accounts	8,808	8,107
Accounts receivable, net	$ 549,011	$ 524,725

Restructuring and other Exit Charges - (Roll-forward of Restructuring Reserve) (Details) $ in Thousands	6 Months Ended
	Sep. 29, 2024 USD ($)
Restructuring Reserve [Roll Forward]
Accrued	$ 5,082
Employee Severance
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance	2,408
Costs incurred	(6,072)
Foreign currency impact	55
Restructuring reserve, ending balance	$ 1,473

Debt (Tables)

6 Months Ended

Sep. 29, 2024

Debt Disclosure [Abstract]

Long-Term Debt And Capital Lease Obligations

The following summarizes the Company’s long-term debt as of September 29, 2024 and March 31, 2024:


	September 29, 2024				March 31, 2024
	Principal		Unamortized Issuance Costs		Principal		Unamortized Issuance Costs
Senior Notes	$	600,000	$	5,840	$	600,000	$	6,064
Fourth Amended Credit Facility, due 2026	610,000		1,577		210,000		1,971

	$	1,210,000	$	7,417	$	810,000	$	8,035
Less: Unamortized issuance costs	7,417				8,035
Long-term debt, net of unamortized issuance costs	$	1,202,583			$	801,965

Revenue Recognition - (Additional Information) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 29, 2024	Oct. 01, 2023	Sep. 29, 2024	Oct. 01, 2023	Mar. 31, 2024
Disaggregation of Revenue [Line Items]
Net sales	$ 883,669	$ 901,033	$ 1,736,585	$ 1,809,602
Contract with customer, liability, current portion	28,809		28,809		$ 27,649
Contract with customer, liability, noncurrent portion	712		712		960
Revenue recognized	7,096	6,737	7,928	14,113
Unbilled contracts receivable	75,556		75,556		$ 55,363
Right to recover product	4,300		4,300
Refund liability	7,177		7,177
Transferred over Time
Disaggregation of Revenue [Line Items]
Net sales	$ 49,520	$ 68,812	$ 101,852	$ 127,466

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479941/924-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
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-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 40
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 22
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

Accounts Receivable (Tables)

6 Months Ended

Sep. 29, 2024

Receivables [Abstract]

Schedule of Accounts Receivable

Accounts Receivable


	September 29, 2024		March 31, 2024
Accounts receivable	$	557,819	$	532,832
Allowance for doubtful accounts	8,808		8,107
Accounts receivable, net	$	549,011	$	524,725

Inventories

6 Months Ended

Sep. 29, 2024

Inventory Disclosure [Abstract]

Inventories


	September 29, 2024		March 31, 2024
Raw materials	$	314,498	$	284,773
Work-in-process	132,319		115,191
Finished goods	316,699		297,734
Total	$	763,516	$	697,698

Fair Value of Financial Instruments (Tables)

6 Months Ended

Sep. 29, 2024

Fair Value Disclosures [Abstract]

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

The following tables represent the financial assets and (liabilities) measured at fair value on a recurring basis as of September 29, 2024 and March 31, 2024, and the basis for that measurement:


	Total Fair Value Measurement September 29, 2024		Quoted Price in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Lead forward contracts	$	(576)	$	—	$	(576)	$	—
Foreign currency forward contracts	(196)		—		(196)		—
Interest Rate Swaps	(1,601)		—		(1,601)		—
Net investment hedges	(30,258)		—		(30,258)		—
Total derivatives	$	(32,631)	$	—	$	(32,631)	$	—


	Total Fair Value Measurement March 31, 2024		Quoted Price in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Lead forward contracts	$	(835)	$	—	$	(835)	$	—
Foreign currency forward contracts	5		—		5		—
Interest Rate Swaps	2,696		—		2,696		—
Net investment hedges	(19,167)		—		(19,167)		—
Total derivatives	$	(17,301)	$	—	$	(17,301)	$	—

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 September 29, 2024 and March 31, 2024 were as follows:


	September 29, 2024				March 31, 2024
	Carrying Amount		Fair Value		Carrying Amount		Fair Value


Financial liabilities:
Senior Notes (2)	$	600,000	$	599,700	$	600,000	$	582,750
Derivatives (1)	$	(32,631)	$	(32,631)	$	(17,301)	$	(17,301)

(1)Represents lead, foreign currency forward contracts, interest rate swaps, and net investment hedges (see Note 8 for asset and liability positions of the lead, foreign currency forward contracts, interest rate swaps, and net investment hedges at September 29, 2024 and March 31, 2024).

(2)The fair value amount of the Senior Notes at September 29, 2024 and March 31, 2024 represent the trading value of the instruments.

Goodwill and Other Intangible Assets - (Goodwill) (Details) $ in Thousands	6 Months Ended
	Sep. 29, 2024 USD ($)
Goodwill [Line Items]
Balance at March 31, 2024	$ 682,934
Foreign currency translation adjustment	5,361
Acquisitions during the year	50,308
Balance as of September 29, 2024	738,603
Energy Systems
Goodwill [Line Items]
Balance at March 31, 2024	259,369
Foreign currency translation adjustment	1,648
Acquisitions during the year
Balance as of September 29, 2024	261,017
Motive Power
Goodwill [Line Items]
Balance at March 31, 2024	326,359
Foreign currency translation adjustment	2,868
Acquisitions during the year
Balance as of September 29, 2024	329,227
Specialty
Goodwill [Line Items]
Balance at March 31, 2024	97,206
Foreign currency translation adjustment	845
Acquisitions during the year	50,308
Balance as of September 29, 2024	$ 148,359

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
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-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482548/350-20-55-24

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
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-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

Restructuring and other Exit Charges - (Additional Information) (Details)		1 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 29, 2022 USD ($) Employee	Nov. 30, 2022 USD ($)	Sep. 29, 2024 USD ($)	Oct. 01, 2023 USD ($)	Sep. 29, 2024 USD ($)	Oct. 01, 2023 USD ($)	Mar. 31, 2024 USD ($) Employee	Mar. 31, 2023 USD ($)	Mar. 31, 2022 USD ($)	Mar. 31, 2021 USD ($)	Dec. 31, 2023 USD ($)	Nov. 08, 2023 USD ($)
Restructuring Cost and Reserve [Line Items]
Expected remaining cost			$ 1,382,000		$ 1,382,000
Inventory adjustment relating to exit activities					0	$ 3,098,000
Write-off of assets relating to exit activities					244,000	4,146,000
Restructuring and other exit charges			2,224,000	$ 7,234,000	8,162,000	13,543,000
Trademarks
Restructuring Cost and Reserve [Line Items]
Impairment of intangible assets					6,020,000
Employee Severance
Restructuring Cost and Reserve [Line Items]
Restructuring charges			1,026,000		5,082,000
Restructuring costs incurred					6,072,000
Restructuring and other exit charges			2,224,000		8,162,000
Exit charges			1,198,000		3,080,000
Employee Severance \| Energy Systems
Restructuring Cost and Reserve [Line Items]
Restructuring charges			917,000		3,855,000
Restructuring and other exit charges			747,000		4,524,000
Exit charges			(170,000)		669,000
Employee Severance \| Motive Power
Restructuring Cost and Reserve [Line Items]
Restructuring charges			13,000		842,000
Restructuring and other exit charges			1,088,000		2,483,000
Exit charges			1,075,000		1,641,000
Employee Severance \| Specialty
Restructuring Cost and Reserve [Line Items]
Restructuring charges			96,000		385,000
Restructuring and other exit charges			389,000		1,155,000
Exit charges			$ 293,000		770,000
Closure of Facility in Hagen, Germany
Restructuring Cost and Reserve [Line Items]
Expected additional restructuring charges											$ 60,000,000
Estimated number of positions eliminated \| Employee							200
Inventory adjustment relating to exit activities									$ 960,000
Closure of Facility in Hagen, Germany \| Cash charges
Restructuring Cost and Reserve [Line Items]
Expected additional restructuring charges											40,000
Closure of Facility in Hagen, Germany \| Severance, Cash Charges
Restructuring Cost and Reserve [Line Items]
Restructuring charges										$ 23,331,000
Closure of Facility in Hagen, Germany \| Non Cash Charges
Restructuring Cost and Reserve [Line Items]
Expected additional restructuring charges											$ 20,000,000
Closure of Facility in Hagen, Germany \| Severance, Non Cash Charges
Restructuring Cost and Reserve [Line Items]
Restructuring charges									3,522,000	$ 7,946,000
Closure of Facility in Hagen, Germany \| Employee Severance
Restructuring Cost and Reserve [Line Items]
Restructuring charges									$ 8,069,000
Closure of Facility in Hagen, Germany \| Site Clean Up, Cash Charges
Restructuring Cost and Reserve [Line Items]
Restructuring charges					1,092,000		$ 2,118,000	$ 2,207,000
Closure of Facility in Hagen, Germany \| Accelerated Depreciation, Non Cash Charges
Restructuring Cost and Reserve [Line Items]
Restructuring charges					244,000		526,000	562,000
Closure Of Facility In Ooltewah, Tennessee
Restructuring Cost and Reserve [Line Items]
Expected additional restructuring charges	$ 18,500,000
Estimated number of positions eliminated \| Employee	165
Closure Of Facility In Ooltewah, Tennessee \| Cash charges
Restructuring Cost and Reserve [Line Items]
Expected additional restructuring charges	$ 9,200,000							2,735,000
Closure Of Facility In Ooltewah, Tennessee \| Non Cash Charges
Restructuring Cost and Reserve [Line Items]
Expected additional restructuring charges	$ 9,300,000							7,261,000
Closure Of Facility In Ooltewah, Tennessee \| Non Cash Charges \| Cost of goods sold
Restructuring Cost and Reserve [Line Items]
Expected additional restructuring charges								1,613,000
Closure Of Facility In Ooltewah, Tennessee \| Site Clean Up, Cash Charges
Restructuring Cost and Reserve [Line Items]
Restructuring charges					305,000		4,399,000
Closure of Facility in Sylmar, California
Restructuring Cost and Reserve [Line Items]
Write-off of assets relating to exit activities		$ 9,607,000
Exit charges		13,499,000
Closure of Facility in Sylmar, California \| Severance, Cash Charges
Restructuring Cost and Reserve [Line Items]
Restructuring charges					770,000		7,155,000	1,682,000
Closure of Facility in Sylmar, California \| Fixed Asset Write Off, Non-Cash Charges
Restructuring Cost and Reserve [Line Items]
Restructuring charges		$ 3,892,000
Closure of Facility in Sylmar, California \| Contract Assets, Non-Cash Charges
Restructuring Cost and Reserve [Line Items]
Restructuring charges							377,000	$ 417,000
Closure of Facility in Sylmar, California \| Inventory, Non-Cash Charges
Restructuring Cost and Reserve [Line Items]
Restructuring charges							$ 3,098,000
Closure Of Facility In Spokane, Washington
Restructuring Cost and Reserve [Line Items]
Expected additional restructuring charges												$ 3,600,000
Closure Of Facility In Spokane, Washington \| Employee Severance
Restructuring Cost and Reserve [Line Items]
Expected additional restructuring charges												1,400,000
Write-off of assets relating to exit activities					669,000	1,343,000
Closure Of Facility In Spokane, Washington \| Fixed Asset Write Off, Non-Cash Charges
Restructuring Cost and Reserve [Line Items]
Expected additional restructuring charges												2,200,000
Write-off of assets relating to exit activities						$ 2,066,000
OutBack And Mojave Brands
Restructuring Cost and Reserve [Line Items]
Expected additional restructuring charges												24,500,000
OutBack And Mojave Brands \| Non Cash Charges
Restructuring Cost and Reserve [Line Items]
Expected additional restructuring charges												23,600,000
Write-off of assets relating to exit activities					551,000
OutBack And Mojave Brands \| Employee Severance
Restructuring Cost and Reserve [Line Items]
Expected additional restructuring charges												$ 900,000
Write-off of assets relating to exit activities					689,000
OutBack And Mojave Brands \| Inventories, Non Cash Charges
Restructuring Cost and Reserve [Line Items]
Write-off of assets relating to exit activities					$ 17,075,000

Stockholders' Equity and Noncontrolling Interests

6 Months Ended

Sep. 29, 2024

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 six months ended September 29, 2024:


Shares outstanding as of March 31, 2024						40,271,936
Purchase of treasury stock						(780,849)
Shares issued under equity-based compensation plans, net of equity awards surrendered for option price and taxes						322,817
Shares outstanding as of September 29, 2024						39,813,904

Treasury Stock

During the six months ended September 29, 2024, the Company purchased 780,849 shares for $75,187 and purchased 480,060 shares for $47,340 during the six months ended October 1, 2023. At September 29, 2024 and March 31, 2024, the Company held 16,866,664 and 16,091,988 shares as treasury stock, respectively. During the six months ended September 29, 2024, the Company also issued 6,173 shares out of its treasury stock, valued at $62.55 per share to participants under the Company's Employee Stock Purchase Plan. During the six months ended October 1, 2023, the Company issued 7,312 shares out of its treasury stock, valued at $62.55 per share, to participants under the Company's Employee Stock Purchase Plan.

Accumulated Other Comprehensive Income (“AOCI ”)

The components of AOCI, net of tax, as of September 29, 2024 and March 31, 2024, are as follows:


	March 31, 2024		Before Reclassifications		Amounts Reclassified from AOCI		September 29, 2024
Pension funded status adjustment	$	(9,798)	$	—	$	197	$	(9,601)
Net unrealized gain (loss) on derivative instruments	755		(2,923)		(1,257)		(3,425)
Foreign currency translation adjustment (1)	(195,808)		15,391		—		(180,417)
Accumulated other comprehensive (loss) income	$	(204,851)	$	12,468	$	(1,060)	$	(193,443)

(1) Foreign currency translation adjustment for the six months ended September 29, 2024 includes a $8,497 loss (net of taxes of $2,594) related to the Company's $300,000 cross-currency fixed interest rate swap contracts.

The following table presents reclassifications from AOCI during the second quarter ended September 29, 2024:


Components of AOCI	Amounts Reclassified from AOCI		Location of (Gain) Loss Recognized on Income Statement
Derivatives in cash flow hedging relationships:
Net unrealized gain on derivative instruments	$	(2,258)	Cost of goods sold
Tax expense	527
Net unrealized gain on derivative instruments, net of tax	$	(1,731)

Derivatives in net investment hedging relationships:
Net unrealized gain on derivative instruments	$	(711)	Interest expense
Tax expense	166
Net unrealized gain on derivative instruments, net of tax	$	(545)

Defined benefit pension costs:
Prior service costs and deferrals	$	133	Net periodic benefit cost, included in other (income) expense, net - See Note 14
Tax benefit	(32)
Net periodic benefit cost, net of tax	$	101

The following table presents reclassifications from AOCI during the six months ended September 29, 2024:


Components of AOCI	Amounts Reclassified from AOCI		Location of (Gain) Loss Recognized on Income Statement
Derivatives in cash flow hedging relationships:
Net unrealized gain on derivative instruments	$	(1,639)	Cost of goods sold
Tax expense	382
Net unrealized gain on derivative instruments, net of tax	$	(1,257)

Derivatives in net investment hedging relationships:
Net unrealized gain on derivative instruments	$	(975)	Interest expense
Tax expense	229
Net unrealized gain on derivative instruments, net of tax	$	(746)

Defined benefit pension costs:
Prior service costs and deferrals	$	260	Net periodic benefit cost, included in other (income) expense, net - See Note 14
Tax benefit	(63)
Net periodic benefit cost, net of tax	$	197

The following table presents reclassifications from AOCI during the second quarter ended October 1, 2023:


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	$	(218)	Cost of goods sold
Tax expense	51
Net unrealized gain on derivative instruments, net of tax	$	(167)

Derivatives in net investment hedging relationships:
Net unrealized gain on derivative instruments	$	—	Interest expense
Tax expense	—
Net unrealized gain on derivative instruments, net of tax	$	—

Defined benefit pension costs:
Prior service costs and deferrals	$	27	Net periodic benefit cost, included in other (income) expense, net - See Note 14
Tax benefit	(6)
Net periodic benefit cost, net of tax	$	21

The following table presents reclassifications from AOCI during the six months ended October 1, 2023:


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	$	(4,114)	Cost of goods sold
Tax expense	962
Net unrealized gain on derivative instruments, net of tax	$	(3,152)

Derivatives in net investment hedging relationships:
Net unrealized gain on derivative instruments	$	(112)	Interest expense
Tax expense	26
Net unrealized gain on derivative instruments, net of tax	$	(86)

Defined benefit pension costs:
Prior service costs and deferrals	$	56	Net periodic benefit cost, included in other (income) expense, net - See Note 14
Tax benefit	(15)
Net periodic benefit cost, net of tax	$	41

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481004/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

+ Details

Consolidated Condensed Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 29, 2024	Mar. 31, 2024
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 8,808	$ 8,107
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)	56,680,568	56,363,924
Common stock, shares, outstanding (in shares)	39,813,904	40,271,936
Treasury stock, shares (in shares)	16,866,664	16,091,988

Fair Value of Financial Instruments - (Additional Information) (Details) - USD ($) $ in Thousands	6 Months Ended
	Sep. 29, 2024	Mar. 31, 2024
Trademarks
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Impairment of intangible assets	$ 6,020
Six Point Six Two Five Percent Senior Notes Due Two Thousand Thirty Two
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Face value of trades, percentage	104.00%	100.00%
4.375% Senior Notes due 2027
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Face value of trades, percentage	96.00%	94.00%

Consolidated Condensed Statements of Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 29, 2024	Oct. 01, 2023	Sep. 29, 2024	Oct. 01, 2023
Net sales	$ 883,669	$ 901,033	$ 1,736,585	$ 1,809,602
Inventory step up to fair value relating to recent acquisitions	1,883	0	1,883	0
Inventory adjustment relating to exit activities			0	3,098
Gross profit	252,146	239,619	490,517	479,925
Operating expenses	150,535	143,771	291,637	288,323
Restructuring and other exit charges	2,224	7,234	8,162	13,543
Operating earnings	99,387	88,614	190,718	178,059
Interest expense	12,491	12,217	23,478	27,461
Other expense (income), net	2,706	2,979	3,721	3,647
Earnings before income taxes	84,190	73,418	163,519	146,951
Income tax expense	1,924	8,189	11,142	14,925
Net earnings	82,266	65,229	152,377	132,026
Net earnings attributable to noncontrolling interests	0	0
Net earnings attributable to EnerSys stockholders	$ 82,266	$ 65,229	$ 152,377	$ 132,026
Net earnings per common share attributable to EnerSys stockholders:
Basic (in dollars per share)	$ 2.05	$ 1.59	$ 3.79	$ 3.23
Diluted (in dollars per share)	2.01	1.56	3.72	3.17
Dividends per common share (in dollars per share)	$ 0.240	$ 0.225	$ 0.465	$ 0.40
Weighted average shares of common stock outstanding:
Basic (in shares)	40,165,080	40,922,959	40,184,546	40,930,146
Diluted (in shares)	40,863,205	41,684,634	40,924,660	41,691,479
Product
Net sales	$ 789,967	$ 789,312	$ 1,548,498	$ 1,596,959
Cost of goods sold	553,764	574,143	1,089,530	1,161,346
Service
Net sales	93,702	111,721	188,087	212,643
Cost of goods sold	$ 75,876	$ 87,271	$ 154,655	$ 165,233

Goodwill and Other Intangible Assets - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 29, 2024	Oct. 01, 2023	Sep. 29, 2024	Oct. 01, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of intangible assets	$ 8,152	$ 7,152	$ 15,038	$ 14,181
Amortization of intangible assets, remainder of 2023	15,280		15,280
Amortization of intangible assets, 2024	33,133		33,133
Amortization of intangible assets, 2025	32,331		32,331
Amortization of intangible assets, 2026	31,767		31,767
Amortization of intangible assets, 2027	$ 29,938		$ 29,938

Derivative Financial Instruments (Tables)

6 Months Ended

Sep. 29, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Fair Value of Derivative Instruments

September 29, 2024 and March 31, 2024


	Derivatives and Hedging Activities Designated as Cash Flow Hedges				Derivatives and Hedging Activities Designated as Net Investment Hedges				Derivatives and Hedging Activities Not Designated as Hedging Instruments
	September 29, 2024		March 31, 2024		September 29, 2024		March 31, 2024		September 29, 2024		March 31, 2024
Prepaid and other current assets:
Lead forward contracts	$	—	$	—	$	—	$	—	$	—	$	—
Foreign currency forward contracts	—		396		—		—		72		—
Net investment hedges	—		—		—		—		—		—
Other assets:
Interest rate swaps	—		2,696		—		—		—		—
Net investment hedges	—		—		—		—		—		—
Total assets	$	—	$	3,092	$	—	$	—	$	72	$	—
Accrued expenses:
Lead forward contracts	$	576	$	835	$	—	$	—	$	—	$	—
Foreign currency forward contracts	268		—		—		—		—		391
Other liabilities:
Interest rate swaps	1,601		—		—		—		—		—
Net investment hedges	—		—		30,258		19,167		—		—
Total liabilities	$	2,445	$	835	$	30,258	$	19,167	$	—	$	391

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 September 29, 2024


Derivatives Designated as Cash Flow Hedges	Pretax Gain (Loss) Recognized in AOCI on Derivative (Effective Portion)		Location of Gain (Loss) Reclassified from AOCI into Income (Effective Portion)	Pretax Gain (Loss) Reclassified from AOCI into Income (Effective Portion)
Lead forward contracts	$	(3,123)	Cost of goods sold	$	1,783
Foreign currency forward contracts	(539)		Cost of goods sold	227
Interest rate swaps	(4,313)		Interest expense	248
Total	$	(7,975)		$	2,258


Derivatives Designated as Net Investment Hedges	Pretax Gain (Loss) Recognized in AOCI on Derivative (Effective Portion)		Location of Gain (Loss) Reclassified from AOCI into Income (Effective Portion)	Pretax Gain (Loss) Reclassified from AOCI into Income (Effective Portion)
Cross currency fixed interest rate swaps	$	(12,375)	Interest expense	$	711
Total	$	(12,375)		$	711


Derivatives Not Designated as Hedging Instruments	Location of Gain (Loss) Recognized in Income on Derivatives	Pretax Gain (Loss)
Foreign currency forward contracts	Other (income) expense, net	$	1,429
Total		$	1,429

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

For the quarter ended October 1, 2023


Derivatives Designated as Cash Flow Hedges	Pretax Gain (Loss) Recognized in AOCI on Derivative (Effective Portion)		Location of Gain (Loss) Reclassified from AOCI into Income (Effective Portion)	Pretax Gain (Loss) Reclassified from AOCI into Income (Effective Portion)
Lead forward contracts	$	1,903	Cost of goods sold	$	453
Foreign currency forward contracts	(40)		Cost of goods sold	(235)
Interest rate swaps	1,614		Interest expense	—
Total	$	3,477		$	218

Derivatives Designated as Net Investment Hedges	Pretax Gain (Loss) Recognized in AOCI on Derivative (Effective Portion)		Location of Gain (Loss) Reclassified from AOCI into Income (Effective Portion)	Pretax Gain (Loss) Reclassified from AOCI into Income (Effective Portion)
Cross currency fixed interest rate swaps	$	3,701	Interest expense	$	—
Total	$	3,701		$	—


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	$	(701)
Total		$	(701)

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

For the six months ended September 29, 2024


Derivatives Designated as Cash Flow Hedges	Pretax Gain (Loss) Recognized in AOCI on Derivative (Effective Portion)		Location of Gain (Loss) Reclassified from AOCI into Income (Effective Portion)	Pretax Gain (Loss) Reclassified from AOCI into Income (Effective Portion)
Lead forward contracts	$	(392)	Cost of goods sold	$	297
Foreign currency forward contracts	(191)		Cost of goods sold	276
Interest rate swaps	(3,231)		Interest expense	1,066
Total	$	(3,814)		$	1,639


Derivatives Designated as Net Investment Hedges	Pretax Gain (Loss) Recognized in AOCI on Derivative (Effective Portion)		Location of Gain (Loss) Reclassified from AOCI into Income (Effective Portion)	Pretax Gain (Loss) Reclassified from AOCI into Income (Effective Portion)
Cross currency fixed interest rate swaps	$	(10,116)	Interest expense	$	975
Total	$	(10,116)		$	975


Derivatives Not Designated as Hedging Instruments	Location of Gain (Loss) Recognized in Income on Derivative	Pretax Gain (Loss)
Foreign currency forward contracts	Other (income) expense, net	$	1,783
Total		$	1,783

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

For the six months ended October 1, 2023


Derivatives Designated as Cash Flow Hedges	Pretax Gain (Loss) Recognized in AOCI on Derivative (Effective Portion)		Location of Gain (Loss) Reclassified from AOCI into Income (Effective Portion)	Pretax Gain (Loss) Reclassified from AOCI into Income (Effective Portion)
Lead forward contracts	$	2,378	Cost of goods sold	$	3,548
Foreign currency forward contracts	859		Cost of goods sold	(64)
Interest rate swaps	6,463		Interest expense	630
Total	$	9,700		$	4,114


Derivatives Designated as Net Investment Hedges	Pretax Gain (Loss) Recognized in AOCI on Derivative (Effective Portion)		Location of Gain (Loss) Reclassified from AOCI into Income (Effective Portion)	Pretax Gain (Loss) Reclassified from AOCI into Income (Effective Portion)
Cross currency fixed interest rate swaps	$	911	Interest expense	$	112
Total	$	911		$	112


Derivatives Not Designated as Hedging Instruments	Location of Gain (Loss) Recognized in Income on Derivative	Pretax Gain (Loss)
Foreign currency forward contracts	Other (income) expense, net	$	(1,204)
Total		$	(1,204)

- 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 + Details

Debt - (Senior Notes - Narrative) (Details) - Senior Notes - USD ($) $ in Thousands	Jan. 11, 2024	Dec. 11, 2019	Sep. 29, 2024	Mar. 31, 2024
Debt Instrument [Line Items]
Long-term debt			$ 600,000	$ 600,000
4.375% Senior Notes due 2027
Debt Instrument [Line Items]
Interest rate		4.375%
Long-term debt		$ 300,000
Proceeds from issuance of debt, net of debt issuance costs		$ 296,250
4.375% Senior Notes due 2027 \| Redemption Period One
Debt Instrument [Line Items]
Redemption percentage		100.00%
4.375% Senior Notes due 2027 \| Redemption Period Two
Debt Instrument [Line Items]
Redemption percentage		100.00%
4.375% Senior Notes due 2027 \| Redemption Period Three
Debt Instrument [Line Items]
Redemption percentage		101.00%
Six Point Six Two Five Percent Senior Notes Due Two Thousand Thirty Two
Debt Instrument [Line Items]
Interest rate	6.625%
Long-term debt	$ 300
Proceeds from issuance of debt, net of debt issuance costs	$ 297
Six Point Six Two Five Percent Senior Notes Due Two Thousand Thirty Two \| Redemption Period One
Debt Instrument [Line Items]
Redemption percentage	100.00%
Six Point Six Two Five Percent Senior Notes Due Two Thousand Thirty Two \| Redemption Period Two
Debt Instrument [Line Items]
Redemption percentage	100.00%
Six Point Six Two Five Percent Senior Notes Due Two Thousand Thirty Two \| Redemption Period Three
Debt Instrument [Line Items]
Redemption percentage	106.625%
Redemption percentage of principal amount	40.00%
Six Point Six Two Five Percent Senior Notes Due Two Thousand Thirty Two \| Debt Instrument, Redemption, Period Four
Debt Instrument [Line Items]
Redemption percentage	101.00%

Stockholders' Equity and Noncontrolling Interests (Tables)

6 Months Ended

Sep. 29, 2024

Equity [Abstract]

Change In Number Of Shares Of Common Stock Outstanding

The following demonstrates the change in the number of shares of common stock outstanding during the six months ended September 29, 2024:


Shares outstanding as of March 31, 2024						40,271,936
Purchase of treasury stock						(780,849)
Shares issued under equity-based compensation plans, net of equity awards surrendered for option price and taxes						322,817
Shares outstanding as of September 29, 2024						39,813,904

Components Of Accumulated Other Comprehensive Income

The components of AOCI, net of tax, as of September 29, 2024 and March 31, 2024, are as follows:


	March 31, 2024		Before Reclassifications		Amounts Reclassified from AOCI		September 29, 2024
Pension funded status adjustment	$	(9,798)	$	—	$	197	$	(9,601)
Net unrealized gain (loss) on derivative instruments	755		(2,923)		(1,257)		(3,425)
Foreign currency translation adjustment (1)	(195,808)		15,391		—		(180,417)
Accumulated other comprehensive (loss) income	$	(204,851)	$	12,468	$	(1,060)	$	(193,443)

Reclassification from Accumulated Other Comprehensive Income

The following table presents reclassifications from AOCI during the second quarter ended September 29, 2024:


Components of AOCI	Amounts Reclassified from AOCI		Location of (Gain) Loss Recognized on Income Statement
Derivatives in cash flow hedging relationships:
Net unrealized gain on derivative instruments	$	(2,258)	Cost of goods sold
Tax expense	527
Net unrealized gain on derivative instruments, net of tax	$	(1,731)

Derivatives in net investment hedging relationships:
Net unrealized gain on derivative instruments	$	(711)	Interest expense
Tax expense	166
Net unrealized gain on derivative instruments, net of tax	$	(545)

Defined benefit pension costs:
Prior service costs and deferrals	$	133	Net periodic benefit cost, included in other (income) expense, net - See Note 14
Tax benefit	(32)
Net periodic benefit cost, net of tax	$	101

The following table presents reclassifications from AOCI during the six months ended September 29, 2024:


Components of AOCI	Amounts Reclassified from AOCI		Location of (Gain) Loss Recognized on Income Statement
Derivatives in cash flow hedging relationships:
Net unrealized gain on derivative instruments	$	(1,639)	Cost of goods sold
Tax expense	382
Net unrealized gain on derivative instruments, net of tax	$	(1,257)

Derivatives in net investment hedging relationships:
Net unrealized gain on derivative instruments	$	(975)	Interest expense
Tax expense	229
Net unrealized gain on derivative instruments, net of tax	$	(746)

Defined benefit pension costs:
Prior service costs and deferrals	$	260	Net periodic benefit cost, included in other (income) expense, net - See Note 14
Tax benefit	(63)
Net periodic benefit cost, net of tax	$	197

The following table presents reclassifications from AOCI during the second quarter ended October 1, 2023:


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	$	(218)	Cost of goods sold
Tax expense	51
Net unrealized gain on derivative instruments, net of tax	$	(167)

Derivatives in net investment hedging relationships:
Net unrealized gain on derivative instruments	$	—	Interest expense
Tax expense	—
Net unrealized gain on derivative instruments, net of tax	$	—

Defined benefit pension costs:
Prior service costs and deferrals	$	27	Net periodic benefit cost, included in other (income) expense, net - See Note 14
Tax benefit	(6)
Net periodic benefit cost, net of tax	$	21

The following table presents reclassifications from AOCI during the six months ended October 1, 2023:


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	$	(4,114)	Cost of goods sold
Tax expense	962
Net unrealized gain on derivative instruments, net of tax	$	(3,152)

Derivatives in net investment hedging relationships:
Net unrealized gain on derivative instruments	$	(112)	Interest expense
Tax expense	26
Net unrealized gain on derivative instruments, net of tax	$	(86)

Defined benefit pension costs:
Prior service costs and deferrals	$	56	Net periodic benefit cost, included in other (income) expense, net - See Note 14
Tax benefit	(15)
Net periodic benefit cost, net of tax	$	41

Stockholders' Equity and Noncontrolling Interests - (Components of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Sep. 29, 2024	Jun. 30, 2024	Oct. 01, 2023	Jul. 02, 2023	Sep. 29, 2024	Sep. 29, 2022
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Beginning balance	$ 1,811,189	$ 1,757,072	$ 1,683,179	$ 1,603,881	$ 1,757,072
Ending balance	1,841,596	1,811,189	1,663,381	1,683,179	1,841,596
Cross Currency Fixed Interest Rate Contract \| Designated as Hedging Instrument
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Derivative notional amount	300				300	$ 150,000
Pension funded status adjustment
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Beginning balance		(9,798)			(9,798)
Before Reclassifications					0
Ending balance	(9,601)				(9,601)
Foreign currency translation adjustment, gain					0
Net unrealized gain (loss) on derivative instruments
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Beginning balance		755			755
Before Reclassifications					(2,923)
Amounts Reclassified from AOCI					(1,257)
Ending balance	(3,425)				(3,425)
Foreign currency translation adjustment, gain					(2,923)
Foreign currency translation adjustment
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Beginning balance		(195,808)			(195,808)
Before Reclassifications	28,685	(13,294)	(31,647)	2,192	15,391
Amounts Reclassified from AOCI					0
Ending balance	(180,417)				(180,417)
Foreign currency translation adjustment, gain	28,685	(13,294)	$ (31,647)	$ 2,192	15,391
Foreign currency translation adjustment \| Cross currency fixed interest rate swaps \| Net investment hedges \| Designated as Hedging Instrument
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Before Reclassifications					8,497
Foreign currency translation adjustment, gain					8,497
Foreign currency translation adjustment, tax					2,594
Accumulated other comprehensive (loss) income
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Beginning balance		$ (204,851)			(204,851)
Before Reclassifications					12,468
Amounts Reclassified from AOCI					(1,060)
Ending balance	$ (193,443)				(193,443)
Foreign currency translation adjustment, gain					$ 12,468

Business Segments - (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Business Segments - (Details) - USD ($) $ in Thousands	Sep. 29, 2024	Oct. 01, 2023	Sep. 29, 2024	Oct. 01, 2023
Segment Reporting Information [Line Items]
Net sales	$ 883,669	$ 901,033	$ 1,736,585	$ 1,809,602
Operating earnings by segment	99,387	88,614	190,718	178,059
Inventory adjustment relating to exit activities	(1,883)	0	(1,883)	0
Inventory adjustment relating to exit activities - Specialty			0	(3,098)
Restructuring and other exit charges	(2,224)	(7,234)	(8,162)	(13,543)
Amortization			(48,757)	(45,214)
Energy Systems \| Americas
Segment Reporting Information [Line Items]
Net sales	382,091	422,466	743,142	847,014
Operating earnings by segment	24,361	25,563	43,361	55,212
Restructuring and other exit charges	(747)	(2,227)	(4,524)	(2,715)
Amortization	(6,013)	(6,219)	(12,014)	(12,436)
Acquisition expense	5	8	11	13
Integration costs	(55)	(166)	(225)	(249)
Other	0	(136)	0	(797)
Motive Power \| EMEA
Segment Reporting Information [Line Items]
Net sales	366,744	355,206	732,899	705,987
Operating earnings by segment	57,590	53,448	113,556	103,816
Restructuring and other exit charges	(1,088)	(3,479)	(2,483)	(5,038)
Amortization	(187)	(231)	(370)	(342)
Acquisition expense	3	77	11	162
Integration costs	0	0	0	0
Other	0	(45)	0	(428)
Specialty
Segment Reporting Information [Line Items]
Inventory adjustment relating to exit activities	(1,883)	0	(1,883)	0
Specialty \| Asia
Segment Reporting Information [Line Items]
Net sales	134,834	123,361	260,544	256,601
Operating earnings by segment	7,338	5,587	12,238	15,404
Inventory adjustment relating to exit activities - Specialty	0	0	0	(3,098)
Restructuring and other exit charges	(389)	(1,528)	(1,155)	(5,790)
Amortization	(1,952)	(702)	(2,654)	(1,404)
Acquisition expense	1,082	0	2,434	0
Integration costs	(1,779)	0	(1,779)	0
Other	0	(60)	0	(198)
Corporate and other
Segment Reporting Information [Line Items]
Operating earnings by segment	$ 25,281	$ 18,894	$ 51,106	$ 36,297

Cover Page - shares	6 Months Ended
Cover Page - shares	Sep. 29, 2024	Nov. 01, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 29, 2024
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		39,820,159
Entity Central Index Key	0001289308
Current Fiscal Year End Date	--03-31
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q2
Amendment Flag	false

Retirement Plans

6 Months Ended

Sep. 29, 2024

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
	September 29, 2024		October 1, 2023		September 29, 2024		October 1, 2023
Service cost	$	—	$	—	$	246	$	218
Interest cost	166		166		643		584
Expected return on plan assets	(47)		(76)		(365)		(406)
Amortization and deferral	(17)		—		150		27

Net periodic benefit cost	$	102	$	90	$	674	$	423


	United States Plans				International Plans
	Six months ended				Six months ended
	September 29, 2024		October 1, 2023		September 29, 2024		October 1, 2023
Service cost	$	—	$	—	$	485	$	438
Interest cost	332		332		1,264		1,169
Expected return on plan assets	(94)		(152)		(716)		(812)
Amortization and deferral	(34)		—		294		56

Net periodic benefit cost	$	204	$	180	$	1,327	$	851

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480482/715-20-55-17

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (q)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//715/tableOfContent

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (o)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (p)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480126/715-20-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480266/715-60-50-3

+ Details

Stockholders' Equity and Noncontrolling Interests - (Reclassifications from AOCI) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 29, 2024	Oct. 01, 2023	Sep. 29, 2024	Oct. 01, 2023
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net unrealized gain on derivative instruments, Interest expense	$ (12,491)	$ (12,217)	$ (23,478)	$ (27,461)
Net unrealized gain (loss) on derivative instruments
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Tax expense (benefit)	527	51	382	962
Net of tax	(1,731)	(167)	(1,257)	(3,152)
Net unrealized gain (loss) on derivative instruments \| Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net unrealized gain (loss) on derivative instruments, Cost of goods sold	(2,258)	(218)	(1,639)	(4,114)
Derivatives in net investment hedging relationships
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Tax expense (benefit)	166	0	229	26
Net of tax	(545)	0	(746)	(86)
Derivatives in net investment hedging relationships \| Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net unrealized gain on derivative instruments, Interest expense	(711)	0	(975)	(112)
Defined benefit pension costs
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Prior service costs and deferrals	133	27	260	56
Tax expense (benefit)	(32)	(6)	(63)	(15)
Net of tax		$ 21		$ 41
Pension funded status adjustment
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net of tax	$ 101		$ 197

Warranty

6 Months Ended

Sep. 29, 2024

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				Six months ended
	September 29, 2024		October 1, 2023		September 29, 2024		October 1, 2023
Balance at beginning of period	$	61,733	$	58,438	$	60,819	$	56,630
Current period provisions	7,027		7,784		14,174		16,469
Costs incurred	(6,887)		(6,974)		(12,752)		(14,420)

Foreign currency translation adjustment	670		(412)		302		157
Balance at end of period	$	62,543	$	58,836	$	62,543	$	58,836

Earnings Per Share

6 Months Ended

Sep. 29, 2024

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				Six months ended
	September 29, 2024		October 1, 2023		September 29, 2024		October 1, 2023
Net earnings attributable to EnerSys stockholders	$	82,266	$	65,229	$	152,377	$	132,026
Weighted-average number of common shares outstanding:
Basic	40,165,080		40,922,959		40,184,546		40,930,146
Dilutive effect of:
Common shares from exercise and lapse of equity awards, net of shares assumed reacquired	698,125		761,675		740,114		761,333
Diluted weighted-average number of common shares outstanding	40,863,205		41,684,634		40,924,660		41,691,479
Basic earnings per common share attributable to EnerSys stockholders	$	2.05	$	1.59	$	3.79	$	3.23
Diluted earnings per common share attributable to EnerSys stockholders	$	2.01	$	1.56	$	3.72	$	3.17
Anti-dilutive equity awards not included in diluted weighted-average common shares	659,451		412,230		503,275		422,359

Derivative Financial Instruments - (Derivatives Not Designated as Hedging Instruments) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 29, 2024	Oct. 01, 2023	Sep. 29, 2024	Oct. 01, 2023
Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Pretax Gain (Loss) Recognized in AOCI on Derivative (Effective Portion)	$ (7,975)	$ 3,477	$ (3,814)	$ 9,700
Pretax Gain (Loss) Reclassified from AOCI into Income (Effective Portion)	2,258	218	1,639	4,114
Pretax Gain (Loss) Recognized in AOCI on Derivative (Effective Portion)	(12,375)	3,701	(10,116)	911
Pretax Gain (Loss) Reclassified from AOCI into Income (Effective Portion)	711	0	975	112
Designated as Hedging Instrument \| Interest expense \| Cross currency fixed interest rate swaps
Derivative Instruments, Gain (Loss) [Line Items]
Pretax Gain (Loss) Recognized in AOCI on Derivative (Effective Portion)	(12,375)	3,701	(10,116)	911
Pretax Gain (Loss) Reclassified from AOCI into Income (Effective Portion)	711	0	975	112
Designated as Hedging Instrument \| Cost of goods sold \| Lead forward contracts
Derivative Instruments, Gain (Loss) [Line Items]
Pretax Gain (Loss) Recognized in AOCI on Derivative (Effective Portion)	(3,123)	1,903	(392)	2,378
Pretax Gain (Loss) Reclassified from AOCI into Income (Effective Portion)	1,783	453	297	3,548
Designated as Hedging Instrument \| Cost of goods sold \| Foreign currency forward contracts
Derivative Instruments, Gain (Loss) [Line Items]
Pretax Gain (Loss) Recognized in AOCI on Derivative (Effective Portion)	(539)	(40)	(191)	859
Pretax Gain (Loss) Reclassified from AOCI into Income (Effective Portion)	227	(235)	276	(64)
Derivatives Not Designated as Hedging Instruments
Derivative Instruments, Gain (Loss) [Line Items]
Pretax Gain (Loss) Reclassified from AOCI into Income (Effective Portion)	1,429	(701)	1,783	(1,204)
Derivatives Not Designated as Hedging Instruments \| Other (income) expense, net
Derivative Instruments, Gain (Loss) [Line Items]
Pretax Gain (Loss) Reclassified from AOCI into Income (Effective Portion)	$ 1,429	$ (701)	$ 1,783	$ (1,204)

Retirement Plans - (Net Periodic Benefit Cost) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 29, 2024	Oct. 01, 2023	Sep. 29, 2024	Oct. 01, 2023
United States Plans
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 0	$ 0	$ 0	$ 0
Interest cost	166	166	332	332
Expected return on plan assets	(47)	(76)	(94)	(152)
Amortization and deferral	(17)	0	(34)	0
Net periodic benefit cost	102	90	204	180
International Plans
Defined Benefit Plan Disclosure [Line Items]
Service cost	246	218	485	438
Interest cost	643	584	1,264	1,169
Expected return on plan assets	(365)	(406)	(716)	(812)
Amortization and deferral	150	27	294	56
Net periodic benefit cost	$ 674	$ 423	$ 1,327	$ 851

Basis of Presentation	6 Months Ended
Basis of Presentation	Sep. 29, 2024
Accounting Policies [Abstract]
Basis of Presentation	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 six months ended September 29, 2024 are not necessarily indicative of the results that may be expected for the fiscal year ending March 31, 2025. The Consolidated Condensed Balance Sheet at March 31, 2024 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 2024 Annual Report on Form 10-K (SEC File No. 001-32253), which was filed on May 22, 2024 (the “2024 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 2025 end on June 30, 2024, September 29, 2024, December 29, 2024, and March 31, 2025, respectively. The four quarters in fiscal 2024 ended on July 2, 2023, October 1, 2023, December 31, 2023, and March 31, 2024, 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. 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, and the Company’s estimates and assumptions may evolve as conditions change. Actual results could differ 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, fair value of goodwill and intangible assets, valuation allowances on tax assets, production tax credits under the Inflation Reduction Act, pension and postretirement benefit obligations, contingencies and the identification and valuation of assets acquired and liabilities assumed in connection with business combinations. Recently Issued Accounting Standards In November 2023, the Financial Accounting Standards Board issued new guidance that requires incremental disclosures related to reportable segments. That standard requires disclosure, on an annual and interim basis, of significant segment expenses that are regularly provided to the chief operating decision maker ("CODM") and included within each reported measure of profit or loss. The title and position of the CODM and how the reported measure of segment profit or loss is used by the CODM to assess segment performance and allocate resources is also required to be disclosed. The standard also permits disclosure of additional measures of segment profit. The standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The guidance impacts disclosure only and will not have an impact on the Company's financial results. These changes in disclosure will initially be reflected in the annual financial statement footnotes for the year ended March 31, 2025. In December 2023, the Financial Accounting Standards Board issued a final standard on improvements to income tax disclosures. The standard requires disclosure of specific categories within the effective tax rate reconciliation and details about significant reconciling items, subject to a quantitative threshold. The standard also requires information on income taxes paid disaggregated by federal, state and foreign based on a quantitative threshold. The standard is effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. The standard is applied prospectively with an option for retrospective adoption. The Company is currently evaluating the impact of adopting this standard on its disclosures.

Inventories - (Details) - USD ($) $ in Thousands	Sep. 29, 2024	Mar. 31, 2024
Inventory Disclosure [Abstract]
Raw materials	$ 314,498	$ 284,773
Work-in-process	132,319	115,191
Finished goods	316,699	297,734
Total	$ 763,516	$ 697,698

Income Taxes - (Additional Information) (Details)	3 Months Ended		6 Months Ended		12 Months Ended
Income Taxes - (Additional Information) (Details)	Sep. 29, 2024	Oct. 01, 2023	Sep. 29, 2024	Oct. 01, 2023	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Effective income tax rates	2.30%	11.20%	6.80%	10.20%
Foreign income as a percentage of worldwide income			53.00%		56.00%
Foreign effective income tax rates			15.00%	13.00%
Tax rate of Swiss subsidiary			11.00%	9.00%

Accounts Receivable - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Sep. 29, 2024	Oct. 01, 2023	Sep. 29, 2024	Oct. 01, 2023
Financing Receivable, Allowance for Credit Loss [Line Items]
Accounts receivable, selling, maximum amount	$ 150,000		$ 150,000
Accounts receivable, sold to financial institution, QTD	192,479	$ 174,372	382,216	$ 356,763
Accounts receivable sold to financial institution, net proceeds	192,479	174,372	382,216	356,763
Accounts receivable sold to financial institution, proceeds collected	192,479	$ 179,132	382,216	$ 362,484
Accounts receivables, collateralized	$ 340,829		$ 340,829
Secured Overnight Financing Rate (SOFR)
Financing Receivable, Allowance for Credit Loss [Line Items]
Accounts receivable, basis spread against sold receivable balance	8500.00%

Retirement Plans (Tables)

6 Months Ended

Sep. 29, 2024

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
	September 29, 2024		October 1, 2023		September 29, 2024		October 1, 2023
Service cost	$	—	$	—	$	246	$	218
Interest cost	166		166		643		584
Expected return on plan assets	(47)		(76)		(365)		(406)
Amortization and deferral	(17)		—		150		27

Net periodic benefit cost	$	102	$	90	$	674	$	423


	United States Plans				International Plans
	Six months ended				Six months ended
	September 29, 2024		October 1, 2023		September 29, 2024		October 1, 2023
Service cost	$	—	$	—	$	485	$	438
Interest cost	332		332		1,264		1,169
Expected return on plan assets	(94)		(152)		(716)		(812)
Amortization and deferral	(34)		—		294		56

Net periodic benefit cost	$	204	$	180	$	1,327	$	851

Warranty (Tables)

6 Months Ended

Sep. 29, 2024

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				Six months ended
	September 29, 2024		October 1, 2023		September 29, 2024		October 1, 2023
Balance at beginning of period	$	61,733	$	58,438	$	60,819	$	56,630
Current period provisions	7,027		7,784		14,174		16,469
Costs incurred	(6,887)		(6,974)		(12,752)		(14,420)

Foreign currency translation adjustment	670		(412)		302		157
Balance at end of period	$	62,543	$	58,836	$	62,543	$	58,836

Consolidated Condensed Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 29, 2024	Mar. 31, 2024
Current assets:
Cash and cash equivalents	$ 407,919	$ 333,324
Accounts receivable, net of allowance for doubtful accounts: September 29, 2024 - $8,808; March 31, 2024 - $8,107	549,011	524,725
Inventories, net	763,516	697,698
Prepaid and other current assets	335,923	226,949
Total current assets	2,056,369	1,782,696
Property, plant, and equipment, net	582,298	532,450
Goodwill	738,603	682,934
Other intangible assets, net	395,411	319,407
Deferred taxes	55,090	49,798
Other assets	123,261	98,721
Total assets	3,951,032	3,466,006
Current liabilities:
Short-term debt	30,080	30,444
Accounts payable	333,671	369,456
Accrued expenses	328,687	323,957
Total current liabilities	692,438	723,857
Long-term debt, net of unamortized debt issuance costs	1,202,583	801,965
Deferred taxes	34,836	30,583
Other liabilities	179,579	152,529
Total liabilities	2,109,436	1,708,934
Commitments and contingencies
Equity:
Preferred Stock, $0.01 par value, 1,000,000 shares authorized, no shares issued or outstanding at September 29, 2024 and at March 31, 2024	0	0
Common Stock, $0.01 par value per share, 135,000,000 shares authorized, 56,680,568 shares issued and 39,813,904 shares outstanding at September 29, 2024; 56,363,924 shares issued and 40,271,936 shares outstanding at March 31, 2024	567	564
Additional paid-in capital	644,162	629,879
Treasury stock at cost, 16,866,664 shares held as of September 29, 2024 and 16,091,988 shares held as of March 31, 2024	(910,650)	(835,827)
Retained earnings	2,297,431	2,163,880
Accumulated other comprehensive loss	(193,443)	(204,851)
Total EnerSys stockholders’ equity	1,838,067	1,753,645
Nonredeemable noncontrolling interests	3,529	3,427
Total equity	1,841,596	1,757,072
Total liabilities and equity	$ 3,951,032	$ 3,466,006

Revenue Recognition - (Remaining Performance Obligation) (Details) $ in Thousands	Sep. 29, 2024 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 132,656
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 68,380
Remaining performance obligation, timing of satisfaction	6 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 54,568
Remaining performance obligation, timing of satisfaction	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 9,708
Remaining performance obligation, timing of satisfaction	2 years

Earnings Per Share (Tables)

6 Months Ended

Sep. 29, 2024

Earnings Per Share [Abstract]

Schedule of Weighted Average Number of Shares


	Quarter ended				Six months ended
	September 29, 2024		October 1, 2023		September 29, 2024		October 1, 2023
Net earnings attributable to EnerSys stockholders	$	82,266	$	65,229	$	152,377	$	132,026
Weighted-average number of common shares outstanding:
Basic	40,165,080		40,922,959		40,184,546		40,930,146
Dilutive effect of:
Common shares from exercise and lapse of equity awards, net of shares assumed reacquired	698,125		761,675		740,114		761,333
Diluted weighted-average number of common shares outstanding	40,863,205		41,684,634		40,924,660		41,691,479
Basic earnings per common share attributable to EnerSys stockholders	$	2.05	$	1.59	$	3.79	$	3.23
Diluted earnings per common share attributable to EnerSys stockholders	$	2.01	$	1.56	$	3.72	$	3.17
Anti-dilutive equity awards not included in diluted weighted-average common shares	659,451		412,230		503,275		422,359

Stock-Based Compensation - (Additional Information) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 29, 2024	Oct. 01, 2023	Sep. 29, 2024	Oct. 01, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for future grants (in shares)	3,614,500		3,614,500
Equity-based compensation expense	$ 5,125	$ 5,144	$ 12,187	$ 13,077
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards vested in period (in shares)			306,932,000
Awards outstanding (in shares)	1,032,531,000		1,032,531,000
Employee Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options exercised (in shares)			105,055,000
TSRs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards outstanding (in shares)	1,134,000		1,134,000
Non-employee Directors \| RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock unit grants during period (in shares)			25,107,000
Management and Other Key Employees \| RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option grants during period (in shares)			309,356,000
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)			238,712,000
Stock option grants outstanding (in shares)	1,323,766,000		1,323,766,000

Goodwill and Other Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 29, 2024	Mar. 31, 2024
Acquired Finite-Lived Intangible Assets [Line Items]
Total intangible assets, gross amount	$ 627,707	$ 536,665
Total intangible assets, accumulated amortization	(232,296)	(217,258)
Total intangible assets, net amount	395,411	319,407
Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross amount	358,616	295,215
Finite-lived intangible assets, accumulated amortization	(157,647)	(147,833)
Finite-lived intangible assets, net amount	200,969	147,382
Non-compete
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross amount	2,825	2,825
Finite-lived intangible assets, accumulated amortization	(2,825)	(2,825)
Finite-lived intangible assets, net amount	0	0
Technology
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross amount	119,914	96,708
Finite-lived intangible assets, accumulated amortization	(60,254)	(55,969)
Finite-lived intangible assets, net amount	59,660	40,739
Trademarks
Acquired Finite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets, gross amount	130,262	131,167
Indefinite-lived intangible assets, accumulated amortization	(953)	(953)
Indefinite-lived intangible assets, net amount	129,309	130,214
Finite-lived intangible assets, gross amount	14,894	9,554
Finite-lived intangible assets, accumulated amortization	(9,421)	(8,482)
Finite-lived intangible assets, net amount	5,473	1,072
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

Fair Value of Financial Instruments

6 Months Ended

Sep. 29, 2024

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 September 29, 2024 and March 31, 2024, and the basis for that measurement:


	Total Fair Value Measurement September 29, 2024		Quoted Price in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Lead forward contracts	$	(576)	$	—	$	(576)	$	—
Foreign currency forward contracts	(196)		—		(196)		—
Interest Rate Swaps	(1,601)		—		(1,601)		—
Net investment hedges	(30,258)		—		(30,258)		—
Total derivatives	$	(32,631)	$	—	$	(32,631)	$	—


	Total Fair Value Measurement March 31, 2024		Quoted Price in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Lead forward contracts	$	(835)	$	—	$	(835)	$	—
Foreign currency forward contracts	5		—		5		—
Interest Rate Swaps	2,696		—		2,696		—
Net investment hedges	(19,167)		—		(19,167)		—
Total derivatives	$	(17,301)	$	—	$	(17,301)	$	—

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 the 2024 Annual Report.

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

The fair value of interest rate swap agreements are based on observable prices as quoted for receiving the variable one-month term SOFR and paying fixed interest rates and, therefore, were classified as Level 2.

Financial Instruments

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

The fair value of the Company’s short-term debt and borrowings under the Fourth Amended Credit Facility (as defined in Note 13), approximate their respective carrying value, as they are variable rate debt and the terms are comparable to market terms as of the balance sheet dates and are classified as Level 2.

The fair value of the Company's 2032 Notes and 2027 Notes, (each as defined in Note 13 and collectively, the "Senior Notes"), represent the trading values based upon quoted market prices and are classified as Level 2. The 2032 Notes were trading at approximately 104% and 100% of face value on September 29, 2024 and March 31, 2024, respectively. The 2027 Notes were trading at approximately 96% and 94% of the face value on September 29, 2024 and March 31, 2024, respectively.

The carrying amounts and estimated fair values of the Company’s derivatives and Senior Notes at September 29, 2024 and March 31, 2024 were as follows:


	September 29, 2024				March 31, 2024
	Carrying Amount		Fair Value		Carrying Amount		Fair Value


Financial liabilities:
Senior Notes (2)	$	600,000	$	599,700	$	600,000	$	582,750
Derivatives (1)	$	(32,631)	$	(32,631)	$	(17,301)	$	(17,301)

(2)The fair value amount of the Senior Notes at September 29, 2024 and March 31, 2024 represent the trading value of the instruments.

- 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

Fair Value of Financial Instruments - (Carrying Amounts and Estimated Fair Values) (Details) - USD ($) $ in Thousands	Sep. 29, 2024	Mar. 31, 2024
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior Notes, Financial liabilities	$ 600,000	$ 600,000
Derivatives	(32,631)	(17,301)
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior Notes, Financial liabilities	599,700	582,750
Derivatives	$ (32,631)	$ (17,301)

- Definition

Fair value, after the effects of master netting arrangements, of a financial liability or contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes liabilities not subject to a master netting arrangement and not elected to be offset.

+ References

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+ Details

Warranty - (Analysis of Changes in the Liability) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 29, 2024	Oct. 01, 2023	Sep. 29, 2024	Oct. 01, 2023
Movement in Standard and Extended Product Warranty Accrual, Increase (Decrease) [Roll Forward]
Balance at beginning of period	$ 61,733	$ 58,438	$ 60,819	$ 56,630
Current period provisions	7,027	7,784	14,174	16,469
Costs incurred	(6,887)	(6,974)	(12,752)	(14,420)
Foreign currency translation adjustment	670	(412)	302	157
Balance at end of period	$ 62,543	$ 58,836	$ 62,543	$ 58,836

Basis of Presentation (Policies)	6 Months Ended
Basis of Presentation (Policies)	Sep. 29, 2024
Accounting Policies [Abstract]
Basis of Presentation	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 six months ended September 29, 2024 are not necessarily indicative of the results that may be expected for the fiscal year ending March 31, 2025. The Consolidated Condensed Balance Sheet at March 31, 2024 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 2024 Annual Report on Form 10-K (SEC File No. 001-32253), which was filed on May 22, 2024 (the “2024 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 2025 end on June 30, 2024, September 29, 2024, December 29, 2024, and March 31, 2025, respectively. The four quarters in fiscal 2024 ended on July 2, 2023, October 1, 2023, December 31, 2023, and March 31, 2024, 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.
Use of Estimates	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, and the Company’s estimates and assumptions may evolve as conditions change. Actual results could differ 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, fair value of goodwill and intangible assets, valuation allowances on tax assets, production tax credits under the Inflation Reduction Act, pension and postretirement benefit obligations, contingencies and the identification and valuation of assets acquired and liabilities assumed in connection with business combinations. Recently Issued Accounting Standards In November 2023, the Financial Accounting Standards Board issued new guidance that requires incremental disclosures related to reportable segments. That standard requires disclosure, on an annual and interim basis, of significant segment expenses that are regularly provided to the chief operating decision maker ("CODM") and included within each reported measure of profit or loss. The title and position of the CODM and how the reported measure of segment profit or loss is used by the CODM to assess segment performance and allocate resources is also required to be disclosed. The standard also permits disclosure of additional measures of segment profit. The standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The guidance impacts disclosure only and will not have an impact on the Company's financial results. These changes in disclosure will initially be reflected in the annual financial statement footnotes for the year ended March 31, 2025. In December 2023, the Financial Accounting Standards Board issued a final standard on improvements to income tax disclosures. The standard requires disclosure of specific categories within the effective tax rate reconciliation and details about significant reconciling items, subject to a quantitative threshold. The standard also requires information on income taxes paid disaggregated by federal, state and foreign based on a quantitative threshold. The standard is effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. The standard is applied prospectively with an option for retrospective adoption. The Company is currently evaluating the impact of adopting this standard on its disclosures.

Business Segments Business Segments (Tables)

6 Months Ended

Sep. 29, 2024

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 second quarter and six months ended September 29, 2024 and October 1, 2023, is shown below:


	Quarter ended				Six months ended
	September 29, 2024		October 1, 2023		September 29, 2024		October 1, 2023
Net sales by segment to unaffiliated customers (1)
Energy Systems	$	382,091	$	422,466	$	743,142	$	847,014
Motive Power	366,744		355,206		732,899		705,987
Specialty	134,834		123,361		260,544		256,601

Total net sales	$	883,669	$	901,033	$	1,736,585	$	1,809,602
Operating earnings by segment
Energy Systems	$	24,361	$	25,563	$	43,361	$	55,212
Motive Power	57,590		53,448		113,556		103,816
Specialty	7,338		5,587		12,238		15,404
Corporate and other (2)	25,281		18,894		51,106		36,297

Inventory step up to fair value relating to acquisitions - Specialty	(1,883)		—		(1,883)		—


Inventory adjustment relating to exit activities - Specialty	—		—		—		(3,098)
Restructuring and other exit charges - Energy Systems	(747)		(2,227)		(4,524)		(2,715)
Restructuring and other exit charges - Motive Power	(1,088)		(3,479)		(2,483)		(5,038)
Restructuring and other exit charges - Specialty	(389)		(1,528)		(1,155)		(5,790)
Amortization - Energy Systems	(6,013)		(6,219)		(12,014)		(12,436)
Amortization - Motive Power	(187)		(231)		(370)		(342)
Amortization - Specialty	(1,952)		(702)		(2,654)		(1,404)



Acquisition expense - Energy Systems	(5)		(8)		(11)		(13)
Acquisition expense - Motive Power	(3)		(77)		(11)		(162)
Acquisition expense - Specialty	(1,082)		—		(2,434)		—
Integration costs - Energy Systems	(55)		(166)		(225)		(249)
Integration costs - Motive Power	—		—		—		—
Integration costs - Specialty	(1,779)		—		(1,779)		—
Other - Energy Systems	—		(136)		—		(797)
Other - Motive Power	—		(45)		—		(428)
Other - Specialty	—		(60)		—		(198)
Total operating earnings (3)	$	99,387	$	88,614	$	190,718	$	178,059

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

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

Acquisition - Schedule of Recognized Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands		6 Months Ended
	Jul. 26, 2024	Sep. 29, 2024	Oct. 01, 2023	Mar. 31, 2024
Business Acquisition [Line Items]
Cash consideration, net of cash and restricted cash acquired		$ 205,276	$ 8,270
Goodwill		$ 738,603		$ 682,934
Bren-Tronics Defense LLC
Business Acquisition [Line Items]
Trade Receivables	$ 10,478
Inventory	47,937
Prepaid and other current assets	1,178
Property, plant and equipment	14,701
Other intangible assets	90,600
Other assets	2,003
Total assets acquired	166,897
Accounts payable	2,374
Accrued liabilities	7,319
Other liabilities	2,236
Total liabilities assumed	11,929
Net assets acquired	154,968
Cash consideration, net of cash and restricted cash acquired	205,276
Total consideration transferred	205,276
Goodwill	$ 50,308

Acquisition

6 Months Ended

Sep. 29, 2024

Business Combination and Asset Acquisition [Abstract]

Acquisition

Bren-Tronics

On July 26, 2024, the Company completed the acquisition of all of the equity of Bren-Tronics Defense LLC for aggregate purchase price consideration of $205,276 net of cash and restricted cash acquired subject to a final purchase price adjustments as set forth in the stock purchase agreement. Bren-Tronics Defense LLC, headquartered in Commack, New York, is a leading manufacturer of highly reliable portable power solutions, including small and large format lithium batteries and charging solutions, for military and defense applications. The transaction was accounted for as a business combination by applying the acquisition method of accounting.

The following table summarizes the provisional fair values of the assets acquired and liabilities assumed at the date of the acquisition:



Trade Receivables	10,478
Inventory	47,937
Prepaid and other current assets	1,178
Property, plant and equipment	14,701
Other intangible assets	90,600
Other assets	2,003
Total assets acquired	$	166,897
Accounts payable	2,374
Accrued liabilities	7,319
Other liabilities	2,236
Total liabilities assumed	$	11,929
Net assets acquired	$	154,968

Consideration transferred:
Cash consideration, net of cash and restricted cash acquired	205,276
Total consideration transferred	205,276
Less: Fair value of acquired identifiable assets and liabilities	154,968
Goodwill	$	50,308

The amounts above represent the Company's provisional fair value estimates related to the acquisition as of July 26, 2024 and are subject to subsequent adjustments as additional information is obtained during the applicable measurement period. The primary areas of estimates that are not yet finalized include certain tangible assets acquired and liabilities assumed, as well as the identifiable intangible assets. The purchase price was allocated to the tangible assets and identifiable intangible assets acquired and liabilities assumed based on their acquisition date estimated fair values. The fair value of accounts receivables acquired is $10,478, with gross contractual amounts being $10,478. The Company currently expects all to be collectible. The identifiable intangible assets consist of trademarks, customer relationships, and developed technology which were assigned fair values of $4,200, $63,200 and $23,200, respectively. The trade names and trademarks, customer relationships and developed technology are being amortized on a straight-line basis over weighted average useful lives of 6, 13 and 12 years, respectively.

Goodwill represents the excess of the purchase price over the net identifiable tangible and intangible assets acquired. The Company believes the goodwill related to the acquisition was attributable to the value of the assembled workforce as well as the collective experience of the management team with regards to its operations, customers, and industry. All acquired goodwill is deductible for tax purposes.

The results of the Bren-Tronics acquisition have been included in the Company’s results of operations in the Specialty operating segment from the date of acquisition. Pro forma earnings and earnings per share computations have not been presented as this acquisition is not considered material.

Stockholders' Equity and Noncontrolling Interests - (Other Disclosures) (Details) - USD ($)	3 Months Ended				6 Months Ended
	Sep. 29, 2024	Jun. 30, 2024	Oct. 01, 2023	Jul. 02, 2023	Sep. 29, 2024	Oct. 01, 2023
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	$ 1,811,189,000	$ 1,757,072,000	$ 1,683,179,000	$ 1,603,881,000	$ 1,757,072,000	$ 1,603,881,000
Stock-based compensation	5,125,000	7,062,000	5,144,000	7,933,000
Exercise of stock options	(479,000)	(6,964,000)	(2,014,000)	(7,654,000)
Shares issued under equity awards (taxes paid related to net share settlement of equity awards), net	(7,934,000)		(7,348,000)	0
Contra equity - adjustment to indemnification receivable for acquisition related tax liability			475,000
Shares released under deferred compensation for directors	2,404,000
Purchase of common stock	(63,546,000)	(11,641,000)	(47,340,000)	0	(75,187,000)	(47,340,000)
Other	114,000	209,000	344,000	279,000
Net earnings	82,266,000	70,111,000	65,229,000	66,797,000
Dividends	(9,555,000)	(9,044,000)	(9,168,000)	(7,173,000)
Dissolution of joint venture				0
Other comprehensive income:
Pension funded status adjustment, net of tax	87,000	110,000	21,000	20,000	197,000	41,000
Net unrealized gain (loss) on derivative instruments (net of tax)	(7,842,000)	3,662,000	2,495,000	1,786,000	(4,180,000)	4,281,000
Foreign currency translation adjustment	28,809,000	(13,316,000)	(31,664,000)	2,002,000	15,493,000	(29,662,000)
Ending balance	$ 1,841,596,000	1,811,189,000	$ 1,663,381,000	$ 1,683,179,000	$ 1,841,596,000	$ 1,663,381,000
Dividends per common share (in dollars per share)	$ 0.240		$ 0.225	$ 0.175	$ 0.465	$ 0.40
Pension funded status adjustment, tax benefit (expense)	$ 32,000	17,000	$ 6,000	$ 9,000
Net unrealized gain (loss) on derivative instrument, income tax expense (benefit)	(2,392,000)	(1,117,000)	762,000	544,000
Total EnerSys Stockholders’ Equity
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	1,807,784,000	1,753,645,000	1,679,767,000	1,600,279,000	$ 1,753,645,000	$ 1,600,279,000
Stock-based compensation	5,125,000	7,062,000	5,144,000	7,933,000
Exercise of stock options	(479,000)	(6,964,000)	(2,014,000)	(7,654,000)
Shares issued under equity awards (taxes paid related to net share settlement of equity awards), net	(7,934,000)		(7,348,000)
Contra equity - adjustment to indemnification receivable for acquisition related tax liability			475,000
Shares released under deferred compensation for directors	2,404,000
Purchase of common stock	(63,546,000)	(11,641,000)	(47,340,000)
Other	114,000	209,000	344,000	279,000
Net earnings	82,266,000	70,111,000	65,229,000	66,797,000
Dividends	(9,555,000)	(9,044,000)	(9,168,000)	(7,173,000)
Other comprehensive income:
Pension funded status adjustment, net of tax	87,000	110,000	21,000	20,000
Net unrealized gain (loss) on derivative instruments (net of tax)	(7,842,000)	3,662,000	2,495,000	1,786,000
Foreign currency translation adjustment	28,685,000	(13,294,000)	(31,647,000)	2,192,000
Ending balance	1,838,067,000	1,807,784,000	1,659,986,000	1,679,767,000	1,838,067,000	1,659,986,000
Preferred Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	0	0	0	0	0	0
Other comprehensive income:
Ending balance	0	0	0	0	0	0
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	565,000	564,000	565,000	560,000	564,000	560,000
Exercise of stock options	0	(1,000)	(1,000)	(5,000)
Other	2,000		(1,000)
Other comprehensive income:
Ending balance	567,000	565,000	563,000	565,000	567,000	563,000
Additional Paid-in Capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	644,155,000	629,879,000	612,295,000	596,464,000	629,879,000	596,464,000
Stock-based compensation	5,125,000	7,062,000	5,144,000	7,933,000
Exercise of stock options	(479,000)	(6,963,000)	(2,015,000)	(7,649,000)
Shares issued under equity awards (taxes paid related to net share settlement of equity awards), net	(7,934,000)		(7,348,000)
Shares released under deferred compensation for directors	2,404,000
Other	(67,000)	24,000	151,000	65,000
Dividends		227,000	233,000	184,000
Other comprehensive income:
Ending balance	644,162,000	644,155,000	612,490,000	612,295,000	644,162,000	612,490,000
Treasury Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(847,283,000)	(835,827,000)	(740,742,000)	(740,956,000)	(835,827,000)	(740,956,000)
Purchase of common stock	(63,546,000)	(11,641,000)	(47,340,000)
Other	179,000	185,000	194,000	214,000
Other comprehensive income:
Ending balance	(910,650,000)	(847,283,000)	(787,888,000)	(740,742,000)	(910,650,000)	(787,888,000)
Retained Earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	2,224,720,000	2,163,880,000	1,989,588,000	1,930,148,000	2,163,880,000	1,930,148,000
Net earnings	82,266,000	70,111,000	65,229,000	66,797,000
Dividends	(9,555,000)	(9,271,000)	(9,401,000)	(7,357,000)
Other comprehensive income:
Ending balance	2,297,431,000	2,224,720,000	2,045,416,000	1,989,588,000	2,297,431,000	2,045,416,000
Accumulated Other Comprehensive Income (Loss)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(214,373,000)	(204,851,000)	(179,476,000)	(183,474,000)	(204,851,000)	(183,474,000)
Other comprehensive income:
Pension funded status adjustment, net of tax	87,000	110,000	21,000	20,000
Net unrealized gain (loss) on derivative instruments (net of tax)	(7,842,000)	3,662,000	2,495,000	1,786,000
Foreign currency translation adjustment	28,685,000	(13,294,000)	(31,647,000)	2,192,000
Ending balance	(193,443,000)	(214,373,000)	(208,607,000)	(179,476,000)	(193,443,000)	(208,607,000)
Contra-Equity
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	0	0	(2,463,000)	(2,463,000)	0	(2,463,000)
Contra equity - adjustment to indemnification receivable for acquisition related tax liability			475,000
Other comprehensive income:
Ending balance	0	0	(1,988,000)	(2,463,000)	0	(1,988,000)
Non- redeemable Non- Controlling Interests
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	3,405,000	3,427,000	3,412,000	3,602,000	3,427,000	3,602,000
Other comprehensive income:
Foreign currency translation adjustment	124,000	(22,000)	(17,000)	(190,000)
Ending balance	$ 3,529,000	$ 3,405,000	$ 3,395,000	$ 3,412,000	$ 3,529,000	$ 3,395,000

Debt - (Long-term Debt Including Capital Lease Obligations) (Details) - USD ($) $ in Thousands	Sep. 29, 2024	Mar. 31, 2024
Debt Instrument [Line Items]
Debt and lease obligation	$ 1,210,000	$ 810,000
Unamortized Issuance Costs	7,417	8,035
Long-term debt, net of unamortized issuance costs	1,202,583	801,965
Senior Notes
Debt Instrument [Line Items]
Long-term debt	600,000	600,000
Unamortized Issuance Costs	5,840	6,064
Fourth Amended Credit Facility, due 2026 \| Fourth Amended Credit Facility, due 2026
Debt Instrument [Line Items]
Incremental term loan commitment	610,000	210,000
Unamortized Issuance Costs	$ 1,577	$ 1,971

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Subsequent Events - (Additional Information) (Details)	Nov. 06, 2024 $ / shares
Subsequent Event
Subsequent Event [Line Items]
Common stock dividends (in dollars per share)	$ 0.24

Stockholders' Equity and Noncontrolling Interests - (Treasury Stock) (Details) - USD ($)	3 Months Ended				6 Months Ended
	Sep. 29, 2024	Jun. 30, 2024	Oct. 01, 2023	Jul. 02, 2023	Sep. 29, 2024	Oct. 01, 2023	Mar. 31, 2024
Equity [Abstract]
Purchase of treasury stock (in shares)					780,849	480,060
Treasury stock, value, acquired	$ 63,546,000	$ 11,641,000	$ 47,340,000	$ 0	$ 75,187,000	$ 47,340,000
Treasury stock, shares (in shares)	16,866,664				16,866,664		16,091,988
Treasury shares issued (in shares)					6,173	7,312
Treasury shares issued (in dollars per share)					$ 62.55	$ 62.55

Subsequent Events	6 Months Ended
Subsequent Events	Sep. 29, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsOn November 6, 2024, the Board of Directors approved a quarterly cash dividend of $0.24 per share of common stock to be paid on December 27, 2024 to stockholders of record as of December 13, 2024.

Earnings Per Share - (Reconciliation from Basic to Diluted Average Common Shares) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 29, 2024	Oct. 01, 2023	Sep. 29, 2024	Oct. 01, 2023
Earnings Per Share [Abstract]
Net earnings attributable to EnerSys stockholders	$ 82,266	$ 65,229	$ 152,377	$ 132,026
Basic weighted-average number of common shares outstanding (in shares)	40,165,080	40,922,959	40,184,546	40,930,146
Common shares from exercise and lapse of equity awards, net of shares assumed reacquired (in shares)	698,125	761,675	740,114	761,333
Diluted weighted-average number of common shares outstanding (in shares)	40,863,205	41,684,634	40,924,660	41,691,479
Basic earnings per common share attributable to EnerSys stockholders (in dollars per share)	$ 2.05	$ 1.59	$ 3.79	$ 3.23
Diluted earnings per common share attributable to EnerSys stockholders (in dollars per share)	$ 2.01	$ 1.56	$ 3.72	$ 3.17
Anti-dilutive equity awards not included in diluted weighted-average common shares (in shares)	659,451	412,230	503,275	422,359

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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-Section S99
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-Topic 942
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-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

+ Details

Debt

6 Months Ended

Sep. 29, 2024

Debt Disclosure [Abstract]

Debt

The following summarizes the Company’s long-term debt as of September 29, 2024 and March 31, 2024:


	September 29, 2024				March 31, 2024
	Principal		Unamortized Issuance Costs		Principal		Unamortized Issuance Costs
Senior Notes	$	600,000	$	5,840	$	600,000	$	6,064
Fourth Amended Credit Facility, due 2026	610,000		1,577		210,000		1,971

	$	1,210,000	$	7,417	$	810,000	$	8,035
Less: Unamortized issuance costs	7,417				8,035
Long-term debt, net of unamortized issuance costs	$	1,202,583			$	801,965

The Company's Senior Notes comprise the following:

4.375% Senior Notes due 2027

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

The Company may redeem, prior to September 15, 2027, all or a portion of the 2027 Notes at a price equal to 100% of the principal amount of the 2027 Notes to be redeemed, plus accrued and unpaid interest and a “make whole” premium to, but excluding, the redemption date. The Company may redeem, on or after September 15, 2027, all or a portion of the 2027 Notes at a price equal to 100% of the principal amount of the 2027 Notes, plus accrued and unpaid interest to, but excluding, the redemption date. If a change of control triggering event occurs, the Company will be required to offer to repurchase the 2027 Notes at a price in cash equal to 101% of the aggregate principal amount of the 2027 Notes, plus accrued and unpaid interest to, but excluding, the date of repurchase.

6.625% Senior Notes due 2032

On January 11, 2024, the Company issued $300,000 in aggregate principal amount of its 6.625% Senior Notes due January 15, 2032 (the “2032 Notes”). Proceeds from this offering, net of debt issuance costs were $297,000 and were utilized to pay down the Fourth Amended Credit Facility. The 2032 Notes bear interest at a rate of 6.625% per annum accruing from January 11, 2024. Interest is payable semiannually in arrears on January 15 and July 15 of each year, commencing on July 15, 2024. The 2032 Notes mature on January 15, 2032, unless earlier redeemed or repurchased in full and are unsecured and unsubordinated obligations of the Company. They are fully and unconditionally guaranteed, jointly and severally, by certain of its subsidiaries

that are guarantors under the Fourth Amended Credit Facility (defined below). These guarantees are unsecured and unsubordinated obligations of such guarantors.

The Company may redeem, prior to January 15, 2027, all or a portion of the 2032 Notes at a price equal to 100% of the aggregate principal amount of the 2032 Notes to be redeemed, plus accrued and unpaid interest and a “make whole” premium to, but excluding, the redemption date. The Company may redeem, on or after January 15, 2027, all or a portion of the 2032 Notes at a price equal to 100% of the principal amount of the 2032 Notes, plus accrued and unpaid interest and a redemption premium to, but excluding, the redemption date. The Company may, in compliance with certain conditions, on any one or more occasions redeem up to 40% of the original aggregate principal amount of the 2032 Notes, with the net cash proceeds of one or more equity offerings at a price equal to 106.625% of the aggregate principal amount of the 2032 Notes, plus accrued and unpaid interest to, but excluding, the redemption date. If a change of control triggering event occurs, the Company will be required to offer to repurchase the 2032 Notes at a price in cash equal to 101% of the aggregate principal amount of the 2032 Notes, plus accrued and unpaid interest to, but excluding, the date of repurchase.

2017 Credit Facility and Subsequent Amendments

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

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

During the second quarter of fiscal 2022, the Company entered into a second amendment to the 2017 Credit Facility (as amended, the “Second Amended Credit Facility”). The Second Amended Credit Facility, scheduled to mature on September 30, 2026, consists of a $130,000 senior secured term loan (the “Second Amended Term Loan”), a CAD 106,440 ($84,229) senior secured term loan and an $850,000 senior secured revolving credit facility (the “Second Amended Revolver”). The second amendment resulted in a decrease of the Amended Term Loan by $150,000 and an increase of the Amended Revolver by $150,000.

During the second quarter of fiscal 2023, the Company entered into a third amendment to the 2017 Credit Facility (as amended, the “Third Amended Credit Facility”). The Third Amended Credit Facility provides a new incremental delayed-draw senior secured term loan up to $300,000 (the “Third Amended Term Loan”), which shall be available to draw at any time until March 15, 2023. Once drawn, the funds will mature on September 30, 2026, the same as the Company's Second Amended Term Loan and Second Amended Revolver. In connection with the agreement, the Company incurred $1,161 in third party administrative and legal fees recognized in interest expense and capitalized $1,096 in charges from existing lenders as a deferred asset. During the fourth quarter of fiscal 2023, the Company drew $300,000 in the form of the Third Amended Term Loan. Additionally, the Company derecognized the capitalized deferred asset and recognized the $1,096 as deferred financing costs.

During the fourth quarter of fiscal 2023, the Company entered into a fourth amendment to the 2017 Credit Facility (as amended, the “Fourth Amended Credit Facility”). The Fourth Amended Credit Facility replaces the London Interbank Offered Rate (“LIBOR”) with the Secured Overnight Financing Rate (“SOFR”) in the calculation of interest for both the Second Amended Revolver and the Second Amended Term Loan.

In the fourth quarter of fiscal year 2024, we received proceeds from the issuance of the 2032 Senior Notes and paid down $86,488 and $188,750 towards the Second and Third Amended Term loans and wrote off $753 in deferred finance costs.

Subsequent to the fourth amendment, the quarterly installments payable on the Second Amended Term Loan are $2,609 beginning December 31, 2022, $3,913 beginning December 31, 2024 and $5,218 beginning December 31, 2025 with a final payment of $156,532 on September 30, 2026. The Fourth Amended Credit Facility may be increased by an aggregate amount of $350,000 in revolving commitments and /or one or more new tranches of term loans, under certain conditions. Both the Second Amended Revolver and the Second Amended Term Loan bear interest, at the Company's option, at a rate per annum equal to either (i) the SOFR plus 10 basis points plus (i) between 1.125% and 2.25% (currently 1.250% and based on the Company's consolidated net leverage ratio) or (ii) the U.S. Dollar Base Rate or Canadian Prime Rate plus between 0.125% and 1.25%, which equals, for any day a fluctuating rate per annum equal to the highest of (a) the Federal Funds Effective Rate plus 0.50%, (b) Bank of America “Prime Rate” and (c) the Eurocurrency Base Rate plus 1%; provided that, if the Base Rate shall be less

than zero, such rate shall be deemed zero) (iii) the CDOR Base Rate equal to the higher of (a) Bank of America “Prime Rate” and (b) average 30-day CDOR rate plus 0.50%.

The quarterly installments payable on the Third Amended Term Loan were $3,750 beginning June 30, 2023, $5,625 beginning December 31, 2024 and $7,500 beginning December 31, 2025 with a final payment of $232,500 on September 30, 2026. The Third Amended Term Loan bears interest, at the Company's option, at a rate per annum equal to either (i) SOFR plus 10 basis points plus (i) between 1.375% and 2.50% (currently 1.500% and based on the Company's consolidated net leverage ratio) or (ii) the U.S. Dollar Base Rate plus between 0.375% and 1.50%, which equals, for any day a fluctuating rate per annum equal to the highest of (a) the Federal Funds Effective Rate plus 0.50%, (b) Bank of America “Prime Rate” and (c) the Term SOFR plus 1%; provided that, if the Base Rate shall be less than zero, such rate shall be deemed zero). Until the funds were drawn on March 13, 2023, the Company paid a commitment fee of 0.175% to 0.35% at a rate per annum on the unused portion.

Obligations under the Fourth Amended Credit Facility are secured by substantially all of the Company’s existing and future acquired assets, including substantially all of the capital stock of the Company’s United States subsidiaries that are guarantors under the Fourth Amended Credit Facility and up to 65% of the capital stock of certain of the Company’s foreign subsidiaries that are owned by the Company’s United States subsidiaries.

The Fourth Amended Credit Facility allows for up to two temporary increases in the maximum leverage ratio to 4.50x from 4.00x to 4.25x for a four quarter period following an acquisition larger than $250,000. Effective with the Fourth Amended Credit Facility, the maximum leverage ratio increased from 3.50x to 4.25x effective to the last day of the second quarter of fiscal year 2024 and decreasing subsequently to 4.00x.

As of September 29, 2024, the Company had $400,000 outstanding under the Second Amended Revolver, $110,000 under the Second Amended Term Loan, and $100,000 outstanding under the Third Amended Term Loan.

Current Portion of Debt

The scheduled repayments within the next twelve months, relating to the Second Amended Term Loan, is $4,875 and is classified as long-term debt, as the Company expects to refinance the future quarterly payments with revolver borrowings under the Second Amended Credit Facility.

Short-Term Debt

As of September 29, 2024 and March 31, 2024, the Company had $30,080 and $30,444, respectively, of short-term borrowings. The weighted average interest rate on these borrowings was approximately 6.0% and 6.7%, respectively, at September 29, 2024 and March 31, 2024.

Letters of Credit

As of September 29, 2024 and March 31, 2024, the Company had $6,855 and $3,919 of standby letters of credit, respectively.

Debt Issuance Costs

In connection with the Senior Notes, the Company capitalized $4,412 in debt issuance costs and wrote off $753 of unamortized debt issuance costs. Amortization expense, relating to debt issuance costs, included in interest expense was $479 and $410, respectively, for the second quarter ended September 29, 2024 and October 1, 2023 and $969 and $820, respectively, for the six months ended fiscal 2025 and 2024. Debt issuance costs, net of accumulated amortization, totaled $7,417 and $8,035, respectively, at September 29, 2024 and March 31, 2024.

Available Lines of Credit

As of September 29, 2024 and March 31, 2024, the Company had available and undrawn, under all its lines of credit, $535,395 and $938,334, respectively, including $90,826 and $90,866, respectively, of uncommitted lines of credit.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Goodwill and Other Intangible Assets (Tables)

6 Months Ended

Sep. 29, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets

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


	Balance as of
	September 29, 2024						March 31, 2024
	Gross Amount		Accumulated Amortization		Net Amount		Gross Amount		Accumulated Amortization		Net Amount
Indefinite-lived intangible assets:
Trademarks	$	130,262	$	(953)	$	129,309	$	131,167	$	(953)	$	130,214
Finite-lived intangible assets:
Customer relationships	358,616		(157,647)		200,969		295,215		(147,833)		147,382
Non-compete	2,825		(2,825)		—		2,825		(2,825)		—
Technology	119,914		(60,254)		59,660		96,708		(55,969)		40,739
Trademarks	14,894		(9,421)		5,473		9,554		(8,482)		1,072
Licenses	1,196		(1,196)		—		1,196		(1,196)		—
Total	$	627,707	$	(232,296)	$	395,411	$	536,665	$	(217,258)	$	319,407

Schedule of Goodwill

The following table presents the amount of goodwill, as well as any changes in the carrying amount of goodwill by segment during the six months of fiscal 2025:


	Energy Systems		Motive Power		Specialty		Total
Balance at March 31, 2024	$	259,369	$	326,359	$	97,206	$	682,934
Acquisitions during the year					50,308		50,308

Foreign currency translation adjustment	1,648		2,868		845		5,361
Balance as of September 29, 2024	$	261,017	$	329,227	$	148,359	$	738,603

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
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+ Details

Consolidated Condensed Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 29, 2024	Oct. 01, 2023	Sep. 29, 2024	Oct. 01, 2023
Statement of Comprehensive Income [Abstract]
Net earnings	$ 82,266	$ 65,229	$ 152,377	$ 132,026
Other comprehensive income (loss):
Net unrealized gain (loss) on derivative instruments, net of tax	(7,842)	2,495	(4,180)	4,281
Pension funded status adjustment, net of tax	87	21	197	41
Foreign currency translation adjustment	28,809	(31,664)	15,493	(29,662)
Total other comprehensive income (loss), net of tax	21,054	(29,148)	11,510	(25,340)
Total comprehensive income (loss)	103,320	36,081	163,887	106,686
Comprehensive income (loss) attributable to noncontrolling interests	124	(17)	102	(207)
Comprehensive income (loss) attributable to EnerSys stockholders	$ 103,196	$ 36,098	$ 163,785	$ 106,893

Accounts Receivable

6 Months Ended

Sep. 29, 2024

Receivables [Abstract]

Accounts Receivable


	September 29, 2024		March 31, 2024
Accounts receivable	$	557,819	$	532,832
Allowance for doubtful accounts	8,808		8,107
Accounts receivable, net	$	549,011	$	524,725

During the third quarter of fiscal 2023, the Company entered into a Receivables Purchase Agreement (RPA), under which the Company continuously sells its interest in designated pools of trade accounts receivables, at a discount, to a special purpose entity, which in turn sells certain of the receivables to an unaffiliated financial institution ("unaffiliated financial institution") on a monthly basis. The Company may sell certain US-originated accounts receivable balances up to a maximum amount of $150,000. In return for these sales, the Company receives a cash payment equal to the face value of the receivables and is charged a fee of Secured Overnight Financing Rate (“SOFR”) plus 85 basis points against the sold receivable balance. The program is conducted through EnerSys Finance LLC ("EnerSys Finance"), an entity structured to be bankruptcy remote, and matures in December 2025. The Company is deemed the primary beneficiary of EnerSys Finance as the Company has both the power to direct the activities that most significantly impact the entity’s economic performance and the obligation to absorb losses or the right to receive the benefits that could potentially be significant to the entity from the transfer of the trade accounts receivables into the special purpose entity. Accordingly, EnerSys Finance is included in the Company’s Consolidated Condensed Financial Statements.

Receivables sold to unaffiliated financial institutions under the program are excluded from “Accounts receivable, net” on the Company’s Consolidated Condensed Balance Sheets, and cash receipts are reflected as cash provided by operating activities on the Consolidated Condensed Statements of Cash Flows. The purchase price is received in cash when the receivables are sold, and fees charged relating to this balance are recorded to other (income) expense. Certain unsold receivables held by EnerSys Finance serve as collateral to unaffiliated financial institutions. These unsold receivables are included in “Accounts receivable, net” in the Company’s Consolidated Condensed Balance Sheets. The Company continues servicing the receivables which were sold and in exchange receives a servicing fee from EnerSys Finance under the program.

During the second quarter and the six months of fiscal 2025, the Company sold $192,479 and $382,216, respectively, of accounts receivables for approximately $192,479 and $382,216, respectively, in proceeds to an unaffiliated financial institution, of which $192,479 and $382,216, respectively, were collected as of September 29, 2024. During the second quarter and six months of fiscal 2024, the Company sold $174,372 and $356,763, respectively, of accounts receivables for approximately $174,372 and $356,763, respectively, in net proceeds to an unaffiliated financial institution, of which$179,132 and$362,484, respectively, were collected as of October 1, 2023. Total collateralized accounts receivables of approximately $340,829 were held by EnerSys Finance at September 29, 2024.

Any accounts receivables held by EnerSys Finance would likely not be available to other creditors of the Company in the event of bankruptcy or insolvency proceedings relating to the Company until the outstanding balances under the RPA are satisfied. Additionally, the financial obligations of EnerSys Finance to the unaffiliated financial institutions under the program are limited to the assets it owns and there is no recourse to the Company for receivables that are uncollectible as a result of the insolvency of EnerSys Finance or its inability to pay the account debtors.

Commitments, Contingencies and Litigation	6 Months Ended
Commitments, Contingencies and Litigation	Sep. 29, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments, Contingencies and Litigation	Commitments, Contingencies and Litigation Litigation and Other Legal Matters In the ordinary course of business, the Company and its subsidiaries are routinely defendants in or parties to pending and threatened legal actions and proceedings, including actions brought on behalf of various classes of claimants. These actions and proceedings are generally based on alleged violations of environmental, 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. As of September 29, 2024 and March 31, 2024, the Company did not have a reserve balance related to these matters. The precise scope, timing and time period at issue, as well as the final outcome of the investigations or customer claims, remain uncertain. Accordingly, the Company’s estimate may change from time to time, and actual losses could vary. Environmental Issues As a result of its operations, the Company is subject to various federal, state, and local, as well as international environmental laws and regulations and is exposed to the costs and risks of registering, handling, processing, storing, transporting, and disposing of hazardous substances, especially lead and acid. The Company’s operations are also subject to federal, state, local and international occupational safety and health regulations, including laws and regulations relating to exposure to lead in the workplace. The Company believes that it has adequate reserves to satisfy its environmental liabilities. Lead, Foreign Currency Forward Contracts and Swaps To stabilize its lead costs and reduce volatility from currency and interest rate movements, the Company entered into contracts with financial institutions. The vast majority of lead and foreign currency contracts are for a period not extending beyond one year. The Company also entered into a cross currency fixed interest rate swap agreement, maturing on December 15, 2027, to hedge its net investments in foreign operations against future volatility in the exchange rates between the U.S. Dollar and Euro. The Company also entered into floating to fixed interest rate swap agreements maturing on September 30, 2026, to hedge its exposure to variable interest rates. Please refer to Note 8 - Derivative Financial Instruments for more details.

Goodwill and Other Intangible Assets

6 Months Ended

Sep. 29, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

Other Intangible Assets

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


	Balance as of
	September 29, 2024						March 31, 2024
	Gross Amount		Accumulated Amortization		Net Amount		Gross Amount		Accumulated Amortization		Net Amount
Indefinite-lived intangible assets:
Trademarks	$	130,262	$	(953)	$	129,309	$	131,167	$	(953)	$	130,214
Finite-lived intangible assets:
Customer relationships	358,616		(157,647)		200,969		295,215		(147,833)		147,382
Non-compete	2,825		(2,825)		—		2,825		(2,825)		—
Technology	119,914		(60,254)		59,660		96,708		(55,969)		40,739
Trademarks	14,894		(9,421)		5,473		9,554		(8,482)		1,072
Licenses	1,196		(1,196)		—		1,196		(1,196)		—
Total	$	627,707	$	(232,296)	$	395,411	$	536,665	$	(217,258)	$	319,407

The Company’s amortization expense related to finite-lived intangible assets was $8,152 and $15,038 for the second quarter and six months of fiscal 2025, compared to $7,152 and $14,181 for the second quarter and six months of fiscal 2024. The expected amortization expense based on the finite-lived intangible assets as of September 29, 2024, is $15,280 for the remainder of fiscal 2025, $33,133 in fiscal 2026, $32,331 in fiscal 2027, $31,767 in fiscal 2028 and $29,938 in fiscal 2029.

Goodwill

The following table presents the amount of goodwill, as well as any changes in the carrying amount of goodwill by segment during the six months of fiscal 2025:


	Energy Systems		Motive Power		Specialty		Total
Balance at March 31, 2024	$	259,369	$	326,359	$	97,206	$	682,934
Acquisitions during the year					50,308		50,308

Foreign currency translation adjustment	1,648		2,868		845		5,361
Balance as of September 29, 2024	$	261,017	$	329,227	$	148,359	$	738,603

Fair Value of Financial Instruments - (Financial Assets and Liabilities) (Details) - USD ($) $ in Thousands	Sep. 29, 2024	Mar. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative fair value	$ (32,631)	$ (17,301)
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	(32,631)	(17,301)
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	(576)	(835)
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	(576)	(835)
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	(196)	5
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	(196)	5
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
Interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative fair value	(1,601)	2,696
Interest rate swaps \| 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
Interest rate swaps \| Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative fair value	(1,601)	2,696
Interest rate swaps \| Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative fair value	0	0
Net investment hedges
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative fair value	(30,258)	(19,167)
Net investment hedges \| 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
Net investment hedges \| Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative fair value	(30,258)	(19,167)
Net investment hedges \| Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative fair value	$ 0	$ 0