EnerSys

For the period ended Dec 31, 2023. Filed Feb 7, 2024.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Dec 31, 2023 · Filed Feb 7, 2024

ENS$151.33-0.2%Stored close · as of Nov 10, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

See the whole filing, with its images and exhibits

Contents

Stockholders’ Equity and Noncontrolling Interests

Stockholders’ Equity and Noncontrolling Interests

Common Stock

The following demonstrates the change in the number of shares of common stock outstanding during the nine months ended December 31, 2023:

Shares outstanding as of March 31, 2023	40,901,059
Purchase of treasury stock	(855,034)
Shares issued under equity-based compensation plans, net of equity awards surrendered for option price and taxes	353,106
Shares outstanding as of December 31, 2023	40,399,131

Treasury Stock

During the nine months ended December 31, 2023, the Company purchased 855,034 shares for $82,331 and purchased 358,365 shares for $22,907 during the nine months ended January 1, 2023. At December 31, 2023 and March 31, 2023, the Company held 15,948,186 and 15,103,554 shares as treasury stock, respectively. During the nine months ended December 31, 2023, the Company also issued 10,402 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 December 31, 2023 and March 31, 2023, are as follows:

	March 31, 2023	Before Reclassifications	Amounts Reclassified from AOCI	December 31, 2023
Pension funded status adjustment	$(4,423)	$—	$62	$(4,361)
Net unrealized gain (loss) on derivative instruments	1,411	3,266	(5,707)	(1,030)
Foreign currency translation adjustment (1)	(180,462)	3,803	—	(176,659)
Accumulated other comprehensive (loss) income	$(183,474)	$7,069	$(5,645)	$(182,050)

(1) Foreign currency translation adjustment for the nine months ended December 31, 2023 includes a $5,687 loss (net of taxes of $1,734) related to the Company's $150,000 cross-currency fixed interest rate swap contract.

The following table presents reclassifications from AOCI during the third quarter ended December 31, 2023:

Components of AOCI	Amounts Reclassified from AOCI	Location of (Gain) Loss Recognized on Income Statement
Derivatives in cash flow hedging relationships:
Net unrealized gain on derivative instruments	$(3,334)	Cost of goods sold
Tax expense	779
Net unrealized gain on derivative instruments, net of tax	$(2,555)
Derivatives in net investment hedging relationships:
Net unrealized gain on derivative instruments	$(796)	Interest expense
Tax expense	186
Net unrealized gain on derivative instruments, net of tax	$(610)
Defined benefit pension costs:
Prior service costs and deferrals	$167	Net periodic benefit cost, included in other (income) expense, net - See Note 12
Tax benefit	(146)
Net periodic benefit cost, net of tax	$21

The following table presents reclassifications from AOCI during the nine months ended December 31, 2023:

Components of AOCI	Amounts Reclassified from AOCI	Location of (Gain) Loss Recognized on Income Statement
Derivatives in cash flow hedging relationships:
Net unrealized gain on derivative instruments	$(7,448)	Cost of goods sold
Tax expense	1,741
Net unrealized gain on derivative instruments, net of tax	$(5,707)
Derivatives in net investment hedging relationships:
Net unrealized gain on derivative instruments	$(908)	Interest expense
Tax expense	212
Net unrealized gain on derivative instruments, net of tax	$(696)
Defined benefit pension costs:
Prior service costs and deferrals	$223	Net periodic benefit cost, included in other (income) expense, net - See Note 12
Tax benefit	(161)
Net periodic benefit cost, net of tax	$62

The following table presents reclassifications from AOCI during the third quarter ended January 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 loss on derivative instruments	$2,484	Cost of goods sold
Tax benefit	(581)
Net unrealized loss on derivative instruments, net of tax	$1,903
Derivatives in net investment hedging relationships:
Net unrealized gain on derivative instruments	$(360)	Interest expense
Tax expense	84
Net unrealized gain on derivative instruments, net of tax	$(276)
Defined benefit pension costs:
Prior service costs and deferrals	$118	Net periodic benefit cost, included in other (income) expense, net - See Note 12
Tax benefit	(34)
Net periodic benefit cost, net of tax	$84

The following table presents reclassifications from AOCI during the nine months ended January 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 loss on derivative instruments	$2,411	Cost of goods sold
Tax benefit	(564)
Net unrealized gain on derivative instruments, net of tax	$1,847
Derivatives in net investment hedging relationships:
Net unrealized gain on derivative instruments	$(3,283)	Interest expense
Tax expense	767
Net unrealized gain on derivative instruments, net of tax	$(2,516)
Defined benefit pension costs:
Prior service costs and deferrals	$356	Net periodic benefit cost, included in other (income) expense, net - See Note 12
Tax benefit	(102)
Net periodic benefit cost, net of tax	$254

The following demonstrates the change in equity attributable to EnerSys stockholders and nonredeemable noncontrolling interests during the third quarter and nine months ended December 31, 2023:

(In Thousands, Except Per Share Data)	PreferredStock	CommonStock	Additional Paid-inCapital	TreasuryStock	RetainedEarnings	AccumulatedOtherComprehensiveIncome (Loss)	Contra-Equity	TotalEnerSysStockholders’Equity	Non-redeemableNon-ControllingInterests	TotalEquity
Balance at March 31, 2023	$—	$560	$596,464	$(740,956)	$1,930,148	$(183,474)	$(2,463)	$1,600,279	$3,602	$1,603,881
Stock-based compensation	—	—	7,933	—	—	—	—	7,933	—	7,933
Exercise of stock options	—	5	7,649	—	—	—	—	7,654	—	7,654
Shares issued under equity awards (taxes paid related to net share settlement of equity awards), net	—	—	—	—	—	—	—	—	—	—
Purchase of common stock	—	—	—	—	—	—	—	—	—	—
Other	—	—	65	214	—	—	—	279	—	279
Net earnings	—	—	—	—	66,797	—	—	66,797	—	66,797
Dividends ($0.175 per common share)	—	—	184	—	(7,357)	—	—	(7,173)	—	(7,173)
Dissolution of joint venture	—	—	—	—	—	—	—	—	—	—
Other comprehensive income:
Pension funded status adjustment (net of tax benefit of $9)	—	—	—	—	—	20	—	20	—	20
Net unrealized gain (loss) on derivative instruments (net of tax expense of $544)	—	—	—	—	—	1,786	—	1,786	—	1,786
Foreign currency translation adjustment	—	—	—	—	—	2,192	—	2,192	(190)	2,002
Balance at July 2, 2023	$—	$565	$612,295	$(740,742)	$1,989,588	$(179,476)	$(2,463)	$1,679,767	$3,412	$1,683,179
Stock-based compensation	—	—	5,144	—	—	—	—	5,144	—	5,144
Exercise of stock options	—	(1)	2,015	—	—	—	—	2,014	—	2,014
Shares issued under equity awards (taxes paid related to net share settlement of equity awards), net	—	—	(7,348)	—	—	—	—	(7,348)	—	(7,348)
Contra equity - adjustment to indemnification receivable for acquisition related tax liability	—	—	—	—	—	—	475	475	—	475
Purchase of common stock	—	—	—	(47,340)	—	—	—	(47,340)	—	(47,340)
Other	—	(1)	151	194	—	—	—	344	—	344
Net earnings	—	—	—	—	65,229	—	—	65,229	—	65,229
Dividends ($0.225 per common share)	—	—	233	—	(9,401)	—	—	(9,168)	—	(9,168)
Other comprehensive income:
Pension funded status adjustment (net of tax benefit of $6)	—	—	—	—	—	21	—	21	—	21
Net unrealized gain (loss) on derivative instruments (net of tax of $762)	—	—	—	—	—	2,495	—	2,495	—	2,495
Foreign currency translation adjustment	—	—	—	—	—	(31,647)	—	(31,647)	(17)	(31,664)
Balance at October 1, 2023	$—	$563	$612,490	$(787,888)	$2,045,416	$(208,607)	$(1,988)	$1,659,986	$3,395	$1,663,381

Stock-based compensation	—	—	9,817	—	—		—	—		9,817	—	9,817
Exercise of stock options	—	—	—	—	—		—	—		—	—	—
Shares issued under equity awards (taxes paid related to net share settlement of equity awards), net	—	—	(2,144)	—	—		—	—		(2,144)	—	(2,144)
Contra equity - adjustment to indemnification receivable for acquisition related tax liability	—	—	—	—	—		—	—		—	—	—
Purchase of common stock	—	—	—	(34,991)	—		—	—		(34,991)	—	(34,991)
Other	—	—	11	221	—		—	—		232	—	232
Net earnings	—	—	—	—	76,158		—	—		76,158	—	76,158
Dividends ($0.225 per common share)	—	—	234	—	(9,315)		—	—		(9,081)	—	(9,081)
Other comprehensive income:						—			—
Pension funded status adjustment (net of tax benefit of $146)	—	—	—	—	—		21	—		21	—	21
Net unrealized gain (loss) on derivative instruments (net of tax of $2,051)	—	—	—	—	—		(6,722)	—		(6,722)	—	(6,722)
Foreign currency translation adjustment	—	—	—	—	—		33,258	—		33,258	98	33,356
Balance at December 31, 2023	$—	$563	$620,408	$(822,658)	$2,112,259		$(182,050)	$(1,988)		$1,726,534	$3,493	$1,730,027

The following demonstrates the change in equity attributable to EnerSys stockholders and nonredeemable noncontrolling interests during the third quarter and nine months ended January 1, 2023:

(In Thousands, Except Per Share Data)	PreferredStock	CommonStock	Additional Paid-inCapital	TreasuryStock	RetainedEarnings	AccumulatedOtherComprehensiveIncome (Loss)	Contra-Equity	TotalEnerSysStockholders’Equity	Non-redeemableNon-ControllingInterests	TotalEquity
Balance at March 31, 2022	$—	$557	$571,464	$(719,119)	$1,783,586	$(143,495)	$(3,620)	$1,489,373	$3,902	$1,493,275
Stock-based compensation	—	—	5,330	—	—	—	—	5,330	—	5,330
Exercise of stock options	—	1	—	—	—	—	—	1	—	1
Shares issued under equity awards (taxes paid related to net share settlement of equity awards), net	—	—	(633)	—	—	—	—	(633)	—	(633)
Purchase of common stock	—	—	—	(22,907)	—	—	—	(22,907)	—	(22,907)
Other	—	—	(41)	240	—	—	—	199	—	199
Net earnings	—	—	—	—	30,978	—	—	30,978	—	30,978
Dividends ($0.175 per common share)	—	—	174	—	(7,282)	—	—	(7,108)	—	(7,108)
Dissolution of joint venture	—	—	—	—	—	—	—	—	—	—
Other comprehensive income:
Pension funded status adjustment (net of tax benefit of $34)	—	—	—	—	—	89	—	89	—	89
Net unrealized gain (loss) on derivative instruments (net of tax benefit of $2,514)	—	—	—	—	—	(8,234)	—	(8,234)	—	(8,234)
Foreign currency translation adjustment	—	—	—	—	—	(52,010)	—	(52,010)	(210)	(52,220)
Balance at July 3, 2022	$—	$558	$576,294	$(741,786)	$1,807,282	$(203,650)	$(3,620)	$1,435,078	$3,692	$1,438,770
Stock-based compensation	—	—	6,534	—	—	—	—	6,534	—	6,534
Exercise of stock options	—	1	114	—	—	—	—	115	—	115
Shares issued under equity awards (taxes paid related to net share settlement of equity awards), net	—	—	(5,624)	—	—	—	—	(5,624)	—	(5,624)
Contra equity - adjustment to indemnification receivable for acquisition related tax liability	—	—	—	—	—	—	963	963	—	963
Purchase of common stock	—	—	—	—	—	—	—	—	—	—
Other	—	—	28	276	—	—	—	304	—	304
Net earnings	—	—	—	—	34,472	—	—	34,472	—	34,472

Other comprehensive income:
Dividends ($0.175 per common share)	—	—	174	—	(7,312)		—	—		(7,138)	—	(7,138)
Pension funded status adjustment (net of tax benefit of $34)	—	—	—	—	—		81	—		81	—	81
Net unrealized gain (loss) on derivative instruments (net of tax benefit of $647)	—	—	—	—	—		2,116	—		2,116	—	2,116
Foreign currency translation adjustment	—	—	—	—	—		(55,961)	—		(55,961)	(214)	(56,175)
Balance at October 2, 2022	$—	$559	$577,520	$(741,510)	$1,834,442		$(257,414)	$(2,657)		$1,410,940	$3,478	$1,414,418
Stock-based compensation	—	—	6,906	—	—		—	—		6,906	—	6,906
Exercise of stock options	—	1	946	—	—		—	—		947	—	947
Shares issued under equity awards (taxes paid related to net share settlement of equity awards), net	—	—	(128)	—	—		—	—		(128)	—	(128)
Contra equity - adjustment to indemnification receivable for acquisition related tax liability	—	—	—	—	—		—	194		194	—	194
Purchase of common stock	—	—	—	—	—		—	—		—	—	—
Other	—	—	(30)	314	—		—	—		284	—	284
Net earnings	—	—	—	—	44,410		—	—		44,410	—	44,410
Dividends ($0.225 per common share)	—	—	193	—	(7,333)		—	—		(7,140)	—	(7,140)
Other comprehensive income:						—			—
Pension funded status adjustment (net of tax benefit of $34)	—	—	—	—	—		84	—		84	—	84
Net unrealized gain (loss) on derivative instruments (net of tax benefit of $3,298)	—	—	—	—	—		10,806	—		10,806	—	10,806
Foreign currency translation adjustment	—	—	—	—	—		60,456	—		60,456	109	60,565
Balance at January 1, 2023	$—	$560	$585,407	$(741,196)	$1,871,519		$(186,068)	$(2,463)		$1,527,759	$3,587	$1,531,346

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.