EnerSys
For the period ended Mar 31, 2024. Filed May 22, 2024.
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FY2024 · Filed May 22, 2024
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16. Stockholders’ Equity
- Stockholders’ Equity
Preferred Stock and Common Stock
The Company’s certificate of incorporation authorizes the issuance of up to 1,000,000 shares of preferred stock, par value $0.01 per share (“Preferred Stock”). At March 31, 2024 and 2023, no shares of Preferred Stock were issued or outstanding. The Board of Directors of the Company has the authority to specify the terms of any Preferred Stock at the time of issuance.
The following demonstrates the change in the number of shares of common stock outstanding during fiscal years ended March 31, 2022, 2023 and 2024, respectively:
| Shares outstanding as of March 31, 2021 | 42,753,020 |
|---|---|
| Purchase of treasury stock | (1,996,334) |
| Shares issued towards equity-based compensation plans, net of equity awards surrendered for option price and taxes | 229,972 |
| Shares outstanding as of March 31, 2022 | 40,986,658 |
| Purchase of treasury stock | (358,365) |
| Shares issued under equity-based compensation plans, net of equity awards surrendered for option price and taxes | 272,766 |
| Shares outstanding as of March 31, 2023 | 40,901,059 |
| Purchase of treasury stock | (1,002,415) |
| Shares issued under equity-based compensation plans, net of equity awards surrendered for option price and taxes | 373,292 |
| Shares outstanding as of March 31, 2024 | 40,271,936 |
Treasury Stock
In fiscal 2024, the Company purchased 1,002,415 shares for $95,690. The Company purchased 358,365 shares for $22,907 in fiscal 2023 and 1,996,334 shares for $156,366 in fiscal 2022. At March 31, 2024 and 2023, the Company held 16,091,988 and 15,103,554 shares as treasury stock, respectively.
Treasury Stock Reissuance
During fiscal 2024, fiscal 2023 and fiscal 2022, the Company also issued 13,981,17,077 and 13,858 shares out of its treasury stock, respectively, valued at $62.55 per share, on a FIFO basis, to participants under the Company's Employee Stock Purchase Plan.
Accumulated Other Comprehensive Income (“AOCI”)
The components of AOCI, net of tax, are as follows:
| BeginningBalance | Before Reclassifications | Amount Reclassified from AOCI | EndingBalance | |
|---|---|---|---|---|
| Pension funded status adjustment | $(4,423) | $(5,672) | $297 | $(9,798) |
| Net unrealized gain (loss) on derivative instruments | 1,411 | 6,283 | (6,939) | 755 |
| Foreign currency translation adjustment (1) | (180,462) | (15,346) | — | (195,808) |
| Accumulated other comprehensive loss | $(183,474) | $(14,735) | $(6,642) | $(204,851) |
| Pension funded status adjustment | $(12,637) | $7,872 | $342 | $(4,423) |
| Net unrealized gain (loss) on derivative instruments | 2,963 | (2,453) | 901 | 1,411 |
| Foreign currency translation adjustment (1) | (133,821) | (46,641) | — | (180,462) |
| Accumulated other comprehensive loss | $(143,495) | $(41,222) | $1,243 | $(183,474) |
| Pension funded status adjustment | $(20,947) | $7,374 | $936 | $(12,637) |
| Net unrealized gain (loss) on derivative instruments | 360 | 10,063 | (7,460) | 2,963 |
| Foreign currency translation adjustment | (95,296) | (38,525) | — | (133,821) |
| Accumulated other comprehensive loss | $(115,883) | $(21,088) | $(6,524) | $(143,495) |
(1) Foreign currency translation adjustment for the fiscal year ended March 31, 2024, March 31, 2023, March 31, 2022 and includes a $2,615 loss (net of taxes of $797), $19,491 gain (net of taxes of $4,557) and $228 gain (net of taxes $70), respectively, related to the Company's $300,000 and $150,000 cross-currency fixed interest rate swap contracts.
The following table presents reclassifications from AOCI during the twelve months ended March 31, 2024:
| Components of AOCI | Amounts Reclassified from AOCI | Location of (Gain) Loss Recognized on Income Statement |
|---|---|---|
| Derivatives in Cash Flow Hedging Relationships: | ||
| Net unrealized gain on derivative instruments | $(9,057) | Cost of goods sold |
| Tax expense | 2,118 | |
| Net unrealized gain on derivative instruments, net of tax | $(6,939) | |
| Derivatives in net investment hedging relationships: | ||
| Net unrealized gain on derivative instruments | $(713) | Interest expense |
| Tax expense | 167 | |
| Net unrealized gain on derivative instruments, net of tax | $(546) | |
| Defined benefit pension costs: | ||
| Prior service costs and deferrals | $326 | Net periodic benefit cost, included in other (income) expense, net - See Note 15 |
| Tax benefit | (29) | |
| Net periodic benefit cost, net of tax | $297 | |
The following table presents reclassifications from AOCI during the twelve months ended March 31, 2023:
| Components of AOCI | Amounts Reclassified from AOCI | Location of (Gain) Loss Recognized on Income Statement |
|---|---|---|
| Derivatives in Cash Flow Hedging Relationships: | ||
| Net unrealized loss on derivative instruments | $1,176 | Cost of goods sold |
| Tax benefit | (275) | |
| Net unrealized loss on derivative instruments, net of tax | $901 | |
| Derivatives in net investment hedging relationships: | ||
| Net unrealized gain on derivative instruments | $(3,587) | Interest expense |
| Tax expense | 839 | |
| Net unrealized gain on derivative instruments, net of tax | $(2,748) | |
| Defined benefit pension costs: | ||
| Prior service costs and deferrals | $478 | Net periodic benefit cost, included in other (income) expense, net - See Note 15 |
| Tax benefit | (136) | |
| Net periodic benefit cost, net of tax | $342 | |
The following table presents reclassifications from AOCI during the twelve months ended March 31, 2022:
| Components of AOCI | Amounts Reclassified from AOCI | Location of (Gain) Loss Recognized on Income Statement |
|---|---|---|
| Derivatives in Cash Flow Hedging Relationships: | ||
| Net unrealized gain on derivative instruments | $(9,742) | Cost of goods sold |
| Tax benefit | 2,282 | |
| Net unrealized gain on derivative instruments, net of tax | $(7,460) | |
| Derivatives in net investment hedging relationships: | ||
| Net unrealized gain on derivative instruments | $(1,181) | Interest expense |
| Tax expense | 276 | |
| Net unrealized gain on derivative instruments, net of tax | $(905) | |
| Defined benefit pension costs: | ||
| Prior service costs and deferrals | $1,212 | Net periodic benefit cost, included in other (income) expense, net - See Note 15 |
| Tax benefit | (276) | |
| Net periodic benefit cost, net of tax | $936 | |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.