EnerSys
For the period ended Sep 29, 2024. Filed Nov 6, 2024.
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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.
Sep 29, 2024 · Filed Nov 6, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
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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 | |
The following demonstrates the change in equity attributable to EnerSys stockholders and nonredeemable noncontrolling interests during the second quarter and six months ended September 29, 2024:
| (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, 2024 | $— | $564 | $629,879 | $(835,827) | $2,163,880 | $(204,851) | $— | $1,753,645 | $3,427 | $1,757,072 | |||
| Stock-based compensation | — | — | 7,062 | — | — | — | — | 7,062 | — | 7,062 | |||
| Exercise of stock options | — | 1 | 6,963 | — | — | — | — | 6,964 | — | 6,964 | |||
| Purchase of common stock | — | — | — | (11,641) | — | — | — | (11,641) | — | (11,641) | |||
| Other | — | — | 24 | 185 | — | — | — | 209 | — | 209 | |||
| Net earnings | — | — | — | — | 70,111 | — | — | 70,111 | — | 70,111 | |||
| Dividends ($0.225 per common share) | — | — | 227 | — | (9,271) | — | — | (9,044) | — | (9,044) | |||
| Dissolution of joint venture | — | — | — | — | — | — | — | — | — | — | |||
| Other comprehensive income: | |||||||||||||
| Pension funded status adjustment (net of tax benefit of $17) | — | — | — | — | — | 110 | — | 110 | — | 110 | |||
| Net unrealized gain (loss) on derivative instruments (net of tax expense of $1,117) | — | — | — | — | — | 3,662 | — | 3,662 | — | 3,662 | |||
| Foreign currency translation adjustment | — | — | — | — | — | (13,294) | — | (13,294) | (22) | (13,316) | |||
| Balance at June 30, 2024 | $— | $565 | $644,155 | $(847,283) | $2,224,720 | $(214,373) | $— | $1,807,784 | $3,405 | $1,811,189 | |||
| Stock-based compensation | — | — | 5,125 | — | — | — | — | 5,125 | — | 5,125 | |||
| Exercise of stock options | — | — | 479 | — | — | — | — | 479 | — | 479 | |||
| Shares issued under equity awards (taxes paid related to net share settlement of equity awards), net | — | — | (7,934) | — | — | — | — | (7,934) | — | (7,934) | |||
| Shares released under deferred compensation for directors | — | — | 2,404 | — | — | — | 2,404 | — | 2,404 | ||||
| Purchase of common stock | — | — | — | (63,546) | — | — | — | (63,546) | — | (63,546) | |||
| Other | — | 2 | (67) | 179 | — | — | — | 114 | — | 114 | |||
| Net earnings | — | — | — | — | 82,266 | — | — | 82,266 | — | 82,266 | |||
| Dividends ($0.240 per common share) | — | — | — | — | (9,555) | — | — | (9,555) | — | (9,555) | |||
| Other comprehensive income: | |||||||||||||
| Pension funded status adjustment (net of tax benefit of $32) | — | — | — | — | — | 87 | — | 87 | — | 87 | |||
| Net unrealized gain (loss) on derivative instruments (net of tax of $2,392) | — | — | — | — | — | (7,842) | — | (7,842) | — | (7,842) | |||
| Foreign currency translation adjustment | — | — | — | — | — | 28,685 | — | 28,685 | 124 | 28,809 | |||
| Balance at September 29, 2024 | $— | $567 | $644,162 | $(910,650) | $2,297,431 | $(193,443) | $— | $1,838,067 | $3,529 | $1,841,596 | |||
The following demonstrates the change in equity attributable to EnerSys stockholders and nonredeemable noncontrolling interests during the second quarter and six months ended October 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, 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 benefit 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 benefit 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 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.