EnerSys
For the period ended Jun 29, 2025. Filed Aug 6, 2025.
View on SEC.govAbout 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.
Jun 29, 2025 · Filed Aug 6, 2025
ENS$147.02+3.1%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-12-29; filed 2025-02-05.
0001289308-25-000005
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-06-29; filed 2025-08-06.
0001289308-25-000034
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 160 previous paragraphs and 170 current paragraphs.
107 unchanged; 36 reworded; 23 added; 14 removed; 3 previous and 4 current paragraphs rearranged.
Tables are not compared: 18 previous and 10 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (23)
Current report
On July 22, 2025, we announced a reduction in force plan (the "Plan") as part of our strategic restructuring plan under our new leadership to better align resources with current business priorities and long-term objectives. The Plan is expected to reduce non-production global workforce by approximately 11%, or approximately 575 employees, and is focused primarily on corporate and management positions. We estimate one-time cash charges related to the Plan to be in the range of $15.0 million to $20.0 million consisting of severance payments, notice period payments in applicable jurisdictions, employee benefits and related costs. The Company expects to incur these expenses primarily in the second and third quarter of fiscal 2026. . Combined with other non-headcount related actions, these changes are expected to result in approximately $80 million in annualized savings beginning in fiscal 2026. This estimate is comprised of approximately $70 million in savings, representing a reduction of over 10% of our fiscal 2025 operating expenses as well as an estimated $10 million in reduction in cost of goods sold. We expect to realize approximately $30 million to $35 million in savings in fiscal 2026, with material benefits beginning in the third quarter of fiscal 2026. Estimated savings exclude the previously discussed one-time cash charges.
Current report
The market demand in the forklift truck and Class 8 truck markets have been impacted by tariff policy uncertainty, causing some customers to pause larger projects and general spending activity until there is more clarity on global tariff impacts to their supply chains. The data center and communications markets tend to be less sensitive to tariff policy, with budget and spending plans based on their unique capital spending needs. The data center market is in the midst of a growth cycle driven by AI and increasing digitization. The communications market is currently in a modest, but slow spending recovery as investments in maintenance and network build outs are necessary to support the increased data required to be moved through their infrastructure. Global defense budgets are increasing in response to rising geopolitical tensions. Spending in EMEA has increased at a higher rate than in the US, as large program spending has outpaced sustainment spending with the U.S. Department of Defense.
Current report
During the current quarter of fiscal 2026, we purchased 1,740,161 shares for $150.0 million.
Current report
Net sales of our Energy Systems segment in the first quarter of fiscal 2026 increased $30.4 million or 8.4% compared to the first quarter of fiscal 2025. This increase was due to a 5% increase in organic volume, a 2% increase in price/mix and a 1% increase in foreign currency translation. This increase is primarily a result of higher volumes from network communication and data center customers.
Current report
Net sales of our Motive Power segment in the first quarter of fiscal 2026 decreased by $17.1 million or 4.7% compared to the first quarter of fiscal 2025. This decrease was primarily due to a 7% decrease in organic volume, offset by a 2% increase from foreign currency translation. This decrease is primarily a result of lower volumes due to macro uncertainty.
Current report
Gross profit increased $14.8 million or 6.2% in the first quarter compared to the comparable periods of fiscal 2025. Gross profit, as a percentage of net sales, was flat in the first quarter compared to the first quarter of fiscal 2025. The gross profit margin as a percentage of revenue reflects greater impact of 45X benefits and favorable price/mix offset by higher freight and materials costs compared to the first quarter of fiscal 2025.
Current report
Operating expenses, as a percentage of sales, increased 150 basis points in the current quarter of fiscal 2026, compared to the first quarter of fiscal 2025.
Current report
Selling expenses, our main component of operating expenses, increased $3.5 million or 6.7% in the first quarter of fiscal 2026 compared to the first quarter of fiscal 2025, and increased 12 basis points as a percentage of net sales. Also, we experienced higher operating expenses due to additional accelerated stock compensation expense of $10.2 million in the first quarter of fiscal 2026 compared to the first quarter of fiscal 2025.
Current report
On July 22, 2025, we announced a reduction in force plan (the "Plan") as part of our strategic restructuring plan under our new leadership to better align resources with current business priorities and long-term objectives. The Plan is expected to reduce non-production global workforce by approximately 11%, or approximately 575 employees, and is focused primarily on corporate and management positions. We estimate one-time cash charges related to the Plan to be in the range of $15.0 million to $20.0 million consisting of severance payments, notice period payments in applicable jurisdictions, employee benefits and related costs. The Company expects to incur these expenses primarily in the second and third quarter of fiscal 2026.
Current report
Fiscal 2026 Program
Current report
On April 1, 2025, the Company's Board of Directors approved a plan to close its facility in Monterrey, Mexico, which focused on manufacturing flooded motive power batteries. Management determined that future demand for traditional motive power flooded cells will decrease as customers transition to maintenance free product solutions in lithium and Thin Plate Pure Lead (TPPL). Production of products being manufactured in Monterrey, Mexico will be moved to EnerSys’ existing facility in Richmond, Kentucky. The Company expects to incur a pre-tax charge of approximately $13.7 million under this restructuring plan when completed, the majority of which is expected to be recorded by the end of the 2025 calendar year, of which $1.5 million is expected to be a non-cash charge from fixed asset and inventory related charges. Cash charges of approximately $12.2 million, include severance and employee retention costs, environmental related expenses and equipment decommissioning, along with contractual releases and legal expenses.
Current report
During the current quarter of fiscal 2026, the Company recorded a $4.0 million in severance costs.
Current report
During fiscal 2025, the Company recorded non-cash charges totaling $0.3 million related to fixed asset write offs and inventories of $0.3 million.
Current report
During fiscal 2025, the Company recorded $0.5 million cash charges relating to site cleanup.
Current report
During the current quarter of fiscal 2026, the Company recorded a $1.1 million gain of the sale of the building.
Current report
During the current quarter of fiscal 2026, the Company recorded cash charges of $0.5 relating primarily to site cleanup.
Current report
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Current report
Operating earnings decreased $4.8 million or (5.3)% in the first quarter of fiscal 2026 compared to the first quarter of fiscal 2025. Operating earnings, as a percentage of net sales, decreased 100 basis points in the first quarter of fiscal 2026 compared to the first quarter of fiscal 2025.
Current report
The Energy Systems operating earnings, as a percentage of sales, increased 170 basis points in the first quarter of fiscal 2026 compared to the first quarter of fiscal 2025. This increase for the quarter was driven by improved price/mix coupled with higher volumes from network communication and data center customers. We also continue to benefit from lower operating costs from our tight costs control.
Current report
The Motive Power operating earnings, as a percentage of sales, decreased 190 basis points in the first quarter of fiscal 2026 compared to the first quarter of fiscal 2025. This decrease was caused by lower sales volumes and higher commodity costs which were only partially offset by favorable price/mix.
Current report
The Specialty operating earnings, as a percentage of sales, increased 260 basis points in the first quarter of fiscal 2026 compared to the first quarter of fiscal 2025. This increase is primarily a result of the accretive benefit of the Bren-Tronics acquisition.
Current report
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Current report
On July 4, 2025, the “One Big Beautiful Bill Act” (“OBBBA”) was enacted into law. The OBBBA includes changes to U.S. tax law that will be applicable to the Company effective in future quarters. These changes include permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act, modifications to the international tax framework, and changes to the tax treatment for certain business provisions and energy credits. We are evaluating the potential impact of the OBBBA to the Consolidated Financial Statements and actively monitoring guidance as it is issued.
Removed paragraphs (14)
Previous report
The market demand in our Motive Power segment remains healthy, but we saw a decrease in demand in the Class 8 truck market in the first half of our fiscal year 2025 that continued into the third quarter, which impacted the Specialty segment. The cyclical capex pauses in the Communication market has decreased demand in the Energy Systems segment since our second quarter fiscal 2024, but we saw some improved order rates in the second and third quarters of fiscal 2025.
Previous report
During the nine months of fiscal 2025, we purchased 1,176,436 shares for $113.9 million.
Previous report
Net sales decreased $28.3 million or 1.1% in the nine months of fiscal 2025 as compared to the nine months of fiscal 2024. This decrease was due to an 1% decrease in organic volume, a 1% decrease in pricing, and a 1% decrease in foreign currency translation, partially offset by a 2% increase in acquisitions.
Previous report
Net sales of our Energy Systems segment in the third quarter of fiscal 2025 increased $15.7 million or 4.2% compared to the third quarter of fiscal 2024. This increase was due to an 6% increase in organic volume, partially offset by a 2% decrease in foreign currency translation. This increase in sales was driven by improved volumes from the early stages of the return of spending from network communication customers. Net sales of our Energy Systems segment in the nine months of fiscal 2025 decreased $88.3 million or 7.2% compared to the nine months of fiscal 2024. This decrease was due to a 5% decrease in organic volume, a 1% decrease in pricing, and a 1% decrease in foreign currency translation. This decrease in sales was driven by capital spending pauses of our network communications customers particularly of our higher margin power electronics products in the first half of the year, partially offset by robust data center sales.
Previous report
Net sales of our Motive Power segment in the third quarter of fiscal 2025 increased by $3.5 million or 1.0% compared to the third quarter of fiscal 2024. This increase was primarily due to a 1% increase in organic volume and a 2% increase in pricing, partially offset by a 2% decrease in foreign currency translation. Volumes were muted due to a plant disruption from a customer in EMEA in the quarter. Net sales of our Motive Power segment in the nine months of fiscal 2025 increased by $30.4 million or 2.9% compared to the nine months of fiscal 2024. This increase was primarily due to a 4% increase in organic volume, partially offset by a 1% decrease in foreign currency translation. We continue to benefit from increased volumes of our maintenance-free thin plate pure lead and lithium product sales mix in the nine months.
Previous report
Gross profit increased $49.6 million or 19.9% in the third quarter and increased $60.2 million or 8.3% in the nine months of fiscal 2025 compared to the comparable periods of fiscal 2024. Gross profit, as a percentage of net sales, increased 400 basis points and increased 250 basis points in the third quarter and nine months of fiscal 2025, respectively, compared to the third quarter and nine months of fiscal 2024. The increase in the gross profit margin in the current quarter and nine months reflects greater impact of IRA benefits compared to the same periods in fiscal year 2024 as well as improved mix from higher margin maintenance-free sales and accretive impact of Bren-tronics margins. The additional IRA benefits recognized in the period represent further revised IRS guidance expanding qualified products and a catch up adjustment relating to prior periods.
Previous report
Operating expenses, as a percentage of sales, increased 30 basis points and increased 70 basis points in the third quarter and nine months of fiscal 2025, compared to the comparable periods of fiscal 2024. The increases are primarily a result of the Bren-Tronics acquisition, increased investment in Fast Charge and Storage, and other payroll costs net of Energy Systems's cost savings.
Previous report
Selling expenses, a main component of operating expenses, decreased $1.1 million or 2% in the third quarter of fiscal 2025 compared to the third quarter of fiscal 2024, and decreased 44 basis points as a percentage of net sales. In the nine months of fiscal 2025, selling expenses decreased by $9.5 million or 5.5% compared to the nine months of fiscal 2024 and decreased 29 basis points as a percentage of net sales. The decrease in selling expenses as a percentage of sales in the current quarter is a result of our cost reduction initiatives in Energy Systems during the fiscal year.
Previous report
During the nine months of fiscal 2025, the Company recorded cash charges of $1.9 million relating primarily to site cleanup and $0.3 million of non-cash charges relating to accelerated depreciation of fixed assets.
Previous report
Operating earnings increased $50.1 million or 54.1% and increased $62.8 million or 23.2% in the third quarter and nine months of fiscal 2025, respectively, compared to the third quarter and nine months of fiscal 2024. Operating earnings, as a percentage of net sales, increased 500 basis points and 250 basis points in the third quarter and nine months of fiscal 2025, respectively, compared to the third quarter and nine months of fiscal 2024.
Previous report
The Energy Systems operating earnings, as a percentage of sales, increased 270 basis points and 40 basis points in the third quarter and nine months of fiscal 2025, respectively, compared to the third quarter and nine months of fiscal 2024. The increase for the nine months benefited from lower operating expenses from restructuring programs and for the quarter we also benefited from higher volumes as network communication spending begins to return.
Previous report
The Motive Power operating earnings, as a percentage of sales, decreased 10 basis points and increased 50 basis points in the third quarter and nine months of fiscal 2025, respectively, compared to the third quarter and nine months of fiscal 2024. The slight decrease in the quarter was driven by foreign currency impacts and higher operating expenses mitigated by improved price/mix. Additionally the increase in the nine months continues to be driven by volume growth in addition to favorable commodity costs.
Previous report
The Specialty operating earnings, as a percentage of sales, increased 50 basis points and decreased 70 basis points in the third quarter and nine months of fiscal 2025, respectively, compared to the third quarter and nine months of fiscal 2024. The increase for the quarter is a result of the accretive Bren-Tronics acquisition, partially offset by declines in transportation OEM volume. The decrease for the nine months is a result of the volume declines from the transportation OEM customers which outweighed the improvements from the Bren-Tronics acquisition.
Previous report
Interest expense of $38.4 million in the nine months of fiscal 2025 (net of interest income of $3.1 million) was $0.7 million lower than the interest expense of $39.1 million in the nine months of fiscal 2024 (net of interest income of $2.0 million).
Reworded paragraphs (36)
Previous wording
On July 26, 2024, the Company completed the acquisition of all of the equity of Bren-Tronics Defense LLC for $206.0 million in cash consideration, subject to 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 financial results contributed from this business are reported within our Specialty line of business.
Current wording
On July 26, 2024, the Company completed the acquisition of all of the equity of Bren-Tronics Defense LLC for $206.4 million in cash consideration, subject to 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 financial results contributed from this business are reported within our Specialty line of business.
Previous wording
Global economic conditions are mixed with the impacts from the uncertainty surrounding U.S. tariffs, elevated interest rates and heightened geopolitical tensions having various levels of impacts in North America, China and EMEA. On February 1, 2025, the U.S. signed an executive order, effective February 3, 2025, whereby the U.S. will apply additional tariffs on imported goods from Canada, Mexico, and China. Since this announcement, the tariffs to be applied to Canada and Mexico have been suspended for an additional month. The impact of the U.S. tariffs and retaliatory actions by other countries could be substantial. We are currently assessing the impacts these tariffs could have on the organization, and we believe that the international nature of our organizational structure will allow us to mitigate some of the financial impact of these potential tariffs The war in Ukraine continues to have widespread economic repercussions, particularly in Europe. The ongoing Israel-Hamas conflict is disrupting stability in the Middle East, raising significant concerns about the potential for further escalation across the region. Inflation in North America, China and EMEA, while somewhat more controlled compared to the sharp increases in 2023, remains a challenge with some signs of cooling in the U.S. and Europe. Both the Federal Reserve and the European Central Bank (ECB) cut their main interest rates by 25 basis points in December, marking the third consecutive reduction in calendar year 2024 in both regions. While these are incrementally positive actions toward deflation, both economies continue to face uncertainties such as potential tariffs and policy changes from a new presidential administration in the U.S. and potential global trade frictions, macroeconomic fragmentation and geopolitical tensions the euro area. Recent policy actions in China signal a shift towards more proactive fiscal measures to stabilize consumption and support economic growth. While increasing travel and consumer spending due to relaxed COVID policies have provided some bright spots in 2024, China's economy continues to face challenges from a weakened real estate market and declining exports.
Current wording
Inflation in North America, China and EMEA, while somewhat more controlled compared to the sharp increases in 2023, remains a challenge with some signs of cooling in the U.S. and Europe. Both the Federal Reserve and the European Central Bank (ECB) cut their main interest rates by 25 basis points in December, marking the third consecutive reduction in calendar year 2024 in both regions. While these are incrementally positive actions toward deflation, both economies continue to face uncertainties such as potential tariffs and policy changes from a new presidential administration in the U.S. and potential global trade frictions, macroeconomic fragmentation and geopolitical tensions the euro area. Recent policy actions in China signal a shift towards more proactive fiscal measures to stabilize consumption and support economic growth. While increasing travel and consumer spending due to relaxed COVID policies have provided some bright spots in 2024, China's economy continues to face challenges from a weakened real estate market and declining exports.
Previous wording
The supply chain has been stabilizing since the second quarter of calendar year 2023. While some supply chain challenges and elevated costs remain, particularly for materials like copper and plastics, other costs, such as transportation, have returned to pre-COVID levels. However, the ongoing Israel-Hamas conflict have periodically disrupted some shipments in the Red Sea. As a result, some ocean freight costs and transit times may temporarily increase until shipping in the region returns to normal. Generally, our mitigation efforts and ongoing lean initiatives have tempered the impact of broad market challenges.
Current wording
The supply chain is generally stable, however, the ongoing Israel-Hamas conflict has periodically disrupted some shipments in the Red Sea. As a result, some ocean freight costs and transit times may temporarily increase until shipping in the region returns to normal. Generally, our mitigation efforts and ongoing lean initiatives have tempered the impact of broad market challenges.
Previous wording
As part of managing the performance of our business, we monitor the level of primary operating capital, and its ratio to net sales. We define primary operating capital as accounts receivable, plus inventories, minus accounts payable. The resulting net amount is divided by the trailing three-month net sales (annualized) to derive a primary operating capital percentage. We believe these three elements included in primary operating capital are most operationally driven, and this performance measure provides us with information about the asset intensity and operating efficiency of the business on a company-wide basis that management can monitor and analyze trends over time. Primary operating capital was $947.4 million (yielding a primary operating capital percentage of 26.1%) at December 29, 2024, $852.9 million (yielding a primary operating capital percentage of 23.4%) at March 31, 2024 and $911.6 million at December 31, 2023 (yielding a primary operating capital percentage of 26.5%). The primary operating capital percentage of 26.1% at December 29, 2024 increased by 270 basis points compared to March 31, 2024 and decreased 40 basis points compared to December 31, 2023. The increase in primary operating capital percentage at December 29, 2024 compared to March 31, 2024 was primarily due to the addition of Bren-Tronics balances as well as increases to inventory for strategic build up and decreases to accounts payable levels due to timing of payments this quarter. Accounts receivable amounts increased comparatively mainly due to longer termed collections from customers compared to the fourth fiscal quarter of the prior fiscal year. The slight decrease in primary operating capital percentage at December 29, 2024 compared to December 31, 2023 was due to improved inventory management actions and easing of supply chain constraints compared to the third quarter of fiscal 2024.
Current wording
As part of managing the performance of our business, we monitor the level of primary operating capital, and its ratio to net sales. We define primary operating capital as accounts receivable, plus inventories, minus accounts payable. The resulting net amount is divided by the trailing three-month net sales (annualized) to derive a primary operating capital percentage. We believe these three elements included in primary operating capital are most operationally driven, and this performance measure provides us with information about the asset intensity and operating efficiency of the business on a company-wide basis that management can monitor and analyze trends over time. Primary operating capital was $993.0 million (yielding a primary operating capital percentage of 27.8%) at June 29, 2025, $932.2 million (yielding a primary operating capital percentage of 23.9%) at March 31, 2025 and $866.9 million at June 30, 2024 (yielding a primary operating capital percentage of 25.4%). The primary operating capital percentage of 27.8% at June 29, 2025 increased by 390 basis points compared to March 31, 2025 and increased 240 basis points compared to June 30, 2024. The increase in primary operating capital percentage at June 29, 2025 compared to March 31, 2025 was primarily due to increases to inventory for strategic build up and decreases to accounts payable levels due to timing of payments. The increase in primary operating capital percentage at June 29, 2025 compared to June 30, 2024 was addition of Bren-Tronics balances as well as increases to inventory for strategic build up. Accounts receivable amounts increased comparatively mainly due to longer termed collections from customers compared to the first fiscal quarters of the prior fiscal year.
Previous wording
We believe that our financial position is strong, and we have substantial liquidity to cover short-term liquidity requirements and anticipated growth in the foreseeable future, with $463 million of available cash and cash equivalents and available and undrawn committed credit lines of approximately $375 million at December 29, 2024, availability subject to credit agreement financial covenants.
Current wording
We believe that our financial position is strong, and we have substantial liquidity to cover short-term liquidity requirements and anticipated growth in the foreseeable future, with $346.7 million of available cash and cash equivalents and available and undrawn committed credit lines of approximately $468 million at June 29, 2025, availability subject to credit agreement financial covenants.
Previous wording
Net sales increased $44.7 million or 5.2% in the third quarter of fiscal 2025 as compared to the third quarter of fiscal 2024. This increase was the result of a 2% increase in organic volume and a 2% increase in pricing, and a 3% increase in acquisitions, partially offset by a 2% decrease in foreign currency translation.
Current wording
Net sales increased $40.1 million or 4.7% in the first quarter of fiscal 2026 as compared to the first quarter of fiscal 2025. This increase was the result of a 4% increase in acquisitions, a 1% increase in price/mix, and a 1% increase in foreign currency translation offset by a 1% decrease in organic volume.
Previous wording
Net sales of our Specialty segment in the third quarter of fiscal 2025 increased by $22.6 million or 17.0% compared to the third quarter of fiscal 2024. The increase was primarily due to a 21% increase from acquisitions and a 2% increase in pricing, partially offset by a 6% decrease in organic volume. Net sales of our Specialty segment in the nine months of fiscal 2025 increased by $26.7 million or 6.8% compared to the nine months of fiscal 2024. The increase was primarily due to a 11% increase from acquisitions, partially offset by a 4% decrease in organic volume. This increase in sales for the quarter and nine months was primarily driven by increased volumes in Aerospace and Defense including impacts from the Bren-Tronics acquisition, partially offset by decreased demand in OEM transportation customers.
Current wording
Net sales of our Specialty segment in the first quarter of fiscal 2026 increased by $22.8 million or 18.1% compared to the first quarter of fiscal 2025. The increase was primarily due to a 24% increase in acquisitions and a 1% increase in foreign currency translation, offset by a 7% decrease in organic volume. This increase in sales is primarily a result of the impact of the Bren-Tronics acquisition offset by decreased volumes from transportation customers.
Previous wording
Included in our third quarter and nine months of fiscal 2024 operating results of Energy Systems were restructuring charges of $0.0 million and $2.7 million, respectively. Included in our third quarter and nine months of fiscal 2024 operating results of Motive Power were restructuring charges of $0.9 million and $1.8 million, respectively.
Current wording
Included in our first quarter of fiscal 2026 operating results of Energy Systems were restructuring charges of $0.8 million. Included in our first quarter of fiscal 2026 operating results of Motive Power were restructuring charges of $0.5 million.
Previous wording
Included in our third quarter and nine months of fiscal 2025 operating results of Energy Systems were restructuring charges of $0.1 million and $3.9 million respectively. Included in our third quarter and nine months of fiscal 2025 operating results of Motive Power were restructuring charges of $0.0 million and $0.8 million, respectively. Included in our third quarter and nine months of fiscal 2025 operating results of Specialty were restructuring charges of $0.0 million and $0.4 million, respectively.
Current wording
Included in our first quarter of fiscal 2025 operating results of Energy Systems were restructuring charges of $3.0 million. Included in our first quarter of fiscal 2025 operating results of Motive Power were restructuring charges of $0.8 million. Included in our first quarter of fiscal 2025 operating results of Specialty were restructuring charges of $0.3 million.
Previous wording
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 $24.5 million relating primarily to $23.6 million in non-cash charges primarily including inventory and an indefinite-lived intangible asset write-offs and $0.9 million in cash charges including employee severance and retention payments. The plan was substantially complete as the end of fiscal 2024.
Current wording
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 $24.5 million relating primarily to $23.6 million in non-cash charges primarily including inventory and an indefinite-lived intangible asset write-offs and $0.9 million in cash charges including employee severance and retention payments. The plan was completed as of the end of fiscal 2025.
Previous wording
During fiscal 2024, the Company recorded non-cash charges totaling $0.6 million primarily related to fixed assets and cash charges of $0.7 million related to severance costs. The Company also recorded a non-cash write-offs relating to inventories of $17.1 million, which was reported in cost of goods sold, and impairment of indefinite lived intangible asset of $6.0 million.
Current wording
During fiscal 2024, the Company recorded non-cash charges totaling $0.5 million primarily related to fixed assets and cash charges of $0.7 million related to severance costs. The Company also recorded non-cash write-offs relating to inventories of $17.1 million, which was reported in cost of goods sold, and impairment of indefinite lived intangible asset of $6.0 million
Previous wording
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 $3.6 million relating to $1.4 million in cash charges for employee severance, and non-cash charges of $2.2 million fixed assets, facility lease, and inventory. The majority of the charges were incurred in fiscal 2024.
Current wording
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 $3.6 million relating to $1.4 million in cash charges for employee severance, and non-cash charges of $2.2 million fixed assets, facility lease, and inventory. The plan was completed as of the end of fiscal 2025.
Previous wording
During the nine months of fiscal 2025, the Company recorded cash charges of $0.7 million primarily related to manufacturing variances.
Current wording
During fiscal 2025, the Company recorded cash charges of $0.7 million primarily related to manufacturing variances.
Previous wording
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 $13.6 million. Cash charges are estimated to total $9.7 million primarily relating to severance and other costs to leave the site. Non-cash charges are estimated to be $3.9 million relating to fixed assets, inventory, and contract assets. The plan was substantially complete as the end of fiscal 2024.
Current wording
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 $13.7 million. Cash charges are estimated to total $9.7 million primarily relating to severance and other costs to leave the site. Non-cash charges are estimated to be $3.9 million relating to fixed assets, inventory, and contract assets. The plan was completed as of the end of fiscal 2025.
Previous wording
During fiscal 2023, the Company recorded $1.7 million primarily related to severance costs and non-cash charges totaling $0.4 million primarily relating to contract assets.
Current wording
During fiscal 2023, the Company recorded cash charges of $1.7 million related primarily to severance costs and non-cash charges totaling $0.4 million primarily relating to contract assets.
Previous wording
During the nine months of fiscal 2025, the Company recorded cash charges of $0.9 million primarily related to relocation costs.
Current wording
During fiscal 2025, the Company recorded cash charges of $0.9 million primarily related to relocation costs.
Previous wording
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 $18.5 million. Cash charges for employee severance related payments, cleanup related to the facility, contractual releases and legal expenses are estimated to be $9.2 million and non-cash charges from inventory and fixed asset write-offs are estimated to be $9.3 million. These actions will result in the reduction of approximately 165 employees. The majority of these charges were recorded by the end of fiscal 2024.
Current wording
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 $18.5 million. Cash charges for employee severance related payments, cleanup related to the facility, contractual releases and legal expenses are estimated to be $9.2 million and non-cash charges from inventory and fixed asset write-offs are estimated to be $9.3 million. These actions will result in the reduction of approximately 165 employees. The plan was completed as of the first quarter of fiscal 2026.
Previous wording
During fiscal 2023, the Company recorded cash charges relating primarily to severance and manufacturing variances of $2.8 million and non-cash charges of $7.3 million relating to fixed asset write-offs. The Company also recorded a non-cash write-off relating to inventories of $1.6 million, which was reported in cost of goods sold.
Current wording
During fiscal 2023, the Company recorded cash charges relating to severance and manufacturing variances of $2.8 million and non-cash charges of $7.3 million relating to fixed asset write-offs. The Company also recorded a non-cash write-off relating to inventories of $1.6 million, which was reported in cost of goods sold.
Previous wording
Interest expense of $14.9 million in the third quarter of fiscal 2025 (net of interest income of $1.4 million) was $3.2 million higher than the interest expense of $11.7 million in the third quarter of fiscal 2024 (net of interest income of $0.8 million).
Current wording
Interest expense of $11.3 million in the first quarter of fiscal 2026 (net of interest income of $3.2 million) was $0.3 million higher than the interest expense of 11.0 million in the first quarter of fiscal 2025 (net of interest income of $1.1 million).
Previous wording
The increase in interest expense in the third quarter of fiscal 2025 and the decrease in the nine months of fiscal 2025 is primarily due to higher borrowing levels in the comparable quarter where the nine months benefited from slightly lower interest rates. Our average debt outstanding was $1,284.7 million and $1,096.3 million in the third quarter and nine months of fiscal 2025, compared to $970.5 million and $1,008.4 million in the third quarter and nine months of fiscal 2024.
Current wording
The increase in interest expense in the first quarter of fiscal 2026 is primarily due to higher borrowing levels. Our average debt outstanding was $1,174.9 million in the first quarter of fiscal 2026, compared to $910.1 million in the first quarter of fiscal 2025.
Previous wording
Included in interest expense are non-cash charges for deferred financing fees of$0.5 million and $1.5 million for the third quarter and nine months of fiscal 2025 and $0.4 million and $1.2 million in the third quarter and nine months of fiscal 2024.
Current wording
Included in interest expense are non-cash charges for deferred financing fees of $0.5 million for the first quarter of fiscal 2026 and $0.5 million in the first quarter of fiscal 2025.
Previous wording
Other (income) expense, net in the third quarter of fiscal 2025 was expense of $1.1 million compared to expense of $2.2 million in the third quarter of fiscal 2024. Other (income) expense, net in the nine months of fiscal 2025 was expense of $4.8 million compared to expense of $5.9 million in the nine months of fiscal 2024. Foreign currency impact resulted in a gain of $2.2 million and a gain of $4.2 million in the third quarter and nine months of fiscal 2025, respectively, compared to a foreign currency gain of $0.4 million and a gain of $3.2 million in the third quarter and nine months of fiscal 2024, respectively.
Current wording
Other (income) expense, net in the first quarter of fiscal 2026 was expense of $9.5 million compared to expense of $1.0 million in the first quarter of fiscal 2025. Foreign currency impact resulted in a loss of $6.2 million in the first quarter of fiscal 2026 compared to a foreign currency gain of $1.3 million in the first quarter of fiscal 2025.
Previous wording
As a result of the above, earnings before income taxes in the third quarter of fiscal 2025 increased $48.0 million, or 61.1%, compared to the third quarter of fiscal 2024 and increased $64.6 million, or 28.6% in the nine months of fiscal 2025 compared to the nine months of fiscal 2024.
Current wording
As a result of the above, earnings before income taxes in the first quarter of fiscal 2026 decreased $13.6 million, or 17.2%, compared to the first quarter of fiscal 2025.
Previous wording
The Company’s income tax provision consists of federal, state and foreign income taxes. The tax provision for the third 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. Our effective income tax rate with respect to any period may be volatile based on the mix of income in the tax jurisdictions, in which we operate, changes in tax laws and the amount of our consolidated earnings before taxes.
Current wording
The Company’s income tax provision consists of federal, state and foreign income taxes. The tax provision for the first quarter of fiscal 2026 and 2025 was based on the estimated effective tax rates applicable for the full years ending March 31, 2026 and March 31, 2025, 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.
Previous wording
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.
Current wording
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. The impact of the enacted legislation is included in our estimated effective tax rate. The Company will continue to monitor and evaluate as new legislation and guidance is issued.
Previous wording
The consolidated effective income tax rates for the third quarter of fiscal 2025 and 2024 were 9.4% and 3.2% and for the nine months of fiscal 2025 and 2024 were 7.9% and 7.7%. The rate increase in the third quarter compared to the prior year period is primarily due to the interim period allocation of annual tax due to the significant increase in quarterly earnings, impact of Pillar 2 and mix of earnings among tax jurisdictions. The rate increase in the nine months of fiscal 2025 compared to the prior year periods are primarily due to 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, offset primarily by a discrete tax benefit as a result of Varianin fiscal 2025.
Current wording
The consolidated effective income tax rates for the first quarter of fiscal 2026 and 2025 were 12.5% and 11.6%. The rate increase in the first quarter compared to the prior year period is primarily due to the greater impact of Pillar 2 and mix of earnings among tax jurisdictions.
Previous wording
Foreign income as a percentage of worldwide income is estimated to be 48% for fiscal 2025 compared to 52% for fiscal 2024. The foreign effective tax rates for the nine months of fiscal 2025 and 2024 were 15% and 11%, respectively. The foreign effective tax rate increase in the third quarter compared to the third 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.
Current wording
Foreign income as a percentage of worldwide income is estimated to be 52% for fiscal 2026 compared to 49% for fiscal 2025. The foreign effective tax rates for the first quarter of fiscal 2026 and 2025 were 16% and 14%, respectively. The foreign effective tax rate increase in the first quarter compared to the first 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 2026 and fiscal 2025 and were taxed at an effective income tax rate of approximately 14% and 11%, respectively, due to the greater impact of Pillar 2.
Previous wording
Operating activities provided cash of $125.1 million in the nine months of fiscal 2025 compared to $320.2 million of cash provided in the nine months of fiscal 2024, with the decrease in operating cash resulting mainly due to activity in accounts receivable, inventory, prepaid and other current assets, accrued expenses and accounts payable. Inventory increased or used cash of $19.6 million, and accounts receivable increased or used cash of $24.2 million. Additionally, accounts payable decreased or used cash of $17.7 million. In the nine months of fiscal 2025, net earnings were $267.2 million, depreciation and amortization $74.4 million, stock-based compensation $20.3 million, allowance for doubtful debts of $1.9 million, non-cash interest of $1.4 million and, non-cash charges relating to exit charges $0.3 million. Prepaid and other current assets were a use of funds of $145.5 million, primarily from an increases of $119.7 million in income tax receivable, $15.5 million in contract assets, and $11.7 million in other prepaid expenses, partially offset by a decrease of $0.9 million in prepaid insurance . Accrued expenses were a use of funds of $34.8 million primarily from decrease in tax accruals of $32.5 million, payroll related payments of $13.6 million net of accruals, other miscellaneous accruals of $3.0 million, and sales related accruals of $1.0 million, partially offset by $8.1 million in accrued interest net of interest payments, $5.2 million in contract liabilities and deferred income, and warranty accruals of $1.9 million.
Current wording
Operating activities provided cash of $1.0 million in the three months of fiscal 2026 compared to $10.4 million of cash provided in the three months of fiscal 2025, with the decrease in operating cash resulting mainly due to activity in accounts receivable, inventory, prepaid and other current assets, accrued expenses and accounts payable. Inventory increased or used cash of $33.5 million, and accounts receivable decreased or provided cash of $50.2 million. Additionally, accounts payable decreased or used cash of $43.0 million. In the three months of fiscal 2026, net earnings were $57.5 million, depreciation and amortization $26.9 million, stock-based compensation $17.6 million, and $2.5 million in cash proceeds from derivatives not designated in hedging relationships. Prepaid and other current assets were a use of funds of $38.9 million, primarily from an increases of $30.3 million in prepaid taxes, $12.1 million in contract assets, partially offset by a decrease of $3.5 million in other prepaid expenses. Accrued expenses were a use of funds of $38.4 million primarily from decrease in tax accruals of $3.4 million, payroll related payments of $22.8 million net of accruals, and sales related accruals of $14.3 million, partially offset by $0.5 million in accrued interest net of interest payments.
Previous wording
In the nine months of fiscal 2024, operating activities provided cash of $320.2 million, with the increase in operating cash resulting mainly due to net earnings and activity in accounts receivable, inventory, and accounts payable. Accounts receivable decreased or provided cash of $139.5 million, and inventory decreased or provided cash of $27.4 million. Additionally, accounts payable decreased or used cash of $45.7 million. These results were due to lower sales in the period compared to the fourth quarter of fiscal 2023. In the nine months of fiscal 2024, net earnings were $208.2 million, depreciation and amortization $68.3 million, stock-based compensation $22.9 million, non-cash charges relating to exit charges $21.5 million, impairment of trademarks $6.0 million, allowance for doubtful debts of $1.9 million, derivative losses of $0.7 million, derivatives cash settlements of $0.2 million, and non-cash interest of $1.2 million. Prepaid and other current assets were a use of funds of $3.6 million, primarily from an increase of $6.9 million in prepaid taxes, $4.0 million in other prepaids, and $1.4 million in prepaid insurance partially offset by a decrease of $8.7 million in other prepaid expenses, such as non-trade receivables and other advances. Accrued expenses were a use of funds of $126.9 million primarily from decrease in tax accruals of $101.3 million, other miscellaneous accruals of $3.1 million, payroll related payments of $16.0 million net of accruals, decrease to sales related accruals of $3.0 million, and interest payments net of accruals of $5.9 million, partially offset by $2.4 million in restructuring and warranty accruals of $1.8 million.
Current wording
In the three months of fiscal 2025, operating activities provided cash of $10.4 million, Accounts receivable provided cash of $12.2 million, and inventory used cash of $16.5 million. Additionally, accounts payable used cash of $10.3 million. In the first quarter of fiscal 2025, net earnings were $70.1 million, depreciation and amortization $23.6 million, stock-based compensation $7.1 million, non-cash charges relating to exit charges $0.1 million, allowance for doubtful debts of $0.6 million, and non-cash interest of $0.5 million. Prepaid and other current assets were a use of funds of $9.9 million, primarily from an increase of $2.6 million in prepaid taxes and $11.6 million in contract assets, partially offset by a decrease of $2.7 million in other prepaid expenses, such as non-trade receivables and other advances and prepaid insurance of $1.6 million. Accrued expenses were a use of funds of $64.8 million primarily from decrease in tax accruals of $37.0 million, other miscellaneous accruals of $5.3 million, payroll related payments of $16.8 million net of accruals, decrease to sales related accruals of $11.0 million, and interest payments net of accruals of $14.2 million, partially offset by $16.0 million in accrued interest, warranty accruals of $1.1 million, and $2.5 million in contract liabilities.
Previous wording
Investing activities used cash of $65.2 million in the nine months of fiscal 2024, which primarily consisted of capital expenditures of $59.0 million relating to plant improvements and $8.3 million relating to the purchase of a business partially offset by $2.0 million in proceeds from sale of disposed property, plant, and equipment.
Current wording
Investing activities used cash of $41.4 million in the first three months of fiscal 2026, which primarily consisted of acquisitions of $12.6 million and capital expenditures of $33.0 million relating to plant improvements, partially offset by $4.2 million in proceeds from disposal of property, plants, and equipment.
Previous wording
Investing activities used cash of $307.5 million in the nine months of fiscal 2025, which primarily consisted of the Bren-Tronics acquisition of $206 million, capital expenditures of $90.8 million relating to plant improvements and $10.9 million relating to investment in equity securities.
Current wording
Investing activities used cash of $47.0 million in the first quarter of fiscal 2025, which primarily consisted of capital expenditures of $36.1 million relating to plant improvements and $10.9 million relating to investment in equity securities.
Previous wording
Financing activities used cash of $271.2 million in the nine months of fiscal 2024. During the nine months of fiscal 2024, we borrowed $182.5 million under the Second Amended Revolver and repaid $327.5 million of the Second Amended Revolver. We repaid $19.1 million of the Second and Third Amended Term Loan, and net repayments on short-term debt were $0.4 million. We purchased treasury stock totaling $82.3 million, paid cash dividends to our stockholders totaling $25.4 million, paid taxes related to settlement of equity awards totaling $9.5 million and received proceeds from stock options of $9.7 million.
Current wording
Financing activities provided cash of $26.0 million in the three months of fiscal 2026. During the three months of fiscal 2026, we borrowed $231.7 million under the Second Amended Revolver and repaid $46.7 million of the Second Amended Revolver. Net repayments on short-term debt were $0.2 million. We purchased treasury stock totaling $150.0 million and paid cash dividends to our stockholders totaling $9.1 million.
Previous wording
Financing activities provided cash of $328.9 million in the nine months of fiscal 2025. During the nine months of fiscal 2025, we borrowed $650.0 million under the Second Amended Revolver and repaid $180.0 million of the Second Amended Revolver. Net repayments on short-term debt were $1.0 million. We purchased treasury stock totaling $113.9 million, paid cash dividends to our stockholders totaling $28.0 million, and received proceeds from stock options of $7.6 million. Payments for financing costs for debt modification were $0.4 million. We paid $8.0 million for taxes related to net share settlement of equity awards.
Current wording
Financing activities provided cash of $50.9 million in the first quarter of fiscal 2025. During the first quarter of fiscal 2025, we borrowed $65.0 million under the Second Amended Revolver. Net repayments on short-term debt were $0.2 million. We purchased treasury stock totaling $11.6 million, paid cash dividends to our stockholders totaling $9.0 million, and received proceeds from stock options of $7.0 million. Payments for financing costs for debt modification were $0.4 million.
Previous wording
Currency translation had a negative impact of $16.6 million on our cash balance in the nine months of fiscal 2025 compared to the positive impact of $2.3 million in the nine months of fiscal 2024. In the nine months of fiscal 2025, principal currencies in which we do business such as the Euro, Polish zloty, Swiss Franc and British pound strengthened versus the U.S. dollar.
Current wording
Currency translation had a positive impact of $18.0 million on our cash balance in the three months of fiscal 2026 compared to the negative impact of $3.6 million on our cash balance in the first quarter of fiscal 2025. In the three months of fiscal 2026, principal currencies in which we do business such as the Euro, Polish zloty, Swiss Franc and British pound strengthened versus the U.S. dollar.
Previous wording
As a result of the above, total cash and cash equivalents increased by $129.8 million to $463.2 million, in the nine months of fiscal 2025 compared to a decrease of $14.0 million to $332.7 million, in the nine months of fiscal 2024.
Current wording
As a result of the above, total cash and cash equivalents increased by $3.5 million to $346.7 million, in the three months of fiscal 2026 compared to an increase of $10.7 million to $344.1 million, in the three months of fiscal 2025.
Previous wording
During the second quarter of fiscal 2022, we entered into a second amendment to the Amended Credit Facility (as amended, the “Second Amended Credit Facility”). As a result, the Second Amended Credit Facility, now scheduled to mature on September 30, 2026, consists of a $130.0 million senior secured term loan (the “Second Amended Term Loan”), a CAD 106.4 million ($84.2 million) term loan and an $850.0 million senior secured revolving credit facility (the “Second Amended Revolver”). This amendment resulted in a decrease of the Amended Term Loan by $150.0 million and an increase of the Amended Revolver by $150.0 million.
Current wording
During the second quarter of fiscal 2022, we entered into a second amendment to the Amended Credit Facility (as amended, the “Second Amended Credit Facility”). As a result, the Second Amended Credit Facility, now scheduled to mature on September 30, 2026, consists of a $130.0 million senior secured term loan (the “Second Amended Term Loan”), a CAD 106.4 million ($84.2 million) term loan and an $850.0 million senior secured revolving credit facility (the “Second Amended Revolver”).
Rearranged current paragraphs (4)
Current report — wording carried from elsewhere
Global economic conditions are mixed with the impacts from the uncertainty surrounding U.S. tariffs, elevated interest rates and heightened geopolitical tensions having various levels of impacts in North America, China and EMEA. On February 1, 2025, the U.S. signed an executive order, effective February 3, 2025, whereby the U.S. will apply additional tariffs on imported goods from Canada, Mexico, and China. Since that announcement, the tariffs to be applied to these three countries, and others, were suspended and/or renegotiated several times with varying results and some new negotiations delayed to take effect until August. The impact of the U.S. tariffs and retaliatory actions by other countries could be substantial. We are currently assessing the impacts these tariffs could have on the organization, and we believe that the international nature of our organizational structure will allow us to mitigate some of the financial impact of these potential tariffs.
Current report — wording carried from elsewhere
The war in Ukraine continues to have widespread economic repercussions, particularly in Europe. The ongoing Israel-Hamas conflict is disrupting stability in the Middle East, raising significant concerns about the potential for further escalation across the region.
Current report — wording carried from elsewhere
During fiscal 2025, the Company recorded cash charges of $3.6 million relating primarily to site cleanup and $0.6 million of non-cash charges relating to accelerated depreciation of fixed assets.
Current report — wording carried from elsewhere
This amendment resulted in a decrease of the Amended Term Loan by $150.0 million and an increase of the Amended Revolver by $150.0 million.
Rearranged previous paragraphs (3)
Previous report — wording carried elsewhere
During the nine months of fiscal 2025, the Company recorded cash charges relating to site cleanup and decommissioning equipment of $0.4 million.
Previous report — wording carried elsewhere
(1) The percentages shown for the segments are computed as a percentage of the applicable segment’s net sales; Corporate and other is computed based on total consolidated net sales
Previous report — wording carried elsewhere
(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 and construction of a new lithium plant as well as sales and expenses from the New Ventures operating segment.