v3.26.1
Business Segments
 12 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Business Segments Business Segments
The Company's chief operating decision maker, or CODM (the Company's Chief Executive Officer), reviews financial information for purposes of assessing business performance and allocating resources, by focusing on the lines of business on a global basis. The Company identifies the following as its four operating segments, based on lines of business:
•Energy Systems - uninterruptible power systems, or “UPS” applications for computer and computer-controlled systems, as well as telecommunications systems, switchgear and electrical control systems used in industrial facilities and electric utilities, large-scale energy storage and energy pipelines. Energy Systems also includes highly integrated power solutions and services to broadband, telecom, data center, and industrial customers, as well as thermally managed cabinets and enclosures for electronic equipment and batteries.
•Motive Power - power for electric industrial forklifts, AGVs other material handling equipment used in manufacturing, and warehousing operations, as well as equipment used in floor care, mining, rail and airport ground support applications.
•Specialty - premium starting, lighting and ignition applications in transportation, energy solutions for satellites, spacecraft, commercial aircraft, military, aircraft, submarines, ships, other tactical vehicles, defense applications and portable power solutions for soldiers in the field, as well as medical devices and equipment.
•New Ventures - energy storage and management systems for demand charge reduction, utility back-up power, and dynamic fast charging for electric vehicles.

The operating segments of Energy Systems, Motive Power, and Specialty also represent the Company's reportable segments under ASC 280, Segment Reporting. The results of New Ventures include start-up and operating expenses captured within the "Corporate and other" category of operating earnings.

Summarized financial information related to the Company’s reportable segments at March 31, 2026, 2025 and 2024 and for each of the fiscal years then ended is shown below.

Twelve months ended
March 31, 2026
Energy SystemsMotive PowerSpecialty
Corporate and other (3)
Total
Net Sales by segment to unaffiliated customers (1)
$1,651,186 $1,430,931 $665,087 $4,172 $3,751,376 
Less:
Other segment items(4)
$1,505,747 $1,231,124 $603,062 $3,344,105 
Segment income$145,439 $199,807 $62,025 $407,271 
Less:
Inventory adjustment relating to exit activities— 2,268 — 2,268 
Restructuring and other exit charges 23,467 23,930 3,411 50,808 
(Gain) loss on assets held for sale— (1,187)— (1,187)
Impairment of intangible assets402 — — 402 
Amortization of intangible assets23,354 492 9,596 33,442 
Accelerated stock compensation 5,383 3,532 1,844 10,759 
Other7,468 3,844 5,729 17,041 
Total operating earnings (2)
$85,365 $166,928 $41,445 $132,722 $426,460 
Depreciation $31,207 $27,092 $21,717 $100 $80,116 
Capital Expenditures$33,429 $21,046 $23,526 $2,073 $80,074 
(1)Reportable segments do not record inter-segment revenues and accordingly there are none to report.
(2)The Company does not allocate interest expense or other (income) expense, net, to the reportable segments.
(3)     Corporate and other includes amounts managed on a company-wide basis and not directly allocated to any reportable segments, primarily relating to IRC 45X production tax credits. Also, included are start-up costs for exploration of a new lithium plant, and start-up operating expenses from the New Ventures operating segment.
(4) Primarily includes cost of sales and operating expenses.
Twelve months ended
March 31, 2025
Energy SystemsMotive PowerSpecialty
Corporate and other (3)
Total
Net Sales by segment to unaffiliated customers (1)
$1,531,169 $1,484,117 $593,488 $8,805 $3,617,579 
Less:
Other segment items(4)
$1,427,963 $1,251,362 $556,534 $3,244,664 
Segment income$103,206 $232,755 $36,954 $372,915 
Less:
Inventory adjustment relating to exit activities274 — 3,335 3,609 
Restructuring and other exit charges 5,994 5,719 2,715 14,428 
Loss on assets held for sale— 4,634 — 4,634 
Amortization of intangible assets23,620 685 7,500 31,805 
Other588 1,585 6,672 8,845 
Total operating earnings (2)
$72,730 $220,132 $16,732 $155,092 $464,686 
Depreciation $26,823 $23,010 $19,206 $32 $69,071 
Capital Expenditures$39,167 $22,758 $47,016 $12,097 $121,038 

(1)Reportable segments do not record inter-segment revenues and accordingly there are none to report.
(2)The Company does not allocate interest expense or other (income) expense, net, to the reportable segments.
(3)     Corporate and other includes amounts managed on a company-wide basis and not directly allocated to any reportable segments, primarily relating to IRC 45X production tax credits. Also, included are start-up costs for exploration of a new lithium plant, and start-up operating expenses from the New Ventures operating segment.
(4) Primarily includes cost of sales and operating expenses.
Twelve months ended
March 31, 2024
Energy SystemsMotive PowerSpecialty
Corporate and other (3)
Total
Net Sales by segment to unaffiliated customers (1)
$1,590,023 $1,456,181 $535,667 $— $3,581,871 
Less:
Other segment items(4)
$1,503,068 $1,241,531 $504,301 $3,248,900 
Segment income$86,955 $214,650 $31,366 $332,971 
Less:
Inventory adjustment relating to exit activities17,075 — 3,098 20,173 
Restructuring and other exit charges 8,840 11,697 7,566 28,103 
Impairment of indefinite-lived intangibles13,619 — — 13,619 
Legal proceedings charge, net3,705 — — 3,705 
Amortization of intangible assets24,503 683 2,808 27,994 
Other3,740 1,032 295 5,067 
Total operating earnings (2)
$15,473 $201,238 $17,599 $117,260 $351,570 
Depreciation$24,966 $23,007 $15,954 $101 $64,028 
Capital Expenditures$33,626 $17,115 $35,596 $100 $86,437 
(1)Reportable segments do not record inter-segment revenues and accordingly there are none to report.
(2)The Company does not allocate interest expense or other (income) expense, net, to the reportable segments.
(3)     Corporate and other includes amounts managed on a company-wide basis and not directly allocated to any reportable segments, primarily relating to IRC 45X production tax credits. Also, included are start-up costs for exploration of a new lithium plant, and start-up operating expenses from the New Ventures operating segment.
(4) Primarily includes cost of sales and operating expenses.
The Company's property, plant and equipment by reportable segments as of March 31, 2026 and 2025 are as follows:

March 31, 2026March 31, 2025
Property, plant and equipment, net
Energy Systems$143,634 $198,841 
Motive Power110,750 144,076 
Specialty324,584 236,861 
Other 14,034 12,655 
Total$593,002 $592,433 
The Company markets its products and services in over 100 countries. Sales are attributed to countries based on the location of sales order approval and acceptance. Sales to customers in the United States were 64.0%, 63.5% and 60.2% for fiscal years ended March 31, 2026, 2025 and 2024, respectively. Property, plant and equipment, net, attributable to the United States as of March 31, 2026 and 2025, were $415,263 and $422,263, respectively. No single country, outside the United States, accounted for more than 10% of the consolidated net sales or net property, plant and equipment and, therefore, was deemed not material for separate disclosure.