10-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-K

ý Annual report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the fiscal year ended March 31, 2014 or

¨ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from                      to                     

Commission file number: 001-32253

ENERSYS

(Exact name of registrant as specified in its charter)

Delaware	23-3058564
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

2366 Bernville Road

Reading, Pennsylvania 19605

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: 610-208-1991

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Name of each exchange on which registered
Common Stock, $0.01 par value per share	New York Stock Exchange

Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.    ý  YES    ¨  NO

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.    ¨  YES    ý  NO

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    ý  YES    ¨  NO

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    YES  ý    NO  ¨

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (Section 229.405 of this chapter) is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.  ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer  x	Accelerated filer  ¨
Non-accelerated filer  ¨	Smaller reporting company  ¨
(Do not check if a smaller reporting company)

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Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).    ¨  YES    ý  NO

State the aggregate market value of the voting and non-voting common equity held by non-affiliates at September 29, 2013: $2,854,540,499 (1) (based upon its closing transaction price on the New York Stock Exchange on September 27, 2013).

(1) For this purpose only, “non-affiliates” excludes directors and executive officers.

Common stock outstanding at May 23, 2014:                          46,920,004 Shares of Common Stock

DOCUMENTS INCORPORATED BY REFERENCE

Portions of the registrant’s definitive Proxy Statement for its Annual Meeting of Stockholders to be held on July 31, 2014 are incorporated by reference in Part III of this Annual Report.

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CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

The Private Securities Litigation Reform Act of 1995 (the “Reform Act”) provides a safe harbor for forward-looking statements made by or on behalf of EnerSys. EnerSys and its representatives may, from time to time, make written or verbal forward-looking statements, including statements contained in the Company’s filings with the Securities and Exchange Commission and its reports to stockholders. Generally, the inclusion of the words “anticipates,” “believe,” “expect,” “future,” “intend,” “estimate,” “anticipate,” “will,” “plans,” or the negative of such terms and similar expressions identify statements that constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and that are intended to come within the safe harbor protection provided by those sections. All statements addressing operating performance, events, or developments that EnerSys expects or anticipates will occur in the future, including statements relating to sales growth, earnings or earnings per share growth, and market share, as well as statements expressing optimism or pessimism about future operating results, are forward-looking statements within the meaning of the Reform Act. The forward-looking statements are and will be based on management’s then-current beliefs and assumptions regarding future events and operating performance and on information currently available to management, and are applicable only as of the dates of such statements.

Forward-looking statements involve risks, uncertainties and assumptions. Although we do not make forward-looking statements unless we believe we have a reasonable basis for doing so, we cannot guarantee their accuracy. Actual results may differ materially from those expressed in these forward-looking statements due to a number of uncertainties and risks, including the risks described in this Annual Report on Form 10-K and other unforeseen risks. You should not put undue reliance on any forward-looking statements. These statements speak only as of the date of this Annual Report on Form 10-K, even if subsequently made available by us on our website or otherwise, and we undertake no obligation to update or revise these statements to reflect events or circumstances occurring after the date of this Annual Report on Form 10-K.

Our actual results may differ materially from those contemplated by the forward-looking statements for a number of reasons, including the following factors:

• general cyclical patterns of the industries in which our customers operate;

• the extent to which we cannot control our fixed and variable costs;

• the raw materials in our products may experience significant fluctuations in market price and availability;

• certain raw materials constitute hazardous materials that may give rise to costly environmental and safety claims;

• legislation regarding the restriction of the use of certain hazardous substances in our products;

• risks involved in our operations such as disruption of markets, changes in import and export laws, environmental regulations, currency restrictions and currency exchange rate fluctuations;

• our ability to raise our selling prices to our customers when our product costs increase;

• the extent to which we are able to efficiently utilize our global manufacturing facilities and optimize our capacity;

• general economic conditions in the markets in which we operate;

• competitiveness of the battery markets throughout the world;

• our timely development of competitive new products and product enhancements in a changing environment and the acceptance of such products and product enhancements by customers;

• our ability to adequately protect our proprietary intellectual property, technology and brand names;

• litigation and regulatory proceedings to which we might be subject;

• changes in our market share in the geographic business segments where we operate;

• our ability to implement our cost reduction initiatives successfully and improve our profitability;

• quality problems associated with our products;

• our ability to implement business strategies, including our acquisition strategy, manufacturing expansion and restructuring plans;

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• our acquisition strategy may not be successful in locating advantageous targets;

• our ability to successfully integrate any assets, liabilities, customers, systems and management personnel we acquire into our operations and our ability to realize related revenue synergies and cost savings within expected time frames;

• our debt and debt service requirements which may restrict our operational and financial flexibility, as well as imposing unfavorable interest and financing costs;

• our ability to maintain our existing credit facilities or obtain satisfactory new credit facilities;

• adverse changes in our short- and long-term debt levels under our credit facilities;

• our exposure to fluctuations in interest rates on our variable-rate debt;

• our ability to attract and retain qualified management and personnel;

• our ability to maintain good relations with labor unions;

• credit risk associated with our customers, including risk of insolvency and bankruptcy;

• our ability to successfully recover in the event of a disaster affecting our infrastructure;

• terrorist acts or acts of war, could cause damage or disruption to our operations, our suppliers, channels to market or customers, or could cause costs to increase, or create political or economic instability; and

• the operation, capacity and security of our information systems and infrastructure.

This list of factors that may affect future performance is illustrative, but by no means exhaustive. Accordingly, all forward-looking statements should be evaluated with the understanding of their inherent uncertainty.

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EnerSys

Annual Report on Form 10-K

For the Fiscal Year Ended March 31, 2014

Index

		Page
PART I
Cautionary Note Regarding Forward-Looking Statements		3
Item 1.	Business	6
Item 1A.	Risk Factors	10
Item 1B.	Unresolved Staff Comments	16
Item 2.	Properties	16
Item 3.	Legal Proceedings	17
Item 4.	Mine Safety Disclosures	17
PART II
Item 5.	Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	18
Item 6.	Selected Financial Data	21
Item 7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	22
Item 7A.	Quantitative and Qualitative Disclosures About Market Risk	41
Item 8.	Financial Statements and Supplementary Data	44
Item 9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	90
Item 9A.	Controls and Procedures	90
Item 9B.	Other Information	90
PART III
Item 10.	Directors, Executive Officers and Corporate Governance	91
Item 11.	Executive Compensation	91
Item 12.	Security Ownership of Certain Beneficial Owners and Management Related Stockholder Matters	91
Item 13.	Certain Relationships and Related Transactions, and Director Independence	91
Item 14.	Principal Accounting Fees and Services	92
PART IV
Item 15.	Exhibits, Financial Statement Schedules	93
	Signatures	96

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PART I

ITEM 1. BUSINESS

Overview

EnerSys (the “Company,” “we,” or “us”) is the world’s largest manufacturer, marketer and distributor of industrial batteries. We also manufacture, market and distribute related products such as chargers, power equipment, outdoor cabinet enclosures and battery accessories, and we provide related after-market and customer-support services for industrial batteries. We market and sell our products globally to over 10,000 customers in more than 100 countries through a network of distributors, independent representatives and our internal sales force.

We operate and manage our business in three geographic regions of the world—Americas, EMEA and Asia, as described below. Our business is highly decentralized with manufacturing locations throughout the world. More than half of our manufacturing capacity is located outside of the United States, and approximately 60% of our net sales were generated outside of the United States. The Company has three reportable segments based on geographic regions, defined as follows:

• Americas, which includes North and South America, with our segment headquarters in Reading, Pennsylvania, USA;

• EMEA, which includes Europe, the Middle East and Africa, with our segment headquarters in Zurich, Switzerland; and

• Asia, which includes Asia, Australia and Oceania, with our segment headquarters in Singapore.

We have two primary product lines: reserve power and motive power products. Net sales classifications by product line are as follows:

• Reserve power products are used for backup power for the continuous operation of critical applications in telecommunications systems, uninterruptible power systems, or “UPS” applications for computer and computer-controlled systems, and other specialty power applications, including security systems, premium starting, lighting and ignition applications, in switchgear, electrical control systems used in electric utilities, large-scale energy storage, energy pipelines, in commercial aircraft, satellites, military aircraft, submarines, ships and tactical vehicles. Reserve power products also include thermally managed cabinets and enclosures for electronic equipment and batteries.

• Motive power products are used to provide power for electric industrial forklifts used in manufacturing, warehousing and other material handling applications as well as mining equipment, diesel locomotive starting and other rail equipment.

Additionally, see Note 22 to the Consolidated Financial Statements for information on segment reporting.

Fiscal Year Reporting

In this Annual Report on Form 10-K, when we refer to our fiscal years, we state “fiscal” and the year, as in “fiscal 2014”, which refers to our fiscal year ended March 31, 2014. The Company reports interim financial information for 13-week periods, except for the first quarter, which always begins on April 1, and the fourth quarter, which always ends on March 31. The four quarters in fiscal 2014 ended on June 30, 2013, September 29, 2013, December 29, 2013, and March 31, 2014, respectively. The four quarters in fiscal 2013 ended on July 1, 2012, September 30, 2012, December 30, 2012, and March 31, 2013, respectively.

History

EnerSys and its predecessor companies have been manufacturers of industrial batteries for over 125 years. Morgan Stanley Capital Partners teamed with the management of Yuasa, Inc. in late 2000 to acquire from Yuasa Corporation (Japan) its reserve power and motive power battery businesses in North and South America. We were incorporated in October 2000 for the purpose of completing the Yuasa, Inc. acquisition. On January 1, 2001, we changed our name from Yuasa, Inc. to EnerSys to reflect our focus on the energy systems nature of our businesses.

In 2004, EnerSys completed its initial public offering (the “IPO”). The Company’s registration statement (SEC File No. 333-115553) for its IPO was declared effective by the Securities and Exchange Commission (the “SEC”) and the Company’s common stock commenced trading on the New York Stock Exchange, under the trading symbol “ENS”.

Key Developments

There have been several key stages in the development of our business, which explain to a significant degree our results of operations over the past several years.

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In March 2002, we acquired the reserve power and motive power business of the Energy Storage Group of Invensys plc. (“ESG”). Our successful integration of ESG provided global scale in both the reserve and motive power markets. The ESG acquisition also provided us with a further opportunity to reduce costs and improve operating efficiency that, among other initiatives, led to closing underutilized manufacturing plants, distribution facilities, sales offices and eliminating other redundant costs, including staff.

During fiscal years 2003 through 2014, we made twenty-five acquisitions around the globe.

In fiscal 2013, we announced our plans to construct a new battery manufacturing facility in Gaoyou City, Jiangsu Province, People’s Republic of China for the production of industrial batteries for Chinese and international markets. The new facility is scheduled to be completed during 2015 and will provide capacity to meet customer demand in these markets.

In fiscal 2014, we completed the acquisition of Purcell Systems, Inc., a designer, manufacturer and marketer of thermally managed electronic equipment and battery cabinet enclosures, headquartered in Spokane, Washington. With the acquisition of Purcell Systems, Inc., we will be supplementing our reserve power products with thermally managed cabinets and enclosures for electronic equipment and batteries. We also completed the acquisition of Quallion LLC, a manufacturer of lithium ion cells and batteries for high integrity applications including implantable medical devices, defense, aviation and space, headquartered in Sylmar, California. In our Asia region, we completed the acquisition of UTS Holdings Sdn. Bhd. and its subsidiaries, a distributor of motive and reserve power battery products and services.

Our Customers

We serve over 10,000 customers in over 100 countries, on a direct basis or through our distributors. We are not overly dependent on any particular end market. Our customer base is highly diverse and no single customer accounts for more than 5% of our revenues.

Our reserve power customers consist of regional customers as well as global customers. These customers are in diverse markets including telecom, UPS, electric utilities, security systems, emergency lighting, premium starting, lighting and ignition applications and space satellites. In addition, we sell our aerospace and defense products in numerous countries, including the governments of the U.S., Germany and the U.K. and to major defense and aviation original equipment manufacturers (“OEMs”).

Our motive power products are sold to a large, diversified customer base. These customers include material handling equipment dealers, OEMs and end users of such equipment. End users include manufacturers, distributors, warehouse operators, retailers, airports, mine operators and railroads.

Distribution and Services

We distribute, sell and service reserve and motive power products throughout the world, principally through company-owned sales and service facilities, as well as through independent manufacturers’ representatives. This company-owned network allows us to offer high-quality service, including preventative maintenance programs and customer support. Our warehouses and service locations enable us to respond quickly to customers in the markets we serve. We believe that the extensive industry experience of our sales organization results in strong long-term customer relationships.

Manufacturing and Raw Materials

We manufacture and assemble our products at manufacturing facilities located in the Americas, EMEA and Asia. With a view toward projected demand, we strive to optimize and balance capacity at our battery manufacturing facilities globally, while simultaneously minimizing our product cost. By taking a global view of our manufacturing requirements and capacity, we are better able to anticipate potential capacity bottlenecks and equipment and capital funding needs.

The primary raw materials used to manufacture our products include lead, plastics, steel and copper. We purchase lead from a number of leading suppliers throughout the world. Because lead is traded on the world’s commodity markets and its price fluctuates daily, we periodically enter into hedging arrangements for a portion of our projected requirements to reduce the volatility of our costs.

Competition

The industrial battery market is highly competitive both among competitors who manufacture and sell industrial batteries and among customers who purchase industrial batteries. Our competitors range from development stage companies to large domestic and international corporations. Certain of our competitors produce energy storage products utilizing technologies that

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we do not possess at this time. We compete primarily on the basis of reputation, product quality, reliability of service, delivery and price. We believe that our products and services are competitively priced.

Americas

We believe that we have the largest market share in the Americas industrial battery market. We compete principally with Exide Technologies, East Penn Manufacturing and New Power in the reserve and motive products markets; and C&D Technologies Inc., NorthStar Battery, SAFT and EaglePicher (OM Group) in the reserve products market.

EMEA

We believe that we have the largest market share in the European industrial battery market. Our primary competitors are Exide Technologies, Hoppecke, FIAMM, SAFT as well as Chinese producers in the reserve products market; and Exide Technologies, Hoppecke and Midac in the motive products market.

Asia

We have a small share of the fragmented Asian industrial battery market. We compete principally with GS-Yuasa, Shin-Kobe and Zibo Torch in the motive products market and Coslight, Amara Raja, Narada, Leoch, Exide Industries and China Shoto in the reserve products market.

Warranties

Warranties for our products vary geographically and by product type and are competitive with other suppliers of these types of products. Generally, our reserve power product warranties range from one to twenty years and our motive power product warranties range from one to seven years. The length of our warranties is varied to reflect regional characteristics and competitive influences. In some cases, our warranty period may include a pro rata period, which is typically based around the design life of the product and the application served. Our warranties generally cover defects in workmanship and materials and are limited to specific usage parameters.

Intellectual Property

We have numerous patents and patent licenses in the United States and other jurisdictions but do not consider any one patent to be material to our business. From time to time, we apply for patents on new inventions and designs, but we believe that the growth of our business will depend primarily upon the quality of our products and our relationships with our customers, rather than the extent of our patent protection.

We believe we are leaders in thin plate pure lead technology ("TPPL"). Some aspects of this technology may be patented in the future. In any event, we believe that a significant capital investment would be required by any party desiring to produce products using TPPL technology for our markets.

We own or possess exclusive and non-exclusive licenses and other rights to use a number of trademarks in various jurisdictions. We have obtained registrations for many of these trademarks in the United States and other jurisdictions. Our various trademark registrations currently have durations of approximately 10 to 20 years, varying by mark and jurisdiction of registration and may be renewable. We endeavor to keep all of our material registrations current. We believe that many such rights and licenses are important to our business by helping to develop strong brand-name recognition in the marketplace. Some of the significant (registered and unregistered) trademarks that we use include: ArmaSafePlus, Cyclon, DataSafe, Deserthog, Douglas Battery, Douglas Legacy, EAS, Energia, EnerSystem, Energy Leader, FlexSure, FIAMM Motive Power, General Battery, Genesis, Hawker, Huada, HUP, Ironclad, LifeGuard, LifePlus, Life Speed, LifeTech, Loadhog, Odyssey, Oerlikon Battery, Oldham, Perfect Plus, PowerGuard, PowerSafe, ProSeries, Purcell Systems, Quallion, Redion, Smarthog, Superhog, Supersafe, TeleData, Waterless, Wi-IQ, Workhog and XFC.

Today, our reserve power batteries are marketed and sold principally under the ABSL, ABSL Space, ArmaSafePlus, Cyclon, DataSafe, Genesis, Hawker, Huada, Odyssey, Oerlikon Battery, PowerSafe, Quallion and SuperSafe brands. Our motive power batteries are marketed and sold principally under the Douglas Battery, Express, Fiamm Motive Power, General Battery, Hawker, Huada and Ironclad brands. We also manufacture and sell related “DC” (Direct Current) power products including chargers, electronic power equipment and a wide variety of battery accessories. Our battery products span a broad range of sizes, configurations and electrical capacities, enabling us to meet a wide variety of customer applications.

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Seasonality

Our business generally does not experience significant quarterly fluctuations in net sales as a result of weather or other trends that can be directly linked to seasonality patterns, but historically our fourth quarter is our best quarter with higher revenues and generally more working days and our second quarter is the weakest due to the summer holiday season in Western Europe and Americas.

Product and Process Development

Our product and process development efforts are focused on the creation and optimization of new battery products using existing technologies, which, in certain cases, differentiate our stored energy solutions from that of our competition. We allocate our resources to the following key areas:

• the design and development of new products;

• optimizing and expanding our existing product offering;

• waste and scrap reduction;

• production efficiency and utilization;

• capacity expansion without additional facilities; and

• quality attribute maximization.

Employees

At March 31, 2014, we had approximately 9,500 employees. Of these employees, approximately 34% were covered by collective bargaining agreements. Employees covered by agreements that did not exceed twelve months were approximately 13%. The average term of these agreements is two years, with the longest term being four years.

We consider our employee relations to be good. We did not experience any significant labor unrest or disruption of production during fiscal 2014.

Environmental Matters

In the manufacture of our products throughout the world, we process, store, dispose of and otherwise use large amounts of hazardous materials, especially lead and acid. As a result, we are subject to extensive and evolving environmental, health and safety laws and regulations governing, among other things: the generation, handling, storage, use, transportation and disposal of hazardous materials; emissions or discharges of hazardous materials into the ground, air or water; and the health and safety of our employees. In addition, we are required to comply with the regulation issued from the European Economic Union called Registration, Evaluation, Authorization and Restriction of Chemicals or “REACH,” that came into force on June 1, 2007. Under the regulation, companies which manufacture or import more than one ton of a covered chemical substance per year are required to register it in a central database administered by the European Chemicals Agency. REACH requires a registration over a period of 11 years. Compliance with these laws and regulations results in ongoing costs. Failure to comply with these laws and regulations, or to obtain or comply with required environmental permits, could result in fines, criminal charges or other sanctions by regulators. From time to time, we have had instances of alleged or actual noncompliance that have resulted in the imposition of fines, penalties and required corrective actions. Our ongoing compliance with environmental, health and safety laws, regulations and permits could require us to incur significant expenses, limit our ability to modify or expand our facilities or continue production and require us to install additional pollution control equipment and make other capital improvements. In addition, private parties, including current or former employees, can bring personal injury or other claims against us due to the presence of, or their exposure to, hazardous substances used, stored, transported or disposed of by us or contained in our products.

Sumter, South Carolina

We currently are responsible for certain environmental obligations at our former battery facility in Sumter, South Carolina that predate our ownership of this facility. This battery facility was closed in 2001 and is separate from our current metal fabrication facility in Sumter. We have a reserve for this facility that totaled $2.9 million as of March 31, 2014. Based on current information, we believe this reserve is adequate to satisfy our environmental liabilities at this facility.

Environmental and safety certifications

Thirteen of our facilities in the Americas, EMEA and Asia are certified to ISO 14001 standards. ISO 14001 is a globally recognized, voluntary program that focuses on the implementation, maintenance and continual improvement of an

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environmental management system and the improvement of environmental performance. Two facilities in Europe and one in Africa are certified to OHSAS 18001 standards. OHSAS 18001 is a globally recognized occupational health and safety management systems standard.

Quality Systems

We utilize a global strategy for quality management systems, policies and procedures, the basis of which is the ISO 9001:2008 standard, which is a worldwide recognized quality standard. We believe in the principles of this standard and reinforce this by requiring mandatory compliance for all manufacturing, sales and service locations globally that are registered to the ISO 9001 standard. This strategy enables us to provide consistent quality products and services to meet our customers’ needs.

Available Information

We file annual, quarterly and current reports, proxy statements and other information with the SEC. These filings are available to the public on the Internet at the SEC’s website at http://www.sec.gov. You may also read and copy any document we file with the SEC at the SEC’s public reference room, located at 100 F Street, N.E., Room 1580, Washington, D.C. 20549. Please call the SEC at 1-800-SEC-0330 for further information on the public reference room.

Our Internet address is http://www.enersys.com. We make available free of charge on http://www.enersys.com our annual, quarterly and current reports, and amendments to those reports, as soon as reasonably practical after we electronically file such material with, or furnish it to, the SEC.

ITEM 1A. RISK FACTORS

The following risks and uncertainties, as well as others described in this Annual Report on Form 10-K, could materially and adversely affect our business, our results of operations and financial conditions and could cause actual results to differ materially from our expectations and projections. Stockholders are cautioned that these and other factors, including those beyond our control, may affect future performance and cause actual results to differ from those which may, from time to time, be anticipated. There may be additional risks that are not presently material or known. See “Cautionary Note Regarding Forward-Looking Statements.” All forward-looking statements made by us or on our behalf are qualified by the risks described below.

We operate in an extremely competitive industry and are subject to pricing pressures.

We compete with a number of major international manufacturers and distributors, as well as a large number of smaller, regional competitors. Due to excess capacity in some sectors of our industry and consolidation among industrial battery purchasers, we have been subjected to significant pricing pressures. We anticipate continued competitive pricing pressure as foreign producers are able to employ labor at significantly lower costs than producers in the U.S. and Western Europe, expand their export capacity and increase their marketing presence in our major Americas and European markets. Several of our competitors have strong technical, marketing, sales, manufacturing, distribution and other resources, as well as significant name recognition, established positions in the market and long-standing relationships with OEMs and other customers. In addition, certain of our competitors own lead smelting facilities which, during periods of lead cost increases or price volatility, may provide a competitive pricing advantage and reduce their exposure to volatile raw material costs. Our ability to maintain and improve our operating margins has depended, and continues to depend, on our ability to control and reduce our costs. We cannot assure you that we will be able to continue to control our operating expenses, to raise or maintain our prices or increase our unit volume, in order to maintain or improve our operating results.

The uncertainty in global economic conditions could negatively affect the Company’s operating results.

Our operating results are directly affected by the general global economic conditions of the industries in which our major customer groups operate. Our business segments are highly dependent on the economic and market conditions in each of the geographic areas in which we operate. Our products are heavily dependent on the end markets that we serve and our operating results will vary by geographic segment, depending on the economic environment in these markets. Sales of our motive power products, for example, depend significantly on demand for new electric industrial forklift trucks, which in turn depends on end-user demand for additional motive capacity in their distribution and manufacturing facilities. The uncertainty in global economic conditions varies by geographic segment, and can result in substantial volatility in global credit markets, particularly in the United States, where we service the vast majority of our debt. These conditions affect our business by reducing prices that our customers may be able or willing to pay for our products or by reducing the demand for our products, which could in turn negatively impact our sales and earnings generation and result in a material adverse effect on our business, cash flow, results of operations and financial position.

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Government reviews, inquiries, investigations, and actions could harm our business or reputation.

 As we operate in various locations around the world, our operations in certain countries are subject to significant governmental scrutiny and may be adversely impacted by the results of such scrutiny. The regulatory environment with regard to our business is evolving, and officials often exercise broad discretion in deciding how to interpret and apply applicable regulations. From time to time, we receive formal and informal inquiries from various government regulatory authorities, as well as self-regulatory organizations, about our business and compliance with local laws, regulations or standards. Any determination that our operations or activities, or the activities of our employees, are not in compliance with existing laws, regulations or standards could result in the imposition of substantial fines, interruptions of business, loss of supplier, vendor or other third-party relationships, termination of necessary licenses and permits, or similar results, all of which could potentially harm our business and/or reputation. Even if an inquiry does not result in these types of determinations, regulatory authorities could cause us to incur substantial costs or require us to change our business practices in a manner materially adverse to our business, and it potentially could create negative publicity which could harm our business and/or reputation.

Risk of accelerated conversion or required repurchase of Convertible Notes which could adversely affect the Company’s liquidity.

Under the terms of our senior unsecured 3.375% convertible notes ("Convertible Notes"), a holder of such Convertible Notes may require the Company to repurchase some or all of the holder’s Convertible Notes for cash upon the occurrence of a fundamental change as defined in the indenture and on each of June 1, 2015, 2018, 2023, 2028 and 2033 at a price equal to 100% of the accreted principal amount of the Convertible Notes being repurchased, plus accrued and unpaid interest, if any, in each case. Additionally, the holders are permitted to convert their Convertible Notes at their option at any time commencing March 1, 2015 or under any of the following conditions prior to that date: (1) during the five business-day period after any five consecutive trading day period (the “measurement period”) in which the price per $1,000 in original principal amount of the Convertible Notes for each trading day of the measurement period was less than 98% of the product of the “last reported sale price” (as defined in the indenture governing the Convertible Notes) of the Company’s common stock and the applicable conversion rate for the Convertible Notes for such day; (2) during any calendar quarter after the calendar quarter ending June 30, 2008 (and only during such quarter), if the last reported sale price of the Company’s common stock for 20 or more trading days in a period of 30 consecutive trading days ending on the last trading day of the immediately preceding calendar quarter exceeds 130% of the applicable conversion price in effect on the last trading day of the immediately preceding calendar quarter; or (3) upon the occurrence of specified corporate events, the Company may settle conversions (a) entirely in shares of its common stock, (b) entirely in cash, or (c) in cash for the accreted principal amount of the Convertible Notes and shares of its common stock, or cash and shares of its common stock, for the excess, if any, of the conversion value above the accreted principal amount. As of April 1, 2014, the Company has $172.5 million of Convertible Notes outstanding, and the Convertible Notes have become convertible through June 30, 2014.

It is the Company’s current intent to settle the principal amount of any such conversions in cash, and any additional conversion consideration at the conversion rate then applicable in cash, shares of the Company’s common stock or a combination of cash and shares. To the extent that then existing domestic cash balances and cash flow from operations, together with borrowing capacity under then existing credit facilities, are insufficient to satisfy any such settlement or optional put or conversion, the Company may require additional financing from other sources. The Company’s ability to obtain such additional financing in the future will depend in part upon prevailing capital market conditions, as well as conditions in the Company’s business and its operating results; and those factors may affect its efforts to arrange additional financing on terms that are acceptable to the Company. The Convertible Notes will mature on June 1, 2038, unless earlier converted, redeemed or repurchased by the Company.

Reliance on third party relationships and derivative agreements could adversely affect the Company’s business.

We depend on third parties, including suppliers, distributors, lead toll operators, freight forwarders, insurance brokers, commodity brokers, major financial institutions and other third party service providers, for key aspects of our business including the provision of derivative contracts to manage risks of: (a) lead cost volatility, (b) foreign currency exposures and (c) interest rate volatility. Failure of these third parties to meet their contractual, regulatory and other obligations to the Company or the development of factors that materially disrupt our relationships with these third parties could expose us to the risks of business disruption, higher lead costs, unfavorable foreign currency rates and higher expenses, which could have a material adverse effect on our business.

Our raw materials costs are volatile and expose us to significant movements in our product costs.

Lead is our most significant raw material and is used along with significant amounts of plastics, steel, copper and other materials in our manufacturing processes. We estimate that raw material costs account for over half of our cost of goods sold. The costs of these raw materials, particularly lead, are volatile and beyond our control. Volatile raw material costs can

11

significantly affect our operating results and make period-to-period comparisons extremely difficult. We cannot assure you that we will be able to hedge the costs of our raw material requirements at a reasonable level or, even with respect to our agreements that adjust pricing to a market-based index for lead, pass on to our customers the increased costs of our raw materials.

Our operations expose us to litigation, tax, environmental and other legal compliance risks.

We are subject to a variety of litigation, tax, environmental, health and safety and other legal compliance risks. These risks include, among other things, possible liability relating to product liability matters, personal injuries, intellectual property rights, contract-related claims, government contracts, taxes, health and safety liabilities, environmental matters and compliance with U.S. and foreign laws, competition laws and laws governing improper business practices. We or one of our business units could be charged with wrongdoing as a result of such matters. If convicted or found liable, we could be subject to significant fines, penalties, repayments or other damages (in certain cases, treble damages). As a global business, we are subject to complex laws and regulations in the U.S. and other countries in which we operate. Those laws and regulations may be interpreted in different ways. They may also change from time to time, as may related interpretations and other guidance. Changes in laws or regulations could result in higher expenses and payments, and uncertainty relating to laws or regulations may also affect how we conduct our operations and structure our investments and could limit our ability to enforce our rights.

In the area of taxes, changes in tax laws and regulations, as well as changes in related interpretations and other tax guidance could materially impact our tax receivables and liabilities and our deferred tax assets and tax liabilities. Additionally, in the ordinary course of business, we are subject to examinations by various authorities, including tax authorities. In addition to ongoing investigations, there could be additional investigations launched in the future by governmental authorities in various jurisdictions and existing investigations could be expanded. The global and diverse nature of our operations means that these risks will continue to exist and additional legal proceedings and contingencies will arise from time to time. Our results may be affected by the outcome of legal proceedings and other contingencies that cannot be predicted with certainty.

In the manufacture of our products throughout the world, we process, store, dispose of and otherwise use large amounts of hazardous materials, especially lead and acid. As a result, we are subject to extensive and changing environmental, health and safety laws and regulations governing, among other things: the generation, handling, storage, use, transportation and disposal of hazardous materials; remediation of polluted ground or water; emissions or discharges of hazardous materials into the ground, air or water; and the health and safety of our employees. Compliance with these laws and regulations results in ongoing costs. Failure to comply with these laws or regulations, or to obtain or comply with required environmental permits, could result in fines, criminal charges or other sanctions by regulators. From time to time we have had instances of alleged or actual noncompliance that have resulted in the imposition of fines, penalties and required corrective actions. Our ongoing compliance with environmental, health and safety laws, regulations and permits could require us to incur significant expenses, limit our ability to modify or expand our facilities or continue production and require us to install additional pollution control equipment and make other capital improvements. In addition, private parties, including current or former employees, could bring personal injury or other claims against us due to the presence of, or exposure to, hazardous substances used, stored or disposed of by us or contained in our products.

Certain environmental laws assess liability on owners or operators of real property for the cost of investigation, removal or remediation of hazardous substances at their current or former properties or at properties at which they have disposed of hazardous substances. These laws may also assess costs to repair damage to natural resources. We may be responsible for remediating damage to our properties that was caused by former owners. Soil and groundwater contamination has occurred at some of our current and former properties and may occur or be discovered at other properties in the future. We are currently investigating and monitoring soil and groundwater contamination at several of our properties, in most cases as required by regulatory permitting processes. We may be required to conduct these operations at other properties in the future. In addition, we have been and in the future may be liable to contribute to the cleanup of locations owned or operated by other persons to which we or our predecessor companies have sent wastes for disposal, pursuant to federal and other environmental laws. Under these laws, the owner or operator of contaminated properties and companies that generated, disposed of or arranged for the disposal of wastes sent to a contaminated disposal facility can be held jointly and severally liable for the investigation and cleanup of such properties, regardless of fault.

Changes in environmental and climate laws or regulations, including laws relating to greenhouse gas emissions, could lead to new or additional investment in production designs and could increase environmental compliance expenditures. Changes in climate change concerns, or in the regulation of such concerns, including greenhouse gas emissions, could subject us to additional costs and restrictions, including increased energy and raw materials costs. Additionally, we cannot assure you that we have been or at all times will be in compliance with environmental laws and regulations or that we will not be required to expend significant funds to comply with, or discharge liabilities arising under, environmental laws, regulations and permits, or that we will not be exposed to material environmental, health or safety litigation.

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Also, the U.S. Foreign Corrupt Practices Act (“FCPA”) and similar worldwide anti-bribery laws in non-U.S. jurisdictions generally prohibit companies and their intermediaries from making improper payments to non-U.S. officials for the purpose of obtaining or retaining business. The FCPA applies to companies, individual directors, officers, employees and agents. Under the FCPA, U.S. companies may be held liable for actions taken by strategic or local partners or representatives. The FCPA also imposes accounting standards and requirements on publicly traded U.S. corporations and their foreign affiliates, which are intended to prevent the diversion of corporate funds to the payment of bribes and other improper payments. Certain of our customer relationships outside of the U.S. are with governmental entities and are therefore subject to such anti-bribery laws. Our policies mandate compliance with these anti-bribery laws. Despite meaningful measures that we undertake to facilitate lawful conduct, which include training and internal control policies, these measures may not always prevent reckless or criminal acts by our employees or agents. As a result, we could be subject to criminal and civil penalties, disgorgement, further changes or enhancements to our procedures, policies and controls, personnel changes or other remedial actions. Violations of these laws, or allegations of such violations, could disrupt our operations, involve significant management distraction and result in a material adverse effect on our competitive position, results of operations, cash flows or financial condition.

There is also a regulation to improve the transparency and accountability concerning the supply of minerals coming from the conflict zones in and around the Democratic Republic of Congo. New U.S. legislation includes disclosure requirements regarding the use of conflict minerals mined from the Democratic Republic of Congo and adjoining countries and procedures regarding a manufacturer’s efforts to prevent the sourcing of such conflict minerals. The implementation of these requirements could affect the sourcing and availability of minerals used in the manufacture of our products. As a result, there may only be a limited pool of suppliers who provide conflict-free metals, and we cannot assure you that we will be able to obtain products in sufficient quantities or at competitive prices. Future regulations may become more stringent or costly and our compliance costs and potential liabilities could increase, which may harm our business.

We are exposed to exchange rate risks, and our net earnings and financial condition may suffer due to currency translations.

We invoice our foreign sales and service transactions in local and foreign currencies and translate net sales using actual exchange rates during the period. We translate our non-U.S. assets and liabilities into U.S. dollars using current exchange rates as of the balance sheet dates. Because a significant portion of our revenues and expenses are denominated in foreign currencies, changes in exchange rates between the U.S. dollar and foreign currencies, primarily the euro, British pound, Polish zloty, Chinese renminbi, Mexican peso and Swiss franc may adversely affect our revenue, cost of goods sold and operating margins. For example, foreign currency depreciation against the U.S. dollar will reduce the value of our foreign revenues and operating earnings as well as reduce our net investment in foreign subsidiaries. Approximately 60% of net sales were generated outside of the United States for the last three fiscal years.

Most of the risk of fluctuating foreign currencies is in our EMEA segment, which comprised approximately 40% of our net sales during the last three fiscal years. The euro is the dominant currency in our EMEA operations. In the event that one or more European countries were to replace the euro with another currency, our sales into such countries, or into Europe generally, would likely be adversely affected until stable exchange rates are established.

The translation impact from currency fluctuations on net sales and operating earnings in Americas and Asia segments are not significant, as a substantial majority of these net sales and operating earnings are in U.S. dollars or foreign currencies that have been closely correlated to the U.S. dollar.

If foreign currencies depreciate against the U.S. dollar, it would make it more expensive for our non-U.S. subsidiaries to purchase certain of our raw material commodities that are priced globally in U.S. dollars, while the related revenue will decrease when translated to U.S. dollars. Significant movements in foreign exchange rates can have a material impact on our results of operations and financial condition. We periodically engage in hedging of our foreign currency exposures, but cannot assure you that we can successfully hedge all of our foreign currency exposures or do so at a reasonable cost.

We quantify and monitor our global foreign currency exposures. Our largest foreign currency exposure is from the purchase and conversion of U.S. dollar based lead costs into local currencies in Europe. Additionally, we have currency exposures from intercompany financing and trade transactions. On a selective basis, we enter into foreign currency forward contracts and option contracts to reduce the impact from the volatility of currency movements; however, we cannot be certain that foreign currency fluctuations will not impact our operations in the future.

Our international operations may be adversely affected by actions taken by foreign governments or other forces or events over which we may have no control.

We currently have significant manufacturing and/or distribution facilities outside of the United States, in Argentina, Australia, Belgium, Brazil, Bulgaria, Canada, the Czech Republic, France, Germany, India, Italy, Mexico, People’s Republic of China, Poland, South Africa, Spain, Switzerland, Tunisia and the United Kingdom. We may face political instability, economic

13

uncertainty, and/or difficult labor relations in our foreign operations. We also may face barriers in the form of long-standing relationships between potential customers and their existing suppliers, national policies favoring domestic manufacturers and protective regulations including exchange controls, restrictions on foreign investment or the repatriation of profits or invested capital, changes in export or import restrictions and changes in the tax system or rate of taxation in countries where we do business. We cannot assure you that we will be able to successfully develop and expand our international operations and sales or that we will be able to overcome the significant obstacles and risks of our international operations.

Our failure to introduce new products and product enhancements and broad market acceptance of new technologies introduced by our competitors could adversely affect our business.

Many new energy storage technologies have been introduced over the past several years. For certain important and growing markets, such as aerospace and defense, lithium-based battery technologies have a large and growing market share. Our ability to achieve significant and sustained penetration of key developing markets, including aerospace and defense, will depend upon our success in developing or acquiring these and other technologies, either independently, through joint ventures or through acquisitions. If we fail to develop or acquire, and manufacture and sell, products that satisfy our customers’ demands, or we fail to respond effectively to new product announcements by our competitors by quickly introducing competitive products, then market acceptance of our products could be reduced and our business could be adversely affected. We cannot assure you that our lead-acid products will remain competitive with products based on new technologies.

We may not be able to adequately protect our proprietary intellectual property and technology.

We rely on a combination of copyright, trademark, patent and trade secret laws, non-disclosure agreements and other confidentiality procedures and contractual provisions to establish, protect and maintain our proprietary intellectual property and technology and other confidential information. Certain of these technologies, especially TPPL technology, are important to our business and are not protected by patents. Despite our efforts to protect our proprietary intellectual property and technology and other confidential information, unauthorized parties may attempt to copy or otherwise obtain and use our intellectual property and proprietary technologies.

Relocation of our customers’ operations could adversely affect our business.

The trend by a number of our North American and Western European customers to move manufacturing operations and expand their businesses in faster growing and low labor-cost markets may have an adverse impact on our business. As our customers in traditional manufacturing-based industries seek to move their manufacturing operations to these locations, there is a risk that these customers will source their energy storage products from competitors located in those territories and will cease or reduce the purchase of products from our manufacturing plants. We cannot assure you that we will be able to compete effectively with manufacturing operations of energy storage products in those territories, whether by establishing or expanding our manufacturing operations in those lower-cost territories or acquiring existing manufacturers.

We may fail to implement our cost reduction initiatives successfully and improve our profitability.

We must continue to implement cost reduction initiatives to achieve additional cost savings in future periods. We cannot assure you that we will be able to achieve all of the cost savings that we expect to realize from current or future initiatives. In particular, we may be unable to implement one or more of our initiatives successfully or we may experience unexpected cost increases that offset the savings that we achieve. Given the continued competitive pricing pressures experienced in our industry, our failure to realize cost savings would adversely affect our results of operations.

Quality problems with our products could harm our reputation and erode our competitive position.

The success of our business will depend upon the quality of our products and our relationships with customers. In the event that our products fail to meet our customers’ standards, our reputation could be harmed, which would adversely affect our marketing and sales efforts. We cannot assure you that our customers will not experience quality problems with our products.

We offer our products under a variety of brand names, the protection of which is important to our reputation for quality in the consumer marketplace.

We rely upon a combination of trademark, licensing and contractual covenants to establish and protect the brand names of our products. We have registered many of our trademarks in the U.S. Patent and Trademark Office and in other countries. In many market segments, our reputation is closely related to our brand names. Monitoring unauthorized use of our brand names is difficult, and we cannot be certain that the steps we have taken will prevent their unauthorized use, particularly in foreign countries where the laws may not protect our proprietary rights as fully as in the U.S. We cannot assure you that our brand

14

names will not be misappropriated or utilized without our consent or that such actions will not have a material adverse effect on our reputation and on our results of operations.

We may fail to implement our plans to make acquisitions or successfully integrate them into our operations.

As part of our business strategy, we have grown, and plan to continue growing, by acquiring other product lines, technologies or facilities that complement or expand our existing business. There is significant competition for acquisition targets in the industrial battery industry. We may not be able to identify suitable acquisition candidates or negotiate attractive terms. In addition, we may have difficulty obtaining the financing necessary to complete transactions we pursue. In that regard, our credit facilities restrict the amount of additional indebtedness that we may incur to finance acquisitions and place other restrictions on our ability to make acquisitions. Exceeding any of these restrictions would require the consent of our lenders. We may be unable to successfully integrate any assets, liabilities, customers, systems and management personnel we acquire into our operations and we may not be able to realize related revenue synergies and cost savings within expected time frames. Our failure to execute our acquisition strategy could have a material adverse effect on our business. We cannot assure you that our acquisition strategy will be successful or that we will be able to successfully integrate acquisitions we do make.

Any acquisitions that we complete may dilute stockholder ownership interests in EnerSys, may have adverse effects on our financial condition and results of operations and may cause unanticipated liabilities.

Future acquisitions may involve the issuance of our equity securities as payment, in part or in full, for the businesses or assets acquired. Any future issuances of equity securities would dilute stockholder ownership interests. In addition, future acquisitions might not increase, and may even decrease our earnings or earnings per share and the benefits derived by us from an acquisition might not outweigh or might not exceed the dilutive effect of the acquisition. We also may incur additional debt or suffer adverse tax and accounting consequences in connection with any future acquisitions.

The failure or security breach of critical computer systems could seriously affect our sales and operations.

We operate a number of critical computer systems throughout our business that can fail for a variety of reasons. If such a failure were to occur, we may not be able to sufficiently recover from the failure in time to avoid the loss of data or any adverse impact on certain of our operations that are dependent on such systems. This could result in lost sales and the inefficient operation of our facilities for the duration of such a failure.

We operate a number of critical computer systems throughout our business for the exchange of information both within the company and in communicating with third parties. Despite our efforts to protect the integrity of our systems and network as well as sensitive, confidential or personal data or information, our facilities and systems and those of our third-party service providers may be vulnerable to security breaches, theft, misplaced or lost data, programming and/or human errors that could potentially lead to the compromising of sensitive, confidential or personal data or information, improper use of our systems, software solutions or networks, unauthorized access, use, disclosure, modification or destruction of information, defective products, production downtimes and operational disruptions, which in turn could adversely affect our reputation, competitiveness, and results of operations.

Our ability to maintain adequate credit facilities.

Our ability to continue our ongoing business operations and fund future growth depends on our ability to maintain adequate credit facilities and to comply with the financial and other covenants in such credit facilities or to secure alternative sources of financing. However, such credit facilities or alternate financing may not be available or, if available, may not be on terms favorable to us.

Our indebtedness could adversely affect our financial condition and results of operations.

As of March 31, 2014, we had $322.3 million of total consolidated debt (including capital lease obligations and net of the discount on the Convertible Notes). This level of debt could:

• increase our vulnerability to adverse general economic and industry conditions, including interest rate fluctuations, because a portion of our borrowings bear, and will continue to bear, interest at floating rates;

• require us to dedicate a substantial portion of our cash flow from operations to debt service payments, which would reduce the availability of our cash to fund working capital, capital expenditures or other general corporate purposes, including acquisitions;

• limit our flexibility in planning for, or reacting to, changes in our business and industry;

• restrict our ability to introduce new products or new technologies or exploit business opportunities;

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• place us at a disadvantage compared with competitors that have proportionately less debt;

• limit our ability to borrow additional funds in the future, if we need them, due to financial and restrictive covenants in our debt agreements;

• have a material adverse effect on us if we fail to comply with the financial and restrictive covenants in our debt agreements; and

• dilute share ownership percentage if the Company’s share price, at the time of conversion, is higher than the Convertible Notes’ conversion price of $40.26 per share and the Company does not settle the Convertible Notes, including any optional conversions, solely in cash.

There can be no assurance that we will continue to declare cash dividends at all or in any particular amounts.

During fiscal 2014, we announced the declaration of a quarterly cash dividend of $0.125 per share of common stock for quarters ended June 30, 2013, September 29, 2013, December 29, 2013 and March 31, 2014. On May 7, 2014, we announced a fiscal 2015 first quarter cash dividend of $0.175 per share of common stock. Future payment of a regular quarterly cash dividend on our common shares will be subject to, among other things, our results of operations, cash balances and future cash requirements, financial condition, statutory requirements of Delaware law, compliance with the terms of existing and future indebtedness and credit facilities, and other factors that the Board of Directors may deem relevant. Our dividend payments may change from time to time, and we cannot provide assurance that we will continue to declare dividends at all or in any particular amounts. A reduction in or elimination of our dividend payments could have a negative effect on our share price.

We depend on our senior management team and other key employees, and significant attrition within our management team or unsuccessful succession planning could adversely affect our business.

Our success depends in part on our ability to attract, retain and motivate senior management and other key employees. Achieving this objective may be difficult due to many factors, including fluctuations in global economic and industry conditions, competitors’ hiring practices, cost reduction activities, and the effectiveness of our compensation programs. Competition for qualified personnel can be very intense. We must continue to recruit, retain and motivate senior management and other key employees sufficient to maintain our current business and support our future projects. We are vulnerable to attrition among our current senior management team and other key employees. A loss of any such personnel, or the inability to recruit and retain qualified personnel in the future, could have an adverse effect on our business, financial condition and results of operations. In addition, certain key members of our senior management team are at or nearing retirement age. If we are unsuccessful in our succession planning efforts, the continuity of our business and results of operations could be adversely affected.

ITEM 1B. UNRESOLVED STAFF COMMENTS

None.

ITEM 2. PROPERTIES

The Company’s worldwide headquarters is located in Reading, Pennsylvania. Geographic headquarters for our Americas, EMEA and Asia segments are located in Reading, Pennsylvania, Zurich, Switzerland and Singapore, respectively. The Company owns approximately 80% of its manufacturing facilities and distribution centers worldwide. The following sets forth the Company’s principal owned or leased facilities by business segment:

Americas: Sylmar, California; Longmont, Colorado; Hays, Kansas; Richmond, Kentucky; Warrensburg, Missouri; Cleveland, Ohio; Horsham, Pennsylvania; Sumter, South Carolina; Ooltewah, Tennessee and Spokane, Washington in the United States; Monterrey and Tijuana in Mexico; Buenos Aires, Argentina and Sao Paulo in Brazil.

EMEA: Targovishte, Bulgaria; Hostimice, Czech Republic; Arras, France; Hagen and Zwickau in Germany; Bielsko-Biala, Poland; Newport and Culham in the United Kingdom; Port Elizabeth, South Africa; and Tunis, Tunisia.

Asia: Jiangsu, Chongqing and Gaoyou in the People’s Republic of China and Andhra Pradesh in India.

We consider our plants and facilities, whether owned or leased, to be in satisfactory condition and adequate to meet the needs of our current businesses and projected growth. Information as to material lease commitments is included in Note 9, “Leases,” to the Consolidated Financial Statements appearing in this Annual Report on Form 10-K.

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ITEM 3. LEGAL PROCEEDINGS

From time to time, we are involved in litigation incidental to the conduct of our business. See Litigation and Other Legal Matters in Note 18 - Commitments, Contingencies and Litigation to the Consolidated Financial Statements, which is incorporated herein by reference.

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.

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PART II

ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

Market Information

The Company’s common stock has been listed on the New York Stock Exchange under the symbol “ENS” since it began trading on July 30, 2004. Prior to that time, there had been no public market for our common stock. The following table sets forth, on a per share basis for the periods presented, the range of high, low and closing prices of the Company’s common stock.

Quarter Ended	High Price		Low Price		Closing Price
March 31, 2014	$	74.17	$	64.46	$	69.29
December 29, 2013	71.75		59.40		70.09
September 29, 2013	61.17		48.99		60.55
June 30, 2013	51.79		42.37		49.04
March 31, 2013	$	45.87	$	36.57	$	45.58
December 30, 2012	37.73		31.07		36.80
September 30, 2012	39.61		31.77		35.29
July 1, 2012	35.80		30.02		35.07

Holders of Record

As of May 23, 2014, there were approximately 384 record holders of common stock of the Company. Because many of these shares are held by brokers and other institutions on behalf of stockholders, the Company is unable to estimate the total number of stockholders represented by these record holders.

Dividends

During fiscal 2014, we announced and paid our first quarterly cash dividend of $0.125 per share of common stock for the quarters ended June 30, 2013, September 29, 2013, December 29, 2013 and March 31, 2014. On May 7, 2014, we announced our first quarter cash dividend of fiscal 2015 of $0.175 per share of common stock. The declaration of cash dividends on our common stock is at the discretion of the Board of Directors, and any decision to declare a dividend is based on a number of factors, including, but not limited to, earnings, prospects, financial condition, applicable covenants under our credit agreements and other contractual restrictions, Delaware law and other factors deemed relevant.

Recent Sales of Unregistered Securities

During the three fiscal years ended March 31, 2014, we did not issue any unregistered securities.

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Purchases of Equity Securities by the Issuer and Affiliated Purchasers

The following table summarizes the number of shares of common stock we purchased during our fourth quarter from participants in our equity incentive plans as well as repurchases of common stock authorized by the Board of Directors. As provided by our equity incentive plans, vested options outstanding may be exercised through surrender to the Company of option shares or vested options outstanding under the Equity Incentive Plan to satisfy the applicable aggregate exercise price (and any withholding tax) required to be paid upon such exercise.

Purchases of Equity Securities

Period	(a) Total number of shares (or units) purchased	(b) Average price paid per share (or unit)		(c) Total number of shares (or units) purchased as part of publicly announced plans or programs	(d) Maximum number (or approximate dollar value) of shares (or units) that may be purchased under the plans or programs(1)(2)
December 30, 2013-January 26, 2014	50,610	$	69.87	50,610	$	30,594,324
January 27, 2014-February 23, 2014	90,847	69.35		84,893	24,711,937
February 24, 2014-March 31, 2014	155,740	69.87		155,740	—
Total	297,197	$	69.70	291,243

⁽¹⁾  The Company's Board of Directors has authorized the Company to repurchase up to such number of shares as shall equal the dilutive effects of any equity-based award granted during such fiscal year under the 2010 Equity Incentive Plan and the number of shares exercised through stock option awards during such fiscal year. This repurchase program has been exhausted for fiscal year 2014.

⁽²⁾  The Company's Board of Directors authorized the Company to repurchase up to $65 million of its common stock. This authorization expired on March 31, 2014 and was replaced by a resolution to repurchase up to $70 million which expires on March 31, 2015.

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STOCK PERFORMANCE GRAPH

The following graph compares the changes in cumulative total returns on EnerSys’ common stock with the changes in cumulative total returns of the New York Stock Exchange Composite Index, a broad equity market index, and the total return on a selected peer group index. The peer group selected is based on the standard industrial classification codes (“SIC Codes”) established by the U.S. government. The index chosen was “Miscellaneous Electrical Equipment and Suppliers” and comprises all publicly traded companies having the same three-digit SIC Code (369) as EnerSys.

The graph was prepared assuming that $100 was invested in EnerSys’ common stock, the New York Stock Exchange Composite Index and the peer group (duly updated for changes) on March 31, 2009.

*$100 invested on 3/31/09 in stock or index, including reinvestment of dividends.

Fiscal year ending March 31.

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ITEM 6. SELECTED FINANCIAL DATA

	Fiscal Year Ended March 31,
	2014			2013			2012			2011			2010
	(In thousands, except share and per share data)
Consolidated Statements of Income:
Net sales	$	2,474,433		$	2,277,559		$	2,283,369		$	1,964,462		$	1,579,385
Cost of goods sold	1,844,813			1,708,203			1,770,664			1,514,618			1,218,481
Gross profit	629,620			569,356			512,705			449,844			360,904
Operating expenses	344,421			312,324			297,806			259,217			235,597
Restructuring and other exit charges	27,326			7,164			4,988			6,813			13,929
Legal proceedings charge (settlement income)	58,184			—			(900		)	—			—
Goodwill impairment charge	5,179			—			—			—			—
Bargain purchase gain	—			—			—			—			(2,919		)
Operating earnings	194,510			249,868			210,811			183,814			114,297
Interest expense	17,105			18,719			16,484			22,038			22,658
Charges related to refinancing	—			—			—			8,155			—
Other (income) expense, net	13,658			916			3,068			2,177			4,384
Earnings before income taxes	163,747			230,233			191,259			151,444			87,255
Income tax expense	16,980			65,275			47,292			38,018			24,951
Net earnings	146,767			164,958			143,967			113,426			62,304
Net losses attributable to noncontrolling interests	(3,561		)	(1,550		)	(36		)	—			—
Net earnings attributable to EnerSys stockholders	$	150,328		$	166,508		$	144,003		$	113,426		$	62,304
Net earnings per common share attributable to EnerSys stockholders:
Basic	$	3.17		$	3.47		$	2.95		$	2.30		$	1.29
Diluted	$	3.02		$	3.42		$	2.93		$	2.27		$	1.28
Weighted-average number of common shares outstanding:
Basic	47,473,690			48,022,005			48,748,205			49,376,132			48,122,207
Diluted	49,788,155			48,635,449			49,216,035			50,044,246			48,834,095
	Fiscal Year Ended March 31,
	2014			2013			2012			2011			2010
	(In thousands)
Consolidated cash flow data:
Net cash provided by operating activities	$	193,621		$	244,400		$	204,196		$	76,459		$	136,602
Net cash used in investing activities	(232,005		)	(55,092		)	(72,420		)	(91,661		)	(77,244		)
Net cash provided by (used in) financing activities	21,562			(95,962		)	(79,382		)	(82,677		)	(24,472		)
Other operating data:
Capital expenditures	61,995			55,286			48,943			59,940			45,111
	As of March 31,
	2014			2013			2012			2011			2010
	(In thousands)
Consolidated balance sheet data:
Cash and cash equivalents	$	240,103		$	249,348		$	160,490		$	108,869		$	201,042
Working capital	719,297			685,403			611,372			554,164			475,768
Total assets	2,321,858			1,987,867			1,924,955			1,828,387			1,652,010
Total debt, including capital leases, excluding discount on the Convertible Notes	322,300			178,489			256,101			253,400			350,486
Total EnerSys stockholders’ equity	1,246,402			1,169,401			1,032,195			974,331			779,897

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ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion and analysis of our results of operations and financial condition for the fiscal years ended March 31, 2014, 2013, and 2012, should be read in conjunction with our audited consolidated financial statements and the notes to those statements included in Item 8, Financial Statements and Supplementary Data, of this Annual Report on Form 10-K. Our discussion contains forward-looking statements based upon current expectations that involve risks and uncertainties, such as our plans, objectives, opinions, expectations, anticipations and intentions and beliefs. Actual results and the timing of events could differ materially from those anticipated in those forward-looking statements as a result of a number of factors. See “Cautionary Note Regarding Forward-Looking Statements,” “Business” and “Risk Factors,” sections elsewhere in this Annual Report on Form 10-K. In the following discussion and analysis of results of operations and financial condition, certain financial measures may be considered “non-GAAP financial measures” under Securities and Exchange Commission rules. These rules require supplemental explanation and reconciliation, which is provided in this Annual Report on Form 10-K.

EnerSys’ management uses the non-GAAP measures, EBITDA and Adjusted EBITDA, in its computation of compliance with loan covenants. These measures, as used by EnerSys, adjust net earnings determined in accordance with GAAP for interest, taxes, depreciation and amortization, and certain charges or credits as permitted by our credit agreements, that were recorded during the periods presented.

EnerSys’ management uses the non-GAAP measures, Primary Working Capital and Primary Working Capital Percentage (see definition in “Overview” below) along with capital expenditures, in its evaluation of business segment cash flow and financial position performance.

These non-GAAP disclosures have limitations as analytical tools, should not be viewed as a substitute for cash flow or operating earnings determined in accordance with GAAP, and should not be considered in isolation or as a substitute for analysis of the Company’s results as reported under GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. This supplemental presentation should not be construed as an inference that the Company’s future results will be unaffected by similar adjustments to operating earnings determined in accordance with GAAP.

Overview

EnerSys (the “Company,” “we,” or “us”) is the world’s largest manufacturer, marketer and distributor of industrial batteries. We also manufacture, market and distribute products such as battery chargers, power equipment, battery accessories, and outdoor equipment enclosure solutions. Additionally, we provide related aftermarket and customer-support services for our products. We market our products globally to over 10,000 customers in more than 100 countries through a network of distributors, independent representatives and our internal sales force.

We operate and manage our business in three geographic regions of the world—Americas, EMEA and Asia, as described below. Our business is highly decentralized with manufacturing locations throughout the world. More than half of our manufacturing capacity is located outside the United States, and approximately 60% of our net sales were generated outside the United States. The Company has three reportable business segments based on geographic regions, defined as follows:

• Americas, which includes North and South America, with our segment headquarters in Reading, Pennsylvania, USA;

• EMEA, which includes Europe, the Middle East and Africa, with our segment headquarters in Zurich, Switzerland; and

• Asia, which includes Asia, Australia and Oceania, with our segment headquarters in Singapore.

We evaluate business segment performance based primarily upon operating earnings exclusive of highlighted items. Highlighted items are those that the Company deems are not indicative of ongoing operating results, including those charges that the Company incurs as a result of restructuring activities and those charges and credits that are not directly related to ongoing business segment performance. All corporate and centrally incurred costs are allocated to the business segments based principally on net sales. We evaluate business segment cash flow and financial position performance based primarily upon capital expenditures and primary working capital levels (see definition of primary working capital in “Liquidity and Capital Resources” below). Although we monitor the three elements of primary working capital (receivables, inventory and payables), our primary focus is on the total amount due to the significant impact it has on our cash flow.

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Our management structure, financial reporting systems, and associated internal controls and procedures, are all consistent with our three geographic business segments. We report on a March 31 fiscal year-end. Our financial results are largely driven by the following factors:

• global economic conditions and general cyclical patterns of the industries in which our customers operate;

• changes in our selling prices and, in periods when our product costs increase, our ability to raise our selling prices to pass such cost increases through to our customers;

• the extent to which we are able to efficiently utilize our global manufacturing facilities and optimize our capacity;

• the extent to which we can control our fixed and variable costs, including those for our raw materials, manufacturing, distribution and operating activities;

• changes in our level of debt and changes in the variable interest rates under our credit facilities; and

• the size and number of acquisitions and our ability to achieve their intended benefits.

We have two primary product lines: reserve power products and motive power products. Net sales classifications by product line are as follows:

• Reserve power products are used for backup power for the continuous operation of critical applications in telecommunications systems, uninterruptible power systems, or “UPS” applications for computer and computer-controlled systems, and other specialty power applications, including security systems, premium starting, lighting and ignition applications, in switchgear, electrical control systems used in electric utilities, large-scale energy storage, energy pipelines, in commercial aircraft, satellites, military aircraft, submarines, ships and tactical vehicles. Reserve power products also include thermally managed cabinets and enclosures for electronic equipment and batteries.

• Motive power products are used to provide power for electric industrial forklifts used in manufacturing, warehousing and other material handling applications as well as mining equipment, diesel locomotive starting and other rail equipment.

During fiscal 2014, we completed the acquisition of Purcell Systems, Inc., a designer, manufacturer and marketer of thermally managed electronic equipment and battery cabinet enclosures, headquartered in Spokane, Washington. We also completed the acquisition of Quallion LLC, a manufacturer of lithium ion cells and batteries for high integrity applications including implantable medical devices, defense, aviation and space, headquartered in Sylmar, California. Additionally, we completed the acquisition of UTS Holdings Sdn. Bhd. and its subsidiaries, a distributor of motive and reserve power battery products and services, headquartered in Kuala Lumpur, Malaysia.

Current Market Conditions

Economic Climate

Recent indicators continue to suggest a mixed trend in economic activity among the different geographical regions. The Americas economic activity continues to strengthen. Our overall Asia region's economic growth is slowing but has been positively impacted by increased capital spending in telecommunications. The EMEA economy appears to have stabilized and should experience flat to moderate growth.

Volatility of Commodities and Foreign Currencies

Our most significant commodity and foreign currency exposures are related to lead and the euro. Historically, volatility of commodity costs and foreign currency exchange rates have caused large swings in our production costs. As the global economic climate changes, we anticipate that our commodity costs may continue to fluctuate as they have in the past several years. Overall, on a consolidated basis, we have experienced stable trends more recently in our revenue and order rates and commodity cost changes have not been substantial.

Customer Pricing

Our selling prices fluctuated during the last several years to offset the volatile cost of commodities. Approximately 35% of our revenue is currently subject to agreements that adjust pricing to a market-based index for lead. During fiscal 2014, our selling prices increased slightly, compared to the comparable prior year periods.

Liquidity and Capital Resources

We believe that our financial position is strong and we have substantial liquidity with $240 million of available cash and cash equivalents and undrawn committed and uncommitted credit lines of approximately $360 million at March 31, 2014 to cover

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short-term liquidity requirements and anticipated growth in the foreseeable future. Our $350 million 2011 senior secured revolving credit facility (“2011 Credit Facility”), which we entered into in March 2011, is committed through September 2018 as long as we continue to comply with its covenants and conditions. The facility includes an early termination provision under which the Company is required to meet a liquidity test in February 2015 related to its capacity to meet certain potential funding obligations of the $172.5 million Convertible Notes in June 2015 at a conversion price of $40.26. It is our current intent to settle the principal amount of any such conversion in cash, and any additional optional conversions in cash, shares of EnerSys common stock or a combination of cash and shares.

Current market conditions related to our liquidity and capital resources are favorable. In August 2013, we amended our 2011 Credit Facility gaining additional flexibility in terms and extending maturity to September 2018. We believe current conditions remain favorable for the Company to have continued positive cash flow from operations that, along with available cash and cash equivalents and our undrawn lines of credit, will be sufficient to fund our capital expenditures, acquisitions and other investments for growth.

The Convertible Notes became convertible at the option of the holders effective January 2, 2014, as described in Note 8. If the Convertible Notes holders would exercise their conversion rights, we would pay the principal amount by drawing on our cash balances and our $350 million 2011 Credit Facility and, at our election, issue shares or pay cash for any remaining value.

Other than the 2011 Credit Facility and the Convertible Notes, we have no other significant amount of long-term debt maturing in the near future.

Our leverage has increased in fiscal 2014 mainly due to increased acquisitions activity, initiation of quarterly dividend payments and continuation of our share repurchase program. We believe that our strong capital structure and liquidity affords us access to capital for future acquisition and stock repurchase opportunities and continued dividend payments.

A substantial majority of the Company’s cash and investments are held by foreign subsidiaries and are considered to be indefinitely reinvested and expected to be utilized to fund local operating activities, capital expenditure requirements and acquisitions. The Company believes that it has sufficient sources of domestic and foreign liquidity.

Cost Savings Initiatives-Restructuring

Cost savings programs remain a continuous element of our business strategy and are directed primarily at further reductions in plant manufacturing (labor and overhead), raw material costs and our operating expenses (primarily selling, general and administrative). In order to realize cost savings benefits for a majority of these initiatives, costs are incurred either in the form of capital expenditures, funding the cash obligations of previously recorded restructuring expenses or current period expenses.

During fiscal 2011, we began further restructuring programs related to our EMEA operations, including distribution, which after completion at the end of fiscal 2013, resulted in the reduction of approximately 60 employees with annual pre-tax savings of $4.0 million.

During fiscal 2012, we announced restructuring programs related to our operations in EMEA, primarily consisting of the transfer of manufacturing of select products between certain of our manufacturing operations and restructuring of our selling, general and administrative operations. These actions, which after completion during the second quarter of fiscal 2014, resulted in the reduction of approximately 85 employees with an estimated annual savings of $6.0 million. Our fiscal 2014 operating results reflected the vast majority of the estimated $6.0 million favorable annualized pre-tax earnings impact of the fiscal 2012 programs.

During fiscal 2013, the Company announced further restructurings related to improving the efficiency of its manufacturing operations in EMEA, primarily consisting of cash expenses for employee severance-related payments and non-cash expenses associated with the write-off of certain fixed assets and inventory. The Company estimates that these actions will result in the reduction of approximately 130 employees upon completion. Our fiscal 2014 operating results reflect approximately $4.0 million of the estimated $7.0 million of favorable annualized pre-tax earnings impact of the fiscal 2013 programs. The Company expects to be committed to an additional $0.7 million of restructuring charges related to these programs during fiscal 2015, and expects to complete the program during fiscal 2015.

During fiscal 2014, the Company announced additional restructuring programs to improve the efficiency of its manufacturing, sales and engineering operations in EMEA including the restructuring of its manufacturing operations in Bulgaria. The restructuring of the Bulgaria operations was announced during the third quarter of fiscal 2014 and consists of the transfer of motive power and a portion of reserve power battery manufacturing to the Company's facilities in Western Europe. The Company estimates that the total charges for all actions announced during fiscal 2014 will amount to approximately $26.5 million, primarily from non-cash charges related to the write-off of fixed assets and inventory of approximately $12.0 million, along with cash charges for employee severance-related payments and other charges of $14.5 million. The Company estimates that these actions will result in the reduction of approximately 510 employees upon completion. Our fiscal 2014 operating results reflect approximately $1.0 million of the total estimated $20.0 million of favorable annualized pre-tax earnings impact

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of the fiscal 2014 programs. The Company expects to be committed to an additional $7.5 million of restructuring charges related to these programs during fiscal 2015, and expects to complete the program during fiscal 2015.

Critical Accounting Policies and Estimates

Our significant accounting policies are described in Notes to Consolidated Financial Statements in Item 8. In preparing our financial statements, management is required to make estimates and assumptions that, among other things, affect the reported amounts in the Consolidated Financial Statements and accompanying notes. These estimates and assumptions are most significant where they involve levels of subjectivity and judgment necessary to account for highly uncertain matters or matters susceptible to change, and where they can have a material impact on our financial condition and operating performance. We discuss below the more significant estimates and related assumptions used in the preparation of our consolidated financial statements. If actual results were to differ materially from the estimates made, the reported results could be materially affected.

Revenue Recognition

We recognize revenue when the earnings process is complete. This occurs when risk and title transfers, collectibility is reasonably assured and pricing is fixed or determinable. Shipment terms to our battery product customers are either shipping point or destination and do not differ significantly between our business segments of the world. Accordingly, revenue is recognized when risk and title is transferred to the customer. Amounts invoiced to customers for shipping and handling are classified as revenue. Taxes on revenue producing transactions are not included in net sales.

We recognize revenue from the service of reserve power and motive power products when the respective services are performed.

Management believes that the accounting estimates related to revenue recognition are critical accounting estimates because they require reasonable assurance of collection of revenue proceeds and completion of all performance obligations. Also, revenues are recorded net of provisions for sales discounts and returns, which are established at the time of sale. These estimates are based on our past experience.

Asset Impairment Determinations

We test for the impairment of our goodwill and indefinite-lived trademarks at least annually and whenever events or circumstances occur indicating that a possible impairment has been incurred. We utilize financial projections, certain cash flow measures, as well as our market capitalization in the determination of the estimated fair value of these assets.

With respect to our other long-lived assets other than goodwill and indefinite-lived trademarks, we test for impairment when indicators of impairment are present. An asset is considered impaired when the undiscounted estimated net cash flows expected to be generated by the asset are less than its carrying amount. The impairment recognized is the amount by which the carrying amount exceeds the fair value of the impaired asset.

In making future cash flow analyses of goodwill and other long-lived assets, we make assumptions relating to the following:

• the intended use of assets and the expected future cash flows resulting directly from such use;

• industry-specific economic conditions;

• competitor activities and regulatory initiatives; and

• client and customer preferences and patterns.

We believe that an accounting estimate relating to asset impairment is a critical accounting estimate because the assumptions underlying future cash flow estimates are subject to change from time to time and the recognition of an impairment could have a material impact on our financial statements.

Litigation and Claims

From time to time, the Company has been or may be a party to various legal actions and investigations including, among others, employment matters, compliance with government regulations, federal and state employment laws, including wage and hour laws, contractual disputes and other matters, including matters arising in the ordinary course of business. These claims may be brought by, among others, governments, customers, suppliers and employees. Management considers the measurement of litigation reserves as a critical accounting estimate because of the significant uncertainty in some cases relating to the outcome of potential claims or litigation and the difficulty of predicting the likelihood and range of potential liability involved, coupled with the material impact on our results of operations that could result from litigation or other claims.

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In determining legal reserves, management considers, among other issues:

• interpretation of contractual rights and obligations;

• the status of government regulatory initiatives, interpretations and investigations;

• the status of settlement negotiations;

• prior experience with similar types of claims;

• whether there is available insurance coverage; and

• advice of outside counsel.

Environmental Loss Contingencies

Accruals for environmental loss contingencies (i.e., environmental reserves) are recorded when it is probable that a liability has been incurred and the amount can reasonably be estimated. Management views the measurement of environmental reserves as a critical accounting estimate because of the considerable uncertainty surrounding estimation, including the need to forecast well into the future. From time to time, we may be involved in legal proceedings under federal, state and local, as well as international environmental laws in connection with our operations and companies that we have acquired. The estimation of environmental reserves is based on the evaluation of currently available information, prior experience in the remediation of contaminated sites and assumptions with respect to government regulations and enforcement activity, changes in remediation technology and practices, and financial obligations and creditworthiness of other responsible parties and insurers.

Warranty

We record a warranty reserve for possible claims against our product warranties, which generally run for a period ranging from one to twenty years for our reserve power batteries and for a period ranging from one to seven years for our motive power batteries. The assessment of the adequacy of the reserve includes a review of open claims and historical experience.

Management believes that the accounting estimate related to the warranty reserve is a critical accounting estimate because the underlying assumptions used for the reserve can change from time to time and warranty claims could potentially have a material impact on our results of operations.

Allowance for Doubtful Accounts

We encounter risks associated with sales and the collection of the associated accounts receivable. We record a provision for accounts receivable that are considered to be uncollectible. In order to calculate the appropriate provision, management analyzes the creditworthiness of specific customers and the aging of customer balances. Management also considers general and specific industry economic conditions, industry concentration and contractual rights and obligations.

Management believes that the accounting estimate related to the allowance for doubtful accounts is a critical accounting estimate because the underlying assumptions used for the allowance can change from time to time and uncollectible accounts could potentially have a material impact on our results of operations.

Retirement Plans

We use certain assumptions in the calculation of the actuarial valuation of our defined benefit plans. These assumptions include the discount rate, expected long-term rates of return on assets and rates of increase in compensation levels. Changes in these assumptions can result in changes to the pension expense and recorded liabilities. Management reviews these assumptions at least annually. We use independent actuaries to assist us in formulating assumptions and making estimates. These assumptions are updated periodically to reflect the actual experience and expectations on a plan-specific basis, as appropriate.

For benefit plans which are funded, we establish strategic asset allocation percentage targets and appropriate benchmarks for significant asset classes with the aim of achieving a prudent balance between return and risk. We set the expected long-term rate of return based on the expected long-term average rates of return to be achieved by the underlying investment portfolios. In establishing this rate, we consider historical and expected returns for the asset classes in which the plans are invested, advice from pension consultants and investment advisors, and current economic and capital market conditions. The expected return on plan assets is incorporated into the computation of pension expense. The difference between this expected return and the actual return on plan assets is deferred and will affect future net periodic pension costs through subsequent amortization.

We believe that the current assumptions used to estimate plan obligations and annual expense are appropriate in the current economic environment. However, if economic conditions change materially, we may change our assumptions, and the resulting change could have a material impact on the consolidated statements of income and on the consolidated balance sheets.

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Equity-Based Compensation

We recognize compensation cost relating to equity-based payment transactions by using a fair-value measurement method whereby all equity-based payments to employees, including grants of restricted stock units, stock options and market share units, are recognized as compensation expense based on fair value at grant date over the requisite service period of the awards. We determine the fair value of restricted stock units based on the quoted market price of our common stock on the date of grant. The fair value of stock options is determined using the Black-Scholes option-pricing model, which uses both historical and current market data to estimate the fair value. The fair value of market share units is estimated at the date of grant using a binomial lattice model. Both models incorporate various assumptions such as the risk-free interest rate, expected volatility, expected dividend yield and expected life of the awards. When estimating the requisite service period of the awards, we consider many related factors including types of awards, employee class, and historical experience. Actual results, and future changes in estimates of the requisite service period may differ substantially from our current estimates.

Income Taxes

Our effective tax rate is based on pretax income, statutory tax rates and tax planning opportunities available in the various jurisdictions in which we operate. We account for income taxes in accordance with applicable guidance on accounting for income taxes, which requires that deferred tax assets and liabilities be recognized using enacted tax rates for the effect of temporary differences between book and tax bases on recorded assets and liabilities. Accounting guidance also requires that deferred tax assets be reduced by a valuation allowance, when it is more likely than not that a tax benefit will not be realized.

The recognition and measurement of a tax position is based on management’s best judgment given the facts, circumstances and information available at the reporting date. We evaluate tax positions to determine whether the benefits of tax positions are more likely than not of being sustained upon audit based on the technical merits of the tax position. For tax positions that are more likely than not of being sustained upon audit, we recognize the largest amount of the benefit that is greater than 50% likely of being realized upon ultimate settlement in the financial statements. For tax positions that are not more likely than not of being sustained upon audit, we do not recognize any portion of the benefit in the financial statements. If the more likely than not threshold is not met in the period for which a tax position is taken, we may subsequently recognize the benefit of that tax position if the tax matter is effectively settled, the statute of limitations expires, or if the more likely than not threshold is met in a subsequent period.

We evaluate, on a quarterly basis, our ability to realize deferred tax assets by assessing our valuation allowance and by adjusting the amount of such allowance, if necessary. The factors used to assess the likelihood of realization are our forecast of future taxable income and available tax planning strategies that could be implemented to realize the net deferred tax assets.

To the extent we prevail in matters for which reserves have been established, or are required to pay amounts in excess of our reserves, our effective tax rate in a given financial statement period could be materially affected. An unfavorable tax settlement would require use of cash and result in an increase in the effective tax rate in the year of resolution. A favorable tax settlement would be recognized as a reduction in our effective tax rate in the year of resolution.

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Results of Operations—Fiscal 2014 Compared to Fiscal 2013

The following table presents summary consolidated statement of income data for fiscal year ended March 31, 2014, compared to fiscal year ended March 31, 2013:

	Fiscal 2014					Fiscal 2013					Increase (Decrease)
	In Millions			As % Net Sales		In Millions			As % Net Sales		In     Millions			%
Net sales	$	2,474.4		100.0	%	$	2,277.6		100.0	%	$	196.8		8.6	%
Cost of goods sold	1,844.8			74.6		1,708.2			75.0		136.6			8.0
Gross profit	629.6			25.4		569.4			25.0		60.2			10.6
Operating expenses	344.4			13.9		312.3			13.7		32.1			10.3
Restructuring and other exit charges	27.4			1.1		7.2			0.3		20.2			NM
Legal proceedings charge	58.2			2.3		—			—		58.2			NM
Goodwill impairment charge	5.2			0.2		—			—		5.2			NM
Operating earnings	194.4			7.9		249.9			11.0		(55.5		)	(22.2	)
Interest expense	17.1			0.7		18.7			0.8		(1.6		)	(8.6	)
Other (income) expense, net	13.6			0.6		0.9			0.1		12.7			NM
Earnings before income taxes	163.7			6.6		230.3			10.1		(66.6		)	(28.9	)
Income tax expense	17.0			0.7		65.3			2.9		(48.3		)	(74.0	)
Net earnings	146.7			5.9		165.0			7.2		(18.3		)	(11.0	)
Net losses attributable to noncontrolling interests	(3.6		)	(0.1	)	(1.5		)	(0.1	)	(2.1		)	NM
Net earnings attributable to EnerSys stockholders	$	150.3		6.0	%	$	166.5		7.3	%	$	(16.2	)	(9.7	)%

 NM = not meaningful

Overview

Our sales in fiscal 2014 were $2.5 billion, an 8.6% increase from prior year's sales primarily due to improvement in organic volume and acquisitions of approximately 5% and 3%, respectively. Gross margin percentage in fiscal 2014 increased by 40 basis points to 25.4% compared to fiscal 2013, mainly due to organic volume of 5% and improved pricing offsetting increased commodity costs. Our fourth quarter gross margin was the highest compared to other quarters in the fiscal year.

A discussion of specific fiscal 2014 versus fiscal 2013 operating results follows, including an analysis and discussion of the results of our reportable segments.

Net Sales

Net sales by reportable segment were as follows:

	Fiscal 2014				Fiscal 2013				Increase (Decrease)
	In Millions		% Net Sales		In Millions		% Net Sales		In Millions		%
Americas	$	1,267.6	51.2	%	$	1,126.9	49.5	%	$	140.7	12.5	%
EMEA	966.1		39.1		926.2		40.7		39.9		4.3
Asia	240.7		9.7		224.5		9.8		16.2		7.2
Total net sales	$	2,474.4	100.0	%	$	2,277.6	100.0	%	$	196.8	8.6	%

The Americas segment’s revenue increased by $140.7 million or 12.5% in fiscal 2014, as compared to fiscal 2013, primarily due to an increase in organic volume, acquisitions and pricing of approximately 7%, 5% and 1%, respectively, partially offset by a negative currency translation impact of approximately 1%.

The EMEA segment’s revenue increased by $39.9 million or 4.3% in fiscal 2014, as compared to fiscal 2013 primarily due to an increase of 1% each in organic volume and pricing and a 2% increase due to currency translation impact.

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The Asia segment’s revenue increased by $16.2 million or 7.2% in fiscal 2014 as compared to fiscal 2013. Higher organic volume and acquisitions contributed approximately 10% and 2%, respectively, partially offset by a decrease in pricing and currency translation impact of approximately 2% and 3%, respectively.

Net sales by product line were as follows:

	Fiscal 2014				Fiscal 2013				Increase (Decrease)
	In Millions		As % Net Sales		In Millions		As % Net Sales		In Millions		%
Reserve power	$	1,234.5	49.9	%	$	1,119.1	49.1	%	$	115.4	10.3	%
Motive power	1,239.9		50.1		1,158.5		50.9		81.4		7.0
Total net sales	$	2,474.4	100.0	%	$	2,277.6	100.0	%	$	196.8	8.6	%

Sales in our reserve power product line increased in fiscal 2014 by $115.4 million or 10.3% compared to the prior year primarily due to acquisitions, higher organic volume and pricing which contributed approximately 6%, 4% and 1%, respectively, offset by negative currency translation impact of 1%.

Sales in our motive power product line increased in fiscal 2014 by $81.4 million or 7.0% compared to the prior year primarily due to higher organic volume of approximately 6%.

Gross Profit

	Fiscal 2014				Fiscal 2013				Increase (Decrease)
	In Millions		As % Net Sales		In Millions		As % Net Sales		In Millions		%
Gross profit	$	629.6	25.4	%	$	569.4	25.0	%	$	60.2	10.6	%

Gross profit increased $60.2 million or 10.6% in fiscal 2014 compared to fiscal 2013. Gross profit, excluding the effect of foreign currency translation, increased $63 million or 11.1% in fiscal 2014 compared to fiscal 2013. This increase is primarily attributed to lower manufacturing costs resulting from higher volume and prior year's restructuring activities along with improved pricing. We have made great efforts to sustain gross margin and continue to focus on a wide variety of sales initiatives, which include improving product mix to higher margin products and obtaining appropriate pricing for products relative to our costs. At the same time, we continue to focus on cost savings initiatives such as relocating production to low cost facilities and implementing more automation in our manufacturing plants.

Operating Items

	Fiscal 2014				Fiscal 2013				Increase (Decrease)
	In Millions		As % Net Sales		In Millions		As % Net Sales		In Millions		%
Operating expenses	$	344.4	13.9	%	$	312.3	13.7	%	$	32.1	10.3	%
Restructuring and other exit charges	27.4		1.1		7.2		0.3		20.2		NM
Legal proceedings charge	58.2		2.3		—		—		58.2		NM
Goodwill impairment charge	5.2		0.2		—		—		5.2		NM

NM = not meaningful

Operating Expenses

Operating expenses increased $32.1 million or 10.3% in fiscal 2014 from fiscal 2013. Operating expenses, excluding the effect of foreign currency translation, increased $33.1 million or 10.6% in fiscal 2014 compared to fiscal 2013. As a percentage of sales, operating expenses increased from 13.7% in fiscal 2013 to 13.9% in fiscal 2014 partially as a result of higher payroll related costs, including stock compensation expense.

Restructuring and other exit charges

In fiscal 2014, we recorded $27.4 million of restructuring charges, primarily for staff reductions and write-off of fixed assets and inventory in EMEA including relocating our motive power and a portion of our reserve power manufacturing from

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Bulgaria to our facilities in Western Europe. Included in these charges are exit charges of $5.6 million related to certain operations in Europe.

In fiscal 2013, we recorded $7.2 million of restructuring charges, primarily for staff reductions and asset write-offs in Europe and Asia.

The fiscal 2013 and 2014 restructuring programs are expected to incur additional restructuring charges of approximately $8.2 million during fiscal 2015.

Legal proceedings charge

In the fourth quarter of fiscal 2014, we recorded a $58.2 million legal proceedings charge in connection with an adverse arbitration result involving disputes between our wholly-owned subsidiary, EnerSys Delaware Inc. (“EDI”), and Altergy Systems (“Altergy”). EDI and Altergy were parties to a Supply and Distribution Agreement (the “SDA”) pursuant to which EDI was, among other things, granted the exclusive right to distribute and sell certain fuel cell products manufactured by Altergy for various applications throughout the United States. Commencing in 2011, various disputes arose and, because of the mandatory arbitration provision in the SDA, an arbitration action was filed by EDI in November 2012 seeking arbitration of claims relating to the SDA. In February 2013, EDI terminated the SDA. Following unsuccessful attempts to resolve their disputes by mediation in July 2013, the parties moved forward with arbitration in August 2013, where each party asserted various claims against the other.

After discovery, a hearing and post-hearing submissions by each party, on May 13, 2014, the arbitration panel issued an award in favor of Altergy. As a result, the arbitration panel concluded that Altergy should recover $58.2 million in net money damages from EDI. On May 13, 2014, Altergy filed a petition with the U.S. District Court for the Northern District of California seeking to confirm the arbitration panel award as well as post-award, prejudgment interest at the rate of 5.75% and post-judgment interest at the applicable federal statutory rate.

We are currently reviewing our options with our legal counsel to challenge this award, however there can be no assurances that a challenge, if and when made, will ultimately be successful. The full amount of the award was recorded in the fourth quarter of fiscal 2014 with an after tax expense of approximately $35.7 million. Adjustments to the accrual may be made in future periods depending on the outcome of any challenge.

Goodwill impairment charge

Goodwill is tested annually for impairment during the fourth quarter or earlier upon the occurrence of certain events or substantive changes in circumstances that indicate goodwill is more likely than not impaired. During the third quarter of fiscal 2014, we determined that the fair value of our subsidiary in India, which was acquired in fiscal 2012, was less than its carrying amount based on our analysis of the estimated future expected cash flows we anticipate from the operations of this subsidiary. Accordingly, we recorded a non-cash charge of $5.2 million for goodwill impairment relating to this subsidiary (see Note 5 to the Consolidated Financial Statements).

Operating Earnings

Operating earnings by segment were as follows:

	Fiscal 2014				Fiscal 2013				Increase (Decrease)
	In Millions		As % Net Sales(1)		In Millions		As % Net Sales(1)		In Millions			%
Americas	$	179.1	14.1	%	$	171.7	15.3	%	$	7.4		4.2	%
EMEA	84.9		8.8		64.2		6.9		20.7			32.6
Asia	21.2		8.8		21.2		9.4		—			0.3
Subtotal	285.2		11.5		257.1		11.3		28.1			11.0
Restructuring charges-EMEA	27.1		2.8		4.5		0.5		22.6			NM
Restructuring charges-Asia	0.3		0.1		2.7		1.2		(2.4		)	NM
Legal proceedings charge-Americas	58.2		4.6		—		—		58.2			NM
Goodwill impairment charge-Asia	5.2		2.2		—		—		5.2			NM
Total	$	194.4	7.9	%	$	249.9	11.0	%	$	(55.5	)	(22.2	)%

  NM = not meaningful

(1) The percentages shown for the segments are computed as a percentage of the applicable segment’s net sales.

30

Fiscal 2014 operating earnings of $194.4 million were $55.5 million lower than in fiscal 2013 and were 7.9% of sales. Fiscal 2014 operating earnings were favorably affected by organic volume, acquisitions, our continuing cost savings programs and our pricing actions catching up to commodity cost increases in early fiscal 2014. The unfavorable arbitration ruling of $58.2 million offset those other benefits. Fiscal 2014 and 2013 operating earnings included $27.4 million and $7.2 million, respectively, of restructuring charges and $1.9 million and $0.3 million, respectively, for acquisition activity related expense.

The Americas segment’s operating earnings, excluding the highlighted items discussed above, increased $7.4 million or 4.2% in fiscal 2014, with the operating margin decreasing 120 basis points to 14.1%. This decrease of operating margin in our Americas segment is primarily due to an increase in commodity costs and unfavorable product mix partially offset by improved pricing and volume.

The EMEA segment’s operating earnings, excluding the highlighted items discussed above, increased $20.7 million or 32.6% in fiscal 2014 compared to fiscal 2013. Benefits of the restructuring programs on both production and operating expenses and better pricing and customer mix drove the improvements.

Operating earnings in Asia, excluding the highlighted items discussed above, remained flat in fiscal 2014 in comparison to fiscal 2013, with the operating margin as a percentage of sales decreasing by 60 basis points to 8.8%. The decrease in our Asia segment margins in fiscal 2014 was primarily attributable to unfavorable customer mix.

Interest Expense

	Fiscal 2014				Fiscal 2013				Increase (Decrease)
	In Millions		As % Net Sales		In Millions		As % Net Sales		In Millions			%
Interest expense	$	17.1	0.7	%	$	18.7	0.8	%	$	(1.6	)	(8.6	)%

Interest expense of $17.1 million in fiscal 2014 (net of interest income of $1.0 million) was $1.6 million lower than the $18.7 million in fiscal 2013 (net of interest income of $1.4 million). The decrease in interest expense in fiscal 2014 compared to fiscal 2013 is primarily due to lower average interest rates and lower average debt outstanding, partially offset by increased accreted interest on Convertible Notes.

Our average debt outstanding (including the average amount of the Convertible Notes discount of $13.5 million) was $236.9 million in fiscal 2014, compared to our average debt outstanding (including the average amount of the Convertible Notes discount of $20.8 million) of $246.3 million in fiscal 2013. Our average cash interest rate incurred in fiscal 2014 was 3.5% compared to 4.2% in fiscal 2013.

Included in interest expense is non-cash, accreted interest on the Convertible Notes of $7.6 million in fiscal 2014 and $7.0 million in fiscal 2013. Also included in interest expense are non-cash charges related to amortization of deferred financing fees of $1.1 million in fiscal 2014 and $1.3 million in fiscal 2013.

Other (Income) Expense, Net

	Fiscal 2014				Fiscal 2013				Increase (Decrease)
	In Millions		As % Net Sales		In Millions		As % Net Sales		In Millions		%
Other (income) expense, net	$	13.6	0.6	%	$	0.9	0.1	%	$	12.7	NM

NM = not meaningful

Other (income) expense, net was expense of $13.6 million in fiscal 2014 compared to expense of $0.9 million in fiscal 2013. The unfavorable impact in fiscal 2014 is mainly attributable to write-offs relating to non-operating assets and other charges of $6.5 million and higher foreign currency losses of $5.8 million compared to foreign currency losses of $1.9 million in fiscal 2013. The prior year also included insurance recoveries of $1.8 million.

31

Earnings Before Income Taxes

	Fiscal 2014				Fiscal 2013				Increase (Decrease)
	In Millions		As % Net Sales		In Millions		As % Net Sales		In Millions			%
Earnings before income taxes	$	163.7	6.6	%	$	230.3	10.1	%	$	(66.6	)	(28.9	)%

As a result of the factors discussed above, fiscal 2014 earnings before income taxes were $163.7 million, a decrease of $66.6 million or 28.9% compared to fiscal 2013.

Income Tax Expense

	Fiscal 2014					Fiscal 2013					Increase (Decrease)
	In Millions			As % Net Sales		In Millions			As % Net Sales		In Millions			%
Income tax expense	$	17.0		0.7	%	$	65.3		2.9	%	$	(48.3	)	(74.0	)%
Effective tax rate	10.4		%			28.4		%

The Company’s income tax provisions consist of federal, state and foreign income taxes. The effective income tax rate was 10.4% in fiscal 2014 compared to the fiscal 2013 effective tax rate of 28.4%. The rate decrease in fiscal 2014 as compared to fiscal 2013 is primarily due to the reversal of a previously recognized deferred tax valuation allowance related to one of our foreign subsidiaries of $24.9 million and changes in the mix of earnings among tax jurisdictions, which were significantly impacted by a legal proceedings charge recorded in the fourth quarter of fiscal 2014. The valuation allowance release is the result of an operational restructuring approved during the third quarter of fiscal 2014.

Results of Operations—Fiscal 2013 Compared to Fiscal 2012

The following table presents summary consolidated statement of income data for fiscal year ended March 31, 2013, compared to fiscal year ended March 31, 2012:

	Fiscal 2013					Fiscal 2012					Increase (Decrease)
	In Millions			As % Net Sales		In Millions			As % Net Sales		In     Millions			%
Net sales	$	2,277.6		100.0	%	$	2,283.4		100.0	%	$	(5.8	)	(0.3	)%
Cost of goods sold	1,708.2			75.0		1,770.7			77.6		(62.5		)	(3.5	)
Gross profit	569.4			25.0		512.7			22.4		56.7			11.0
Operating expenses	312.3			13.7		297.8			13.0		14.5			4.9
Restructuring charges	7.2			0.3		5.0			0.2		2.2			43.6
Legal proceedings settlement income	—			—		(0.9		)	(0.1	)	0.9			NM
Operating earnings	249.9			11.0		210.8			9.3		39.1			18.5
Interest expense	18.7			0.8		16.5			0.7		2.2			13.6
Other (income) expense, net	0.9			0.1		3.1			0.2		(2.2		)	(70.1	)
Earnings before income taxes	230.3			10.1		191.2			8.4		39.1			20.4
Income tax expense	65.3			2.9		47.3			2.1		18.0			38.0
Net earnings	165.0			7.2		143.9			6.3		21.1			14.6
Net losses attributable to noncontrolling interests	(1.5		)	(0.1	)	(0.1		)	—		(1.4		)	NM
Net earnings attributable to EnerSys stockholders	$	166.5		7.3	%	$	144.0		6.3	%	$	22.5		15.6	%

NM = not meaningful

32

Overview

Our sales in fiscal 2013 were relatively flat at approximately $2.3 billion compared to prior year sales. Acquisitions and improvement in organic volume contributed approximately 2% and 1%, respectively, and were offset by a 3% decrease due to foreign currency translation impact. Despite sales being relatively flat, the gross margin percentage in fiscal 2013 was up 260 basis points at 25.0% versus 22.4% in fiscal 2012, due mainly to lower commodity costs.

A discussion of specific fiscal 2013 versus fiscal 2012 operating results follows, including an analysis and discussion of the results of our reportable segments.

Net Sales

Net sales by reportable segment were as follows:

	Fiscal 2013				Fiscal 2012				Increase (Decrease)
	In Millions		% Net Sales		In Millions		% Net Sales		In Millions			%
Americas	$	1,126.9	49.5	%	$	1,082.8	47.4	%	$	44.1		4.1	%
EMEA	926.2		40.7		995.4		43.6		(69.2		)	(7.0	)
Asia	224.5		9.8		205.2		9.0		19.3			9.4
Total net sales	$	2,277.6	100.0	%	$	2,283.4	100.0	%	$	(5.8	)	(0.3	)%

The Americas segment’s revenue increased by $44.1 million or 4.1% in fiscal 2013, as compared to fiscal 2012, primarily due to an increase in organic volume and acquisitions of approximately 3% and 2%, respectively, partially offset by a negative currency translation impact of approximately 1%.

The EMEA segment’s revenue decreased by $69.2 million or 7.0% in fiscal 2013, as compared to fiscal 2012. A negative currency translation impact of approximately 6% combined with a decrease in organic volume and pricing of approximately 2% and 1%, respectively, partially offset by a 2% increase from acquisitions resulted in the decreased revenue.

The Asia segment’s revenue increased by $19.3 million or 9.4% in fiscal 2013 as compared to fiscal 2012. Higher organic volume and acquisitions contributed approximately 5% and 7%, respectively, partially offset by a decrease in both pricing and currency translation impact of approximately 1%.

Net sales by product line were as follows:

	Fiscal 2013				Fiscal 2012				Increase (Decrease)
	In Millions		As % Net Sales		In Millions		As % Net Sales		In Millions			%
Reserve power	$	1,119.1	49.1	%	$	1,092.7	47.9	%	$	26.4		2.4	%
Motive power	1,158.5		50.9		1,190.7		52.1		(32.2		)	(2.7	)
Total net sales	$	2,277.6	100.0	%	$	2,283.4	100.0	%	$	(5.8	)	(0.3	)%

Sales in our reserve power product line increased in fiscal 2013 by $26.4 million or 2.4% compared to the prior year primarily due to acquisitions and higher organic volume which contributed approximately 3% each, offset by negative currency translation impact and price decreases of approximately 3% and 1%, respectively.

Sales in our motive power product line decreased in fiscal 2013 by $32.2 million or 2.7% compared to the prior year primarily due to currency translation impact and decrease in organic volume of approximately 3% and 1%, respectively, partially offset by a 1% increase due to acquisitions.

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Gross Profit

	Fiscal 2013				Fiscal 2012				Increase (Decrease)
	In Millions		As % Net Sales		In Millions		As % Net Sales		In Millions		%
Gross profit	$	569.4	25.0	%	$	512.7	22.4	%	$	56.7	11.0	%

Gross profit increased $56.7 million or 11.0% in fiscal 2013 compared to fiscal 2012. Gross profit, excluding the effect of foreign currency translation, increased $69 million or 13.4% in fiscal 2013 compared to fiscal 2012. This increase was primarily attributed to lower commodity costs with pricing declining slightly. We made great efforts to sustain gross margin and continued to focus on a wide variety of sales initiatives, which included improving product mix to higher margin products and obtaining appropriate pricing for products relative to our costs. At the same time, we continued to focus on cost savings initiatives such as relocating production to low cost facilities and implementing more automation in our manufacturing plants.

Operating Items

	Fiscal 2013				Fiscal 2012				Increase (Decrease)
	In Millions		As % Net Sales		In Millions		As % Net Sales		In Millions			%
Operating expenses	$	312.3	13.7	%	$	297.8	13.0	%	$	14.5		4.9	%
Restructuring charges	7.2		0.3		5.0		0.2		2.2			43.6
Legal proceedings settlement income	—		—		0.9		0.1		(0.9		)	NM

NM = not meaningful

Operating Expenses

Operating expenses increased $14.5 million or 4.9% in fiscal 2013 from fiscal 2012. Operating expenses, excluding the effect of foreign currency translation, increased $25.5 million or 8.6% in fiscal 2013 compared to fiscal 2012. As a percentage of sales, operating expenses increased from 13.0% in fiscal 2012 to 13.7% in fiscal 2013 partially as a result of higher payroll related costs, including stock compensation expense.

Restructuring Charges

In fiscal 2013, we recorded $7.2 million of restructuring charges, primarily for staff reductions and asset write-offs in Europe and Asia.

In fiscal 2012, we recorded $5.0 million of restructuring charges, primarily for staff reductions in Europe.

The fiscal 2012 and 2013 restructuring programs were expected to incur additional restructuring charges of approximately $4.0 million during fiscal 2014.

34

Operating Earnings

Operating earnings by segment were as follows:

	Fiscal 2013				Fiscal 2012					Increase (Decrease)
	In Millions		As % Net Sales(1)		In Millions			As % Net Sales(1)		In Millions			%
Americas	$	171.7	15.3	%	$	138.8		12.8	%	$	32.9		23.7	%
EMEA	64.2		6.9		63.9			6.4		0.3			0.3
Asia	21.2		9.4		12.2			5.9		9.0			74.3
Subtotal	257.1		11.3		214.9			9.4		42.2			19.6
Restructuring charges-EMEA	4.5		0.5		5.0			0.5		(0.5		)	(10.3	)
Restructuring charges-Asia	2.7		1.2		—			—		2.7			NM
Legal proceedings settlement income-EMEA	—		—		(0.9		)	(0.1	)	0.9			NM
Total	$	249.9	11.0	%	$	210.8		9.3	%	$	39.1		18.5	%

NM = not meaningful

(1) The percentages shown for the segments are computed as a percentage of the applicable segment’s net sales.

Fiscal 2013 operating earnings of $249.9 million were $39.1 million higher than in fiscal 2012 and were 11.0% of sales. Fiscal 2013 operating earnings were favorably affected by organic volume, acquisitions, our continuing cost savings programs and lower commodity costs. Fiscal 2013 and 2012 operating earnings included $7.2 million and $5.0 million, respectively, of restructuring charges and $0.3 million and $2.8 million, respectively, for acquisition activity related expense.

The Americas segment’s operating earnings increased $32.9 million or 23.7% in fiscal 2013, with the operating margin increasing 250 basis points to 15.3%. This increase of operating margin in our Americas segment was primarily due to an increase in organic volumes and decreased commodity costs and better product mix.

The EMEA segment’s operating earnings, excluding the highlighted items discussed above, increased $0.3 million or 0.3% in fiscal 2013 compared to fiscal 2012. Benefits of the restructuring programs on both production and operating expenses and lower commodity costs kept operating earnings relatively flat compared to the prior year despite the economic downturn in the region.

Operating earnings in Asia, excluding the highlighted items discussed above, increased 74.3% in fiscal 2013 in comparison to fiscal 2012, with the operating margin as a percentage of sales increasing by 350 basis points to 9.4%. The increase in our Asia segment earnings in fiscal 2013 was primarily attributable to volume increase and better product mix.

Interest Expense

	Fiscal 2013				Fiscal 2012				Increase (Decrease)
	In Millions		As % Net Sales		In Millions		As % Net Sales		In Millions		%
Interest expense	$	18.7	0.8	%	$	16.5	0.7	%	$	2.2	13.6	%

Interest expense of $18.7 million in fiscal 2013 (net of interest income of $1.4 million) was $2.2 million higher than the $16.5 million in fiscal 2012 (net of interest income of $0.9 million). The increase in interest expense in fiscal 2013 compared to fiscal 2012 was attributable primarily to higher interest expense on indebtedness in Asia and South America where we made acquisitions and higher bond accretion partially offset by lower average borrowings.

Our average debt outstanding (including the average amount of the Convertible Notes discount of $20.8 million) was $246.3 million in fiscal 2013, compared to our average debt outstanding (including the average amount of the Convertible Notes discount of $27.5 million) of $270.1 million in fiscal 2012. Our average cash interest rate incurred in fiscal 2013 was 4.2% compared to 3.1% in fiscal 2012.

Included in interest expense is non-cash, accreted interest on the Convertible Notes of $7.0 million in fiscal 2013 and $6.4 million in fiscal 2012. Also included in interest expense are non-cash charges related to amortization of deferred financing fees of $1.3 million in both fiscal 2013 and fiscal 2012.

35

Other (Income) Expense, Net

	Fiscal 2013				Fiscal 2012				Increase (Decrease)
	In Millions		As % Net Sales		In Millions		As % Net Sales		In Millions			%
Other (income) expense, net	$	0.9	0.1	%	$	3.1	0.2	%	$	(2.2	)	(70.1	)%

Other (income) expense, net was expense of $0.9 million in fiscal 2013 compared to expense of $3.1 million in fiscal 2012. Fiscal 2013 included foreign currency losses of $1.9 million, miscellaneous charges of $0.8 million partially offset by insurance recoveries of $1.8 million. Fiscal 2012 included foreign currency losses of $1.5 million and other miscellaneous charges of $1.6 million.

Earnings Before Income Taxes

	Fiscal 2013				Fiscal 2012				Increase (Decrease)
	In Millions		As % Net Sales		In Millions		As % Net Sales		In Millions		%
Earnings before income taxes	$	230.3	10.1	%	$	191.2	8.4	%	$	39.1	20.4	%

As a result of the factors discussed above, fiscal 2013 earnings before income taxes were $230.3 million, an increase of $39.1 million or 20.4% compared to fiscal 2012.

Income Tax Expense

	Fiscal 2013					Fiscal 2012					Increase (Decrease)
	In Millions			As % Net Sales		In Millions			As % Net Sales		In Millions		%
Income tax expense	$	65.3		2.9	%	$	47.3		2.1	%	$	18.0	38.0	%
Effective tax rate	28.4		%			24.7		%

The effective income tax rate was 28.4% in fiscal 2013 compared to the fiscal 2012 effective tax rate of 24.7%. The rate increase in fiscal 2013 as compared to fiscal 2012 was primarily due to changes in the mix of earnings among tax jurisdictions and the increase in non-deductible expenses in certain jurisdictions.

Liquidity and Capital Resources

Cash Flow and Financing Activities

Cash and cash equivalents at March 31, 2014, 2013 and 2012, were $240.1 million, $249.3 million and $160.5 million, respectively.

Cash provided by operating activities for fiscal 2014, 2013 and 2012, was $193.6 million, $244.4 million and $204.2 million, respectively.

During fiscal 2014 cash from operating activities was provided primarily from net earnings of $146.7 million, depreciation and amortization of $54.0 million, non-cash charges relating to write-off of goodwill and other assets of $10.2 million, restructuring charges of $11.5 million, a net source of $25.6 million from non-cash interest expense and stock compensation, $90.3 million from other accrued, including the legal proceedings charge of $58.2 million, were partially offset by cash used for the increase in Primary Working Capital of $77.0 million and deferred taxes of $49.7 million, net of currency translation changes.

During fiscal 2013, cash from operating activities was provided primarily from net earnings of $165.0 million, depreciation and amortization of $50.5 million and a net source of $26.4 million from non-cash interest expense, provision for doubtful accounts, deferred taxes, net gains and settlements on derivatives, stock compensation, asset write-offs related to restructuring and losses on disposal of fixed assets. Primary Working Capital improved by $9.9 million and was offset partially by a change in current and other assets, accrued expenses, and other liabilities of $7.4 million.

36

During fiscal 2012, cash from operating activities was provided primarily from net earnings of $144.0 million, depreciation and amortization of $50.4 million and a net source of $14.5 million from non-cash interest expense, provision for doubtful accounts, deferred taxes, net gains and settlements on derivatives, stock compensation and gains on disposal of fixed assets. Change in current and other assets, accrued expenses, and other liabilities contributed a further $20.2 million, offset by a $24.9 million increase in Primary Working Capital.

As explained in the discussion of our use of “non-GAAP financial measures,” we monitor the level and percentage of Primary Working Capital to sales. Primary Working Capital for this purpose is trade accounts receivable, plus inventories, minus trade accounts payable and the resulting net amount is divided by the trailing three-month net sales (annualized) to derive a Primary Working Capital percentage. Primary Working Capital was $666.9 million (yielding a Primary Working Capital percentage of 25.1%) at March 31, 2014 and $552.7 million (yielding a Primary Working Capital percentage of 24.2%) at March 31, 2013.

Primary Working Capital and Primary Working Capital percentages at March 31, 2014, 2013 and 2012 are computed as follows:

At March 31,	Trade Receivables		Inventory		Accounts Payable			Primary Working Capital		Quarter Revenue Annualized		Primary Working Capital (%)
			(in millions)
2014	$	564.6	$	361.8	$	(259.5	)	$	666.9	$	2,661.0	25.1	%
2013	$	448.1	$	353.9	$	(249.3	)	$	552.7	$	2,288.5	24.2	%
2012	$	466.8	$	361.8	$	(250.0	)	$	578.6	$	2,371.0	24.4	%

Cash used in investing activities for fiscal 2014, 2013 and 2012 was $232.0 million, $55.1 million and $72.4 million, respectively. Capital expenditures were $62.0 million, $55.3 million and $48.9 million in fiscal 2014, 2013 and 2012, respectively. The current year’s capital spending focused primarily on TPPL capacity expansion in EMEA and Americas, completion of our Gaoyou plant in the People’s Republic of China. Our purchases of and investments in businesses were $171.5 million with three significant acquisitions-Purcell Systems Inc., a designer, manufacturer and marketer of thermally managed electronic equipment and battery cabinet enclosures, Quallion, LLC, a manufacturer of lithium ion cells and batteries for medical devices, defense, aviation and space and UTS Holdings Sdn. Bhd. and its subsidiaries, a distributor of motive and reserve power battery products and services. There were no acquisitions during fiscal 2013. Acquisitions were $23.6 million in fiscal 2012.

During fiscal 2014, we borrowed $251.9 million on our revolver and repaid $126.9 million. Borrowings on short-term debt were $8.5 million. During fiscal 2014, we repurchased $69.9 million of our common stock and paid cash dividends to our stockholders of $23.7 million. We also acquired the share of noncontrolling interests in one of our foreign subsidiaries for $6.0 million and paid deferred consideration of $4.8 million in connection with an acquisition made in fiscal 2012.

During fiscal 2013, we borrowed $246.0 million on our revolver and repaid $325.4 million. Borrowings on long-term debt and short-term debt were $5.6 million and $7.4 million, respectively, which were offset by repayments of long-term debt of $16.5 million in Asia. During fiscal 2013, we repurchased $22.6 million of our common stock.

During fiscal 2012, we borrowed $111.6 million on our revolver and repaid $132.2 million. Borrowings financed a portion of our repurchases of common stock of $58.4 million and acquisitions of $23.6 million.

Taxes paid related to net share settlement of equity awards, net of option proceeds and related tax benefits resulted in a net outflow of $6.3 million in fiscal 2014. The exercise of stock options and the related tax benefits contributed $11.3 million and $2.7 million, respectively, in fiscal 2013 and 2012.

As a result of the above, cash and cash equivalents decreased $9.2 million from $249.3 million at March 31, 2013 to $240.1 million at March 31, 2014.

We currently are in compliance with all covenants and conditions under our credit agreements.

In addition to cash flows from operating activities, we had available committed and uncommitted credit lines of approximately $360 million at March 31, 2014 to cover short-term liquidity requirements. Our 2011 Credit Facility is committed through September 2018, as long as we continue to comply with the covenants and conditions of the credit facility agreement. Included in our available credit lines at March 31, 2014 is $224 million under our 2011 Credit Facility.

37

We believe that our cash flow from operations, available cash and cash equivalents and available borrowing capacity under our credit facilities will be sufficient to meet our liquidity needs, including normal levels of capital expenditures, for the foreseeable future; however, there can be no assurance that this will be the case.

Off-Balance Sheet Arrangements

The Company did not have any off-balance sheet arrangements during any of the periods covered by this report.

Contractual Obligations and Commercial Commitments

At March 31, 2014, we had certain cash obligations, which are due as follows:

	Total		Less than 1 year		2 to 3 years		4 to 5 years		After 5 years
	(in millions)
Debt obligations	$	287.9	$	162.9	$	—	$	125.0	$	—
Short-term debt	33.8		33.8		—		—		—
Interest on debt	15.6		7.6		4.5		3.5		—
Operating leases	69.9		21.4		28.1		13.6		6.8
Legal proceedings	58.2		58.2		—		—		—
Pension benefit payments and profit sharing	36.2		2.7		5.8		6.4		21.3
Restructuring	8.4		8.4		—		—		—
Facility construction commitments	13.0		13.0		—		—		—
Lead forward contracts	2.4		2.4		—		—		—
Purchase commitments	16.1		16.1		—		—		—
Capital lease obligations, including interest	0.6		0.4		0.2		—		—
Total	$	542.1	$	326.9	$	38.6	$	148.5	$	28.1

Due to the uncertainty of future cash outflows, uncertain tax positions have been excluded from the table above.

Under our 2011 Credit Facility and other credit arrangements, we had outstanding standby letters of credit of $1.7 million as of March 31, 2014.

Credit Facilities and Leverage

Our focus on working capital management and cash flow from operations is measured by our ability to reduce debt and reduce our leverage ratios. Shown below are the leverage ratios at March 31, 2014 and 2013, in connection with our 2011 Credit Facility.

The total net debt as defined under our 2011 Credit Facility is $224.9 million for fiscal 2014 and is 0.8 times adjusted EBITDA (non-GAAP) as described below.

38

The following table provides a reconciliation of net earnings to EBITDA (non-GAAP) and adjusted EBITDA (non-GAAP) as per our 2011 Credit Facility:

	Fiscal 2014		Fiscal 2013
	(in millions, except ratios)
Net earnings as reported	$	146.7	$	165.0
Add back:
Depreciation and amortization	54.0		50.5
Interest expense	17.1		18.7
Income tax expense	17.0		65.3
EBITDA (non GAAP)(1)	$	234.8	$	299.5
Adjustments per credit agreement definitions(2)	43.9		14.7
Adjusted EBITDA (non-GAAP) per credit agreement	$	278.7	$	314.2
Total net debt(3)	$	224.9	$	81.6
Leverage ratios:
Total net debt/adjusted EBITDA ratio(4)	0.8 X		0.3 X
Maximum ratio permitted	3.25 X		3.25 X
Consolidated interest coverage ratio(5)	31.2 X		23.2 X
Minimum ratio required	4.5 X		4.5 X

(1) We have included EBITDA (non-GAAP) and adjusted EBITDA (non-GAAP) because our lenders use it as a key measure of our performance. EBITDA is defined as earnings before interest expense, income tax expense, depreciation and amortization. EBITDA is not a measure of financial performance under GAAP and should not be considered an alternative to net earnings or any other measure of performance under GAAP or to cash flows from operating, investing or financing activities as an indicator of cash flows or as a measure of liquidity. Our calculation of EBITDA may be different from the calculations used by other companies, and therefore comparability may be limited. Certain financial covenants in our 2011 Credit Facility are based on EBITDA, subject to adjustments, which are shown above. Continued availability of credit under our 2011 Credit Facility is critical to our ability to meet our business plans, we believe that an understanding of the key terms of our credit agreement is important to an investor’s understanding of our financial condition and liquidity risks. Failure to comply with our financial covenants, unless waived by our lenders, would mean we could not borrow any further amounts under our revolving credit facility and would give our lenders the right to demand immediate repayment of all outstanding revolving credit loans. We would be unable to continue our operations at current levels if we lost the liquidity provided under our credit agreements. Depreciation and amortization in this table excludes the amortization of deferred financing fees, which is included in interest expense.

(2) The $43.9 million adjustment to EBITDA in fiscal 2014 primarily related to $16.7 million of non-cash stock compensation, $11.5 million of non-cash restructuring charges and $5.2 million of goodwill impairment charge and $5.0 million non-cash write-off of certain assets. The $14.7 million adjustment to EBITDA in fiscal 2013 primarily relates to non-cash stock compensation expense.

(3) Debt includes capital lease obligations and letters of credit and is net of U.S. cash and cash equivalents and a portion of European cash investments, as defined in the 2011 Credit Facility. In fiscal 2014, the amounts deducted in the calculation of net debt were U.S. cash and cash equivalents and European cash investments of $9 million and $100 million, respectively, and in fiscal 2013, $26 million and $100 million, respectively.

(4) These ratios are included to show compliance with the leverage ratios set forth in our credit facilities. We show both our current ratios and the maximum ratio permitted or minimum ratio required under our 2011 Credit Facility.

(5) As defined in the 2011 Credit Facility, interest expense used in the consolidated interest coverage ratio excludes non-cash interest of $8.8 million and includes $0.7 million of interest rate swap contract settlements for fiscal 2014. For fiscal 2013, interest expense used in the consolidated interest coverage ratio excludes non-cash interest of $8.5 million and includes $3.3 million of interest rate swap contract settlements.

EnerSys Stockholders’ Equity

EnerSys stockholders’ equity increased $77.0 million during fiscal 2014 due to net earnings of $150.3 million; $10.5 million of increases related to stock-based compensation and the exercise of stock options; decrease due to acquisition of noncontrolling interest of $2.9 million; decrease due to repurchase of common shares of $69.9 million and payment of cash dividend of $23.7 million; decrease due to reclass of debt conversion feature of $9.6 million, redemption value adjustment of redeemable noncontrolling interests of $5.0 million; increase due to currency translation adjustments of $30.6 million due primarily to the

39

strengthening of European currencies; decrease due to $1.4 million unrealized loss on derivative instruments; and $2.0 million related to pension liabilities.

EnerSys stockholders’ equity increased $137.2 million during fiscal 2013 due to net earnings of $166.5 million; $26.1 million of increases related to stock-based compensation and the exercise of stock options; acquisition of noncontrolling interest of $0.6 million; decrease due to repurchase of common shares of $22.6 million; currency translation adjustments of $27.2 million due primarily to the weakening of European currencies; $2.0 million unrealized loss on derivative instruments; and $4.2 million related to pension liabilities.

RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENTS

During fiscal 2014, no new accounting standards were adopted or are pending adoption that would have a significant impact on our Consolidated Financial Statements or the Notes to the Consolidated Financial Statements.

Related Party Transactions

None.

Sequential Quarterly Information

Fiscal 2014 and 2013 quarterly operating results, and the associated quarterly trends within each of those two fiscal years, are affected by the same economic and business conditions as described in the fiscal 2013 versus fiscal 2012 analysis previously discussed.

	Fiscal 2014												Fiscal 2013
	June 30, 2013 1st Qtr.			Sep. 29, 2013 2nd Qtr.			Dec. 29, 2013 3rd Qtr.			March 31, 2014 4th Qtr.			July 1, 2012 1st Qtr.			Sep. 30, 2012 2nd Qtr.			Dec. 30, 2012 3rd Qtr.			March 31, 2013 4th Qtr.
	(in millions, except share and per share amounts)
Net sales	$	597.3		$	568.8		$	643.1		$	665.2		$	593.9		$	554.2		$	557.3		$	572.2
Cost of goods sold	457.2			424.5			475.9			487.2			445.6			415.9			413.6			433.1
Gross profit	140.1			144.3			167.2			178.0			148.3			138.3			143.7			139.1
Operating expenses	77.1			82.2			90.1			95.0			77.7			74.1			80.2			80.3
Restructuring charges	0.4			1.1			13.0			12.9			0.4			1.3			3.7			1.8
Legal proceedings charge	—			—			—			58.2			—			—			—			—
Goodwill impairment charge	—			—			5.2			—			—			—			—			—
Operating earnings	62.6			61.0			58.9			11.9			70.2			62.9			59.8			57.0
Interest expense	4.3			4.1			4.6			4.1			4.7			5.0			4.6			4.4
Other (income) expense, net	2.3			0.5			8.2			2.6			1.2			(1.8		)	1.3			0.2
Earnings before income taxes	56.0			56.4			46.1			5.2			64.3			59.7			53.9			52.4
Income tax expense (benefit)	15.6			15.2			(6.3		)	(7.5		)	18.7			16.7			15.2			14.7
Net earnings	40.4			41.2			52.4			12.7			45.6			43.0			38.7			37.7
Net losses attributable to noncontrolling interests	(0.4		)	(0.2		)	(2.9		)	(0.1		)	(0.2		)	(0.8		)	(0.5		)	—
Net earnings attributable to EnerSys stockholders	$	40.8		$	41.4		$	55.3		$	12.8		$	45.8		$	43.8		$	39.2		$	37.7
Net earnings per common share attributable to EnerSys stockholders:
Basic	$	0.85		$	0.87		$	1.17		$	0.27		$	0.96		$	0.91		$	0.81		$	0.79
Diluted	$	0.83		$	0.84		$	1.10		$	0.26		$	0.95		$	0.90		$	0.80		$	0.77
Weighted-average number of common shares outstanding:
Basic	47,868,982			47,573,496			47,351,750			47,100,531			47,901,203			48,188,331			48,176,206			47,822,281
Diluted	49,304,944			49,405,818			50,214,782			50,227,076			48,426,991			48,719,916			48,682,346			48,712,542

40

Net Sales

Quarterly net sales by segment were as follows:

	Fiscal 2014												Fiscal 2013
	1st Qtr.			2nd Qtr.			3rd Qtr.			4th Qtr.			1st Qtr.			2nd Qtr.			3rd Qtr.			4th Qtr.
	(in millions)
Net sales by segment:
Americas	$	315.6		$	287.7		$	327.0		$	337.3		$	288.9		$	276.7		$	275.8		$	285.5
EMEA	231.0			223.3			251.3			260.5			237.1			215.4			231.4			242.3
Asia	50.7			57.8			64.8			67.4			67.9			62.1			50.1			44.4
Total	$	597.3		$	568.8		$	643.1		$	665.2		$	593.9		$	554.2		$	557.3		$	572.2
Segment net sales as % of total:
Americas	52.8		%	50.6		%	50.8		%	50.7		%	48.7		%	49.9		%	49.5		%	49.9		%
EMEA	38.7			39.3			39.1			39.2			39.9			38.9			41.5			42.3
Asia	8.5			10.1			10.1			10.1			11.4			11.2			9.0			7.8
Total	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%

Quarterly net sales by product line were as follows:

	Fiscal 2014												Fiscal 2013
	1st Qtr.			2nd Qtr.			3rd Qtr.			4th Qtr.			1st Qtr.			2nd Qtr.			3rd Qtr.			4th Qtr.
	(in millions)
Net sales by product line:
Reserve power	$	292.8		$	279.5		$	328.8		$	333.4		$	289.3		$	285.3		$	265.2		$	279.3
Motive power	304.5			289.3			314.3			331.8			304.6			268.9			292.1			292.9
Total	$	597.3		$	568.8		$	643.1		$	665.2		$	593.9		$	554.2		$	557.3		$	572.2
Product line net sales as % of total:
Reserve power	49.0		%	49.1		%	51.1		%	50.1		%	48.7		%	51.5		%	47.6		%	48.8		%
Motive power	51.0			50.9			48.9			49.9			51.3			48.5			52.4			51.2
Total	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Market Risks

Our cash flows and earnings are subject to fluctuations resulting from changes in interest rates, foreign currency exchange rates and raw material costs. We manage our exposure to these market risks through internally established policies and procedures and, when deemed appropriate, through the use of derivative financial instruments. Our policy does not allow speculation in derivative instruments for profit or execution of derivative instrument contracts for which there are no underlying exposures. We do not use financial instruments for trading purposes and are not a party to any leveraged derivatives. We monitor our underlying market risk exposures on an ongoing basis and believe that we can modify or adapt our hedging strategies as needed.

Counterparty Risks

We have entered into interest rate swap agreements, lead forward purchase contracts and foreign exchange forward contracts to manage the risk associated with our exposures. The Company’s agreements are with creditworthy financial institutions. Those contracts that result in a liability position at March 31, 2014 are $3.0 million (pre-tax), therefore, there is minimal risk of nonperformance by these counterparties. Those contracts that result in an asset position at March 31, 2014 are $0.7

41

million (pre-tax) and the vast majority of these will settle within one year. The impact on the Company due to nonperformance by the counterparties has been evaluated and not deemed material.

Interest Rate Risks

We are exposed to changes in variable U.S. interest rates on borrowings under our 2011 Credit Facility. On a selective basis, from time to time, we enter into interest rate swap agreements to reduce the negative impact that increases in interest rates could have on our outstanding variable rate debt. We had no interest rate swap agreements as of March 31, 2014.

At March 31, 2013, the aggregate notional amount of interest rate swap agreements was $65.0 million. These agreements expired in May 2013.

A 100 basis point increase in interest rates would have increased annual interest expense by approximately $1.6 million on the variable rate portions of our debt.

Commodity Cost Risks—Lead Contracts

We have a significant risk in our exposure to certain raw materials. Our largest single raw material cost is for lead, for which the cost remains volatile. In order to hedge against increases in our lead cost, we have entered into contracts with financial institutions to fix the price of lead. A vast majority of such contracts are for a period not extending beyond one year. We had the following contracts outstanding at the dates shown below:

Date	$’s Under Contract		# Pounds Purchased	Average Cost/Pound		Approximate % of  Lead Requirements (1)
	(in millions)		(in millions)
March 31, 2014	$	86.5	89.9	$	0.96	19	%
March 31, 2013	56.6		56.3	1.00		12
March 31, 2012	56.6		60.0	0.94		12

(1) Based on the fiscal year lead requirements for the period then ended.

We estimate that a 10% increase in our cost of lead would have increased our annual cost of goods sold by approximately $58 million for the fiscal year ended March 31, 2014.

Foreign Currency Exchange Rate Risks

We manufacture and assemble our products globally in the Americas, EMEA and Asia. Approximately 60% of our sales and expenses are transacted in foreign currencies. Our sales revenue, production costs, profit margins and competitive position are affected by the strength of the currencies in countries where we manufacture or purchase goods relative to the strength of the currencies in countries where our products are sold. Additionally, as we report our financial statements in U.S. dollars, our financial results are affected by the strength of the currencies in countries where we have operations relative to the strength of the U.S. dollar. The principal foreign currencies in which we conduct business are the Euro, Swiss franc, British pound, Polish zloty, Chinese renminbi and Mexican peso.

We quantify and monitor our global foreign currency exposures. Our largest foreign currency exposure is from the purchase and conversion of U.S. dollar based lead costs into local currencies in Europe. Additionally, we have currency exposures from intercompany financing and trade transactions. On a selective basis, we enter into foreign currency forward contracts and option contracts to reduce the impact from the volatility of currency movements; however, we cannot be certain that foreign currency fluctuations will not impact our operations in the future.

42

To hedge these exposures, we have entered into forward contracts with financial institutions to fix the value at which we will buy or sell certain currencies. The vast majority of such contracts are for a period not extending beyond one year. Forward contracts outstanding as of March 31, 2014 were $92.8 million. The details of contracts outstanding as of March 31, 2014 were as follows:

Transactions Hedged	$US Equivalent (in millions)		Average Rate Hedged		Approximate % of Annual Requirements (1)
Sell Euros for U.S. dollars	$	34.3	$/€	1.37	19	%
Sell Euros for Polish zloty	22.0		PLN/€	4.23	20
Sell Euros for British pounds	18.6		£/€	0.83	24
Sell JPY for U.S. dollars	6.6		¥/$	102.18	76
Sell U.S. dollars for Mexican pesos	4.4		MXN/$	13.24	50
Sell Australian dollars for Euros	2.1		€/AUD	1.54	12
Sell Australian dollars for U.S. dollars	1.5		$/AUD	0.89	13
Other	3.3
Total	$	92.8

(1) Based on the fiscal year currency requirements for the year ended March 31, 2014.

Foreign exchange translation adjustments are recorded as a separate component of accumulated other comprehensive income in EnerSys’ stockholders’ equity and noncontrolling interests.

Based on changes in the timing and amount of interest rate and foreign currency exchange rate movements and our actual exposures and hedges, actual gains and losses in the future may differ from our historical results.

43

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

Contents

EnerSys

INDEX TO CONSOLIDATED FINANCIAL STATEMENTS

	Page
Report of Independent Registered Public Accounting Firm (on Consolidated Financial Statements and Schedule)	45
Report of Independent Registered Public Accounting Firm (on Internal Control Over Financial Reporting)	46
Audited Consolidated Financial Statements
Consolidated Balance Sheets as of March 31, 2014 and 2013	47
Consolidated Statements of Income for the Fiscal Years Ended March 31, 2014, 2013 and 2012	48
Consolidated Statements of Comprehensive Income for the Fiscal Years Ended March 31, 2014, 2013 and 2012	49
Consolidated Statements of Changes in Equity for the Fiscal Years Ended March 31, 2014, 2013 and 2012	50
Consolidated Statements of Cash Flows for the Fiscal Years Ended March 31, 2014, 2013 and 2012	51
Notes to Consolidated Financial Statements	52
1. Summary of Significant Accounting Policies	52
2. Acquisitions	57
3. Inventories	58
4. Property, Plant, and Equipment	58
5. Goodwill and Other Intangible Assets	59
6. Prepaid and Other Current Assets	60
7. Accrued Expenses	61
8. Debt	61
9. Leases	64
10. Other Liabilities	64
11. Fair Value of Financial Instruments	64
12. Derivative Financial Instruments	66
13. Income Taxes	69
14. Retirement Plans	71
15. Stockholders’ Equity and Noncontrolling Interests	76
16. Stock-Based Compensation	78
17. Earnings Per Share	80
18. Commitments, Contingencies and Litigation	81
19. Restructuring and Other Exit Charges	83
20. Warranty	84
21. Other (Income) Expense, Net	85
22. Business Segments	86
23. Quarterly Financial Data (Unaudited)	87
24. Subsequent Events	88

44

Report of Independent Registered Public Accounting Firm

The Board of Directors and Stockholders of EnerSys

We have audited the accompanying consolidated balance sheets of EnerSys as of March 31, 2014 and 2013, and the related consolidated statements of income, comprehensive income, changes in equity and cash flows for each of the three years in the period ended March 31, 2014. Our audits also included the financial statement schedule listed in the Index at Item 15(a). These financial statements and schedule are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements and schedule based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the consolidated financial position of EnerSys at March 31, 2014 and 2013, and the consolidated results of its operations and its cash flows for each of the three years in the period ended March 31, 2014, in conformity with U.S. generally accepted accounting principles. Also, in our opinion, the related financial statement schedule, when considered in relation to the basic financial statements taken as a whole, presents fairly in all material respects the information set forth therein.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), EnerSys’ internal control over financial reporting as of March 31, 2014, based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (1992 framework) and our report dated May 28, 2014 expressed an unqualified opinion thereon.

/s/ Ernst & Young LLP

Philadelphia, Pennsylvania

May 28, 2014

45

Report of Independent Registered Public Accounting Firm

The Board of Directors and Stockholders of EnerSys

We have audited EnerSys’ internal control over financial reporting as of March 31, 2014, based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (1992 framework) (the COSO criteria). EnerSys’ management is responsible for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting included in the accompanying Management Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the company’s internal control over financial reporting based on our audit.

We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

As indicated in the accompanying Management Report on Internal Control over Financial Reporting, management's assessment of and conclusion on the effectiveness of internal control over financial reporting did not include the internal controls of Purcell Systems, Inc., Quallion, LLC, and UTS Holdings Sdn. Bhd. and its subsidiaries, all of which were acquired during fiscal 2014, which are included in the fiscal 2014 consolidated financial statements of EnerSys and constituted 9.9% of total assets as of March 31, 2014 and 2.8% of net sales for the year then ended.  Our audit of internal control over financial reporting of EnerSys also did not include an evaluation of internal control over financial reporting of those businesses that were acquired during fiscal 2014.

In our opinion, EnerSys maintained, in all material respects, effective internal control over financial reporting as of March 31, 2014, based on the COSO criteria.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the consolidated balance sheets of EnerSys as of March 31, 2014 and 2013, and the related consolidated statements of income, comprehensive income, changes in equity and cash flows for each of the three years in the period ended March 31, 2014 of EnerSys and our report dated May 28, 2014 expressed an unqualified opinion thereon.

/s/ Ernst & Young LLP

Philadelphia, Pennsylvania

May 28, 2014

46

EnerSys

Consolidated Balance Sheets

(In Thousands, Except Share and Per Share Data)

	March 31,
	2014			2013
Assets
Current assets:
Cash and cash equivalents	$	240,103		$	249,348
Accounts receivable, net of allowance for doubtful accounts (2014–$9,446; 2013–$9,292)	564,584			448,068
Inventories, net	361,846			353,941
Deferred taxes	64,765			37,786
Prepaid and other current assets	69,402			63,819
Total current assets	1,300,700			1,152,962
Property, plant, and equipment, net	370,166			350,126
Goodwill	426,056			345,499
Other intangible assets, net	172,472			103,701
Deferred taxes	33,446			14,168
Other assets	19,018			21,411
Total assets	$	2,321,858		$	1,987,867
Liabilities and Equity
Current liabilities:
Short-term debt	$	33,814		$	22,702
Current portion of capital lease obligations	354			311
Accounts payable	259,484			249,359
Accrued expenses	284,902			191,664
Deferred taxes	2,849			3,523
Total current liabilities	581,403			467,559
Long-term debt	287,887			155,273
Capital lease obligations	245			203
Deferred taxes	101,149			88,036
Other liabilities	81,225			90,418
Total liabilities	1,051,909			801,489
Commitments and contingencies	—			—
Redeemable noncontrolling interests	8,047			11,095
Redeemable equity component of Convertible Notes	9,613			—
Equity:
Preferred Stock, $0.01 par value, 1,000,000 shares authorized, no shares issued or outstanding at March 31, 2014 and at March 31, 2013	—			—
Common Stock, $0.01 par value, 135,000,000 shares authorized, 53,263,348 shares issued and 46,942,126 shares outstanding at March 31, 2014; 52,970,281 shares issued and 47,840,204 shares outstanding at March 31, 2013	532			529
Additional paid-in capital	500,254			501,646
Treasury stock at cost, 6,321,222 shares held as of March 31, 2014 and 5,130,077 shares held as of March 31, 2013	(170,643		)	(100,776		)
Retained earnings	848,414			727,347
Accumulated other comprehensive income	67,845			40,655
Total EnerSys stockholders’ equity	1,246,402			1,169,401
Nonredeemable noncontrolling interests	5,887			5,882
Total equity	1,252,289			1,175,283
Total liabilities and equity	$	2,321,858		$	1,987,867

See accompanying notes.

47

EnerSys

Consolidated Statements of Income

(In Thousands, Except Share and Per Share Data)

	Fiscal year ended March 31,
	2014			2013			2012
Net sales	$	2,474,433		$	2,277,559		$	2,283,369
Cost of goods sold	1,844,813			1,708,203			1,770,664
Gross profit	629,620			569,356			512,705
Operating expenses	344,421			312,324			297,806
Restructuring and other exit charges	27,326			7,164			4,988
Legal proceedings charge (settlement income)	58,184			—			(900		)
Goodwill impairment charge	5,179			—			—
Operating earnings	194,510			249,868			210,811
Interest expense	17,105			18,719			16,484
Other (income) expense, net	13,658			916			3,068
Earnings before income taxes	163,747			230,233			191,259
Income tax expense	16,980			65,275			47,292
Net earnings	146,767			164,958			143,967
Net losses attributable to noncontrolling interests	(3,561		)	(1,550		)	(36		)
Net earnings attributable to EnerSys stockholders	$	150,328		$	166,508		$	144,003
Net earnings per common share attributable to EnerSys stockholders:
Basic	$	3.17		$	3.47		$	2.95
Diluted	$	3.02		$	3.42		$	2.93
Dividends per common share	$	0.50		$	—		$	—
Weighted-average number of common shares outstanding:
Basic	47,473,690			48,022,005			48,748,205
Diluted	49,788,155			48,635,449			49,216,035

See accompanying notes.

48

EnerSys

Consolidated Statements of Comprehensive Income

(In Thousands)

	Fiscal year ended March 31,
	2014			2013			2012
Net earnings	$	146,767		$	164,958		$	143,967
Other comprehensive income (loss):
Net unrealized gain (loss) on derivative instruments, net of tax	(1,421		)	(2,007		)	(3,261		)
Pension funded status adjustment, net of tax	(2,038		)	(4,187		)	(5,470		)
Foreign currency translation adjustment	29,339			(28,894		)	(32,516		)
Total other comprehensive income (loss), net of tax	25,880			(35,088		)	(41,247		)
Total comprehensive income	172,647			129,870			102,720
Comprehensive income (loss) attributable to noncontrolling interests	(4,871		)	(3,200		)	(196		)
Comprehensive income attributable to EnerSys stockholders	$	177,518		$	133,070		$	102,916

See accompanying notes.

49

EnerSys

Consolidated Statements of Changes in Equity

(In Thousands)

	Preferred Stock		Common Stock		Paid-in Capital			Treasury Stock			Retained Earnings			Accumulated Other Comprehensive Income			Total EnerSys Stockholders’ Equity			Non- redeemable Non- controlling Interests			Total Equity
Balance at March 31, 2011	$	—	$	518	$	461,597		$	(19,800	)	$	416,836		$	115,180		$	974,331		$	4,662		$	978,993
Stock-based compensation	—		—		11,585			—			—			—			11,585			—			11,585
Exercise of stock options	—		4		970			—			—			—			974			—			974
Tax benefit from stock options	—		—		1,772			—			—			—			1,772			—			1,772
Purchase of common stock	—		—		—			(58,383		)	—			—			(58,383		)	—			(58,383		)
Purchase of noncontrolling interests	—		—		(1,000		)	—			—			—			(1,000		)	—			(1,000		)
Noncontrolling interests attributable to the consolidation of fiscal 2012 acquisitions	—		—		—			—			—			—			—			4,020			4,020
Net earnings (excludes $170 of losses attributable to redeemable noncontrolling interests)	—		—		—			—			144,003			—			144,003			134			144,137
Other comprehensive income:
Pension funded status adjustment (net of tax benefit of $1,841)	—		—		—			—			—			(5,470		)	(5,470		)	—			(5,470		)
Net unrealized gain (loss) on derivative instruments (net of tax benefit of $1,909)	—		—		—			—			—			(3,261		)	(3,261		)	—			(3,261		)
Foreign currency translation adjustment (excludes $36 related to redeemable noncontrolling interests)	—		—		—			—			—			(32,356		)	(32,356		)	(196		)	(32,552		)
Balance at March 31, 2012	$	—	$	522	$	474,924		$	(78,183	)	$	560,839		$	74,093		$	1,032,195		$	8,620		$	1,040,815
Stock-based compensation	—		—		14,737			—			—			—			14,737			—			14,737
Exercise of stock options	—		7		10,026			—			—			—			10,033			—			10,033
Tax benefit from stock options	—		—		1,351			—			—			—			1,351			—			1,351
Purchase of common stock	—		—		—			(22,593		)	—			—			(22,593		)	—			(22,593		)
Purchase of noncontrolling interests	—		—		608			—			—			—			608			(2,739		)	(2,131		)
Proceeds from noncontrolling interests	—		—		—			—			—			—			—			613			613
Net earnings (excluding $1,429 of losses attributable to redeemable noncontrolling interests)	—		—		—			—			166,508			—			166,508			(121		)	166,387
Other comprehensive income:
Pension funded status adjustment (net of tax benefit of $1,195)	—		—		—			—			—			(4,187		)	(4,187		)	—			(4,187		)
Net unrealized gain (loss) on derivative instruments (net of tax benefit of $1,134)	—		—		—			—			—			(2,007		)	(2,007		)	—			(2,007		)
Foreign currency translation adjustment (excludes ($1,159) related to redeemable noncontrolling interests)	—		—		—			—			—			(27,244		)	(27,244		)	(491		)	(27,735		)
Balance at March 31, 2013	$	—	$	529	$	501,646		$	(100,776	)	$	727,347		$	40,655		$	1,169,401		$	5,882		$	1,175,283
Stock-based compensation	—		—		16,742			—			—			—			16,742			—			16,742
Exercise of stock options (taxes paid related to net share settlement of equity awards), net	—		3		(7,873		)	—			—			—			(7,870		)	—			(7,870		)
Tax benefit from stock options	—		—		1,612			—			—			—			1,612			—			1,612
Purchase of common stock	—		—		—			(69,867		)	—			—			(69,867		)	—			(69,867		)
Purchase of noncontrolling interests	—		—		(2,866		)	—			—			—			(2,866		)	—			(2,866		)
Reclassification of debt conversion feature	—		—		(9,613		)	—			—			—			(9,613		)	—			(9,613		)
Net earnings (excluding $3,536 of losses attributable to redeemable noncontrolling interests)	—		—		—			—			150,328			—			150,328			(25		)	150,303
Dividends ($0.50 per common share)	—		—		606			—			(24,287		)	—			(23,681		)	—			(23,681		)
Redemption value adjustment attributable to redeemable noncontrolling interests	—		—		—			—			(4,974		)	—			(4,974		)	—			(4,974		)
Other comprehensive income:
Pension funded status adjustment (net of tax benefit of $26)	—		—		—			—			—			(2,038		)	(2,038		)	—			(2,038		)
Net unrealized gain (loss) on derivative instruments (net of tax benefit of $834)	—		—		—			—			—			(1,421		)	(1,421		)	—			(1,421		)
Foreign currency translation adjustment (excludes ($1,340) related to redeemable noncontrolling interests)	—		—		—			—			—			30,649			30,649			30			30,679
Balance at March 31, 2014	$	—	$	532	$	500,254		$	(170,643	)	$	848,414		$	67,845		$	1,246,402		$	5,887		$	1,252,289

See accompanying notes.

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EnerSys

Consolidated Statements of Cash Flows

(In Thousands)

	Fiscal year ended March 31,
	2014			2013			2012
Cash flows from operating activities
Net earnings	$	146,767		$	164,958		$	143,967
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	53,972			50,502			50,360
Write-off of assets related to restructuring	11,497			3,689			—
Non-cash write-off of other assets	5,000			—			—
Goodwill impairment charge	5,179			—			—
Derivatives not designated in hedging relationships:
Net losses (gains)	188			(2,496		)	1,083
Cash settlements	(703		)	(851		)	(3,763		)
Provision for doubtful accounts	907			998			1,395
Deferred income taxes	(49,748		)	1,673			(3,227		)
Non-cash interest expense	8,826			8,492			7,983
Stock-based compensation	16,742			14,737			11,585
(Gain) loss on disposal of fixed assets	(100		)	170			(432		)
Changes in assets and liabilities, net of effects of acquisitions:
Accounts receivable	(70,134		)	5,421			7,106
Inventory	8,144			(921		)	(19,655		)
Prepaid and other current assets	(7,669		)	(15,754		)	8,834
Other assets	(1,347		)	3,293			(955		)
Accounts payable	(14,979		)	5,370			(12,377		)
Accrued expenses	90,339			2,997			13,505
Other liabilities	(9,260		)	2,122			(1,213		)
Net cash provided by operating activities	193,621			244,400			204,196
Cash flows from investing activities
Capital expenditures	(61,995		)	(55,286		)	(48,943		)
Purchase of businesses, net of cash acquired	(171,528		)	—			(23,553		)
Proceeds from disposal of property, plant, and equipment	1,518			194			76
Net cash used in investing activities	(232,005		)	(55,092		)	(72,420		)
Cash flows from financing activities
Net increase (decrease) in short-term debt	8,458			7,435			(462		)
Proceeds from revolving credit borrowings	251,900			246,050			111,550
Repayments of revolving credit borrowings	(126,900		)	(325,450		)	(132,150		)
Proceeds from long-term debt—other	—			5,556			—
Payments of long-term debt—other	—			(16,468		)	(308		)
Deferred financing fees incurred in connection with refinancing prior credit facility	(853		)	—			—
Capital lease obligations and other	(404		)	(358		)	(1,375		)
Option proceeds (taxes paid related to net share settlement of equity awards), net	(7,871		)	10,033			974
Excess tax benefits from exercise of stock options and vesting of equity awards	1,612			1,351			1,772
Purchase of treasury stock	(69,867		)	(22,593		)	(58,383		)
Dividends paid to stockholders	(23,681		)	—			—
Payment of deferred purchase consideration	(4,820		)	—			—
Purchase of noncontrolling interests	(6,012		)	(2,131		)	(1,000		)
Proceeds from noncontrolling interests	—			613			—
Net cash provided by (used in) financing activities	21,562			(95,962		)	(79,382		)
Effect of exchange rate changes on cash and cash equivalents	7,577			(4,488		)	(773		)
Net (decrease) increase in cash and cash equivalents	(9,245		)	88,858			51,621
Cash and cash equivalents at beginning of year	249,348			160,490			108,869
Cash and cash equivalents at end of year	$	240,103		$	249,348		$	160,490

See accompanying notes.

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Notes to Consolidated Financial Statements

March 31, 2014

(In Thousands, Except Share and Per Share Data)

1. Summary of Significant Accounting Policies

Description of Business

EnerSys (the “Company”) and its predecessor companies have been manufacturers of industrial batteries for over 125 years. EnerSys is a global leader in stored energy solutions for industrial applications. The Company manufactures, markets and distributes industrial batteries and related products such as chargers, outdoor cabinet enclosures, power equipment and battery accessories, and provides related after-market and customer-support services for industrial batteries.

Principles of Consolidation

The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries and any partially owned subsidiaries that the Company has the ability to control. Control generally equates to ownership percentage, whereby investments that are more than 50% owned are generally consolidated, investments in affiliates of 50% or less but greater than 20% are generally accounted for using the equity method, and investments in affiliates of 20% or less are accounted for using the cost method. All intercompany transactions and balances have been eliminated in consolidation.

The Company also consolidates certain subsidiaries in which the noncontrolling interest party has within its control the right to require the Company to redeem all or a portion of its interest in the subsidiary. The redeemable noncontrolling interests are reported at their estimated redemption value, and the amount presented in temporary equity is not less than the initial amount reported in temporary equity. Any adjustment to the redemption value impacts retained earnings but does not impact net income or comprehensive income. Noncontrolling interests which are redeemable only upon future events, the occurrence of which is not currently probable, are recorded at carrying value.

Foreign Currency Translation

Results of foreign operations are translated into U.S. dollars using average exchange rates during the periods. The assets and liabilities are translated into U.S. dollars using exchange rates as of the balance sheet dates. Gains or losses resulting from translating the foreign currency financial statements are accumulated as a separate component of accumulated other comprehensive income (“AOCI”) in EnerSys’ stockholders’ equity and noncontrolling interests.

Transaction gains and losses resulting from exchange rate changes on transactions denominated in currencies other than the functional currency of the applicable subsidiary are included in the Consolidated Statements of Income, within “Other (income) expense, net”, in the year in which the change occurs.

Revenue Recognition

The Company recognizes revenue when the earnings process is complete. This occurs when risk and title transfers, collectibility is reasonably assured and pricing is fixed or determinable. Shipment terms are either shipping point or destination and do not differ significantly between the Company’s business segments. Accordingly, revenue is recognized when risk and title are transferred to the customer. Amounts invoiced to customers for shipping and handling are classified as revenue. Taxes on revenue producing transactions are not included in net sales.

The Company recognizes revenue from the service of its products when the respective services are performed.

Accruals are made at the time of sale for sales returns and other allowances based on the Company’s historical experience.

Freight Expense

Amounts billed to customers for outbound freight costs are classified as sales in the Consolidated Statements of Income. Costs incurred by the Company for outbound freight costs to customers, inbound and transfer freight are classified in cost of goods sold.

Warranties

The Company’s products are warranted for a period ranging from one to twenty years for reserve power batteries and for a period ranging from one to seven years for motive power batteries. The Company provides for estimated product warranty expenses when the related products are sold. The assessment of the adequacy of the reserve includes a review of open claims and historical experience.

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Cash and Cash Equivalents

Cash and cash equivalents include all highly liquid investments with an original maturity of three months or less when purchased.

Concentration of Credit Risk

Financial instruments that subject the Company to potential concentration of credit risk consist principally of short-term cash investments and trade accounts receivable. The Company invests its cash with various financial institutions and in various investment instruments limiting the amount of credit exposure to any one financial institution or entity. The Company has bank deposits that exceed federally insured limits. In addition, certain cash investments may be made in U.S. and foreign government bonds, or other highly rated investments guaranteed by the U.S. or foreign governments. Concentration of credit risk with respect to trade receivables is limited by a large, diversified customer base and its geographic dispersion. The Company performs ongoing credit evaluations of its customers’ financial condition and requires collateral, such as letters of credit, in certain circumstances.

Accounts Receivable

The Company maintains allowances for doubtful accounts for estimated losses resulting from the inability of customers to make required payments. The allowance is based on management’s estimate of uncollectible accounts, analysis of historical data and trends, as well as reviews of all relevant factors concerning the financial capability of its customers. Accounts receivable are considered to be past due based on how payments are received compared to the customer’s credit terms. Accounts are written off when management determines the account is uncollectible.

Inventories

Inventories are stated at the lower of cost or market. Cost is determined using the first-in, first-out (FIFO) method. The cost of inventory consists of material, labor, and associated overhead.

Property, Plant, and Equipment

Property, plant, and equipment are recorded at cost and include expenditures that substantially increase the useful lives of the assets. Depreciation is provided using the straight-line method over the estimated useful lives of the assets as follows: 10 to 33 years for buildings and improvements and 3 to 15 years for machinery and equipment.

Maintenance and repairs are expensed as incurred. Interest on capital projects is capitalized during the construction period.

Business Combinations

The purchase price of an acquired company is allocated between tangible and intangible assets acquired and liabilities assumed from the acquired business based on their estimated fair values, with the residual of the purchase price recorded as goodwill. The results of operations of the acquired business are included in the Company’s operating results from the date of acquisition.

Goodwill and Other Intangible Assets

Goodwill and indefinite-lived trademarks are tested for impairment at least annually and whenever events or circumstances occur indicating that a possible impairment may have been incurred. Goodwill is tested for impairment by determining the fair value of the Company’s reporting units. These estimated fair values are based on financial projections, certain cash flow measures, and market capitalization. The indefinite-lived trademarks are tested for impairment by comparing the carrying value to the fair value based on current revenue projections of the related operations, under the relief from royalty method. Any excess carrying value over the amount of fair value is recognized as impairment. Any impairment would be recognized in full in the reporting period in which it has been identified.

Finite-lived assets such as customer relationships, patents, and non-compete agreements are amortized over their estimated useful lives, generally over periods ranging from 3 to 20 years. The Company reviews the carrying values of these assets for possible impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable based on undiscounted estimated cash flows expected to result from its use and eventual disposition. The Company continually evaluates the reasonableness of the useful lives of these assets.

53

Impairment of Long-Lived Assets

The Company reviews the carrying values of its long-lived assets to be held and used for possible impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable, based on undiscounted estimated cash flows expected to result from its use and eventual disposition. The factors considered by the Company in performing this assessment include current operating results, trends and other economic factors. In assessing the recoverability of the carrying value of a long-lived asset, the Company must make assumptions regarding future cash flows and other factors. If these estimates or the related assumptions change in the future, the Company may be required to record an impairment loss for these assets.

Environmental Expenditures

The Company records a loss and establishes a reserve for environmental remediation liabilities when it is probable that an asset has been impaired or a liability exists and the amount of the liability can be reasonably estimated. Reasonable estimates involve judgments made by management after considering a broad range of information including: notifications, demands or settlements that have been received from a regulatory authority or private party, estimates performed by independent engineering companies and outside counsel, available facts existing and proposed technology, the identification of other potentially responsible parties, their ability to contribute and prior experience. These judgments are reviewed quarterly as more information is received and the amounts reserved are updated as necessary. However, the reserves may materially differ from ultimate actual liabilities if the loss contingency is difficult to estimate or if management’s judgments turn out to be inaccurate. If management believes no best estimate exists, the minimum probable loss is accrued.

Derivative Financial Instruments

The Company utilizes derivative instruments to mitigate volatility related to interest rates, lead prices and foreign currency exposures. The Company does not hold or issue derivative financial instruments for trading or speculative purposes. The Company recognizes derivatives as either assets or liabilities in the accompanying Consolidated Balance Sheets and measures those instruments at fair value. Changes in the fair value of those instruments are reported in AOCI if they qualify for hedge accounting or in earnings if they do not qualify for hedge accounting. Derivatives qualify for hedge accounting if they are designated as hedge instruments and if the hedge is highly effective in achieving offsetting changes in the fair value or cash flows of the asset or liability hedged. Effectiveness is measured on a regular basis using statistical analysis and by comparing the overall changes in the expected cash flows on the lead and foreign currency forward contracts with the changes in the expected all-in cash outflow required for the lead and foreign currency purchases. This analysis is performed on the initial purchases quarterly that cover the quantities hedged. Accordingly, gains and losses from changes in derivative fair value of effective hedges are deferred and reported in AOCI until the underlying transaction affects earnings.

The Company has commodity, foreign exchange and interest rate hedging authorization from the Board of Directors and has established a hedging and risk management program that includes the management of market and counterparty risk. Key risk control activities designed to ensure compliance with the risk management program include, but are not limited to, credit review and approval, validation of transactions and market prices, verification of risk and transaction limits, portfolio stress tests, sensitivity analyses and frequent portfolio reporting, including open positions, determinations of fair value and other risk management metrics.

Market risk is the potential loss the Company and its subsidiaries may incur as a result of price changes associated with a particular financial or commodity instrument. The Company utilizes forward contracts, and swaps as part of its risk management strategies, to minimize unanticipated fluctuations in earnings caused by changes in commodity prices, interest rates and/or foreign currency exchange rates. All derivatives are recognized on the balance sheet at their fair value, unless they qualify for Normal Purchase Normal Sale.

Credit risk is the potential loss the Company may incur due to the counterparty’s non-performance. The Company is exposed to credit risk from interest rate, foreign currency and commodity derivatives with financial institutions. The Company has credit policies to manage their credit risk, including the use of an established credit approval process, monitoring of the counterparty positions and the use of master netting agreements.

The Company has elected to offset net derivative positions under master netting arrangements. The Company does not have any positions involving cash collateral (payables or receivables) under a master netting arrangement as of March 31, 2014 and 2013.

The Company does not have any credit-related contingent features associated with its derivative instruments.

54

Fair Value of Financial Instruments

The Company uses the following valuation techniques to measure fair value for its financial assets and financial liabilities:

Level 1	Inputs are unadjusted quoted prices in active markets for identical assets or liabilities.
Level 2	Inputs are quoted prices for similar assets or liabilities in an active market, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable and market-corroborated inputs which are derived principally from or corroborated by observable market data.
Level 3	Inputs are derived from valuation techniques in which one or more significant inputs or value drivers are unobservable.

The fair value of the Company’s cash and cash equivalents, accounts receivable and accounts payable approximate carrying value due to their short maturities.

The fair value of the Company’s $350,000 senior secured revolving credit facility (“2011 Credit Facility”) and short-term debt approximate their carrying value, as they are variable rate debt and the terms are comparable to market terms as of the balance sheet dates and are classified as Level 2.

The fair value amounts of the Company’s $172,500 senior unsecured 3.375% convertible notes (“Convertible Notes”) represent the trading values of the Convertible Notes which is based upon quoted market prices and are classified as Level 2.

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). The Company and its subsidiaries use, as appropriate, a market approach (generally, data from market transactions), an income approach (generally, present value techniques and option-pricing models), and/or a cost approach (generally, replacement cost) to measure the fair value of an asset or liability. These valuation approaches incorporate inputs such as observable, independent market data and/or unobservable data that management believes are predicated on the assumptions market participants would use to price an asset or liability. These inputs may incorporate, as applicable, certain risks such as nonperformance risk, which includes credit risk.

Lead contracts, foreign currency contracts and interest rate contracts generally use an income approach to measure the fair value of these contracts, utilizing readily observable inputs, such as forward interest rates (e.g., London Interbank Offered Rate—“LIBOR”) and forward foreign currency exchange rates (e.g., GBP and euro) and commodity prices (e.g., London Metals Exchange), as well as inputs that may not be observable, such as credit valuation adjustments. When observable inputs are used to measure all or most of the value of a contract, the contract is classified as Level 2. Over-the-counter (OTC) contracts are valued using quotes obtained from an exchange, binding and non-binding broker quotes. Furthermore, the Company obtains independent quotes from the market to validate the forward price curves. OTC contracts include forwards, swaps and options. To the extent possible, fair value measurements utilize various inputs that include quoted prices for similar contracts or market-corroborated inputs.

When unobservable inputs are significant to the fair value measurement, a contract is classified as Level 3. Additionally, Level 2 fair value measurements include adjustments for credit risk based on the Company’s own creditworthiness (for net liabilities) and its counterparties’ creditworthiness (for net assets). The Company assumes that observable market prices include sufficient adjustments for liquidity and modeling risks. The Company did not have any contracts that transferred between Level 2 and Level 3 as well as Level 1 and Level 2.

Income Taxes

The Company accounts for income taxes using the asset and liability approach, which requires deferred tax assets and liabilities be recognized using enacted tax rates to measure the effect of temporary differences between book and tax bases on recorded assets and liabilities. Valuation allowances are recorded to reduce deferred tax assets, if it is more likely than not some portion or all of the deferred tax assets will not be recognized.  The need to establish valuation allowances against deferred tax assets is assessed quarterly. The primary factors used to assess the likelihood of realization are forecasts of future taxable income and available tax planning strategies that could be implemented to realize the net deferred tax assets.

The Company has not recorded United States income or foreign withholding taxes related to undistributed earnings of foreign subsidiaries because the Company currently plans to keep these amounts permanently invested overseas. 

The Company recognizes tax related interest and penalties in income tax expense in its Consolidated Statement of Income.

With respect to accounting for uncertainty in income taxes, the Company evaluates tax positions to determine whether the benefits of tax positions are more likely than not of being sustained upon audit based on the technical merits of the tax position.

55

For tax positions that are more likely than not of being sustained upon audit, the Company recognizes the largest amount of the benefit that is greater than 50% likely of being realized upon ultimate settlement. For tax positions that are not more likely than not of being sustained upon audit, the Company does not recognize any portion of the benefit. If the more likely than not threshold is not met in the period for which a tax position is taken, the Company may subsequently recognize the benefit of that tax position if the tax matter is effectively settled, the statute of limitations expires, or if the more likely than not threshold is met in a subsequent period.

Deferred Financing Fees

Debt issuance costs that are incurred by the Company in connection with the issuance of debt are deferred and amortized to interest expense over the life of the underlying indebtedness, adjusted to reflect any early repayments.

Stock-Based Compensation Plans

The Company measures the cost of employee services received in exchange for the award of an equity instrument based on the grant-date fair value of the award, with such cost recognized over the applicable vesting period.

Market Share Units

The fair value of the market share units is estimated at the date of grant using a binomial lattice model with the following assumptions: a risk-free interest rate, dividend yield, time to maturity and expected volatility. These units vest and are settled in common stock on the third anniversary of the date of grant. Market share units are converted into between zero and two shares of common stock for each unit granted at the end of a three-year performance cycle. The conversion ratio is calculated by dividing the average closing share price of the Company’s common stock during the ninety calendar days immediately preceding the vesting date by the average closing share price of the Company’s common stock during the ninety calendar days immediately preceding the grant date, with the resulting quotient capped at two. This quotient is then multiplied by the number of market share units granted to yield the number of shares of common stock to be delivered on the vesting date. The Company recognizes compensation expense using the straight-line method over the life of the market share units.

Restricted Stock Units

The fair value of restricted stock units is based on the closing market price of the Company’s common stock on the date of grant. These awards generally vest, and are settled in common stock, at 25% per year, over a four-year period from the date of grant. The Company recognizes compensation expense using the straight-line method over the life of the restricted stock units.

Stock Options

The fair value of the options granted is estimated at the date of grant using the Black-Scholes option-pricing model utilizing assumptions based on historical data and current market data. The assumptions include expected term of the options, risk-free interest rate, expected volatility, and dividend yield. The expected term represents the expected amount of time that options granted are expected to be outstanding, based on historical and forecasted exercise behavior. The risk-free rate is based on the rate at the grant date of zero-coupon U.S. Treasury Notes with a term equal to the expected term of the option. Expected volatility is estimated using historical volatility rates based on historical weekly price changes over a term equal to the expected term of the options. The Company’s dividend yield is based on historical data. The Company recognizes compensation expense using the straight-line method over the vesting period of the options.

Earnings Per Share

Basic earnings per common share (“EPS”) are computed by dividing net earnings attributable to EnerSys stockholders by the weighted-average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that would occur if securities or other contracts to issue common stock were exercised or converted into common stock. At March 31, 2014, 2013 and 2012, the Company had outstanding stock options, restricted stock units, market share units and Convertible Notes, which could potentially dilute basic earnings per share in the future.

56

Segment Reporting

A segment for reporting purposes is based on the financial performance measures that are regularly reviewed by the chief operating decision maker to assess segment performance and to make decisions about a public entity’s allocation of resources. Based on this guidance, the Company reports its segment results based upon the three geographical regions of operations.

• Americas, which includes North and South America, with segment headquarters in Reading, Pennsylvania, USA,

• EMEA, which includes Europe, the Middle East and Africa, with segment headquarters in Zurich, Switzerland, and

• Asia, which includes Asia, Australia and Oceania, with segment headquarters in Singapore.

New Accounting Pronouncements

In February 2013, the Financial Accounting Standards Board (“FASB”) finalized the disclosure requirements on how entities should present financial information about reclassification adjustments from accumulated other comprehensive income in ASU No. 2013-02, “Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income." The standard requires that companies present either in a single note or parenthetically on the face of the financial statements, the effect of significant amounts reclassified from each component of accumulated other comprehensive income based on its source and the income statement line items affected by the reclassification. If a component is not required to be reclassified to net income in its entirety, companies would instead cross-reference to the related footnote for additional information. The Company adopted ASU No. 2013-02 as of April 1, 2013, and the adoption did not have a material impact on the Company's consolidated financial statements.

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.

2. Acquisitions

In fiscal 2014, the Company completed two acquisitions in the Americas and one in Asia, using both cash on hand and borrowings under the 2011 Credit Facility.

On October 8, 2013, the Company completed the acquisition of Purcell Systems, Inc., a designer, manufacturer and marketer of thermally managed electronic equipment and battery cabinet enclosures, headquartered in Spokane, Washington, for $119,540, net of cash acquired. The Company acquired tangible and intangible assets, including trademarks, technology, customer relationships and goodwill. Based on preliminary valuations performed, trademarks were valued at $16,800, technology at $7,900, customer relationships at $35,700, and goodwill was recorded at $54,145. The useful life of technology and customer lists were estimated at 10 and 13 years, respectively. Trademarks were considered to be indefinite-lived assets.

On October 28, 2013, the Company completed the acquisition of Quallion, LLC, a manufacturer of lithium ion cells and batteries for medical devices, defense, aviation and space, headquartered in Sylmar, California, for $25,800, net of cash acquired. The Company acquired tangible and intangible assets, in connection with the acquisition, including trademarks, technology, customer relationships and goodwill. Based on preliminary valuations performed, trademarks were valued at $500, technology at $4,400, customer relationships at $3,400, and goodwill was recorded at $13,502. The useful life of technology and customer relationships were estimated at 20 and 14 years, respectively. Trademarks were considered to be indefinite-lived assets.

On January 27, 2014, the Company completed the acquisition of UTS Holdings Sdn. Bhd. and its subsidiaries, a distributor of motive and reserve power battery products and services, headquartered in Kuala Lumpur, Malaysia, for $25,332, net of cash acquired. The Company acquired tangible and intangible assets, including trademarks, customer relationships and goodwill. Based on initial valuations performed, trademarks were valued at $1,294, customer relationships at $2,586 and goodwill was recorded at $9,254. The average life of customer relationships were estimated at 10 years and trademarks were considered to be indefinite-lived assets.

The Company made an initial allocation of the purchase price to tangible and intangible assets acquired and liabilities assumed based on their estimated respective fair values as of the date of acquisition. The valuation of these tangible and identifiable intangible assets and liabilities is preliminary, subject to completion of a formal valuation process and further management review, and may be retrospectively adjusted, if necessary, as additional information becomes available. The excess of the

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purchase price over the tangible and identifiable intangible assets acquired and liabilities assumed has been allocated to goodwill.

The results of these acquisitions have been included in the Company’s results of operations from the dates of their respective acquisitions. Pro forma earnings and earnings per share computations have not been presented as these acquisitions are not considered material. Net sales and net earnings attributable to EnerSys stockholders, related to the fiscal 2014 acquisitions were $68,231 and $2,126, respectively, during fiscal 2014.

3. Inventories

Net inventories consist of:

	March 31,
	2014		2013
Raw materials	$	87,469	$	88,787
Work-in-process	116,124		113,119
Finished goods	158,253		152,035
Total	$	361,846	$	353,941

Inventory reserves for obsolescence and other estimated losses, mainly relating to finished goods, were $20,316 and $17,372 at March 31, 2014 and 2013, respectively, and have been included in the net amounts shown above.

4. Property, Plant, and Equipment

Property, plant, and equipment consist of:

	March 31,
	2014			2013
Land, buildings, and improvements	$	226,008		$	206,610
Machinery and equipment	576,729			528,546
Construction in progress	35,463			25,139
	838,200			760,295
Less accumulated depreciation	(468,034		)	(410,169		)
Total	$	370,166		$	350,126

Depreciation expense for the fiscal years ended March 31, 2014, 2013 and 2012 totaled $49,693, $47,876, and $48,532, respectively. Interest capitalized in connection with major construction projects amounted to $1,046, $619, and $797 for the fiscal years ended March 31, 2014, 2013 and 2012, respectively.

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5. Goodwill and Other Intangible Assets

Other Intangible Assets

Information regarding the Company’s other intangible assets are as follows:

	March 31,
	2014							2013
	Gross Amount		Accumulated Amortization			Net Amount		Gross Amount		Accumulated Amortization			Net Amount
Indefinite-lived intangible assets:
Trademarks	$	104,917	$	(953	)	$	103,964	$	86,298	$	(953	)	$	85,345
Finite-lived intangible assets:
Customer relationships	55,505		(6,729		)	48,776		14,016		(3,994		)	10,022
Non-compete	2,581		(1,822		)	759		2,558		(1,524		)	1,034
Patents	17,592		(2,073		)	15,519		5,383		(1,237		)	4,146
Trademarks	2,004		(813		)	1,191		2,004		(727		)	1,277
Licenses	3,177		(914		)	2,263		2,527		(650		)	1,877
Total	$	185,776	$	(13,304	)	$	172,472	$	112,786	$	(9,085	)	$	103,701

The Company’s amortization expense related to finite-lived intangible assets was $4,279, $2,626, and $1,828, for the years ended March 31, 2014, 2013 and 2012, respectively. The expected amortization expense based on the finite-lived intangible assets as of March 31, 2014, is $6,581 in 2015, $6,588 in 2016, $6,250 in 2017, $5,873 in 2018 and $5,776 in 2019.

Goodwill

The changes in the carrying amount of goodwill by reportable segment are as follows:

	Fiscal year ended March 31, 2014
	Americas			EMEA		Asia			Total
Balance at beginning of year	$	150,031		$	166,708	$	28,760		$	345,499
Goodwill acquired during the year	67,912			—		9,254			77,166
Goodwill impairment charge	—			—		(5,179		)	(5,179		)
Foreign currency translation adjustment	(2,313		)	10,878		5			8,570
Balance at end of year	$	215,630		$	177,586	$	32,840		$	426,056

	Fiscal year ended March 31, 2013
	Americas			EMEA			Asia			Total
Balance at beginning of year	$	150,754		$	173,442		$	28,541		$	352,737
Adjustments related to the finalization of purchase accounting for fiscal 2012 acquisitions	230			155			(20		)	365
Foreign currency translation adjustment	(953		)	(6,889		)	239			(7,603		)
Balance at end of year	$	150,031		$	166,708		$	28,760		$	345,499

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A reconciliation of goodwill and accumulated goodwill impairment losses, by reportable segment, is as follows:

	March 31, 2014
	Americas		EMEA		Asia			Total
Gross carrying value	$	215,630	$	177,586	$	38,019		$	431,235
Accumulated goodwill impairment charges	—		—		(5,179		)	(5,179		)
Net book value	$	215,630	$	177,586	$	32,840		$	426,056

	March 31, 2013
	Americas		EMEA		Asia		Total
Gross carrying value	$	150,031	$	166,708	$	28,760	$	345,499
Accumulated goodwill impairment charges	—		—		—		—
Net book value	$	150,031	$	166,708	$	28,760	$	345,499

Goodwill is tested annually for impairment during the fourth quarter or earlier upon the occurrence of certain events or substantive changes in circumstances that indicate goodwill is more likely than not impaired. During the third quarter of fiscal 2014, the Company determined that the fair value of its subsidiary in India, which was acquired in fiscal 2012, was less than its carrying amount based on the Company's analysis of the estimated future expected cash flows the Company anticipates from the operations of this subsidiary. Accordingly, the Company recorded a non-cash charge of $5,179 for goodwill impairment relating to this subsidiary.

The Company estimated tax-deductible goodwill to be approximately $28,126 and $10,444 as of March 31, 2014 and 2013, respectively.

6. Prepaid and Other Current Assets

Prepaid and other current assets consist of the following:

	March 31,
	2014		2013
Prepaid non-income taxes	$	25,120	$	27,525
Prepaid income taxes	23,762		16,145
Non-trade receivables	4,435		6,096
Other	16,085		14,053
Total	$	69,402	$	63,819

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7. Accrued Expenses

Accrued expenses consist of the following:

	March 31,
	2014		2013
Payroll and benefits	$	62,518	$	52,484
Legal proceedings	58,184		—
Accrued selling expenses	30,963		28,896
Income taxes payable	27,116		19,273
Warranty	17,577		20,079
Freight	14,700		11,768
VAT and other non-income taxes	12,789		10,438
Deferred income	10,839		7,789
Restructuring	8,414		1,959
Lead forward contracts	2,371		2,832
Interest	1,980		2,171
Pension	1,602		1,431
Interest rate swaps	—		654
Other	35,849		31,890
Total	$	284,902	$	191,664

8. Debt

Summary of Long-Term Debt

The following summarizes the Company’s long-term debt:

	March 31,
	2014		2013
3.375% Convertible Notes, net of discount, due 2038	$	162,887	$	155,273
2011 Credit Facility due 2018	125,000		—
	287,887		155,273
Less current portion	—		—
Total long-term debt	$	287,887	$	155,273

2011 Senior Secured Revolving Credit Facility

The Company is party to a $350,000 senior secured revolving credit facility (“2011 Credit Facility”) which matures in September 2018. This facility includes an early termination provision under which the Company is required to meet a liquidity test in February 2015 related to its capacity to meet certain potential obligations related to the Convertible Notes in June 2015. Borrowings under the 2011 Credit Facility bear interest at a floating rate based, at the Company’s option, upon (i) LIBOR plus an applicable percentage (currently 1.25%), (ii) the greater of the Federal Funds rate plus 0.50% or the prime rate, or one-month LIBOR plus 1.0%, plus an applicable percentage (currently 0.25%). The interest rate at the end of March 31, 2014 was 1.39%. There are no prepayment penalties on loans under the 2011 Credit Facility. The Company had $125,000 revolver borrowings outstanding under its 2011 Credit Facility as of March 31, 2014. These borrowings were primarily utilized to fund new acquisitions. The Company had no borrowings outstanding as of March 31, 2013.

Obligations under the 2011 Credit Facility are secured by substantially all of the Company’s existing and future acquired assets, including substantially all of the capital stock of the Company’s United States subsidiaries that are guarantors under the credit facility, and 65% of the capital stock of certain of the Company’s foreign subsidiaries that are owned by the Company’s United States companies.

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Amendment to 2011 Credit Facility

In August 2013 and December 2013, the Company amended its 2011 Credit Facility. The key amendments to the agreement were extending the maturity until September 2018, and increasing flexibility for entering into acquisitions and joint ventures, divestitures, stock buybacks and cash dividend payments. The Company incurred $853 in deferred financing fees in connection with the amendments.

Senior Unsecured 3.375% Convertible Notes

On May 28, 2008, the Company completed a registered offering of $172,500 aggregate principal amount of senior unsecured 3.375% Convertible Notes Due 2038 (“Convertible Notes”) (see prospectus and supplemental indenture dated May 28, 2008). The Company received net proceeds of $168,200 after the deduction of commissions and offering expenses. The Company used all of the net proceeds to repay a portion of its then existing senior secured credit facility.

The Convertible Notes are general senior unsecured obligations and rank equally with the Company’s existing and future senior unsecured obligations and are junior to any of the Company’s future secured obligations to the extent of the value of the collateral securing such obligations. The Convertible Notes are not guaranteed, and are structurally subordinate in right of payment to, all of the (i) existing and future indebtedness and other liabilities of the Company’s subsidiaries and (ii) preferred stock of the Company’s subsidiaries to the extent of their respective liquidation preferences.

The Convertible Notes require the semi annual payment of interest in arrears on June 1 and December 1 of each year beginning December 1, 2008, at 3.375% per annum on the principal amount outstanding. The Convertible Notes will accrete principal beginning on June 1, 2015 and will bear contingent interest, if any, beginning with the six-month interest period commencing on June 1, 2015 under certain circumstances.

The Convertible Notes will mature on June 1, 2038, unless earlier converted, redeemed or repurchased. Prior to maturity, the holders may convert their Convertible Notes into shares of the Company’s common stock at any time after March 1, 2015 or prior to that date under certain circumstances. When issued, the initial conversion rate was 24.6305 shares per one thousand dollars in principal amount of Convertible Notes, which was equivalent to an initial conversion price of $40.60 per share. The conversion rate as of April 1, 2014, the date when the the holders were notified that they can submit the Convertible Notes for conversion was 24.8385 shares of the Company's common stock per one thousand dollars in principal amount of the Convertible Notes or $40.26 per share, due to the cumulative impact of cash dividends paid on the Company's common stock. Based on this conversion rate, the number of shares to be delivered upon conversion is 4,284,641. The conversion price is subject to adjustment under certain circumstances. It is the Company’s current intent to settle the principal amount of any conversions in cash, and any additional conversion consideration in cash, shares of EnerSys common stock or a combination of cash and shares.

At any time after June 6, 2015, the Company may at its option redeem the Convertible Notes, in whole or in part, for cash, at a redemption price equal to 100% of the principal amount of Convertible Notes to be redeemed, plus any accrued and unpaid interest.

Holders may convert their Convertible Notes prior to March 1, 2015, at the option of the holder, under the following circumstances: (i) during any calendar quarter (and only during such calendar quarter), if the last reported sale price (as defined in the indenture for the Convertible Notes) of a share of EnerSys common stock for 20 or more trading days in a period of 30 consecutive trading days ending on the last trading day of the immediately preceding calendar quarter exceeds 130% of the applicable conversion price in effect for the Convertible Notes on the last trading day of the immediately preceding calendar quarter, (ii) upon the occurrence of specified corporate events, or (iii) during the five business-day period after any five consecutive trading day period (the “measurement period”) in which the “trading price” (as defined in the indenture for the Convertible Notes) of the Convertible Notes for each day of the measurement period was less than 98% of the product of the “last reported sale price” (as defined in the indenture for the Convertible Notes) of a share of EnerSys common stock and the applicable conversion rate on such day.

At March 31, 2014, the closing price of the Company's common stock exceeded 130% of the conversion price for more than 20 trading days during the period of 30 consecutive trading days ending March 31, 2014, thereby satisfying one of the early conversion events and as a result, the Convertible Notes became convertible on demand, and the holders were notified that they can elect to submit the Convertible Notes for conversion, between the notification date of April 1, 2014 and June 30, 2014. The carrying value of the Convertible Notes of $162,887 continues to be reported as long-term debt on the Consolidated Balance Sheet as of March 31, 2014 as the Company intends to draw on the $350,000, 2011 Credit Facility to settle the principal amount of any such conversions in cash and issue shares or a combination of cash and shares for the remaining value of the

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Convertible Notes. No gain or loss was recognized when the debt became convertible. The estimated fair value of the Convertible Notes was approximately $301,875 as of March 31, 2014.

This optional conversion period is reset each quarter and the Company will reassess on the last day of each calendar quarter.

In addition, upon becoming convertible, a portion of the equity component that was recorded upon the issuance of the Convertible Notes was considered redeemable and that portion of the equity was reclassified to temporary equity in the Consolidated Balance Sheet. Such amount was determined based on the cash considerations to be paid upon conversion and the carrying amount of the debt. As the holders of the Convertible Notes will be paid in cash for the principal amount and issued shares or a combination of cash and shares for the remaining value of the Convertible Notes, the reclassification into temporary equity as of March 31, 2014 was $9,613 based on the Convertible Notes principal of $172,500 and the carrying value of $162,887. If a conversion event takes place in the following quarter, this temporary equity balance will be recalculated based on the difference between the Convertible Notes principal and the debt carrying value. If the Convertible Notes are settled during the first quarter of fiscal 2015, an amount equal to the fair value of the liability component immediately prior to the settlement will be deducted from the fair value of the total settlement consideration transferred and allocated to the liability component. Any difference between the amount allocated to the liability and the net carrying amount of the Convertible Notes (including any unamortized debt issue costs and discount) will be recognized in earnings as a gain or loss on debt extinguishment. Any remaining consideration is allocated to the reacquisition of the equity component and will be recognized as a reduction of EnerSys stockholders’ equity.

The following represents the principal amount of the liability component, the unamortized discount, and the net carrying amount of our Convertible Notes as of March 31, 2014 and 2013, respectively:

	March 31, 2014			March 31, 2013
Principal	$	172,500		$	172,500
Unamortized discount	(9,613		)	(17,227		)
Net carrying amount	$	162,887		$	155,273

As of March 31, 2014, the remaining discount will be amortized over a period of 14 months. 

The effective interest rate on the liability component of the Convertible Notes was 8.50%. The amount of interest cost recognized for the amortization of the discount on the liability component of the Convertible Notes was $7,614, $7,001 and $6,435, respectively, for the fiscal years ended March 31, 2014, 2013 and 2012.

The Company paid $8,490, $10,056 and $8,933, net of interest received, for interest during the fiscal years ended March 31, 2014, 2013 and 2012, respectively.

The Company’s financing agreements contain various covenants, which, absent prepayment in full of the indebtedness and other obligations, or the receipt of waivers, would limit the Company’s ability to conduct certain specified business transactions including incurring debt, mergers, consolidations or similar transactions, buying or selling assets out of the ordinary course of business, engaging in sale and leaseback transactions, paying dividends and certain other actions. The Company is in compliance with all such covenants.

Short-Term Debt

As of March 31, 2014 and 2013, the Company had $33,814 and $22,702, respectively, of short-term borrowings from banks. The weighted-average interest rates on these borrowings were approximately 7% and 9% for fiscal years ended March 31, 2014 and 2013, respectively.

Letters of Credit

As of March 31, 2014 and 2013, the Company had $1,653 and $11,854, respectively, of standby letters of credit outstanding under the 2011 Credit Facility and other credit arrangements.

Deferred Financing Fees

Deferred financing fees, net of accumulated amortization, totaled $2,899 and $3,355 as of March 31, 2014 and 2013, respectively. Amortization expense, relating to deferred financing fees, included in interest expense was $1,141, $1,279, and $1,278 for the fiscal years ended March 31, 2014, 2013 and 2012, respectively.

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Available Lines of Credit

As of March 31, 2014 and March 31, 2013, the Company had available and undrawn, under all its lines of credit, $360,275 and $469,123, respectively, including $136,525 and $120,373, respectively, of uncommitted lines of credit as of March 31, 2014 and March 31, 2013.

9. Leases

The Company’s future minimum lease payments under capital and operating leases that have noncancelable terms in excess of one year as of March 31, 2014 are as follows:

	Capital Leases		Operating Leases
2015	$	374	$	21,447
2016	202		16,534
2017	30		11,596
2018	15		7,926
2019	4		5,633
Thereafter	—		6,742
Total minimum lease payments	625		$	69,878
Amounts representing interest	26
Net minimum lease payments, including current portion of $354	$	599

Rental expense was $34,923, $33,090, and $31,619 for the fiscal years ended March 31, 2014, 2013 and 2012, respectively. Amortization of capitalized leased assets is included in depreciation expense. Certain operating lease agreements contain renewal or purchase options and/or escalation clauses.

10. Other Liabilities

Other liabilities consist of the following:

	March 31,
	2014		2013
Pension	$	37,900	$	34,554
Warranty	22,849		22,512
Liability for uncertain tax benefits	4,265		17,165
Deferred income	7,012		6,285
Other	9,199		9,902
Total	$	81,225	$	90,418

11. Fair Value of Financial Instruments

The following tables represent the financial assets and (liabilities), measured at fair value on a recurring basis as of March 31, 2014 and March 31, 2013 and the basis for that measurement:

	Total Fair Value Measurement March 31, 2014			Quoted Price in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Interest rate swap agreements	$	—		$	—	$	—		$	—
Lead forward contracts	(2,371		)	—		(2,371		)	—
Foreign currency forward contracts	113			—		113			—
Total derivatives	$	(2,258	)	$	—	$	(2,258	)	$	—

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	Total Fair Value Measurement March 31, 2013			Quoted Price in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Interest rate swap agreements	$	(654	)	$	—	$	(654	)	$	—
Lead forward contracts	(2,832		)	—		(2,832		)	—
Foreign currency forward contracts	(11		)	—		(11		)	—
Total derivatives	$	(3,497	)	$	—	$	(3,497	)	$	—

The fair values of interest rate swap agreements are based on observable prices as quoted for receiving the variable three-month LIBOR and paying fixed interest rates and, therefore, were classified as Level 2. At March 31, 2014, the Company had no interest rate swap agreements.

The fair values of lead forward contracts are calculated using observable prices for lead as quoted on the London Metal Exchange (“LME”) and, therefore, were classified as Level 2.

The fair values for foreign currency forward contracts are based upon current quoted market prices and are classified as Level 2 based on the nature of the underlying market in which these derivatives are traded.

Financial Instruments

The fair values of the Company’s cash and cash equivalents, accounts receivable and accounts payable approximate carrying value due to their short maturities.

The fair values of the Company’s short-term debt approximates its carrying value, as it is variable rate debt and the terms are comparable to market terms as of the balance sheet dates and is classified as Level 2.

The Company's senior 3.375% Convertible Notes, with a face value of $172,500, were issued when the Company’s stock price was trading at $30.19 per share. On March 31, 2014, the Company’s stock price closed at $69.29 per share. The Convertible Notes have a conversion option of $40.26 per share which equates to 24.8385 shares of the Company's common stock per one thousand dollars in principal amount of the Convertible Notes as of April 1, 2014, the date when the the holders were notified that they can submit the Convertible Notes for conversion. The conversion rate may be adjusted in accordance with the terms of the Convertible Notes and the indenture under which the Convertible Notes were issued. The fair value of these notes represent the trading values based upon quoted market prices and are classified as Level 2. The Convertible Notes were trading at 175% of face value on March 31, 2014, and 126% of face value on March 31, 2013. See Note 8 for further details.

The carrying amounts and estimated fair values of the Company’s derivatives and Convertible Notes at March 31, 2014 and 2013 were as follows:

	March 31, 2014						March 31, 2013
	Carrying Amount			Fair Value			Carrying Amount			Fair Value
Financial assets:
Derivatives(1)	$	113		$	113		$	241		$	241
Financial liabilities:
Convertible Notes	$	162,887	(2)	$	301,875	(3)	$	155,273	(2)	$	217,350	(3)
Derivatives(1)	2,371			2,371			3,738			3,738

(1) Represents interest rate swap agreements, lead and foreign currency hedges (see Note 12 for asset and liability positions of the interest rate swap agreements, lead and foreign currency hedges at March 31, 2014 and March 31, 2013).

(2) The carrying amounts of the Convertible Notes at March 31, 2014 and March 31, 2013 represent the $172,500 principal value, less the unamortized debt discount (see Note 8 for further details).

(3) The fair value amounts of the Convertible Notes represent the trading values of the Convertible Notes with a principal value of $172,500 at March 31, 2014 and March 31, 2013.

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12. Derivative Financial Instruments

The Company utilizes derivative instruments to reduce its exposure to fluctuations in commodity prices, foreign exchange rates and interest rates, under established procedures and controls. The Company does not enter into derivative contracts for speculative purposes. The Company’s agreements are with creditworthy financial institutions and the Company anticipates performance by counterparties to these contracts and therefore no material loss is expected.

Derivatives in Cash Flow Hedging Relationships

Lead Hedge Forward Contracts

The Company enters into lead hedge forward contracts to fix the price for a portion of its lead purchases. Management considers the lead hedge forward contracts to be effective against changes in the cash flows of the underlying lead purchases. The vast majority of such contracts are for a period not extending beyond one year and the notional amounts at March 31, 2014 and 2013 were 89.9 million pounds and 56.3 million pounds, respectively.

Foreign Currency Forward Contracts

The Company uses foreign currency forward contracts to hedge a portion of the Company’s foreign currency exposures for lead as well as well as other foreign currency exposures so that gains and losses on these contracts offset changes in the underlying foreign currency denominated exposures. The vast majority of such contracts are for a period not extending beyond one year. As of March 31, 2014 and 2013, the Company had entered into a total of $70,332 and $51,366, respectively, of such contracts.

In the coming twelve months, the Company anticipates that $3,600 of net pretax loss relating to lead and foreign currency forward contracts will be reclassified from AOCI as part of cost of goods sold. This amount represents the current unrealized impact of hedging lead and foreign exchange rates, which will change as market rates change in the future, and will ultimately be realized in the income statement as an offset to the corresponding actual changes in lead costs to be realized in connection with the variable lead cost and foreign exchange rates being hedged.

Derivatives not Designated in Hedging Relationships

Interest Rate Swap Agreements

As of March 31, 2013, the Company maintained interest rate swap agreements that converted $65,000 of variable-rate debt to a fixed-rate basis, utilizing the three-month LIBOR, as a floating rate reference. These agreements expired in May 2013, and the Company had no interest rate swap agreements as of March 31, 2014.

Foreign Currency Forward Contracts

The Company also enters into foreign currency forward contracts to economically hedge foreign currency fluctuations on intercompany loans and foreign currency denominated receivables and payables. These are not designated as hedging instruments and changes in fair value of these instruments are recorded directly within other (income) expense, net in the Consolidated Statements of Income. As of March 31, 2014 and 2013, the notional amount of these contracts was $22,461 and $21,749, respectively.

Presented below in tabular form is information on the location and amounts of derivative fair values in the Consolidated Balance Sheets and derivative gains and losses in the Consolidated Statements of Income:

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Fair Value of Derivative Instruments

March 31, 2014 and 2013

	Derivatives and Hedging Activities Designated as Cash Flow Hedges				Derivatives and Hedging Activities Not Designated as Hedging  Instruments
	March 31, 2014		March 31, 2013		March 31, 2014		March 31, 2013
Prepaid and other current assets
Foreign currency forward contracts	$	12	$	—	$	101	$	241
Total assets	$	12	$	—	$	101	$	241
Accrued expenses
Interest rate swap agreements	$	—	$	—	$	—	$	654
Lead hedge forward contracts	2,371		2,832		—		—
Foreign currency forward contracts	—		252		—		—
Total liabilities	$	2,371	$	3,084	$	—	$	654

The Effect of Derivative Instruments on the Consolidated Statements of Income

For the fiscal year ended March 31, 2014

Derivatives Designated as Cash Flow Hedges	Pretax Gain (Loss) Recognized in AOCI on Derivative (Effective Portion)			Location of Gain (Loss) Reclassified from AOCI into Income (Effective Portion)	Pretax Gain (Loss) Reclassified from AOCI into Income (Effective Portion)
Lead hedge forward contracts	$	(1,562	)	Cost of goods sold	$	718
Foreign currency forward contracts	(682		)	Cost of goods sold	(707		)
Total	$	(2,244	)		$	11

Derivatives Not Designated as Hedging Instruments	Location of Gain (Loss) Recognized in Income on Derivative	Pretax Gain (Loss)
Foreign currency forward contracts	Other (income) expense, net	$	(188	)
Total		$	(188	)

The Effect of Derivative Instruments on the Consolidated Statements of Income

For the fiscal year ended March 31, 2013

Derivatives Designated as Cash Flow Hedges	Pretax Gain (Loss) Recognized in AOCI on Derivative (Effective Portion)		Location of Gain (Loss) Reclassified from AOCI into Income (Effective Portion)	Pretax Gain (Loss) Reclassified from AOCI into Income (Effective Portion)
Lead hedge forward contracts	$	1,623	Cost of goods sold	$	3,309
Foreign currency forward contracts	248		Cost of goods sold	1,703
Total	$	1,871		$	5,012

Derivatives Not Designated as Hedging Instruments	Location of Gain (Loss) Recognized in Income on Derivative	Pretax Gain (Loss)
Interest rate swap contracts	Other (income) expense, net	$	(101	)
Foreign currency forward contracts	Other (income) expense, net	2,597
Total		$	2,496

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The Effect of Derivative Instruments on the Consolidated Statements of Income

For the fiscal year ended March 31, 2012

Derivatives Designated as Cash Flow Hedges	Pretax Gain (Loss) Recognized in AOCI on Derivative (Effective Portion)			Location of Gain (Loss) Reclassified from AOCI into Income (Effective Portion)	Pretax Gain (Loss) Reclassified from AOCI into Income (Effective Portion)
Lead hedge forward contracts	$	(9,731	)	Cost of goods sold	$	(831	)
Foreign currency forward contracts	(152		)	Cost of goods sold	(3,882		)
Total	$	(9,883	)		$	(4,713	)

Derivatives Not Designated as Hedging Instruments	Location of Gain (Loss) Recognized in Income on Derivative	Pretax Gain (Loss)
Interest rate swap contracts	Other (income) expense, net	$	(977	)
Foreign currency forward contracts	Other (income) expense, net	(106		)
Total		$	(1,083	)

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13. Income Taxes

Income tax expense is composed of the following:

	Fiscal year ended March 31,
	2014			2013			2012
Current:
Federal	$	41,256		$	38,480		$	30,459
State	2,845			5,684			3,778
Foreign	22,627			19,438			16,282
Total current	66,728			63,602			50,519
Deferred:
Federal	(18,410		)	3,915			(1,609		)
State	(4,088		)	214			(962		)
Foreign	(27,250		)	(2,456		)	(656		)
Total deferred	(49,748		)	1,673			(3,227		)
Income tax expense	$	16,980		$	65,275		$	47,292

Earnings before income taxes consists of the following:

	Fiscal year ended March 31,
	2014		2013		2012
United States	$	47,753	$	107,191	$	87,597
Foreign	115,994		123,042		103,662
Earnings before income taxes	$	163,747	$	230,233	$	191,259

Income taxes paid by the Company for the fiscal years ended March 31, 2014, 2013 and 2012 were $76,644, $64,210 and $38,482, respectively.

The following table sets forth the tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities:

	March 31,
	2014			2013
Deferred tax assets:
Accounts receivable	$	1,204		$	660
Inventories	6,146			4,345
Net operating loss carryforwards	60,359			67,834
Accrued expenses	58,417			32,773
Other assets	13,291			9,703
Gross deferred tax assets	139,417			115,315
Less valuation allowance	(23,583		)	(54,542		)
Total deferred tax assets	115,834			60,773
Deferred tax liabilities:
Property, plant and equipment	26,286			28,985
Other intangible assets	71,094			48,142
Convertible Notes	22,687			22,386
Other liabilities	1,554			865
Total deferred tax liabilities	121,621			100,378
Net deferred tax liabilities	$	(5,787	)	$	(39,605	)

The Company has approximately $8,993 in United States federal net operating loss carryforwards, all of which are limited by Section 382 of the Internal Revenue Code, with expirations between 2024 and 2033. The Company has approximately

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$187,310 of foreign net operating loss carryforwards, of which $160,809 may be carried forward indefinitely and $26,501 expire between 2018 and 2022. In addition, the Company also had approximately $36,333 of state net operating loss carryforwards with expirations between 2015 and 2034.

As of March 31, 2014 and 2013, the federal valuation allowance was $1,750 and $0, respectively. The increase related to a capital loss deferred tax asset recorded in the current fiscal year that is not expected to be realized. As of March 31, 2014 and 2013, the valuation allowance associated with the state tax jurisdictions was $1,974 and $1,761, respectively. As of March 31, 2014 and 2013, the valuation allowance associated with certain foreign tax jurisdictions was $19,859 and $52,781, respectively, a decrease of $32,922, of which, $22,281 resulted in a decrease to tax expense. The remaining decrease is primarily related to currency fluctuations, the sale of one of the Company's foreign subsidiaries, and an offset to adjustments to foreign net operating losses for which a full valuation allowance was recorded. The $22,281 net decrease to tax expense includes a decrease of $25,950 due to the reversal of a previously recognized deferred tax valuation allowance related to one of the Company's foreign subsidiaries, and an increase of $3,669 primarily related to net operating loss carryforwards generated in the currrent year.

A reconciliation of income taxes at the statutory rate to the income tax provision is as follows:

	Fiscal year ended March 31,
	2014			2013			2012
United States statutory income tax expense (at 35%)	$	57,311		$	80,581		$	66,962
Increase (decrease) resulting from:
State income taxes, net of federal effect	(647		)	3,742			1,592
Nondeductible expenses, domestic manufacturing deduction and other	5,124			7,664			1,587
Effect of foreign operations	(24,277		)	(27,883		)	(20,028		)
Valuation allowance	(20,531		)	1,171			(2,821		)
Income tax expense	$	16,980		$	65,275		$	47,292

The effective income tax rate for the fiscal years ended March 31, 2014, 2013 and 2012 were 10.4%, 28.4% and 24.7%, respectively.

At March 31, 2014, the Company has not recorded United States income or foreign withholding taxes on approximately $688,870 of undistributed earnings of foreign subsidiaries that could be subject to taxation if remitted to the United States because the Company currently plans to keep these amounts permanently invested overseas. It is not practical to calculate the income tax expense that would result upon repatriation of these earnings.

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A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:

March 31, 2011	$	10,645
Increases related to current year tax positions	5,032
Increases related to prior year tax positions	182
Decreases related to prior year tax positions due to foreign currency translation	(28		)
Lapse of statute of limitations	(2,886		)
March 31, 2012	12,945
Increases related to current year tax positions	6,296
Increases related to prior year tax positions	969
Increases related to prior year tax positions due to foreign currency translation	245
Lapse of statute of limitations	(3,970		)
March 31, 2013	16,485
Increases related to current year tax positions	207
Increases related to prior year tax positions	2,877
Decreases related to prior tax positions due to foreign currency translation	(68		)
Decreases related to prior year tax positions	(14,835		)
Lapse of statute of limitations	(923		)
March 31, 2014	$	3,743

All of the balance of unrecognized tax benefits at March 31, 2014 and 2013, if recognized, would be included in the Company’s Consolidated Statements of Income and have a favorable impact on both the Company’s net earnings and effective tax rate.

The Company and its subsidiaries file income tax returns in the U.S. federal jurisdiction, and various states and foreign jurisdictions. With few exceptions, the Company is no longer subject to U.S. federal, state and local, or non-U.S. income tax examinations by tax authorities for years before 2010.

While the net effect on total unrecognized tax benefits cannot be reasonably estimated, approximately $240 is expected to reverse in fiscal 2015 due to expiration of various statute of limitations.

The Company recognizes tax related interest and penalties in income tax expense in its Consolidated Statements of Income. As of March 31, 2014 and 2013, the Company had an accrual of $522 and $680, respectively, for interest and penalties.

14. Retirement Plans

Defined Benefit Plans

The Company provides retirement benefits to substantially all eligible salaried and hourly employees. The Company uses a measurement date of March 31 for its pension plans.

Net periodic pension cost for fiscal 2014, 2013 and 2012, includes the following components:

	United States Plans									International Plans
	Fiscal year ended March 31,									Fiscal year ended March 31,
	2014			2013			2012			2014			2013			2012
Service cost	$	348		$	349		$	285		$	829		$	679		$	645
Interest cost	619			649			668			2,412			2,377			2,504
Expected return on plan assets	(796		)	(756		)	(706		)	(2,134		)	(1,851		)	(1,787		)
Amortization and deferral	479			393			238			56			209			32
Net periodic benefit cost	$	650		$	635		$	485		$	1,163		$	1,414		$	1,394

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The following table sets forth a reconciliation of the related benefit obligation, plan assets, and accrued benefit costs related to the pension benefits provided by the Company for those employees covered by defined benefit plans:

	United States Plans						International Plans
	March 31,						March 31,
	2014			2013			2014			2013
Change in projected benefit obligation
Benefit obligation at the beginning of the period	$	15,911		$	14,040		$	59,876		$	53,895
Service cost	348			349			829			679
Interest cost	619			649			2,412			2,377
Plan amendments	254			—			—			—
Benefits paid, inclusive of plan expenses	(670		)	(664		)	(2,000		)	(1,667		)
Plan curtailments and settlements	—			—			(356		)	—
Actuarial (gains) losses	(1,172		)	1,537			3,329			7,099
Foreign currency translation adjustment	—			—			5,137			(2,507		)
Benefit obligation at the end of the period	$	15,290		$	15,911		$	69,227		$	59,876

Change in plan assets
Fair value of plan assets at the beginning of the period	$	10,334		$	9,192		$	29,468		$	26,942
Actual return on plan assets	1,158			843			1,666			4,024
Employer contributions	487			963			1,852			1,639
Benefits paid, inclusive of plan expenses	(670		)	(664		)	(2,000		)	(1,667		)
Plan curtailments and settlements	—			—			(115		)	—
Foreign currency translation adjustment	—			—			2,835			(1,470		)
Fair value of plan assets at the end of the period	$	11,309		$	10,334		$	33,706		$	29,468
Funded status deficit	$	(3,981	)	$	(5,577	)	$	(35,521	)	$	(30,408	)

	March 31,
	2014			2013
Amounts recognized in the Consolidated Balance Sheets consist of:
Accrued expenses	$	(1,602	)	$	(1,431	)
Other liabilities	(37,900		)	(34,554		)
	$	(39,502	)	$	(35,985	)

The following table represents pension components (before tax) and related changes (before tax) recognized in AOCI for the Company’s pension plans for the years ended March 31, 2014, 2013 and 2012:

	Fiscal year ended March 31,
	2014			2013			2012
Amounts recorded in AOCI before taxes:
Prior service cost	$	(1,036	)	$	(816	)	$	(922	)
Net loss	(19,239		)	(16,645		)	(11,176		)
Net amount recognized	$	(20,275	)	$	(17,461	)	$	(12,098	)

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	Fiscal year ended March 31,
	2014			2013			2012
Changes in plan assets and benefit obligations:
New prior service cost	$	255		$	—		$	—
Net loss arising during the year	2,262			6,376			7,757
Effect of exchange rates on amounts included in AOCI	920			(392		)	(176		)
Amounts recognized as a component of net periodic benefit costs:
Amortization of prior service cost	(81		)	(79		)	(83		)
Amortization or settlement recognition of net loss	(694		)	(523		)	(187		)
Total recognized in other comprehensive income	$	2,662		$	5,382		$	7,311

The amounts included in AOCI as of March 31, 2014 that are expected to be recognized as components of net periodic pension cost during the next twelve months are as follows:

Net loss	$	(952	)
Prior service cost	(108		)
Net amount expected to be recognized	$	(1,060	)

The accumulated benefit obligation related to all defined benefit pension plans and information related to unfunded and underfunded defined benefit pension plans at the end of each year are as follows:

	United States Plans				International Plans
	March 31,				March 31,
	2014		2013		2014		2013
All defined benefit plans:
Accumulated benefit obligation	$	15,290	$	15,911	$	65,049	$	56,135
Unfunded defined benefit plans:
Projected benefit obligation	$	—	$	—	$	31,335	$	28,444
Accumulated benefit obligation	—		—		29,693		27,032
Defined benefit plans with a projected benefit obligation in excess of the fair value of plan assets:
Projected benefit obligation	$	15,290	$	15,911	$	69,227	$	59,876
Accumulated benefit obligation	15,290		15,911		65,049		56,135
Fair value of plan assets	11,309		10,334		33,706		29,468
Defined benefit plans with an accumulated benefit obligation in excess of the fair value of plan assets:
Projected benefit obligation	$	15,290	$	15,911	$	68,446	$	29,571
Accumulated benefit obligation	15,290		15,911		64,388		27,985
Fair value of plan assets	11,309		10,334		33,009		777

Assumptions

Significant assumptions used to determine the net periodic benefit cost for the US and International plans were as follows:

	United States Plans						International Plans
	Fiscal year ended March 31,						Fiscal year ended March 31,
	2014		2013		2012		2014	2013	2012
Discount rate	4.0	%	4.8	%	5.7	%	2.5-4.4%	2.5-5.5%	4.0-5.5%
Expected return on plan assets	7.8		8.0		8.0		3.5-7.0	5.5-7.0	5.5-7.0
Rate of compensation increase	N/A		N/A		N/A		2.0-4.0	2.0-4.0	2.0-4.0

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Significant assumptions used to determine the projected benefit obligations for the US and International plans were as follows:

	United States Plans				International Plans
	March 31,				March 31,
	2014		2013		2014	2013
Discount rate	4.5	%	4.0	%	3.0-4.6%	2.5-4.4%
Expected return on plan assets	7.8		8.0		3.5-7.0	4.0-7.0
Rate of compensation increase	N/A		N/A		2.0-4.0	2.0-4.0

N/A = not applicable

The United States plans do not include compensation in the formula for determining the pension benefit as it is based solely on years of service.

The expected long-term rate of return for the Company’s pension plan assets is based upon the target asset allocation and is determined using forward looking assumptions in the context of historical returns and volatilities for each asset class, as well as correlations among asset classes. The Company evaluates the rate of return assumptions for each of its plans on an annual basis.

Pension Plan Investment Strategy

The Company’s investment policy emphasizes a balanced approach to investing in securities of high quality and ready marketability. Investment flexibility is encouraged so as not to exclude opportunities available through a diversified investment strategy.

Equity investments are maintained within a target range of 40%-75% of the total portfolio market value. Investments in debt securities include issues of various maturities, and the average quality rating of bonds should be investment grade with a minimum quality rating of “B” at the time of purchase.

The Company periodically reviews the asset allocation of its portfolio. The proportion committed to equities, debt securities and cash and cash equivalents is a function of the values available in each category and risk considerations. The plan’s overall return will be compared to and expected to meet or exceed established benchmark funds and returns over a three to five year period.

The objectives of the Company’s investment strategies are: (a) the achievement of a reasonable long-term rate of total return consistent with an emphasis on preservation of capital and purchasing power, (b) stability of annual returns through a portfolio risk level, which is appropriate to conservative accounts, and (c) reflective of the Company’s willingness to forgo significantly above-average rewards in order to minimize above-average risks. These objectives may not be met each year but should be attained over a reasonable period of time.

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The following table represents our pension plan investments measured at fair value as of March 31, 2014 and 2013 and the basis for that measurement:

	March 31, 2014
	United States Plans								International Plans
	Total Fair Value Measurement		Quoted Price In Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Fair Value Measurement		Quoted Price In Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Asset category:
Cash and cash equivalents	$	1,225	$	1,225	$	—	$	—	$	—	$	—	$	—	$	—
Equity securities
US(a)	6,520		6,520		—		—		3,452		3,452		—		—
International(b)	1,011		1,011		—		—		19,193		19,193		—		—
Fixed income(c)	2,553		2,553		—		—		11,061		11,061		—		—
Total	$	11,309	$	11,309	$	—	$	—	$	33,706	$	33,706	$	—	$	—

	March 31, 2013
	United States Plans								International Plans
	Total Fair Value Measurement		Quoted Price In Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Fair Value Measurement		Quoted Price In Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Asset category:
Cash and cash equivalents	$	1,454	$	1,454	$	—	$	—	$	—	$	—	$	—	$	—
Equity securities
US(a)	5,346		5,346		—		—		2,856		2,856		—		—
International(b)	905		905		—		—		15,617		15,617		—		—
Fixed income(c)	2,629		2,629		—		—		10,995		10,995		—		—
Total	$	10,334	$	10,334	$	—	$	—	$	29,468	$	29,468	$	—	$	—

The fair values presented above were determined based on valuation techniques to measure fair value as discussed in Note 1.

(a) US equities include companies that are well diversified by industry sector and equity style (i.e., growth and value strategies). Active and passive management strategies are employed. Investments are primarily in large capitalization stocks and, to a lesser extent, mid- and small-cap stocks.

(b) International equities are invested in companies that are traded on exchanges outside the U.S. and are well diversified by industry sector, country and equity style. Active and passive strategies are employed. The vast majority of the investments are made in companies in developed markets with a small percentage in emerging markets.

(c) Fixed income consists primarily of investment grade bonds from diversified industries.

The Company expects to make cash contributions of approximately $2,898 to its pension plans in fiscal 2015.

Estimated future benefit payments under the Company’s pension plans are as follows:

	Pension Benefits
2015	$	2,697
2016	2,653
2017	3,151
2018	3,148
2019	3,415
Years 2020-2024	21,298

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Defined Contribution Plan

The Company maintains defined contribution plans primarily in the U.S. and U.K. Eligible employees can contribute a portion of their pre-tax and /or after-tax income in accordance with plan guidelines and the Company will make contributions based on the employees’ eligible pay and/or will match a percentage of the employee contributions up to certain limits. Matching contributions charged to expense for the fiscal years ended March 31, 2014, 2013 and 2012 were $6,311, $5,191 and $5,146, respectively.

15. Stockholders’ Equity and Noncontrolling Interests

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, 2014 and 2013, 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, 2012, 2013 and 2014, respectively:

Shares outstanding as of March 31, 2011	50,034,353
Purchase of treasury stock	(2,646,885	)
Shares issued as part of equity-based compensation plans, net of equity awards surrendered for option price and taxes	412,661
Shares outstanding as of March 31, 2012	47,800,129
Purchase of treasury stock	(683,192	)
Shares issued as part of equity-based compensation plans, net of equity awards surrendered for option price and taxes	723,267
Shares outstanding as of March 31, 2013	47,840,204
Purchase of treasury stock	(1,191,145	)
Shares issued as part of equity-based compensation plans, net of equity awards surrendered for option price and taxes	293,067
Shares outstanding as of March 31, 2014	46,942,126

Treasury Stock

In fiscal 2014 and 2013, the Company purchased 1,191,145 shares of its common stock for $69,867 and 683,192 shares for $22,593, respectively. At March 31, 2014 and 2013, the Company held 6,321,222 and 5,130,077 shares as treasury stock, respectively.

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Accumulated Other Comprehensive Income ("AOCI")

The components of AOCI, net of tax, are as follows:

	Beginning Balance			Before Reclassifications			Amount Reclassified from AOCI			Ending Balance
March 31, 2014
Pension funded status adjustment	$	(13,169	)	$	(2,662	)	$	624		$	(15,207	)
Net unrealized (loss) on derivative instruments	(832		)	(1,414		)	(7		)	(2,253		)
Foreign currency translation adjustment	54,656			30,649			—			85,305
Accumulated other comprehensive income	$	40,655		$	26,573		$	617		$	67,845
March 31, 2013
Pension funded status adjustment	$	(8,982	)	$	(5,382	)	$	1,195		$	(13,169	)
Net unrealized gain (loss) on derivative instruments	1,175			1,153			(3,160		)	(832		)
Foreign currency translation adjustment	81,900			(27,244		)	—			54,656
Accumulated other comprehensive income	$	74,093		$	(31,473	)	$	(1,965	)	$	40,655
March 31, 2012
Pension funded status adjustment	$	(3,512	)	$	(7,311	)	$	1,841		$	(8,982	)
Net unrealized gain (loss) on derivative instruments	4,436			(6,232		)	2,971			1,175
Foreign currency translation adjustment	114,256			(32,356		)	—			81,900
Accumulated other comprehensive income	$	115,180		$	(45,899	)	$	4,812		$	74,093

The following table presents reclassifications from AOCI during the twelve months ended March 31, 2014:

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	$	(11	)
Tax expense	4
Net unrealized gain on derivative instruments, net of tax	$	(7	)	Cost of goods sold
Defined benefit pension costs:
Prior service costs and deferrals	$	944
Tax benefit	(320		)
Net periodic benefit cost, net of tax	$	624		Net periodic benefit cost, included in Cost of goods sold, Operating expenses - See Note 14

Noncontrolling Interests

During fiscal 2013, the Company acquired the remaining 40% of noncontrolling interest of EAS Germany GmbH previously owned by GAIA Akkumulatorenwerke GmbH (“GAIA”), a wholly owned subsidiary of Lithium Technology Corporation (“LTC”) for $2,131.

Redeemable Noncontrolling Interests

During fiscal 2012, the Company acquired a controlling financial interest in Powertech Batteries and Energy Leader Batteries India Limited. The minority partners of both Powertech Batteries and Energy Leader Batteries India Limited had options exercisable to require the redemption of the shares owned by them, which if exercised, would make the Company the sole owner of these entities. The noncontrolling interests in both of these entities were reported by the Company as redeemable noncontrolling interests at their estimated redemption value and classified as mezzanine equity (temporary equity) on the Consolidated Balance Sheets. In the third quarter of fiscal 2014, the Company acquired the remaining 37.45% of noncontrolling interest of Energy Leader Batteries India Limited for $6,012.

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The following demonstrates the change in redeemable noncontrolling interests during the fiscal years ended March 31, 2012, 2013 and 2014, respectively:

Balance as of March 31, 2011	$	—
Redeemable noncontrolling interests recognized in acquisitions of Powertech Batteries and Energy Leader Batteries India Limited	9,916
Net losses attributable to redeemable noncontrolling interests	(170		)
Foreign currency translation adjustment	36
Balance as of March 31, 2012	$	9,782
Net losses attributable to redeemable noncontrolling interests	(1,429		)
Loan to equity conversion by redeemable noncontrolling interests	3,901
Foreign currency translation adjustment	(1,159		)
Balance as of March 31, 2013	$	11,095
Net losses attributable to redeemable noncontrolling interests	(3,536		)
Redemption value adjustment	4,974
Purchase of subsidiary shares from redeemable noncontrolling interest	(3,146		)
Foreign currency translation adjustment	(1,340		)
Balance as of March 31, 2014	$	8,047

16. Stock-Based Compensation

As of March 31, 2014, the Company maintains the EnerSys 2010 Equity Incentive Plan (“2010 EIP”). The 2010 EIP reserved 3,177,477 shares of common stock for the grant of various classes of nonqualified stock options, restricted stock units, market share units and other forms of equity-based compensation. Shares subject to any awards that expire without being exercised or that are forfeited or settled in cash shall again be available for future grants of awards under the 2010 EIP. Shares subject to awards that have been retained by the Company in payment or satisfaction of the exercise price and any applicable tax withholding obligation of an award shall not count against the limit described above.

As of March 31, 2014, 2,174,313 shares are available for future grants. The Company’s management equity incentive plans are intended to provide an incentive to employees and non-employee directors of the Company to remain in the service of the Company and to increase their interest in the success of the Company in order to promote the long-term interests of the Company. The plans seek to promote the highest level of performance by providing an economic interest in the long-term performance of the Company. The Company settles employee share-based compensation awards with newly issued shares.

Stock Options

No non-qualified stock options were granted during the last three fiscal years. Options generally expire 10 years from the date of grant.

For fiscal 2014, 2013 and 2012, the Company recognized $0 ($0 net of taxes), $97 ($69 net of taxes) and $1,092 ($822 net of taxes), respectively, of stock-based compensation expense associated with stock option grants.

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The following table summarizes the Company’s stock option activity in the years indicated:

	Number of Options		Weighted- Average Remaining Contract Term (Years)	Weighted- Average Exercise Price		Aggregate Intrinsic Value
Options outstanding as of March 31, 2011	860,779		6.2	$	19.52	$	17,129
Exercised	(227,116	)		15.82		3,691
Options outstanding as of March 31, 2012	633,663		6.1	$	20.85	$	8,879
Exercised	(555,677	)		21.70		8,860
Options outstanding as of March 31, 2013	77,986		2.5	$	14.76	$	2,404
Exercised	(11,813	)		14.72		537
Options outstanding and exercisable as of March 31, 2014	66,173		1.4	$	14.77	$	3,608

The following table summarizes information regarding stock options outstanding, all of which are also exercisable, as of March 31, 2014:

	Options Outstanding and Exercisable
Range of Exercise Prices	Number of Options	Weighted- Average Remaining Contractual Life	Weighted- Average Exercise Price
$10.01-$15.00	58,000	1.1	$	14.27
$15.01-$30.19	8,173	3.2	18.31
	66,173	1.4	$	14.77

Restricted Stock Units and Market Share Units

In fiscal 2014, the Company granted to non-employee directors 17,064 deferred restricted stock units at the fair value of $53.92 per restricted stock unit at the date of grant. In fiscal 2013, such grants amounted to 21,328 restricted stock units at the fair value of $37.51 per restricted stock unit at the date of grant and in fiscal 2012, amounted to 35,632 restricted stock units at the market price of $22.45 per restricted stock unit at the date of grant. The awards vest immediately upon the date of grant and the payment of shares of common stock under this grant are payable upon such director’s termination of service as a director.

In fiscal 2014, 2013 and 2012, the Company granted 5,232, 9,412 and 9,340 restricted stock units, respectively, at various fair values, under deferred compensation plans.

In fiscal 2014, the Company granted to management and other key employees 161,629 restricted stock units at the fair value of $50.70 per restricted stock unit and 189,438 market share units at a weighted average fair value of $65.03 per market share unit at the date of grant.

In fiscal 2013, the Company granted to management and other key employees 199,139 restricted stock units at the fair value of $31.76 per restricted stock unit and 303,942 market share units at a weighted average fair value of $41.36 per market share unit at the date of grant.

In fiscal 2012, the Company granted to management and other key employees 95,026 restricted stock units at the fair value of $35.79 per restricted stock unit at the date of grant and 224,397 market share units at the fair value of $48.36 per market share unit at the date of grant.

For purposes of determining the fair value of market share units granted, the Company uses a binomial lattice model with the following assumptions:

	2014		2013		2012
Risk-free interest rate	0.52	%	0.37	%	0.93	%
Dividend yield	1	%	—	%	—	%
Expected life (years)	3		3		3
Volatility	33.89	%	39.08	%	45.5	%

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A summary of the changes in restricted stock units and market share units awarded to employees and directors that were outstanding under the Company’s equity compensation plans during fiscal 2014 is presented below:

	Restricted Stock Units (RSU)				Market Share Units (MSU)
	Number of RSU		Weighted- Average Grant Date Fair Value		Number of MSU		Weighted- Average Grant Date Fair Value
Non-vested awards as of March 31, 2013	599,981		$	26.53	630,039		$	42.29
Granted	183,925		49.41		189,438		65.03
Stock dividend	4,485		34.99		5,600		50.12
Performance factor	—		—		98,032		34.45
Vested	(216,432	)	24.63		(222,123	)	34.45
Canceled	(9,927	)	33.09		(30,379	)	44.74
Non-vested awards as of March 31, 2014	562,032		$	35.13	670,607		$	50.14

The Company recognized stock-based compensation expense relating to restricted stock units and market share units of approximately $16,742, with a related tax benefit of $2,843 for fiscal 2014, $14,640, with a related tax benefit of $4,105 for fiscal 2013 and $10,493, with a related tax benefit of $2,599 for fiscal 2012.

All Award Plans

As of March 31, 2014, unrecognized compensation expense associated with the non-vested incentive awards outstanding was $25,353 and is expected to be recognized over a weighted-average period of 18 months.

17. Earnings Per Share

The following table sets forth the reconciliation from basic to diluted weighted-average number of common shares outstanding and the calculations of net earnings per common share attributable to EnerSys stockholders.

	Fiscal year ended March 31,
	2014		2013		2012
Net earnings attributable to EnerSys stockholders	$	150,328	$	166,508	$	144,003
Weighted-average number of common shares outstanding:
Basic	47,473,690		48,022,005		48,748,205
Dilutive effect of:
Common shares from exercise and lapse of equity awards, net of shares assumed reacquired	1,034,505		593,422		467,830
Convertible Notes	1,279,960		20,022		—
Diluted weighted-average number of common shares outstanding	49,788,155		48,635,449		49,216,035
Basic earnings per common share attributable to EnerSys stockholders	$	3.17	$	3.47	$	2.95
Diluted earnings per common share attributable to EnerSys stockholders	$	3.02	$	3.42	$	2.93
Anti-dilutive equity awards not included in diluted weighted-average common shares	—		—		221,097

The Company's Convertible Notes became convertible at the option of the holders effective January 2, 2014, as described in Note 8 and it is the Company’s current intent to settle the principal amount of any conversions in cash, and any additional conversion consideration ("conversion premium") in cash, shares of the Company’s common stock or a combination of cash and shares. During fiscal 2014, the average price of our common stock at $59.46 per share exceeded the conversion price of $40.60 per share on the Convertible Notes. For fiscal 2014 and 2013, 1,279,960 and 20,022 shares, respectively, relating to the conversion premium on the Convertible Notes were included in the diluted earnings per share using the "if converted" method.

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18. Commitments, Contingencies and Litigation

Litigation and Other Legal Matters

In the ordinary course of business, the Company and its subsidiaries are routinely defendants in or parties to many pending and threatened legal actions and proceedings, including actions brought on behalf of various classes of claimants. These actions and proceedings are generally based on alleged violations of environmental, anti-competition, employment, contract and other laws. In some of these actions and proceedings, claims for substantial monetary damages are asserted against the Company and its subsidiaries. In the ordinary course of business, the Company and its subsidiaries are also subject to regulatory and governmental examinations, information gathering requests, inquiries, investigations, and threatened legal actions and proceedings. In connection with formal and informal inquiries by federal, state, local and foreign agencies, such subsidiaries receive numerous requests, subpoenas and orders for documents, testimony and information in connection with various aspects of their activities.

In view of the inherent difficulty of predicting the outcome of such litigation, regulatory and governmental matters, particularly where the claimants seek very large or indeterminate damages or where the matters present novel legal theories or involve a large number of parties, the Company generally cannot predict what the eventual outcome of the pending matters will be, what the timing of the ultimate resolution of these matters will be, or what the eventual loss, fines or penalties related to each pending matter may be.

In accordance with applicable accounting guidance, the Company establishes an accrued liability for litigation, regulatory and governmental matters when those matters present loss contingencies that are both probable and estimable. In such cases, there may be an exposure to loss in excess of any amounts accrued. As a litigation, regulatory or governmental matter develops, the Company, in conjunction with any outside counsel handling the matter, evaluates on an ongoing basis whether such matter presents a loss contingency that is probable and estimable. When a loss contingency is not both probable and estimable, the Company does not establish an accrued liability. If, at the time of evaluation, the loss contingency related to a litigation, regulatory or governmental matter is not both probable and estimable, the matter will continue to be monitored for further developments that would make such loss contingency both probable and estimable. Once the loss contingency related to a litigation, regulatory or governmental matter is deemed to be both probable and estimable, the Company will establish an accrued liability with respect to such loss contingency and record a corresponding amount of litigation-related expense. The Company continues to monitor the matter for further developments that could affect the amount of the accrued liability that has been previously established.

Altergy

In the fourth quarter of fiscal 2014, the Company recorded a $58,184 legal proceedings charge in connection with an adverse arbitration result involving disputes between the Company's wholly-owned subsidiary, EnerSys Delaware Inc. (“EDI”), and Altergy Systems (“Altergy”). EDI and Altergy were parties to a Supply and Distribution Agreement (the “SDA”) pursuant to which EDI was, among other things, granted the exclusive right to distribute and sell certain fuel cell products manufactured by Altergy for various applications throughout the United States. Commencing in 2011, various disputes arose and, because of the mandatory arbitration provision in the SDA, an arbitration action was filed by EDI in November 2012 seeking arbitration of claims relating to the SDA. In February 2013, EDI terminated the SDA. Following unsuccessful attempts to resolve their disputes by mediation in July 2013, the parties moved forward with arbitration in August 2013, where each party asserted various claims against the other.

After discovery, a hearing and post-hearing submissions by each party, on May 13, 2014, the arbitration panel issued an award in favor of Altergy. As a result, the arbitration panel concluded that Altergy should recover $58,184 in net money damages from EDI. On May 13, 2014, Altergy filed a petition with the U.S. District Court for the Northern District of California seeking to confirm the arbitration panel award as well as post-award, prejudgment interest at the rate of 5.75% and post-judgment interest at the applicable federal statutory rate.

We are currently reviewing our options with our legal counsel to challenge this award, however there can be no assurances that a challenge, if and when made, will ultimately be successful. The full amount of the award was recorded in the fourth quarter of fiscal 2014 with an after tax expense of approximately $35,667. Adjustments to the accrual may be made in future periods depending on the outcome of any challenge.

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EnerSys Sarl Litigation

In fiscal 2009, the Court of Commerce in Lyon, France ruled that the Company’s French subsidiary, EnerSys Sarl, which was acquired by the Company in 2002, was partially responsible for a 1999 fire in a French hotel under construction. The Company’s portion of damages was assessed at €2,700 or $4,200, which was duly recorded and paid by the Company, but the ruling was appealed. In a subsequent ruling by the Court of Appeal of Lyon, France, portion of damages was reduced, entitling the Company to a refund of the monies paid of €671 or $900, which has been recorded and collected in the second quarter of fiscal 2012. The Company further appealed the ruling to the French Supreme Court, which on March 14, 2012, ruled in the Company’s favor and ordered the case back to the Court of Appeal of Lyon to further review certain aspects of the original decision in the case, including the assessment of damages. The Court of Appeal of Lyon heard arguments on April 9, 2013 and ruled in the Company’s favor on June 11, 2013, entitling the Company to a refund of the monies paid of €2,000, or $2,756. One of the parties to the litigation that is adverse to the Company has appealed this ruling to the French Supreme Court, with a ruling expected in the 4th quarter of fiscal 2015. While the Company intends to pursue these matters vigorously, there can be no assurances as to the outcome of the matter. Additionally, the Company recorded no accrual or receivable based upon the June 2013 ruling of the Court of Appeal of Lyon, but adjustments may be made in future periods depending on the outcome of the appeal to the French Supreme Court.

Environmental Issues

As a result of its operations, the Company is subject to various federal, state and local, as well as international environmental laws and regulations and is exposed to the costs and risks of registering, handling, processing, storing, transporting, and disposing of hazardous substances, especially lead and acid. The Company’s operations are also subject to federal, state, local and international occupational safety and health regulations, including laws and regulations relating to exposure to lead in the workplace.

The Company is responsible for certain cleanup obligations at the former Yuasa battery facility in Sumter, South Carolina that predates its ownership of this facility. This manufacturing facility was closed in 2001 and is separate from the Company’s current metal fabrication facility in Sumter. The Company has established a reserve for this facility. As of March 31, 2014 and 2013, the reserves related to this facility were $2,915. Based on current information, the Company’s management believes these reserves are adequate to satisfy the Company’s environmental liabilities at this facility.

Collective Bargaining

At March 31, 2014, the Company had approximately 9,500 employees. Of these employees, approximately 34% were covered by collective bargaining agreements. Employees covered by collective bargaining agreements that did not exceed twelve months were approximately 13%. The average term of these agreements is two years, with the longest term being four years.

Lead Contracts

To stabilize its costs, the Company has entered into contracts with financial institutions to fix the price of lead. The vast majority of such contracts are for a period not extending beyond one year. Under these contracts, at March 31, 2014 and 2013, the Company has hedged the price to purchase approximately 89.9 million pounds and 56.3 million pounds of lead, respectively, for a total purchase price of $86,494 and $56,601, respectively.

Foreign Currency Forward Contracts

The Company quantifies and monitors its global foreign currency exposures. On a selective basis, the Company will enter into foreign currency forward and option contracts to reduce the volatility from currency movements that affect the Company. The vast majority of such contracts are for a period not extending beyond one year. The Company’s largest exposure is from the purchase and conversion of U.S. dollar based lead costs into local currencies in EMEA. Additionally, the Company has currency exposures from intercompany and third-party trade transactions. To hedge these exposures, the Company has entered into a total of $92,793 and $73,115, respectively, of foreign currency forward contracts with financial institutions as of March 31, 2014 and 2013, respectively.

Interest Rate Swap Agreements

The Company is exposed to changes in variable U.S. interest rates on borrowings under its 2011 Credit Facility. On a selective basis, from time to time, the Company enters into interest rate swap agreements to reduce the negative impact that increases in interest rates could have on its outstanding variable rate debt. These agreements expired in May 2013 and the Company had no interest rate swap agreements at March 31, 2014. At March 31, 2013, such agreements converted $65,000 of variable-rate debt

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to a fixed-rate basis utilizing the three-month LIBOR as a floating rate reference. Fluctuations in LIBOR and fixed rates affect both the Company’s net financial investment position and the amount of cash to be paid or received under these agreements.

19. Restructuring and Other Exit Charges

Restructuring Plans

In February and May 2009, the Company announced a plan to restructure certain of its European and American operations, which resulted in a reduction of approximately 470 employees upon completion across its operations. These actions were primarily in Europe and included charges for employee-related severance payments and asset impairments, the most significant of which was the closure of its leased Italian manufacturing facility and the opening of a new Italian distribution center. The Company recorded restructuring charges of $31,753 in fiscal 2009 through fiscal 2012. This plan has been completed as of March 31, 2012.

During fiscal 2011, the Company announced a restructuring of its European operations, which resulted in a reduction of approximately 60 employees upon completion across its operations. The Company recorded restructuring charges of $5,178 in fiscal 2011 through 2012, with no additional charges in fiscal 2013. These charges were primarily from cash expenses for employee severance-related payments. This plan has been completed as of March 31, 2013.

During fiscal 2012, the Company announced restructuring plans related to its operations in EMEA, primarily consisting of the transfer of manufacturing of select products between certain of its manufacturing operations and restructuring of its selling, general and administrative operations, which resulted in the reduction of approximately 85 employees upon completion at the end of the second quarter of fiscal 2014. The total charges for these actions amounted to $3,545, primarily from cash expenses for employee severance-related payments. The Company recorded restructuring charges of $3,070 in fiscal 2012 and $475 of charges in fiscal 2013 with no additional charges in fiscal 2014. The Company incurred $2,433 of costs against the accrual during fiscal 2012, and $913 of costs incurred in fiscal 2013 with $185 of additional incurred against the accrual during fiscal 2014. This plan was completed as of September 29, 2013.

During fiscal 2013, the Company announced further restructurings related to improving the efficiency of its manufacturing operations in EMEA. The Company estimates that the total charges for these actions will amount to approximately $7,200, primarily from cash expenses for employee severance-related payments and non-cash expenses associated with the write-off of certain fixed assets and inventory. The Company estimates that these actions will result in the reduction of approximately130 employees upon completion. During fiscal 2013, the Company recorded restructuring charges of $3,998, consisting of non-cash charges of $1,399 related to the write-off of fixed assets and inventory, along with cash charges related to employee severance and other charges of $2,599. During fiscal 2014, the Company recorded an additional $2,465 in charges. During fiscal 2013, the Company incurred $952 of costs against the accrual with an additional $2,748 of costs incurred during fiscal 2014. As of March 31, 2014, the reserve balance associated with these actions is $1,409. The Company expects to be committed to an additional $700 of restructuring charges related to these actions during fiscal 2015, and expects to complete the program during fiscal 2015.

During fiscal 2013, the Company announced a restructuring related to the closure of its manufacturing facility located in Chaoan, People’s Republic of China, pursuant to which the Company transferred the manufacturing at that location to its other facilities in the People’s Republic of China, to improve operational efficiencies. The total charges related to this action amounted to $2,939. During fiscal 2013, the Company recorded restructuring charges of $2,691, consisting of non-cash charges of $2,290 related to the write-off of fixed assets and inventory, along with cash charges related to employee severance and other charges of $401. During fiscal 2014, $248 of additional other restructuring charges were accrued.During fiscal 2013, the Company incurred $221 in costs against the accrual with an additional $428 of costs incurred during fiscal 2014. This plan was completed as of March 31, 2014.

During fiscal 2014, the Company announced further restructuring programs to improve the efficiency of its manufacturing, sales and engineering operations in EMEA including the restructuring of its manufacturing operations in Bulgaria. The restructuring of the Bulgaria operations was announced during the third quarter of fiscal 2014 and consists of the transfer of motive power and a portion of reserve power battery manufacturing to the Company's facilities in Western Europe. The Company estimates that the total charges for all actions announced during fiscal 2014 will amount to approximately $26,500, primarily from non-cash charges related to the write-off of fixed assets and inventory of approximately $12,000, along with cash charges for employee severance-related payments and other charges of $14,500. The Company estimates that these actions will result in the reduction of approximately 510 employees upon completion. During fiscal 2014, the Company recorded restructuring charges of $19,039 consisting of non-cash charges of $10,089 related to the write-off of fixed assets and inventory, along with cash charges of $8,950 related to employee severance. During fiscal 2014 the Company incurred $2,130 in costs against the accrual. As of March 31, 2014, the reserve balance associated with these actions is $7,005. The Company

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expects to be committed to an additional $7,500 of restructuring charges in fiscal 2015 related to these actions, comprising of non-cash charges of $1,900 and cash charges of $5,600 and expects to complete the program during fiscal 2015.

A roll-forward of the restructuring reserve is as follows:

	Employee Severance			Other			Total
Balance at March 31, 2011	$	4,920		$	—		$	4,920
Accrual adjustment	(681		)	—			(681		)
Accrued	4,958			—			4,958
Costs incurred	(7,966		)	—			(7,966		)
Foreign currency impact and other	(45		)	—			(45		)
Balance at March 31, 2012	$	1,186		$	—		$	1,186
Accrued	3,093			382			3,475
Costs incurred	(2,485		)	(157		)	(2,642		)
Foreign currency impact and other	(56		)	(4		)	(60		)
Balance at March 31, 2013	$	1,738		$	221		$	1,959
Accrued	10,285			1,378			11,663
Costs incurred	(4,966		)	(525		)	(5,491		)
Foreign currency impact and other	255			28			283
Balance at March 31, 2014	$	7,312		$	1,102		$	8,414

Other Exit Charges

During fiscal 2014, the Company recorded exit charges of $5,574, consisting of non-cash charges of $1,409 and cash charges of $4,165 related to certain operations in Europe.

20. Warranty

The Company provides for estimated product warranty expenses when the related products are sold and are included within accrued expenses and other liabilities. Because warranty estimates are forecasts that are based on the best available information, primarily historical claims experience, costs may differ from amounts provided. An analysis of changes in the liability for product warranties is as follows:

Balance at March 31, 2011	$	36,006
Current year provisions	26,841
Costs incurred	(20,185		)
Foreign currency translation adjustment	(595		)
Balance at March 31, 2012	42,067
Current year provisions	19,724
Costs incurred	(20,945		)
Foreign currency translation adjustment	1,745
Balance at March 31, 2013	42,591
Current year provisions	16,098
Costs incurred	(22,862		)
Fair value of warranty reserves of acquired businesses	2,817
Foreign currency translation adjustment	1,782
Balance at March 31, 2014	$	40,426

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21. Other (Income) Expense, Net

Other (income) expense, net consists of the following:

	Fiscal year ended March 31,
	2014		2013			2012
Foreign exchange transaction losses	$	5,845	$	1,887		$	1,483
Non-operational assets written off	5,000		—			—
Insurance recoveries	—		(1,800		)	—
Other	2,813		829			1,585
Total	$	13,658	$	916		$	3,068

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22. Business Segments

Summarized financial information related to the Company’s reportable segments at March 31, 2014, 2013 and 2012 and for each of the fiscal years then ended is shown below.

	Fiscal year ended March 31,
	2014			2013			2012
Net sales by segment to unaffiliated customers
Americas	$	1,267,598		$	1,126,904		$	1,082,747
EMEA	966,152			926,165			995,431
Asia	240,683			224,490			205,191
Total net sales	$	2,474,433		$	2,277,559		$	2,283,369
Net sales by product line
Reserve power	$	1,234,538		$	1,118,965		$	1,092,734
Motive power	1,239,895			1,158,594			1,190,635
Total net sales	$	2,474,433		$	2,277,559		$	2,283,369
Intersegment sales
Americas	$	33,951		$	36,854		$	38,115
EMEA	77,549			76,947			75,652
Asia	29,428			31,246			21,182
Total intersegment sales(1)	$	140,928		$	145,047		$	134,949
Operating earnings
Americas	$	179,080		$	171,854		$	138,894
EMEA	84,902			64,032			63,872
Asia	21,217			21,146			12,133
Restructuring and other exit charges—EMEA	(27,078		)	(4,473		)	(4,988		)
Restructuring charges—Asia	(248		)	(2,691		)	—
Legal proceedings charge—Americas	(58,184		)	—			—
Legal proceedings settlement income—EMEA	—			—			900
Goodwill impairment charge—Asia	(5,179		)	—			—
Total operating earnings(2)	$	194,510		$	249,868		$	210,811
Property, plant and equipment, net
Americas	$	155,988		$	152,678		$	144,701
EMEA	145,308			152,577			161,854
Asia	68,870			44,871			46,660
Total	$	370,166		$	350,126		$	353,215
Capital Expenditures
Americas	$	24,641		$	29,566		$	20,862
EMEA	14,871			20,761			21,631
Asia	22,483			4,959			6,450
Total	$	61,995		$	55,286		$	48,943
Depreciation and Amortization
Americas	$	26,596		$	23,073		$	21,466
EMEA	22,708			22,255			25,451
Asia	4,668			5,174			3,443
Total	$	53,972		$	50,502		$	50,360

(1) Intersegment sales are presented on a cost-plus basis which takes into consideration the effect of transfer prices between legal entities.

(2) The Company does not allocate interest expense or other (income) expense, net to the reportable segments.

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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 44.0%, 43.0% and 42.6% for fiscal years ended March 31, 2014, 2013 and 2012, respectively. Property, plant and equipment, net, attributable to the United States as of March 31, 2014 and 2013, were $128,712 and $127,191, 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.

23. Quarterly Financial Data (Unaudited)

The Company reports interim financial information for 13-week periods, except for the first quarter, which always begins on April 1, and the fourth quarter, which always ends on March 31. The four quarters in fiscal 2014 ended on June 30, 2013, September 29, 2013, December 29, 2013, and March 31, 2014, respectively. The four quarters in fiscal 2013 ended on July 1, 2012, September 30, 2012, December 30, 2012, and March 31, 2013, respectively.

	1st Quarter		2nd Quarter		3rd Quarter		4th Quarter		Fiscal Year
Fiscal year ended March 31, 2014
Net sales	$	597,297	$	568,847	$	643,031	$	665,258	$	2,474,433
Gross profit	140,139		144,350		167,122		178,009		629,620
Operating earnings(1)(3)(4)	62,608		61,005		58,940		11,957		194,510
Net earnings	40,417		41,151		52,390		12,809		146,767
Net earnings attributable to EnerSys stockholders	40,847		41,339		55,300		12,842		150,328
Net earnings per common share attributable to EnerSys stockholders—basic	$	0.85	$	0.87	$	1.17	$	0.27	$	3.17
Net earnings per common share attributable to EnerSys stockholders—diluted	$	0.83	$	0.84	$	1.10	$	0.26	$	3.02
Fiscal year ended March 31, 2013
Net sales	$	593,910	$	554,212	$	557,320	$	572,117	$	2,277,559
Gross profit	148,306		138,339		143,698		139,013		569,356
Operating earnings(2)	70,255		62,885		59,737		56,991		249,868
Net earnings	45,564		43,011		38,677		37,706		164,958
Net earnings attributable to EnerSys stockholders	45,804		43,790		39,184		37,730		166,508
Net earnings per common share attributable to EnerSys stockholders—basic	$	0.96	$	0.91	$	0.81	$	0.79	$	3.47
Net earnings per common share attributable to EnerSys stockholders—diluted	$	0.95	$	0.90	$	0.80	$	0.77	$	3.42

(1) Included in Operating earnings were restructuring charges of $421, $1,119, $12,920 and $12,866 for the first, second, third and fourth quarters of fiscal 2014, respectively.

(2) Included in Operating earnings were restructuring charges of $370, $1,295, $3,776 and $1,723 for the first, second, third and fourth quarters of fiscal 2013, respectively.

(3) Included in Operating earnings for the third quarter of fiscal 2014 was a charge for goodwill impairment relating to a subsidiary in India for $5,179.

(4) Included in Operating earnings for the fourth quarter of fiscal 2014 was a legal proceedings charge of $58,184.

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24. Subsequent Events

On May 7, 2014, the Company announced the payment of a quarterly cash dividend of $0.175 per share of common stock to be paid on June 27, 2014, to stockholders of record as of June 13, 2014.

On May 7, 2014, the Company also announced the establishment of a new $70,000 stock repurchase authorization that expires on March 31, 2015.

On May 12, 2014, under the Company's 2010 Equity Incentive Plan, the Company granted 76,512 stock options which vest over three years, 118,312 restricted stock units, which vest 25% each year over four-years from the date of grant, and 152,203 market share units, which vest three years from the date of grant.

On May 13, 2014, in the EnerSys Delaware Inc. ("EDI") v. Altergy Systems ("Altergy") arbitration matter, the arbitration panel issued an award in favor of Altergy and concluded that Altergy should recover $58,184 in net money damages from EDI. See Note 18 for details.

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SCHEUDLE II

EnerSys

Valuation and Qualifying Accounts

(In Thousands)

	Balance at Beginning of Period		Additions Charged to Expense		Charge-Offs			Purchase accounting adjustments		Other(1)			Balance at End of Period
Allowance for doubtful accounts:
Fiscal year ended March 31, 2012	$	10,547	$	1,395	$	(2,012	)	$	—	$	92		$	10,022
Fiscal year ended March 31, 2013	10,022		998		(1,568		)	—		(160		)	9,292
Fiscal year ended March 31, 2014	9,292		907		(963		)	—		210			9,446
Allowance for inventory valuation:
Fiscal year ended March 31, 2012	$	15,052	$	7,659	$	(7,657	)	$	—	$	(223	)	$	14,831
Fiscal year ended March 31, 2013	14,831		7,337		(4,584		)	—		(212		)	17,372
Fiscal year ended March 31, 2014	17,372		5,944		(3,283		)	—		283			20,316
Deferred tax asset—valuation allowance: (2)
Fiscal year ended March 31, 2012	$	63,617	$	2,457	$	(7,528	)	$	1,124	$	(3,311	)	$	56,359
Fiscal year ended March 31, 2013	56,359		3,829		(3,259		)	—		(2,387		)	54,542
Fiscal year ended March 31, 2014	54,542		6,951		(27,269		)	327		(10,968		)	23,583

(1) Primarily the impact of currency changes.

(2) "Other" also includes sale of one of the Company’s foreign subsidiaries and an offset to adjustments to foreign net operating losses for which a full valuation allowance was recorded.

89

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

None.

ITEM 9A. CONTROLS AND PROCEDURES

(a) Disclosure Controls and Procedures. The Company’s management, with the participation of the Company’s Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of the Company’s disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) as of the end of the period covered by this report. Based on such evaluation, the Company’s Chief Executive Officer and Chief Financial Officer have concluded that, as of the end of such period, the Company’s disclosure controls and procedures are effective.

(b) Internal Control Over Financial Reporting. There have not been any changes in the Company’s internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the fourth quarter of the fiscal year to which this report relates that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

The report called for by Item 308(a) of Regulation S-K is included herein as “Management Report on Internal Control Over Financial Reporting.”

Management Report on Internal Control over Financial Reporting

Our management is responsible for establishing and maintaining adequate internal control over financial reporting. With the participation of the Chief Executive Officer and Chief Financial Officer, our management conducted an evaluation of the effectiveness of our internal control over financial reporting based on the framework and criteria established in Internal Control—Integrated Framework, issued by the Committee of Sponsoring Organizations of the Treadway Commission (1992 framework). Our evaluation of internal control over financial reporting did not include the internal controls of entities that were acquired ( Purcell Systems, Inc., Quallion, LLC, and UTS Holdings Sdn. Bhd. and its subsidiaries ) during fiscal 2014, which are included in the fiscal 2014 consolidated financial statements and constituted 9.9% of total assets as of March 31, 2014 and 2.8% of net sales for the year then ended.

Based on this evaluation, our management has concluded that our internal control over financial reporting was effective as of March 31, 2014.

The attestation report called for by Item 308(b) of Registration S-K is included herein as “Report of Independent Registered Public Accounting Firm,” which appears in Item 8 in this Annual Report on Form 10-K.

/s/    JOHN D. CRAIG	/s/    MICHAEL J. SCHMIDTLEIN
John D. Craig Chairman, President and CEO	Michael J. Schmidtlein Senior Vice President, Finance and CFO

ITEM 9B. OTHER INFORMATION

Not applicable.

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PART III

ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

The information required by this item is incorporated by reference from the sections entitled “Board of Directors,” “Executive Officers,” “Section 16(a) Beneficial Ownership Reporting Compliance,” “Corporate Governance—Independence of Directors,” “Corporate Governance—Process for Selection of Director Nominee Candidates,” “Audit Committee Report,” and “Certain Relationships and Related Transactions—Employment of Related Parties” of the Company’s definitive proxy statement for its 2014 Annual Meeting of Stockholders (the “Proxy Statement”) to be filed no later than 120 days after the fiscal year end.

We have adopted a Code of Business Conduct and Ethics that applies to all of our officers, directors and employees (including our Chief Executive Officer, Chief Financial Officer, and Controller) and have posted the Code on our website at www.enersys.com, and a copy is available in print to any stockholder who requires a copy. If we waive any provision of the Code applicable to any director, our Chief Executive Officer, Chief Financial Officer, and Controller, such waiver will be promptly disclosed to the Company’s stockholders through the Company’s website.

ITEM 11. EXECUTIVE COMPENSATION

The information required by this item is incorporated by reference from the sections entitled “Corporate Governance—Compensation Committee” and “Executive Compensation” of the Proxy Statement”) to be filed no later than 120 days after the fiscal year end.

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT RELATED STOCKHOLDER MATTERS

The information required by this item is incorporated by reference from the section entitled “Security Ownership of Certain Beneficial Owners and Management” of the Proxy Statement to be filed no later than 120 days after the fiscal year end.

	Equity Compensation Plan Information
Plan Category	Number of securities to be issued upon exercise of outstanding options, warrants and rights (a)		Weighted-average exercise price of outstanding options, warrants and rights (b)			Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a)) (c)
Equity compensation plans approved by security holders	1,969,419	(1)	$	14.77	(2)	2,174,313
Equity compensation plans not approved by security holders	—		—			—
Total	1,969,419		$	14.77		2,174,313

(1) Assumes a 200% payout of market share units.

(2) Awards of restricted stock units, market share units and deferred stock units and stock units held in both the EnerSys Voluntary Deferred Compensation Plan for Non-Employee Directors and the EnerSys Voluntary Deferred Compensation Plan for Executives were not included in calculating the weighted-average exercise price as they will be settled in shares of common stock for no consideration.

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

The information required by this item is incorporated by reference from the sections entitled “Corporate Governance,” and “Certain Relationships and Related Transactions” of the Proxy Statement to be filed no later than 120 days after the fiscal year end.

91

ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES

The information required by this item is incorporated by reference from the section entitled “Audit Committee Report” of the Proxy Statement to be filed no later than 120 days after the fiscal year end.

92

PART IV

ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES

(a) The following documents are filed as part of this Report:

(1) Consolidated Financial Statements

See Index to Consolidated Financial Statements.

(2) Financial Statement Schedule

The following consolidated financial statement schedule should be read in conjunction with the consolidated financial statements (see Item 8. “Financial Statements and Supplementary Data:”): Schedule II—Valuation and Qualifying Accounts.

All other schedules are omitted because they are not applicable or the required information is contained in the consolidated financial statements or notes thereto.

(b) The following documents are filed herewith as exhibits:

Exhibit Number	Description of Exhibit
3.1	Fifth Restated Certificate of Incorporation (incorporated by reference to Exhibit 3.1 to Amendment No. 3 to EnerSys’ Registration Statement on Form S-1 (File No. 001-32253) filed on February 6, 2013).
3.2	Bylaws (incorporated by reference to Exhibits 3.2 to EnerSys’ Quarterly Report on Form 10-Q for the period ended December 30, 2012 (File No. 001-32253) filed on February 6, 2013).
4.1	Indenture, dated as of May 28, 2008, between EnerSys and The Bank of New York, as trustee (incorporated by reference to Exhibit 4.1 to EnerSys’ Current Report on Form 8-K (File No. 001-32253) filed on May 28, 2008).
4.2	First Supplemental Indenture, dated as of May 28, 2008, between EnerSys and The Bank of New York, as trustee (incorporated by reference to Exhibit 4.2 to EnerSys’ Current Report on Form 8-K (File No. 001-32253) filed on May 28, 2008).
10.1	Credit Agreement, dated as of March 29, 2011, among EnerSys, Bank of America, N.A., as Administrative Agent, Wells Fargo Bank, National Association, as Syndication Agent, RB International Finance (USA) LLC and PNC Bank, National Association, as Co-Documentation Agents and Co-Managers and the various lending institutions party thereto (incorporated by reference to Exhibit 10.1 to EnerSys’ Current Report on Form 8-K (File No. 001-32253) filed on March 29, 2011).
10.2	Amendment to the Credit Facility, dated as of August 2, 2013, among EnerSys, Bank of America, N.A., as Administrative Agent, Wells Fargo Bank, National Association, as Syndication Agent, RB International Finance (USA) LLC and PNC Bank, National Association, as Co-Documentation Agents and Co-Managers, and the various lending institutions (incorporated by reference to Exhibit 10.2 to EnerSys’ Current Report on Form 8-K (File No. 001-32253) filed on August 6, 2013).
10.3	Third Amendment to the Credit Agreement, dated as of December 18, 2013, among EnerSys, Bank of America, N.A., as Administrative Agent, Wells Fargo Bank, National Association, as Syndication Agent, RB International Finance (USA) LLC and PNC Bank, National Association, as Co-Documentation Agents and Co-Managers, and the various lending institutions (incorporated by reference to Exhibit 10.3 to EnerSys’ Quarterly Report on Form 10-Q for the period ended December 29, 2013 (File No. 001-32253) filed on February 5, 2014).
10.4	Stock Subscription Agreement, dated March 22, 2002, among EnerSys Holdings Inc., Morgan Stanley Dean Witter Capital Partners IV, L.P., Morgan Stanley Dean Witter Capital Investors IV, L.P., MSDW IV 892 Investors, L.P., Morgan Stanley Global Emerging Markets Private Investment Fund, L.P. and Morgan Stanley Global Emerging Markets Private Investors, L.P. (incorporated by reference to Exhibit 10.27 to Amendment No. 3 to EnerSys’ Registration Statement on Form S-1 (File No. 333-115553) filed on July 13, 2004).
10.5	Form of Indemnification Agreement between EnerSys and each of its Directors and Officers (incorporated by reference to Exhibit 10.18 to Amendment No. 3 to EnerSys’ Registration Statement on Form S-1 (File No. 333-115553) filed on July 13, 2004).

10.6	Employment Agreement, dated November 9, 2000, between Yuasa, Inc. and John D. Craig and letter of amendment thereto (incorporated by reference to Exhibit 10.2 to EnerSys’ Registration Statement on Form S-1 (File No. 333-115553) filed on May 17, 2004).
10.7	Employment Agreement, dated November 9, 2000, between Yuasa, Inc. and Richard W. Zuidema and letter of amendment thereto (incorporated by reference to Exhibit 10.6 to EnerSys’ Registration Statement on Form S-1 (File No. 333-115553) filed on May 17, 2004).
10.8	Severance Agreement, dated as of May 26, 2011 between EnerSys and Michael J. Schmidtlein (incorporated by reference to Exhibit 10.17 to EnerSys’ Annual Report on Form 10-K (File No. 001-32253) filed on May 25, 2012).
10.9	Form of Severance Agreement (incorporated by reference to Exhibit 10.37 to EnerSys’ Annual Report on Form 10-K for year ended March 31, 2013 (File No. 001-32253) filed on May 28, 2013).
10.10	Form of Stock Option Agreement (six-month vesting) (incorporated by reference to Exhibit 10.31 to EnerSys’ Annual Report on Form 10-K for the year ended March 31, 2008 (File No. 001-32253) filed on June 1, 2009).
10.11	Form of 2000 Management Equity Plan (incorporated by reference as Exhibit 10.1 to Amendment No. 3 to EnerSys’ Registration Statement on Form S-1 (File No. 333-115553) filed on July 13, 2004).
10.12	Form of 2004 Equity Incentive Plan (incorporated by reference to Exhibit 10.24 to Amendment No. 3 to EnerSys’ Registration Statement on Form S-1 (File No. 333-115553) filed on July 13, 2004).
10.13	EnerSys Amended and Restated 2006 Equity Incentive Plan (incorporated by reference to Exhibit 10.27 to EnerSys Annual Report on Form 10-K (File No. 001-32253) filed on June 11, 2008).
10.14	EnerSys Management Incentive Plan for fiscal year 2007 (incorporated by reference to Exhibit 10.1 to EnerSys’ Current Report on Form 8-K (File No. 001-32253) filed on July 6, 2006).
10.15	EnerSys Management Incentive Plan for fiscal year 2008 (incorporated by reference to Exhibit 10.1 to EnerSys’ Current Report on Form 8-K (File No. 001-32253) filed on April 2, 2007).
10.16	Form of 2010 Equity Incentive Plan (incorporated by reference to Appendix A to EnerSys’ Definitive Proxy Statement on Schedule 14A (File No. 001-32253) filed on June 16, 2010).
10.17	EnerSys Voluntary Deferred Compensation Plan for Executives as amended August 5, 2010, and May 26, 2011 (incorporated by reference to Exhibit 10.23 to EnerSys’ Annual Report on Form 10-K (File No. 001-32253) filed on May 31, 2011).
10.18	Form of Employee Stock Purchase Plan (incorporated by reference to Exhibit 10.26 to Amendment No. 3 to EnerSys’ Registration Statement on Form S-1 (File No. 333-115553) filed on July 13, 2004).
10.19	Form of Restricted Stock Agreement (incorporated by reference to Exhibit 10.1 to EnerSys’ Current Report on Form 8-K (File No. 001-32253) filed on December 9, 2005).
10.20	Form of Stock Option Agreement (four-year vesting) (incorporated by reference to Exhibit 10.1 to EnerSys’ Current Report on Form 8-K (File No. 001-32253) filed on May 23, 2007).
10.21	Form of Stock Option Agreement (three-year vesting) (incorporated by reference to Exhibit 10.2 to EnerSys’ Current Report on Form 8-K (File No. 001-32253) filed on May 6, 2008).
10.22	Form of Restricted Stock Unit Agreement (incorporated by reference to Exhibit 10.1 to EnerSys’ Current Report on Form 8-K (File No. 001-32253) filed on May 23, 2007).
10.23	Form of Restricted Stock Unit Agreement – Non-Employee Directors (incorporated by reference to Exhibit 10.29 to EnerSys’ Annual Report on Form 10-K (File No. 001-32253) filed on June 1, 2009).

93

10.24	Form of Restricted Stock Unit Agreement – Employees – 2006 Equity Incentive Plan (incorporated by reference to Exhibit 10.30 to EnerSys’ Annual Report on Form 10-K (File No. 001-32253) filed on June 1, 2010).
10.25	Form of Market Share Restricted Stock Unit Agreement – Employees (incorporated by reference to Exhibit 10.31 to EnerSys’ Annual Report on Form 10-K (File No. 001-32253) filed on June 1, 2010).
10.26	Form of Market Share Restricted Stock Unit Agreement – Employees – 2010 Equity Incentive Plan (incorporated by reference to Exhibit 10.32 to EnerSys’ Annual Report on Form 10-K (File No. 001-32253) filed on May 31, 2011).
10.27	Form of Restricted Stock Unit Agreement – Employees and Senior Executives – 2010 Equity Incentive Plan (incorporated by reference to Exhibit 10.33 to EnerSys’ Annual Report on Form 10-K (File No. 001-32253) filed on May 31, 2011).
10.28	Form of Restricted Stock Unit Agreement – Employees – 2010 Equity Incentive Plan (incorporated by reference to Exhibit 10.31 to EnerSys’ Annual Report on Form 10-K (File No. 001-32253) filed on May 31, 2011).
10.29	Form of Deferred Stock Unit Agreement – Non-Employee Directors – 2010 Equity Incentive Plan (incorporated by reference to Exhibit 10.35 to EnerSys’ Annual Report on Form 10-K (File No. 001-32253) filed on May 31, 2011).
10.30	Form of Restricted Stock Unit Agreement – Employees – 2010 Equity Incentive Plan (incorporated by reference to Exhibit 10.39 to EnerSys’ Annual Report on Form 10-K for the year ended March 31, 2013 (File No. 001-32253) filed on May 28, 2013.
10.31	Form of Market Share Restricted Stock Unit Agreement – Employees – 2010 Equity Incentive Plan (incorporated by reference to Exhibit 10.39 to EnerSys’ Annual Report on Form 10-K for the year ended March 31, 2013 (File No. 001-32253) filed on May 28, 2013.
10.32	Form of Stock Option Agreement - Employees - 2010 Equity Incentive Plan (filed herewith).
10.33	Form of Stock Option Agreement - Senior Executives - 2010 Equity Incentive Plan (filed herewith).
10.34	Form of Restricted Stock Unit Agreement - Employees - 2010 Equity Incentive Plan (filed herewith).
10.35	Form of Market Share Unit Agreement - Employees - 2010 Equity Incentive Plan (filed herewith).
10.36	Form of Market Share Unit Agreement - Senior Executives - 2010 Equity Incentive Plan (filed herewith).
10.37	Form of Indemnification Agreement - Directors and Officers
11.1	Statement regarding Computation of Per Share Earnings.*
12.1	Computation of Ratio of Earnings to Fixed Charges (filed herewith).
21.1	Subsidiaries of the Registrant (filed herewith).
23.1	Consent of Ernst & Young LLP (filed herewith).
31.1	Certification of the Chief Executive Officer pursuant to Rule 13a-14(a)/15d-14(a) Under the Securities Exchange Act of 1934 (filed herewith).
31.2	Certification of the Chief Financial Officer pursuant to Rule 13a-14(a)/15d-14(a) Under the Securities Exchange Act of 1934 (filed herewith).
32.1	Certification of the Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (furnished herewith).

94

101.INS	XBRL Instance Document
101.SCH	XBRL Taxonomy Extension Schema Document
101.CAL	XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF	XBRL Taxonomy Extension Definition Document
101.LAB	XBRL Taxonomy Extension Label Document
101.PRE	XBRL Taxonomy Extension Presentation Document

* Information required to be presented in Exhibit 11 is provided in Note 17 of Notes to Consolidated Financial Statements under Part II, Item 8 of this Form 10-K.

95

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	ENERSYS
	By	/s/    JOHN D. CRAIG
Date: May 28, 2014		John D. Craig Chairman, President and Chief Executive Officer

POWER OF ATTORNEY

KNOW ALL PERSONS BY THESE PRESENTS, that each person whose name appears below hereby appoints John D. Craig and Michael J. Schmidtlein and each of them, as his true and lawful agent, with full power of substitution and resubstitution, for him and in his, place or stead, in any and all capacities, to execute any and all amendments to the within annual report, and to file the same, together with all exhibits thereto, with the Securities and Exchange Commission, granting unto each said attorney-in-fact and agent, full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that each said attorney-in-fact and agent may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, this annual report has been signed below by the following persons in the capacities and on the dates indicated:

Name	Title	Date
/s/    JOHN D. CRAIG         John D. Craig	Chairman, President, and Chief Executive Officer and Director (Principal Executive Officer)	May 28, 2014
/s/    MICHAEL J. SCHMIDTLEIN         Michael J. Schmidtlein	Senior Vice President Finance and Chief Financial Officer (Principal Financial Officer)	May 28, 2014
/s/    KERRY M. KANE         Kerry M. Kane	Vice President and Corporate Controller (Principal Accounting Officer)	May 28, 2014
/s/    HWAN-YOON F. CHUNG         Hwan-yoon F. Chung	Director	May 28, 2014
/S/    SEIFI GHASEMI         Seifi Ghasemi	Director	May 28, 2014
/s/    HOWARD I. HOFFEN         Howard I. Hoffen	Director	May 28, 2014
/s/    ARTHUR T. KATSAROS         Arthur T. Katsaros	Director	May 28, 2014

96

Name	Title	Date
/s/    JOHN F. LEHMAN         John F. Lehman	Director	May 28, 2014
/s/    GENERAL ROBERT  MAGNUS, USMC (RETIRED) General Robert Magnus, USMC (Retired)	Director	May 28, 2014
/s/    DENNIS S. MARLO         Dennis S. Marlo	Director	May 28, 2014
/s/    JOSEPH C. MUSCARI         Joseph C. Muscari	Director	May 28, 2014

97

Exhibit Index

Exhibit Number	Description of Exhibit
3.1	Fifth Restated Certificate of Incorporation (incorporated by reference to Exhibit 3.1 to Amendment No. 3 to EnerSys’ Registration Statement on Form S-1 (File No. 001-32253) filed on February 6, 2013).
3.2	Bylaws (incorporated by reference to Exhibits 3.2 to EnerSys’ Quarterly Report on Form 10-Q for the period ended December 30, 2012 (File No. 001-32253) filed on February 6, 2013).
4.1	Indenture, dated as of May 28, 2008, between EnerSys and The Bank of New York, as trustee (incorporated by reference to Exhibit 4.1 to EnerSys’ Current Report on Form 8-K (File No. 001-32253) filed on May 28, 2008).
4.2	First Supplemental Indenture, dated as of May 28, 2008, between EnerSys and The Bank of New York, as trustee (incorporated by reference to Exhibit 4.2 to EnerSys’ Current Report on Form 8-K (File No. 001-32253) filed on May 28, 2008).
10.1	Credit Agreement, dated as of March 29, 2011, among EnerSys, Bank of America, N.A., as Administrative Agent, Wells Fargo Bank, National Association, as Syndication Agent, RB International Finance (USA) LLC and PNC Bank, National Association, as Co-Documentation Agents and Co-Managers and the various lending institutions party thereto (incorporated by reference to Exhibit 10.1 to EnerSys’ Current Report on Form 8-K (File No. 001-32253) filed on March 29, 2011).
10.2	Amendment to the Credit Facility, dated as of August 2, 2013, among EnerSys, Bank of America, N.A., as Administrative Agent, Wells Fargo Bank, National Association, as Syndication Agent, RB International Finance (USA) LLC and PNC Bank, National Association, as Co-Documentation Agents and Co-Managers, and the various lending institutions (incorporated by reference to Exhibit 10.2 to EnerSys’ Current Report on Form 8-K (File No. 001-32253) filed on August 6, 2013).
10.3	Third Amendment to the Credit Agreement, dated as of December 18, 2013, among EnerSys, Bank of America, N.A., as Administrative Agent, Wells Fargo Bank, National Association, as Syndication Agent, RB International Finance (USA) LLC and PNC Bank, National Association, as Co-Documentation Agents and Co-Managers, and the various lending institutions (incorporated by reference to Exhibit 10.3 to EnerSys’ Quarterly Report on Form 10-Q for the period ended December 29, 2013 (File No. 001-32253) filed on February 5, 2014).
10.4	Stock Subscription Agreement, dated March 22, 2002, among EnerSys Holdings Inc., Morgan Stanley Dean Witter Capital Partners IV, L.P., Morgan Stanley Dean Witter Capital Investors IV, L.P., MSDW IV 892 Investors, L.P., Morgan Stanley Global Emerging Markets Private Investment Fund, L.P. and Morgan Stanley Global Emerging Markets Private Investors, L.P. (incorporated by reference to Exhibit 10.27 to Amendment No. 3 to EnerSys’ Registration Statement on Form S-1 (File No. 333-115553) filed on July 13, 2004).
10.5	Form of Indemnification Agreement between EnerSys and each of its Directors and Officers (incorporated by reference to Exhibit 10.18 to Amendment No. 3 to EnerSys’ Registration Statement on Form S-1 (File No. 333-115553) filed on July 13, 2004).
10.6	Employment Agreement, dated November 9, 2000, between Yuasa, Inc. and John D. Craig and letter of amendment thereto (incorporated by reference to Exhibit 10.2 to EnerSys’ Registration Statement on Form S-1 (File No. 333-115553) filed on May 17, 2004).
10.7	Employment Agreement, dated November 9, 2000, between Yuasa, Inc. and Richard W. Zuidema and letter of amendment thereto (incorporated by reference to Exhibit 10.6 to EnerSys’ Registration Statement on Form S-1 (File No. 333-115553) filed on May 17, 2004).
10.8	Severance Agreement, dated as of May 26, 2011 between EnerSys and Michael J. Schmidtlein (incorporated by reference to Exhibit 10.17 to EnerSys’ Annual Report on Form 10-K (File No. 001-32253) filed on May 25, 2012).
10.9	Form of Severance Agreement (incorporated by reference to Exhibit 10.37 to EnerSys’ Annual Report on Form 10-K for year ended March 31, 2013 (File No. 001-32253) filed on May 28, 2013).

98

10.10	Form of Stock Option Agreement (six-month vesting) (incorporated by reference to Exhibit 10.31 to EnerSys’ Annual Report on Form 10-K for the year ended March 31, 2008 (File No. 001-32253) filed on June 1, 2009).
10.11	Form of 2000 Management Equity Plan (incorporated by reference as Exhibit 10.1 to Amendment No. 3 to EnerSys’ Registration Statement on Form S-1 (File No. 333-115553) filed on July 13, 2004).
10.12	Form of 2004 Equity Incentive Plan (incorporated by reference to Exhibit 10.24 to Amendment No. 3 to EnerSys’ Registration Statement on Form S-1 (File No. 333-115553) filed on July 13, 2004).
10.13	EnerSys Amended and Restated 2006 Equity Incentive Plan (incorporated by reference to Exhibit 10.27 to EnerSys Annual Report on Form 10-K (File No. 001-32253) filed on June 11, 2008).
10.14	EnerSys Management Incentive Plan for fiscal year 2007 (incorporated by reference to Exhibit 10.1 to EnerSys’ Current Report on Form 8-K (File No. 001-32253) filed on July 6, 2006).
10.15	EnerSys Management Incentive Plan for fiscal year 2008 (incorporated by reference to Exhibit 10.1 to EnerSys’ Current Report on Form 8-K (File No. 001-32253) filed on April 2, 2007).
10.16	Form of 2010 Equity Incentive Plan (incorporated by reference to Appendix A to EnerSys’ Definitive Proxy Statement on Schedule 14A (File No. 001-32253) filed on June 16, 2010).
10.17	EnerSys Voluntary Deferred Compensation Plan for Executives as amended August 5, 2010, and May 26, 2011 (incorporated by reference to Exhibit 10.23 to EnerSys’ Annual Report on Form 10-K (File No. 001-32253) filed on May 31, 2011).
10.18	Form of Employee Stock Purchase Plan (incorporated by reference to Exhibit 10.26 to Amendment No. 3 to EnerSys’ Registration Statement on Form S-1 (File No. 333-115553) filed on July 13, 2004).
10.19	Form of Restricted Stock Agreement (incorporated by reference to Exhibit 10.1 to EnerSys’ Current Report on Form 8-K (File No. 001-32253) filed on December 9, 2005).
10.20	Form of Stock Option Agreement (four-year vesting) (incorporated by reference to Exhibit 10.1 to EnerSys’ Current Report on Form 8-K (File No. 001-32253) filed on May 23, 2007).
10.21	Form of Stock Option Agreement (three-year vesting) (incorporated by reference to Exhibit 10.2 to EnerSys’ Current Report on Form 8-K (File No. 001-32253) filed on May 6, 2008).
10.22	Form of Restricted Stock Unit Agreement (incorporated by reference to Exhibit 10.1 to EnerSys’ Current Report on Form 8-K (File No. 001-32253) filed on May 23, 2007).
10.23	Form of Restricted Stock Unit Agreement – Non-Employee Directors (incorporated by reference to Exhibit 10.29 to EnerSys’ Annual Report on Form 10-K (File No. 001-32253) filed on June 1, 2009).
10.24	Form of Restricted Stock Unit Agreement – Employees – 2006 Equity Incentive Plan (incorporated by reference to Exhibit 10.30 to EnerSys’ Annual Report on Form 10-K (File No. 001-32253) filed on June 1, 2010).
10.25	Form of Market Share Restricted Stock Unit Agreement – Employees (incorporated by reference to Exhibit 10.31 to EnerSys’ Annual Report on Form 10-K (File No. 001-32253) filed on June 1, 2010).
10.26	Form of Market Share Restricted Stock Unit Agreement – Employees – 2010 Equity Incentive Plan (incorporated by reference to Exhibit 10.32 to EnerSys’ Annual Report on Form 10-K (File No. 001-32253) filed on May 31, 2011).
10.27	Form of Restricted Stock Unit Agreement – Employees and Senior Executives – 2010 Equity Incentive Plan (incorporated by reference to Exhibit 10.33 to EnerSys’ Annual Report on Form 10-K (File No. 001-32253) filed on May 31, 2011).

99

10.28	Form of Restricted Stock Unit Agreement – Employees – 2010 Equity Incentive Plan (incorporated by reference to Exhibit 10.31 to EnerSys’ Annual Report on Form 10-K (File No. 001-32253) filed on May 31, 2011).
10.29	Form of Deferred Stock Unit Agreement – Non-Employee Directors – 2010 Equity Incentive Plan (incorporated by reference to Exhibit 10.35 to EnerSys’ Annual Report on Form 10-K (File No. 001-32253) filed on May 31, 2011).
10.30	Form of Restricted Stock Unit Agreement – Employees – 2010 Equity Incentive Plan (incorporated by reference to Exhibit 10.39 to EnerSys’ Annual Report on Form 10-K for the year ended March 31, 2013 (File No. 001-32253) filed on May 28, 2013.
10.31	Form of Market Share Restricted Stock Unit Agreement – Employees – 2010 Equity Incentive Plan (incorporated by reference to Exhibit 10.39 to EnerSys’ Annual Report on Form 10-K for the year ended March 31, 2013 (File No. 001-32253) filed on May 28, 2013.
10.32	Form of Stock Option Agreement - Employees - 2010 Equity Incentive Plan (filed herewith).
10.33	Form of Stock Option Agreement - Senior Executives - 2010 Equity Incentive Plan (filed herewith).
10.34	Form of Restricted Stock Unit Agreement - Employees - 2010 Equity Incentive Plan (filed herewith).
10.35	Form of Market Share Unit Agreement - Employees - 2010 Equity Incentive Plan (filed herewith).
10.36	Form of Market Share Unit Agreement - Senior Executives - 2010 Equity Incentive Plan (filed herewith).
10.37	Form of Indemnification Agreement - Directors and Officers
11.1	Statement regarding Computation of Per Share Earnings.*
12.1	Computation of Ratio of Earnings to Fixed Charges (filed herewith).
21.1	Subsidiaries of the Registrant (filed herewith).
23.1	Consent of Ernst & Young LLP (filed herewith).
31.1	Certification of the Chief Executive Officer pursuant to Rule 13a-14(a)/15d-14(a) Under the Securities Exchange Act of 1934 (filed herewith).
31.2	Certification of the Chief Financial Officer pursuant to Rule 13a-14(a)/15d-14(a) Under the Securities Exchange Act of 1934 (filed herewith).
32.1	Certification of the Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (furnished herewith).
101.INS	XBRL Instance Document
101.SCH	XBRL Taxonomy Extension Schema Document
101.CAL	XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF	XBRL Taxonomy Extension Definition Document
101.LAB	XBRL Taxonomy Extension Label Document
101.PRE	XBRL Taxonomy Extension Presentation Document

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* Information required to be presented in Exhibit 11 is provided in Note 17 of Notes to Consolidated Financial Statements under Part II, Item 8 of this Form 10-K.

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EX-10.32

Exhibit 10.32

EMPLOYEE STOCK OPTION AGREEMENT

(3 Year Vesting Schedule)

2010 EQUITY INCENTIVE

THIS EMPLOYEE STOCK OPTION AGREEMENT (this “Agreement”), dated as of _________ ____, _____, is between ENERSYS, a Delaware corporation (the “Company”), and the individual identified on the signature page hereof (the “Participant”).

BACKGROUND

A.    The Participant is currently an employee of the Company or one of its Subsidiaries.

B.    The Company desires to (i) provide the Participant with an incentive to remain in the employ of the Company or one of its Subsidiaries, and (ii) increase the Participant’s interest in the success of the Company by granting to the Participant nonqualified stock options (the “Options”) to purchase shares of the Company’s common stock, par value $0.01 per share (the “Common Stock”).

C.    The grant of the Options is (i) made pursuant to the EnerSys 2010 Equity Incentive Plan (the “Plan”), (ii) made subject to the terms and conditions of this Agreement, and (iii) not employment compensation nor an employment right and is made in the sole discretion of the Company’s Compensation Committee.

AGREEMENT

NOW, THEREFORE, in consideration of the covenants and agreements contained in this Agreement, the parties hereto, intending to be legally bound, agree as follows:

1.Definitions; Incorporation of Plan Terms. Capitalized terms used in this Agreement without definition shall have the meanings assigned to them in the Plan. This Agreement and the Options shall be subject to the Plan. The terms of the Plan and the Background provisions of this Agreement are hereby incorporated into this Agreement by reference. and made a part hereof as if set forth in their entirety in this Section 1. If there is a conflict or aninconsistency between the Plan and this Agreement, the Plan shall govern.

2.Restrictions on Transfer. Except as otherwise expressly provided in the Plan, none of the Options may be sold, transferred, assigned, pledged, or otherwise encumbered or disposed of (or made the subject of a derivative transaction) to or with any third party otherwise than by will or the laws of descent and distribution and the Options shall be exercisable during the Participant’s lifetime only by the Participant.

3.Grant of Options. The Participant is awarded the number of Options specified on the signature page hereof, at the Option Price indicated thereon. The Options are not intended to qualify as incentive stock options under Section 422 of the Code. Each Option

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shall entitle the Participant to purchase, upon payment of the applicable Option Price in any manner provided by the Plan, one share of Common Stock. The shares of Common Stock issuable upon exercise of the Options are from time to time referred to herein as the “Option Shares.” For purposes of the Plan and this Agreement, the Date of Grant shall be as indicated on the signature page hereof. The Options shall be exercisable as provided in this Agreement.

4.Terms and Conditions of Options. The Options evidenced by this Agreement are subject to the following terms and conditions:

(a)Vesting. The Options shall vest and become exercisable as follows: one-third (1/3) of the Options shall vest and become exercisable on each of the first three anniversaries of the Date of Grant (each such one-third (1/3) of the Options which vest on each such anniversary shall be referred to herein as a “Tranche”) unless previously vested or forfeited in accordance with the Plan or this Agreement; provided, however, that to the extent then unvested, the Options shall immediately become vested and exercisable if:

(i)     the Participant’s employment terminates due to death or Permanent Disability, or

(ii)     the Participant’s employment terminates within two years after a Change in Control without Cause or for Good Reason.

Further, provided, in the event of the Participant’s Retirement, a separate pro-rata portion of each of the three Tranches of Options (to the extent then unvested) shall immediately become vested, based, for each Tranche, on the number of months worked from the Date of Grant until the date of Retirement divided by the total number of months for which that particular Tranche of Options would have otherwise become vested, provided however, that, for each Tranche, the pro-rata portion that vests shall only become exercisable on the date each such Tranche would have otherwise become vested under the schedule described above in this Section 4(a) absent such Retirement.

Notwithstanding the foregoing sentences, upon a Participant’s termination of employment for any reason, the Compensation Committee may, in its sole discretion, waive any requirement for vesting then remaining and permit, for a specified period of time consistent with the first sentence of Section 4(b) hereof the exercise of the Options prior to the satisfaction of such requirement. Any fractional Options that would result from application of this Section 4(a) shall be aggregated and shall vest on the first anniversary of the Date of Grant.

(a)Option Period.The Options shall expire (to the extent not previously exercised or forfeited) on, and shall not be exercisable, following the tenth (10th) anniversary of the Date of Grant. In addition, all Options shall be subject to earlier expiration as provided herein or in the Plan, as follows:

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(iii)if the Participant’s employment terminates due to death or, Permanent Disability or on or after a Change in Control without Cause or for Good Reason, the Participant may exercise the Options, to the extent then vested, at any time until the earlier of (A) one year following termination of employment and (B) the expiration date of the Options specified in this Section 4(b);

(iv) if the Participant’s employment is terminated due to Retirement, the Participant may exercise the Options, to the extent then vested and exercisable, at any time until the expiration date of the Options specified in this Section 4(b);

(v)if the Participant’s employment is terminated by the Company without Cause prior to a Change in Control, the Participant may exercise the Options, to the extent then vested, at any time until the earlier of (A) ninety (90) days following termination of employment and (B) the expiration date of the Options specified in this Section 4(b);

(vi)if the Participant voluntarily terminates employment with the Company, the Participant may exercise the Options, to the extent then vested, at any time until the earlier of (A) sixty (60) days following termination of employment and (B) the expiration date of the Options specified in this Section 4(b); or

(vii)in the event of any other termination of the Participant’s employment (including a termination by the Company for Cause), all of the Options (whether or not vested at the time of termination) shall, without any action on the part of any Person, immediately expire and be canceled without payment therefor.

Except as provided in Section 4(a) hereof or in the case of automatic vesting in connection with such termination event, upon termination of the Participant’s employment with the Company or a Subsidiary for any reason, all Options which have not theretofore vested shall, without any action on the part of any Person, immediately expire and be canceled without any payment therefor.

(b)Exercise. Subject to the Company’s Policy on Insider Trading, and Sections 4(d), 4(f), and 8 hereof, the Participant may exercise any or all of the Options, to the extent vested and not forfeited. The date of exercise of an Option shall be the date on which the conditions provided in Sections 4(d), 4(f), and 8 hereof are satisfied.

(c)Payment. At the time of any exercise, the Participant shall pay to the Company the Option Price of the shares as to which this Option is being exercised by delivery of consideration equal to the product of the Option Price and the number of shares purchased, together with any amounts required to be withheld for tax purposes under Section 17(c) of the Plan. Such consideration must be paid before the Company will issue the shares being purchased and must be in a form or a combination of forms acceptable to the Compensation Committee for that purchase, which forms may (but are not required to) include (i) cash; (ii) check or wire transfer; (iii) tendering (either actually

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or by attestation) shares of Common Stock already owned by the Participant, provided that the shares have been held for the minimum period required by applicable accounting rules to avoid a charge to the Company’s earnings for financial reporting purposes or were not acquired from the Company as compensation; (iv) to the extent permitted by applicable law, Cashless Exercise; or (v) such other consideration as the Compensation Committee may permit in its sole discretion; provided, however, that any Participant may, at any time, exercise any Vested Option (or portion thereof) owned by him pursuant to a Cashless Exercise.

(d)Stockholder Rights. The Participant shall have no rights as a stockholder with respect to any shares of Common Stock issuable upon exercise of the Options until the Participant has made payment pursuant to Section 4(d) and a certificate or certificates evidencing such shares shall have been issued to the Participant, and no adjustment shall be made for dividends or distributions or other rights in respect of any share for which the record date is prior to the date upon which the Participant shall become the holder of record thereof.

(e)Limitation of Exercise. The Options shall not be exercisable unless the offer and sale of the shares of Common Stock subject thereto have been registered under the 1933 Act and qualified under applicable state “blue sky” laws, or the Company has determined that an exemption from registration under the 1933 Act and from qualification under such state “blue sky” laws is available.

(f)Delivery of Shares. As soon as practicable following the exercise of any Options, the appropriate number of shares of Common Stock issued in connection with such exercise shall be issued by the Company’s transfer agent, in the name of the Participant by (a) paper certificate delivered to the Participant, or (b) electronic delivery to the Company’s representative broker.

(g)Dividends and Distributions. Any shares of Common Stock or other securities of the Company received by the Participant as a result of a stock dividend or other distribution in respect of Option Shares shall be subject to the same restrictions as such Option Shares, and all references to Option Shares hereunder shall be deemed to include such shares of Common Stock or other securities.

(h)Special Exercise Provisions. Notwithstanding anything to the contrary in the Plan or in this Agreement, if the Participant is employed or resides in China or Italy,then the Participant shall only exercise the Options granted hereunder using the “Cashless Exercise” method as defined in the Plan and shall not have the right to use any other method otherwise permitted under this Agreement.

5.Noncompetition. The Participant agrees with the Company that, for so long as the Participant is employed by the Company or any of its Subsidiaries and continuing for twelve (12) months (or such longer period as may be provided in an employment or similar agreement between the Participant and the Company or one of its Subsidiaries or as provided in the last sentence of this Section 5) following a termination of such employment that occurs after

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any of the Options have vested (whether or not such Options have been exercised), the Participant will not, without the prior written consent of the Company, directly or indirectly, and whether as principal or investor or as an employee, officer, director, manager, partner, consultant, agent, or otherwise, alone or in association with any other person, firm, corporation, or other business organization, engage or otherwise become involved in a Competing Business in the Americas, Europe, Middle East or Asia or in any other geographic area throughout the world (a) in which the Company or any of its Subsidiaries has engaged in any of the activities that comprise a Competing Business during the Participant’s employment, or (b) in which the Participant has knowledge of the Company’s plans to engage in any of the activities that comprise a Competing Business (including, without limitation, in any area in which any customer of the Company or any of its Subsidiaries may be located); provided, however, that the provisions of this Section 5 shall apply solely to those activities of a Competing Business, with which the Participant was personally involved or for which the Participant was responsible while employed by the Company or its Subsidiaries during the twelve (12) month period preceding termination of the Participant’s employment. This Section 5 will not be violated, however, by the Participant’s investment of up to US$100,000 in the aggregate in one or more publicly-traded companies that engage in a Competing Business. The restrictions of this Section 5 shall also apply during the period after Retirement until vestedOptions become exercisable described in Section 4(a).

6.Wrongful Solicitation. As a separate and independent covenant, the Participant agrees with the Company that, for so long as the Participant is employed by the Company or any of its Subsidiaries and continuing for twelve (12) months (or such longer period as may be provided in an employment or similar agreement between the Participant and the Company or one of its Subsidiaries or as provided in the last sentence of this Section 6) following a termination of such employment that occurs after any of the Options have vested (whether or not such Options have been exercised), the Participant will not engage in any Wrongful Solicitation. The restrictions of this Section 6 shall also apply during the period after Retirement until vested Options become exercisable described in Section 4(a).

7.Confidentiality; Specific Performance.

(a)The Participant agrees with the Company that the Participant will not at any time, except in performance of the Participant’s obligations to the Company hereunder or with the prior written consent of the Company, directly or indirectly, reveal to any person, entity, or other organization (other than the Company, or its employees, officers, directors, stockholders, or agents) or use for the Participant’s own benefit any information deemed to be confidential by the Company or any of its Affiliates (“Confidential Information”) relating to the assets, liabilities, employees, goodwill, business, or affairs of the Company or any of its Affiliates, including, without limitation, any information concerning past, present, or prospective customers, manufacturing processes, marketing, operating, or financial data, or other confidential information used by, or useful to, the Company or any of its Affiliates and known (whether or not known with the knowledge and permission of the Company or any of its Affiliates and whether or not at any time prior to the Date of Grant developed, devised, or otherwise created in

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whole or in part by the efforts of the Participant) to the Participant by reason of the Participant’s employment with, equity holdings in, or other association with the Company or any of its Affiliates. The Participant further agrees that the Participant will retain all copies and extracts of any written Confidential Information acquired or developed by the Participant during any such employment, equity holding, or association in trust for the sole benefit of the Company, its Affiliates, and their successors and assigns. The Participant further agrees that the Participant will not, without the prior written consent of the Company, remove or take from the Company’s or any of its Affiliate’s premises (or if previously removed or taken, the Participant will promptly return) any written Confidential Information or any copies or extracts thereof. Upon the request and at the expense of the Company, the Participant shall promptly make all disclosures, execute all instruments and papers, and perform all acts reasonably necessary to vest and confirm in the Company and its Affiliates, fully and completely, all rights created or contemplated by this Section 7. The term “Confidential Information” shall not include information that is or becomes generally available to the public other than as a result of a disclosure by, or at the direction of, the Participant.

(b)The Participant agrees that upon termination of the Participant’s employment with the Company or any Subsidiary for any reason, the Participant will return to the Company immediately all memoranda, books, papers, plans, information, letters and other data, and all copies thereof or therefrom, in any way evidencing (in whole or in part) Confidential Information relating to the business of the Company and its Subsidiaries and Affiliates. The Participant further agrees that the Participant will not retain or use for the Participant’s account at any time any trade names, trademark, or other proprietary business designation used or owned in connection with the business of the Company or its Subsidiaries or Affiliates.

(c)The Participant acknowledges and agrees that the Company’s remedies at law for a breach or threatened breach of any of the provisions of this Section 7, or Section 5 or 6 above, would be inadequate and, in recognition of this fact, the Participant agrees that, in the event of such a breach or threatened breach, in addition to any remedies at law, the Company, without posting any bond (or other security other than any mandatory minimum or nominal bond or security), shall be entitled to obtain equitable relief in the form of specific performance, temporary restraining order, temporary or permanent injunction, or any other equitable remedy which may then be available.

1.Tax Withholding. This Section 8 applies only to (a) those Participants who are U.S. employees, and (b) those Participants who are employed by a Subsidiary of the Company that is obligated under applicable local law to withhold taxes with respect to the vesting or exercise of the Options. The Company or a designated Subsidiary of the Company shall have the right, prior to the delivery of any certificates evidencing shares of Common Stock to be issued pursuant to this Agreement, to require the Participant to remit to the Company or such Subsidiary any amount sufficient to satisfy any applicable (federal, foreign, state, or local) tax withholding requirements. Prior to the Company’s or the designated Subsidiary’s

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determination of such withholding liability, the Participant may make an irrevocable election to satisfy, in whole or in part, such obligation to remit taxes by directing the Company or such Subsidiary to withhold shares of Common Stock that would otherwise be received by the Participant (up to the Participant’s minimum withholding rate or such other rate that will not trigger a negative accounting impact). Such election may be denied by the Compensation Committee in its discretion, or may be made subject to certain conditions specified by the Compensation Committee. The Company or its designated Subsidiary shall also have the right to deduct from all cash payments made pursuant to or in connection with any Award any applicable federal, foreign, state, or local taxes required to be withheld with respect to such payments.

2.No Obligation to Register. The Company shall be under no obligation to register any Option Shares as a result of the exercise of the Options pursuant to the Securities Act or any other federal or state securities laws.

3.Market Stand-Off. In connection with any underwritten public offering by the Company of its equity securities pursuant to an effective registration statement filed under the Securities Act for such period as the Company or its underwriters may request (such period not to exceed 180 days following the date of the applicable offering), the Participant shall not, directly or indirectly, sell, make any short sale of, loan, hypothecate, pledge, offer, grant or sell any option or other contract for the purchase of, purchase any option or other contract for the sale of, or otherwise dispose of or transfer, or agree to engage in any of the foregoing transactions with respect to, any of the Options granted under this Agreement or any Option Shares resulting the settlement thereof without the prior written consent of the Company or its underwriters.

4.Protections Against Violations of Agreement.No purported sale, assignment, mortgage, hypothecation, transfer, pledge, encumbrance, gift, transfer in trust (voting or other) or other disposition of, or creation of a security interest in or lien on, any of the Options by any holder thereof in violation of the provisions of this Agreement or the Certificate of Incorporation or the Bylaws of the Company, will be valid, and the Company will not transfer any Option Shares resulting from the exercise of Options on its books nor will any of such shares be entitled to vote, nor will any dividends be paid thereon, unless and until there has been full compliance with such provisions to the satisfaction of the Company. The foregoing restrictions are in addition to and not in lieu of any other remedies, legal or equitable, available to enforce such provisions.

5.Survival. This Agreement shall apply to and bind the Participant and the Company and their respective permitted assignees and transferees, heirs, legatees, executors, administrators and legal successors. All agreements, representations, and warranties made herein and in the certificates delivered pursuant hereto shall survive the issuance to the Participant of the Options and any Option Shares and shall continue in full force and effect. The terms of Section 5, 6, and 7 shall expressly survive this Agreement.

6.Notices. All notices and other communications provided for herein shall be in writing and shall be delivered by hand or sent by certified or registered mail, return receipt requested, postage prepaid, addressed, if to the Participant, to the Participant’s attention at the

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mailing address set forth at the foot of this Agreement (or to such other address as the Participant shall have specified to the Company in writing) and, if to the Company, to the Company’s office at 2366 Bernville Road, Reading Pennsylvania, 19605, Attention: General Counsel (or to such other address as the Company shall have specified to the Participant in writing). All such notices shall be conclusively deemed to be received and shall be effective, if sent by hand delivery, upon receipt, or if sent by registered or certified mail, on the fifth day after the day on which such notice is mailed.

7.Waiver. The waiver by either party of compliance with any provision of this Agreement by the other party shall not operate or be construed as a waiver of any other provision of this Agreement, or of any subsequent breach by such party of a provision of this Agreement.

8.Authority of the Compensation Committee. The Compensation Committee shall have the full authority to interpret and construe the terms of the Plan and this Agreement. The determination of the Compensation Committee as to any such matter of interpretation or construction shall be final, binding and conclusive.

9.Representations.The Participant has reviewed with his or her own tax advisors the applicable tax (U.S., foreign, state, and local) consequences of the transactions contemplated by this Agreement. The Participant is relying solely on such advisors and not on any statements or representations of the Company or any of its agents. The Participant understands that he or she (and not the Company) shall be responsible for any tax liability that may arise as a result of the transactions contemplated by this Agreement.

10.Investment Representation. The Participant hereby represents and warrants to the Company that the Participant, by reason of the Participant’s business or financial experience (or the business or financial experience of the Participant’s professional advisors who are unaffiliated with and who are not compensated by the Company or any affiliate or selling agent of the Company, directly or indirectly), has the capacity to protect the Participant’s own interests in connection with the transactions contemplated under this Agreement.

11.Entire Agreement; Governing Law; Language. This Agreement and the Plan and the other related agreements expressly referred to herein set forth the entire agreement and understanding between the parties hereto and supersedes all prior agreements and understandings relating to the subject matter hereof. This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original, but all such counterparts shall together constitute one and the same agreement. The headings of sections and subsections herein are included solely for convenience of reference and shall not affect the meaning of any of the provisions of this Agreement. This Agreement has been prepared in English and in one or more other languages. If there is a discrepancy between or among any of these versions, the English version shall prevail. Unless otherwise restricted by applicable law, this Agreement may be executed electronically. This Agreement shall be governed by, and construed in accordance with, the laws of the Commonwealth of Pennsylvania, USA.

12.Severability; Judicial Reformation. Should any provision of this Agreement be held by a court of competent jurisdiction to be unenforceable, or enforceable only if modified,

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such holding shall not affect the validity of the remainder of this Agreement, the balance of which shall continue to be binding upon the parties hereto with any such modification (if any) to become a part hereof and treated as though contained in this original Agreement. Moreover, if one or more of the provisions contained in this Agreement shall for any reason be held to be excessively broad as to scope, activity, subject or otherwise so as to be unenforceable, in lieu of severing such unenforceable provision, such provision or provisions shall be construed by the appropriate judicial body by limiting or reducing it or them, so as to be enforceable to the maximum extent compatible with the applicable law as it shall then appear, and such determination by such judicial body shall not affect the enforceability of such provisions or provisions in any other jurisdiction.

13.Amendments; Construction. The Compensation Committee may amend the terms of this Agreement prospectively or retroactively at any time, but (unless otherwise provided under Section 16 of the Plan) no such amendment shall impair the rights of the Participant hereunder without his or her consent. Headings to Sections of this Agreement are intended for convenience of reference only, are not part of this Agreement and shall have no effect on the interpretation hereof.

14.Acceptance. The Participant hereby acknowledges receipt of a copy of the Plan and this Agreement. The Participant has read and understand the terms and provision thereof, and accepts the Options subject to all the terms and conditions of the Plan and this Agreement. The Participant hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Compensation Committee upon any questions arising under this Agreement.

15.Miscellaneous.

(a)No Rights to Grants or Continued Employment. The Participant acknowledges that the award granted under this Agreement is not employment compensation nor is it an employment right, and is being granted at the sole discretion of the Company’s Compensation Committee. The Participant shall not have any claim or right to receive grants of Awards under the Plan. Neither the Plan or this Agreement, nor any action taken or omitted to be taken hereunder or thereunder, shall be deemed to create or confer on the Participant any right to be retained as an employee of the Company or any Subsidiary or other Affiliate thereof, or to interfere with or to limit in any way the right of the Company or any Affiliate or Subsidiary thereof to terminate the employment of the Participant at any time.

(b)No Restriction on Right of Company to Effect Corporate Changes.Neither the Plan nor this Agreement shall affect in any way the right or power of the Company or its stockholders to make or authorize any or all adjustments, recapitalizations, reorganizations, or other changes in the Company’s capital structure or its business, or any merger or consolidation of the Company, or any issue of stock or of options, warrants or rights to purchase stock or of bonds, debentures, preferred, or prior preference stocks whose rights are superior to or affect the Common Stock or the rights thereof or which are convertible into or exchangeable for Common Stock, or the

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dissolution or liquidation of the Company, or any sale or transfer of all or any part of the assets or business of the Company, or any other corporate act or proceeding, whether of a similar character or otherwise.

(c)Assignment. The Company shall have the right to assign any or all of its rights and to delegate any or all of its duties under this Agreement to any of its Affiliates. The terms and conditions of this Agreement shall be binding upon and shall inure to the benefit of the permitted successors and assigns of the Company (including any person or entity which acquires all or substantially all of the assets of the Company).

(d)Adjustments. The Options shall be adjusted or terminated as contemplated by Section 16(a) of the Plan.

[SIGNATURE PAGE FOLLOWS]

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THIS AGREEMENT SHALL BE NULL AND VOID AND UNENFORCEABLE BY THE PARTICIPANT UNLESS SIGNED AND DELIVERED TO THE COMPANY NOT LATER THAN THIRTY (30) DAYS SUBSEQUENT TO THE DATE OF GRANT SET FORTH BELOW.

BY SIGNING THIS AGREEMENT, THE PARTICIPANT IS HEREBY CONSENTING TO THE PROCESSING AND TRANSFER OF THE PARTICIPANT’S PERSONAL DATA BY THE COMPANY TO THE EXTENT NECESSARY TO ADMINISTER AND PROCESS THE AWARDS GRANTED UNDER THIS AGREEMENT.

IN WITNESS WHEREOF, the Company has caused this Agreement to be executed by its duly authorized officer and the Participant has executed this Agreement, both as of the day and year first above written.

ENERSYS

By: /s/ John D. Craig        

Name: John D. Craig

Title: Chairman, President & CEO

PARTICIPANT

_______________________________________

Name:

Address:

Date Of Grant: _______________

Number of Options: ______    Option Price: $ __________

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Appendix A

to

Employee Stock Option Agreement

2010 Equity Incentive Plan

This Appendix A contains supplemental terms and conditions for awards of Stock Options (“Options”) granted in the Date of Grant set forth in the Agreement under the 2010 Equity Incentive Plan (the “Plan”) to Participants who reside outside the United States or who are otherwise subject to the laws of a country other than the United States.

You have also received the Agreement applicable to the Award set forth therein. The Agreement, together with this Appendix A and the Plan are the terms and conditions of the grant of Options set forth in the Agreement. To the extent that this Appendix A amends, deletes or supplements any terms of the Agreement, this Appendix A shall control. Capitalized terms used but not defined herein shall have the same meanings ascribed to them in the Agreement.

Section I of this Appendix A contains special terms and conditions that govern the Options outside of the United States. Section II of this Appendix A includes special terms and conditions in the specific countries listed therein.

This Appendix A may also include information regarding exchange controls, taxation of awards and certain other issues of which you should be aware with respect to participation in the Plan. The information is based on the securities, exchange control, tax and other laws concerning Options in effect as of May 15, 2014. Such laws are often complex and change frequently; the information may be out of date at the time you exercise the Options or sell shares acquired under the Plan. As a result, the Company strongly recommends that you not rely on the information noted herein as the only source of information relating to the consequences of your participation in the Plan.

In addition, this Appendix A is general in nature, does not discuss all of the various laws, rules and regulations which may apply to your particular situation and the Company does not assure you of any particular result. Accordingly, you are strongly advised to seek appropriate professional advice as to how the relevant laws in your country apply to your specific situation.

Finally, if you are a citizen or resident of a country other than the one in which you are currently working, transferred employment after the Award was granted or is considered a resident of another country for local law purposes, the information contained herein may not be applicable to you in the same manner. In addition, the Company shall, in its sole discretion, determine to what extent the terms and conditions contained herein will apply under these circumstances.

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Section I. All Countries Outside the United States

1.    Nature of Grant. In accepting the Award, you acknowledge that:

1.1 the Plan is established voluntarily by the Company, it is discretionary in nature and it may be modified, amended, suspended or terminated by the Company at any time, to the extent permitted by the Plan;

1.2 the grant of the Options is voluntary and occasional and does not create any contractual or other right to receive future grants of Options, or benefits in lieu of Options, even if Options have been granted repeatedly in the past;

1.3 all decisions with respect to future grants, if any, will be at the sole discretion of Company;

1.4 you are voluntarily participating in the Plan;

1.5 the Options and the Option Shares are extraordinary items that do not constitute compensation of any kind for services of any kind rendered to the Company or any Subsidiary, and which is outside the scope of your employment contract, if any;

1.6 the Options and the Option Shares are not intended to replace any pension rights, if any, or compensation;

1.7 the Options and the Option Shares, and the income and value of same, are not part of normal or expected compensation or salary for any purposes, including, but not limited to, calculating any severance, resignation, termination, redundancy, dismissal, end of service payments, bonuses, long-service awards, pension or retirement or welfare benefits or similar payments and in no event should be considered as compensation for, or relating in any way to, past services for the Company or any Subsidiary;

1.8 the grant of the Options and your participation in the Plan will not be interpreted to form an employment contract or relationship with the Company or any Subsidiary;

1.9 the future value of the Option Shares is unknown and cannot be predicted with certainty;

1.10 if you obtain Option Shares, the value of those Option Shares acquired may increase or decrease in value;

1.11 in consideration of the grant of the Options, no claim or entitlement to compensation or damages shall arise from forfeiture of the Options resulting

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from termination of your employment with the Company or any Subsidiary (for any reason whatsoever and whether or not in breach of local labor laws) and you irrevocably release the Company and the Subsidiaries from any such claim that may arise; if, notwithstanding the foregoing, any such claim is found by a court of competent jurisdiction to have arisen, you will be deemed irrevocably to have waived his or her entitlement to pursue such claim;

1.12 in the event of termination of your employment (whether or not in breach of local labor laws), your right to vest in the Options under the Plan, if any, will terminate effective as of the date that you are no longer actively employed and will not be extended by any notice period mandated under local law (e.g., active employment would not include a period of “garden leave” or similar period pursuant to local law); the Committee shall have the exclusive discretion to determine when you are no longer actively employed for purposes of your Award;

1.13 the Company is not providing any tax, legal or financial advice, nor is the Company making any recommendations regarding your participation in the Plan, or your acquisition or sale of Option Shares;

1.14 you are hereby advised to consult with your personal tax, legal and financial advisors regarding participation in the Plan before taking any action related to the Plan;

1.15 unless otherwise provided in the Plan or by the Company in its discretion, the Options and the benefits evidenced by this Agreement do not create any entitlement to have the Options or any such benefits transferred to, or assumed by, another company nor to be exchanged, cashed out or substituted for, in connection with any corporate transaction affecting the Option Shares of the Company; and

1.16 neither the Company, any Subsidiary nor any Affiliate of the Company shall be liable for any foreign exchange rate fluctuation between your local currency and the United States Dollar that may affect the value of the Options or of any amounts due to you pursuant to the settlement of the Options or the subsequent sale of any Option Shares acquired upon settlement.

2.     Data Privacy. I hereby explicitly and unambiguously consent to the collection, use and transfer, in electronic or other form, of my personal data as described in this Agreement and any other Award grant materials by and among, as applicable, the employer, the Company and its subsidiaries and affiliates for the exclusive purpose of implementing, administering and managing my participation in the Plan (“Data”).

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I understand that the Company and the employer may hold certain personal information about me, including, but not limited to, my name, home address and telephone number, date of birth, social insurance number or other identification number, salary, nationality, job title, any shares of stock or directorships held in the Company, details of all Awards or any other entitlement to shares of stock awarded, canceled, exercised, vested, unvested or outstanding in my favor, for the exclusive purpose of implementing, administering and managing the Plan.

I understand that Data will be transferred to a third party plan administrator, or such other stock plan service provider as may be selected by the Company in the future, which is assisting the Company with the implementation, administration and management of the Plan. I understand that the recipients of the Data may be located in the United States or elsewhere, and that the recipients’ country (e.g., the United States) may have different data privacy laws and protections than my country. I understand that if I reside outside the United States, I may request a list with the names and addresses of any potential recipients of the Data by contacting my local human resources representative. I authorize the Company, the third party administrator and any other possible recipients which may assist the Company (presently or in the future) with implementing, administering and managing the Plan to receive, possess, use, retain and transfer the Data, in electronic or other form, for the sole purpose of implementing, administering and managing my participation in the Plan. I understand that Data will be held only as long as is necessary to implement, administer and manage my participation in the Plan. I understand that if I reside outside the United States, I may, at any time, view Data, request additional information about the storage and processing of Data, require any necessary amendments to Data or refuse or withdraw the consents herein, in any case without cost, by contacting in writing my local human resources representative. Further, I understand that I am providing the consents herein on a purely voluntary basis. If I do not consent, or if I later seek to revoke my consent, my employment status or service and career with the employer will not be adversely affected; the only adverse consequence of refusing or withdrawing my consent is that the Company would not be able to grant me the Award or other awards or administer or maintain such awards. Therefore, I understand that refusing or withdrawing my consent may affect my ability to participate in the Plan. For more information on the consequences of my refusal to consent or withdrawal of consent, I understand that I may contact my local human resources representative.

3.    Payment of Taxes. The following provisions supplement Section 8 of the Agreement entitled “Taxes Withholding.”

3.1 Regardless of any action the Company or your employer (the “Employer”) takes with respect to any or all income tax, your portion of social insurance, payroll tax, payment on account or other tax-related items related to your participation in the Plan and legally applicable to you (“Tax-Related Items”), you acknowledge that the ultimate liability for all Tax-Related Items

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is and remains your responsibility and may exceed the amount actually withheld by the Company or the Employer.

3.2    You further acknowledge that the Company and/or the Employer (1) make no representations or undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of the Award, including, but not limited to, the grant of the Award, the issuance of Option Shares upon exercise of the Award, the subsequent sale of Option Shares acquired pursuant to such issuance and the receipt of any dividends or dividend equivalents; and (2) do not commit to, and are under no obligation to, structure the terms of the grant or any aspect of the Award to reduce or eliminate your liability for Tax-Related Items or achieve any particular tax result.

3.3     Further, if you have become subject to tax in more than one jurisdiction between the date of grant and the date of any relevant taxable event, you acknowledge that the Company and/or the Employer (or former employer, as applicable) may be required to withhold or account for Tax-Related Items in more than one jurisdiction.

3.4 You authorize the Company and/or the Employer, or their respective agents, at their discretion, to satisfy the obligations with regard to all Tax-Related Items by one or a combination of the following: (1) withholding in shares to be issued or cash distributed upon exercise of the Award; (2) withholding from your wages or other cash compensation paid to you by the Company and/or you; (3) withholding from the proceeds of the sale of Option Shares acquired upon exercise of the Award either through a voluntary sale or through a mandatory sale arranged by the Company (on your behalf pursuant to this authorization).

3.5 To avoid negative accounting treatment, the Company may withhold or account for Tax-Related Items by considering applicable minimum statutory withholding amounts or other applicable withholding rates. If the obligation for Tax-Related Items is satisfied by withholding in shares, for tax purposes, you are deemed to have been issued the full number of Option Shares subject to the exercised Award, notwithstanding that a number of the Option Shares are held back solely for the purpose of paying the Tax-Related Items due as a result of any aspect of your participation in the Plan.

3.6 You shall pay to the Company or the Employer any amount of Tax-Related Items that the Company or the Employer may be required to withhold or account for as a result of your participation in the Plan that cannot be satisfied by the means previously described. The Company may refuse to issue or deliver the shares or the proceeds of the sale of Option Shares, if you fail to comply with this obligation.

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Section II. Country-Specific Provisions

Canada

Securities Law Notification. You are permitted to sell Option Shares acquired under the Plan through the designated broker appointed under the Plan, if any, provided that the resale of such shares takes place outside of Canada through the facilities of a national securities exchange on which the shares are listed (i.e., The New York Stock Exchange).

Language Consent. The parties acknowledge that it is their express wish that the Plan, the Agreement and this Appendix A, as well as all documents, notices and legal proceedings entered into, given or instituted pursuant hereto or relating directly or indirectly hereto, be drawn up in English.

Les parties reconnaissent avoir exigé la rédaction en anglais de cette convention (« Plan, Agreement and Appendix A » ), ainsi que de tous documents, avis et procédures judiciaires, exécutés, donnés ou intentés en vertu de, ou liés directement ou indirectement à, la présente convention.

Data Privacy. The following provision supplements Section I.2 of this Appendix A.

You hereby authorize the Company or the Company’s representatives to discuss with and obtain all relevant information from all personnel, professional or not, involved in the administration and operation of the Plan. You further authorize the Company and any Affiliate of the Company and the administrator of the Plan to disclose and discuss the Plan with their advisors. You further authorize the Company and any affiliate to record such information and to keep such information in your file.

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Foreign Asset Reporting Information. You are responsible for reporting foreign property (including shares acquired under the Plan) on form T1135 (Foreign Income Verification Statement) if the total cost of your foreign property exceeds C$100,000 at any time in the applicable tax year. For the 2013 tax year, the filing deadline is July 31, 2014. For the 2014 tax year and later, the form must be filed by April 30th of the following year.

China

Exchange Control Restrictions Applicable to Optionees who are PRC Nationals. You understand that, except as otherwise provided herein, your Options can be exercised only by means of the cashless sell-all method, under which all Option Shares underlying the option are immediately sold upon exercise. In addition, you understand and agree that, pursuant to local exchange control requirements, you are required to repatriate the cash proceeds from the cashless sell-all method of exercise of options, (i.e., the sale proceeds less the Exercise Price and any administrative fees). You agree that the Company is authorized to instruct its designated broker to assist with the immediate sale of such shares (on your behalf pursuant to this authorization), and you expressly authorize such broker to complete the sale of such shares. You acknowledge that the Company’s broker is under no obligation to arrange for the sale of the shares at any particular price. The Company reserves the right to provide additional methods of exercise depending on the development of local law.

In addition, you understand and agree that the cash proceeds from the exercise of your Options, (i.e., the proceeds of the sale of the shares underlying the Options, less the Exercise Price and any administrative fees) will be repatriated to China. You further understand that, under local law, such repatriation of the cash proceeds may be effectuated through a special foreign exchange control account to be approved by the local foreign exchange administration, and you hereby consent and agree that the proceeds from the sale of Option Shares acquired under the Plan, net of the Exercise Price and administrative fees, may be transferred to such special account prior to being delivered to you. The proceeds, net of Tax-Related Items, may be paid to you in U.S. Dollars or local currency at the Company’s discretion. In the event the proceeds are paid to you in U.S. Dollars, you understand that he or she will be required to set up a U.S. Dollar bank account in China and provide the bank account details to the Employer and/or the Company so that the proceeds may be deposited into this account. In addition, you understand and agree that you will be responsible for converting the proceeds into Renminbi Yuan at your expense.

If the proceeds are paid to you in local currency, you agree to bear any currency fluctuation risk between the time the shares are sold and the time the sale proceeds are distributed through any such special exchange account.

Exchange Control Notice Applicable to Optionees in the PRC. You understand that exchange control restrictions may limit your ability to access and/or convert funds received under the Plan, particularly if these amounts exceed US$50,000. You should confirm the procedures and requirements for withdrawals and conversions of foreign currency with your local bank prior to option exercise. Your agree to comply with

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any other requirements that may be imposed by the Company in the future in order to facilitate compliance with exchange control requirements in the Peoples’ Republic of China.

Foreign Asset Reporting Information. Effective from January 1, 2014, PRC residents are required to report to SAFE details of their foreign financial assets and liabilities, as well as details of any economic transactions conducted with non-PRC residents, either directly or through financial institutions. Under these new rules, you may be subject to reporting obligations for the Option Shares or awards acquired under the Plan and Plan-related transactions. It is your responsibility to comply with this reporting obligation and you should consult your personal tax advisor in this regard.

Finland

There are no country-specific provisions.

India

Exchange Control Information. You must repatriate to India the proceeds from the sale of Option Shares acquired at exercise and any dividends received in relation to the Option Shares within 90 days after receipt. You must obtain evidence of the repatriation of funds in the form of a foreign inward remittance certificate (the “FIRC”) from the bank where you deposited the foreign currency. You must retain the FIRC in your records to present to the Reserve Bank of India or your Employer in the event that proof of repatriation is requested.

Foreign Assets Reporting Information. You are required to declare your foreign bank accounts and any foreign financial assets (including Option Shares held outside India) in your annual tax return. It is your responsibility to comply with this reporting obligation and you should consult your personal advisor in this regard.

Mexico

Nature of Grant. The following provisions supplement Section I.,1(Nature of Grant) of this Appendix A:

Acknowledgment of the Grant. In accepting the Award, you acknowledge that you have received a copy of the Plan and the Agreement, including this Appendix A, and that you have reviewed the Plan and the Agreement, including this Appendix A, in its entirety and fully understand and accept all provisions of the Plan and the Agreement, including this Appendix A. You further acknowledge that you have read and specifically and expressly approve the terms and conditions of Section I.1 (Nature of Grant) of this Appendix A, in which the following is clearly described and established:

(1)     Your participation in the Plan does not constitute an acquired right.

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(2)     The Plan and your participation in the Plan are offered by the Company on a wholly discretionary basis.

(3)     Your participation in the Plan is voluntary.

(4)    Neither the Company nor any Affiliate is responsible for any decrease in the value of the Options granted and/or Option Shares issued under the Plan.

Labor Law Acknowledgment and Policy Statement. In accepting the Options, you expressly recognize that the Company, with registered offices at 2366 Bernville Road, Reading, Pennsylvania 19605, United States of America, is solely responsible for the administration of the Plan and that your participation in the Plan and acquisition of Option Shares does not constitute an employment relationship between you and the Company since you are participating in the Plan on a wholly commercial basis and your sole employer is EnerSys de Mexico, S.A. de CV, Powersonic, S.A. de CV or Yecoltd, S. de R.L. de CV (each, a “Mexican Subsidiary”). Based on the foregoing, you expressly recognize that the Plan and the benefits that you may derive from participation in the Plan do not establish any rights between you and your employer, a Mexican Subsidiary, and do not form part of the conditions of your employment and/or benefits provided by such Mexican Subsidiary, and any modification of the Plan or its termination shall not constitute a change or impairment of the terms and conditions of your employment.

You further understand that your participation in the Plan is a result of a unilateral and discretionary decision of the Company; therefore, the Company reserves the absolute right to amend and/or discontinue your participation in the Plan at any time, without any liability to you.

Finally, you hereby declare that you do not reserve to yourself any action or right to bring any claim against the Company for any compensation or damages regarding any provision of the Plan or any benefits derived from the Plan; therefore, you grant a full and broad release to the Company, its shareholders, officers, agents, legal representatives, and subsidiaries with respect to any claim that may arise.

Spanish Translation.

Reconocimiento de la Subvención. Al aceptar la Opción (“Option” por sus siglas en inglés), Ud. reconoce que ha recibido y revisado una copia del Términos y Condiciones, y reconoce, además, que acepta todas las disposiciones del Términos y Condiciones. Ud. también reconoce que Ud. ha leído y aprobado de forma expresa los términos y condiciones establecidos en la Sección I.1 (“Nature of Grant”) en este Appendix A, que claramente dispone lo siguiente:

(1)    Su participación en el Plan no constituye un derecho adquirido;

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(2)    El Plan y su participación en el Plan es ofrecido por la Compañía de manera completamente discrecional;

(3)    Su participación en el Plan es voluntaria; y

(4)    Ni la Compañía ni cualquiera subsidiaria es responsable de cualquier disminución del valor de las Unidades de Acciones Restringidas y/o las acciones emitidas bajo el Plan.

Declaración y Reconocimiento de Derecho y Política Laboral. Al aceptar las Unidades de Acciones Restringidas, Ud. reconoce que la Compañía, con domicilio social en 2366 Bernville Road, Reading, Pennsylvania 19605, United States of America, EE.UU., es el único responsable de la administración del Plan y su participación en el Plan y cualquier adquisición de las acciones bajo el Plan no constituyen una relación laboral entre Ud. y la Compañía, porque Ud. está participando en el Plan en su totalidad sobre una base comercial y su único empleador es EnerSys de Mexico, S.A. de CV, Powersonic, S.A. de CV or Yecoltd, S. de R.L. de CV. Basado en lo anterior, Ud. expresamente reconoce que el Plan y los beneficios que pueden derivarse de la participación en el Plan no establecen algún derecho entre Ud. y el Empleador, EnerSys de Mexico, S.A. de CV, Powersonic, S.A. de CV or Yecoltd, S. de R.L. de CV, y que no forman parte de las condiciones de empleo y/o beneficios provenidos por EnerSys de Mexico, S.A. de CV, Powersonic, S.A. de CV or Yecoltd, S. de R.L. de CV, y cualquier modificación del Plan o la terminación de su contrato no constituirá un cambio o deterioro de los términos y condiciones de su empleo.

Además, Ud. comprende que su participación en el Plan es causado por una decisión discrecional y unilateral de la Compañía, por lo que la Compañía se reserva el derecho absoluto de modificar y/o suspender su participación en el Plan en cualquier momento, sin responsabilidad alguna a Ud.

Finalmente, Ud. manifiesta que no se reserva ninguna acción o derecho que origine una demanda en contra de la Compañía, por cualquier compensación o daño en relación con cualquier disposición del Plan o de los beneficios derivados del mismo, y en consecuencia usted otorga un amplio y total descargo de responsabilidad a la Compañía, sucursales, oficinas de representación, sus accionistas, directores, agentes y representantes legales, y Subsidiarias, con respecto a cualquier demanda que pudiera surgir.

Poland

Exchange Control Notice. Polish residents holding foreign securities (including shares) and maintaining accounts abroad must report information to the National Bank of Poland on transactions and balances of the securities and cash deposited in such accounts if the value of such securities and cash (when combined with all other assets held abroad) exceeds PLN 7,000,000. If required, the reports must be filed on a quarterly basis on special forms available on the website of the National Bank of Poland.

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If you transfer funds in excess of €15,000 into Poland in connection with the sale of shares under the Plan, the funds must be transferred via a bank account. You are required to retain the documents connected with a foreign exchange transaction for a period of five years, as measured from the end of the year in which such transaction occurred. If you hold shares acquired under the Plan and/or maintain a bank account abroad, you will have reporting duties to the National Bank of Poland.

Switzerland

Securities Law Notice. The grant of the Options is considered a private offering in Switzerland and is therefore not subject to securities registration in Switzerland.

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EX-10.33

Exhibit 10.33

EMPLOYEE STOCK OPTION AGREEMENT

(3 Year Vesting Schedule)

2010 EQUITY INCENTIVE PLAN

THIS EMPLOYEE STOCK OPTION AGREEMENT (this “Agreement”), dated as of _________ ____, _____, is between ENERSYS, a Delaware corporation (the “Company”), and the individual identified on the signature page hereof (the “Participant”).

BACKGROUND

A.    The Participant is currently an employee of the Company or one of its Subsidiaries.

B.    The Company desires to (i) provide the Participant with an incentive to remain in the employ of the Company or one of its Subsidiaries, and (ii) increase the Participant’s interest in the success of the Company by granting to the Participant nonqualified stock options (the “Options”) to purchase shares of the Company’s common stock, par value $0.01 per share (the “Common Stock”).

C.    The grant of the Options is (i) made pursuant to the EnerSys 2010 Equity Incentive Plan (the “Plan”), (ii) made subject to the terms and conditions of this Agreement, and (iii) not employment compensation nor an employment right and is made in the sole discretion of the Company’s Compensation Committee.

AGREEMENT

NOW, THEREFORE, in consideration of the covenants and agreements contained in this Agreement, the parties hereto, intending to be legally bound, agree as follows:

1.Definitions; Incorporation of Plan Terms. Capitalized terms used in this Agreement without definition shall have the meanings assigned to them in the Plan. This Agreement and the Options shall be subject to the Plan. The terms of the Plan and the Background provisions of this Agreement are hereby incorporated into this Agreement by reference. and made a part hereof as if set forth in their entirety in this Section 1. If there is a conflict or aninconsistency between the Plan and this Agreement, the Plan shall govern.

2.Restrictions on Transfer. Except as otherwise expressly provided in the Plan, none of the Options may be sold, transferred, assigned, pledged, or otherwise encumbered or disposed of (or made the subject of a derivative transaction) to or with

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any third party otherwise than by will or the laws of descent and distribution and the Options shall be exercisable during the Participant’s lifetime only by the Participant.

3.Grant of Options. The Participant is awarded the number of Options specified on the signature page hereof, at the Option Price indicated thereon. The Options are not intended to qualify as incentive stock options under Section 422 of the Code. Each Option shall entitle the Participant to purchase, upon payment of the applicable Option Price in any manner provided by the Plan, one share of Common Stock. The shares of Common Stock issuable upon exercise of the Options are from time to time referred to herein as the “Option Shares.” For purposes of the Plan and this Agreement, the Date of Grant shall be as indicated on the signature page hereof. The Options shall be exercisable as provided in this Agreement.

4.Terms and Conditions of Options. The Options evidenced by this Agreement are subject to the following terms and conditions:

(a)Vesting. The Options shall vest and become exercisable as follows: one-third (1/3) of the Options shall vest and become exercisable on each of the first three anniversaries of the Date of Grant (each such one-third (1/3) of the Options which vest on each such anniversary shall be referred to herein as a “Tranche”) unless previously vested or forfeited in accordance with the Plan or this Agreement; provided, however, that to the extent then unvested, the Options shall immediately become vested and exercisable if:

(i)     the Participant’s employment terminates due to death or Permanent Disability, or

(ii)     the Participant’s employment terminates without Cause or for Good Reason.

Further, provided, that to the extent then unvested, in the event of the Participant’s Retirement on or after the first anniversary of the Date of Grant, Options not previously vested shall immediately become vested but shall only become exercisable on the date each Tranche would have otherwise become vested under the schedule described above in this Section 4(a). If the Participant’s Retirement occurs prior to the first anniversary of the Date of Grant, the Options shall become immediately vested on a pro-rata basis based on the number of calendar days the Participant has been employed by the Company during the period beginning on the Date of Grant and ending on the first anniversary of the Date of Grant (with the remainder of the Options forfeited) but the vested Options shall only become exercisable on the date each Tranche would have otherwise become vested under the schedule described above in this Section 4(a); provided, however, that only one-third of the total Options that became vested by reason of the Retirement of the Participant prior to the first anniversary of the date of Grant shall become exercisable on each such date.

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Notwithstanding the foregoing sentences, upon a Participant’s termination of employment for any reason, the Compensation Committee may, in its sole discretion, waive any requirement for vesting then remaining and permit, for a specified period of time consistent with the first sentence of Section 4(b) hereof the exercise of the Options prior to the satisfaction of such requirement. Any fractional Options that would result from application of this Section 4(a) shall be aggregated and shall vest on the first anniversary of the Date of Grant.

(a)Option Period. The Options shall expire (to the extent not previously exercised or forfeited) on, and shall not be exercisable, following the tenth (10^th) anniversary of the Date of Grant. In addition, all Options shall be subject to earlier expiration as provided herein or in the Plan, as follows:

(iii)if the Participant’s employment terminates due to death, Permanent Disability, or without Cause or for Good Reason, the Participant may exercise the Options, to the extent then vested, at any time until the earlier of (A) one year following termination of employment and (B) the expiration date of the Options specified in this Section 4(b);

(iv) if the Participant’s employment is terminated due to Retirement, the Participant may exercise the Options, to the extent then vested and exercisable, at any time until the expiration date of the option specified in this Section 4(b);

(v)if the Participant voluntarily terminates employment with the Company (other than for Good Reason), the Participant may exercise the Options, to the extent then vested, at any time until the earlier of (A) sixty (60) days following termination of employment and (B) the expiration date of the Options specified in this Section 4(b); or

(vi)in the event of any other termination of the Participant’s employment (including a termination by the Company for Cause), all of the Options (whether or not vested at the time of termination) shall, without any action on the part of any Person, immediately expire and be canceled without payment therefor.

Except as provided in Section 4(a) hereof or in the case of automatic vesting in connection with such termination event, upon termination of the Participant’s employment with the Company or a Subsidiary for any reason, all Options which have not theretofore vested shall, without any action on the part of any Person, immediately expire and be canceled without any payment therefor.

(b)Exercise. Subject to the Company’s Policy on Insider Trading, the limitations upon Retirement in Section 4(a) and Sections 4(d), 4(f), and 8 hereof, the Participant may exercise any or all of the Options, to the extent

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vested and not forfeited. The date of exercise of an Option shall be the date on which the conditions provided in Sections 4(d), 4(f), and 8 hereof are satisfied.

(c)Payment. At the time of any exercise, the Participant shall pay to the Company the Option Price of the shares as to which this Option is being exercised by delivery of consideration equal to the product of the Option Price and the number of shares purchased, together with any amounts required to be withheld for tax purposes under Section 17(c) of the Plan. Such consideration must be paid before the Company will issue the shares being purchased and must be in a form or a combination of forms acceptable to the Compensation Committee for that purchase, which forms may (but are not required to) include (i) cash; (ii) check or wire transfer; (iii) tendering (either actually or by attestation) shares of Common Stock already owned by the Participant, provided that the shares have been held for the minimum period required by applicable accounting rules to avoid a charge to the Company’s earnings for financial reporting purposes or were not acquired from the Company as compensation; (iv) to the extent permitted by applicable law, Cashless Exercise; or (v) such other consideration as the Compensation Committee may permit in its sole discretion; provided, however, that any Participant may, at any time, exercise any Vested Option (or portion thereof) owned by him pursuant to a Cashless Exercise.

(d)Stockholder Rights. The Participant shall have no rights as a stockholder with respect to any shares of Common Stock issuable upon exercise of the Options until the Participant has made payment pursuant to Section 4(d) and a certificate or certificates evidencing such shares shall have been issued to the Participant, and no adjustment shall be made for dividends or distributions or other rights in respect of any share for which the record date is prior to the date upon which the Participant shall become the holder of record thereof.

(e)Limitation of Exercise. The Options shall not be exercisable unless the offer and sale of the shares of Common Stock subject thereto have been registered under the 1933 Act and qualified under applicable state “blue sky” laws, or the Company has determined that an exemption from registration under the 1933 Act and from qualification under such state “blue sky” laws is available.

(f)Delivery of Shares. As soon as practicable following the exercise of any Options, the appropriate number of shares of Common Stock issued in connection with such exercise shall be issued by the Company’s transfer agent, in the name of the Participant by (a) paper certificate delivered to the Participant, or (b) electronic delivery to the Company’s representative broker.

(g)Dividends and Distributions. Any shares of Common Stock or other securities of the Company received by the Participant as a result of a stock dividend or other distribution in respect of Option Shares shall be subject to the same restrictions as such Option Shares, and all references to Option Shares

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hereunder shall be deemed to include such shares of Common Stock or other securities.

(h)Special Exercise Provisions. Notwithstanding anything to the contrary in the Plan or in this Agreement, if the Participant is employed or resides in China or Italy,then the Participant shall only exercise the Options granted hereunder using the “Cashless Exercise” method as defined in the Plan and shall not have the right to use any other method otherwise permitted under this Agreement.

5.Noncompetition. The Participant agrees with the Company that, for so long as the Participant is employed by the Company or any of its Subsidiaries and continuing for twelve (12) months (or such longer period as may be provided in an employment or similar agreement between the Participant and the Company or one of its Subsidiaries or as provided in the last sentence of this Section 5) following a termination of such employment that occurs after any of the Options have vested (whether or not such Options have been exercised), the Participant will not, without the prior written consent of the Company, directly or indirectly, and whether as principal or investor or as an employee, officer, director, manager, partner, consultant, agent, or otherwise, alone or in association with any other person, firm, corporation, or other business organization, engage or otherwise become involved in a Competing Business in the Americas, Europe, Middle East or Asia or in any other geographic area throughout the world (a) in which the Company or any of its Subsidiaries has engaged in any of the activities that comprise a Competing Business during the Participant’s employment, or (b) in which the Participant has knowledge of the Company’s plans to engage in any of the activities that comprise a Competing Business (including, without limitation, in any area in which any customer of the Company or any of its Subsidiaries may be located); provided, however, that the provisions of this Section 5 shall apply solely to those activities of a Competing Business, with which the Participant was personally involved or for which the Participant was responsible while employed by the Company or its Subsidiaries during the twelve (12) month period preceding termination of the Participant’s employment. This Section 5 will not be violated, however, by the Participant’s investment of up to US$100,000 in the aggregate in one or more publicly-traded companies that engage in a Competing Business. The restrictions of this Section 5 shall also apply during the period after Retirement until vested Options become exercisable described in Section 4(a).

6.Wrongful Solicitation. As a separate and independent covenant, the Participant agrees with the Company that, for so long as the Participant is employed by the Company or any of its Subsidiaries and continuing for twelve (12) months (or such longer period as may be provided in an employment or similar agreement between the Participant and the Company or one of its Subsidiaries or as provided in the last sentence of this Section 6) following a termination of such employment that occurs after any of the Options have vested (whether or not such Options have been exercised), the Participant will not engage in any Wrongful Solicitation. The restrictions of this Section 6 shall also

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apply during the period after Retirement until vested Options become exercisable described in Section 4(a).

7.Confidentiality; Specific Performance.

(a)The Participant agrees with the Company that the Participant will not at any time, except in performance of the Participant’s obligations to the Company hereunder or with the prior written consent of the Company, directly or indirectly, reveal to any person, entity, or other organization (other than the Company, or its employees, officers, directors, stockholders, or agents) or use for the Participant’s own benefit any information deemed to be confidential by the Company or any of its Affiliates (“Confidential Information”) relating to the assets, liabilities, employees, goodwill, business, or affairs of the Company or any of its Affiliates, including, without limitation, any information concerning past, present, or prospective customers, manufacturing processes, marketing, operating, or financial data, or other confidential information used by, or useful to, the Company or any of its Affiliates and known (whether or not known with the knowledge and permission of the Company or any of its Affiliates and whether or not at any time prior to the Date of Grant developed, devised, or otherwise created in whole or in part by the efforts of the Participant) to the Participant by reason of the Participant’s employment with, equity holdings in, or other association with the Company or any of its Affiliates. The Participant further agrees that the Participant will retain all copies and extracts of any written Confidential Information acquired or developed by the Participant during any such employment, equity holding, or association in trust for the sole benefit of the Company, its Affiliates, and their successors and assigns. The Participant further agrees that the Participant will not, without the prior written consent of the Company, remove or take from the Company’s or any of its Affiliate’s premises (or if previously removed or taken, the Participant will promptly return) any written Confidential Information or any copies or extracts thereof. Upon the request and at the expense of the Company, the Participant shall promptly make all disclosures, execute all instruments and papers, and perform all acts reasonably necessary to vest and confirm in the Company and its Affiliates, fully and completely, all rights created or contemplated by this Section 7. The term “Confidential Information” shall not include information that is or becomes generally available to the public other than as a result of a disclosure by, or at the direction of, the Participant.

(b)The Participant agrees that upon termination of the Participant’s employment with the Company or any Subsidiary for any reason, the Participant will return to the Company immediately all memoranda, books, papers, plans, information, letters and other data, and all copies thereof or therefrom, in any way evidencing (in whole or in part) Confidential Information relating to the business of the Company and its Subsidiaries and Affiliates. The Participant further agrees that the Participant will not retain or use for the

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Participant’s account at any time any trade names, trademark, or other proprietary business designation used or owned in connection with the business of the Company or its Subsidiaries or Affiliates.

(c)The Participant acknowledges and agrees that the Company’s remedies at law for a breach or threatened breach of any of the provisions of this Section 7, or Section 5 or 6 above, would be inadequate and, in recognition of this fact, the Participant agrees that, in the event of such a breach or threatened breach, in addition to any remedies at law, the Company, without posting any bond (or other security other than any mandatory minimum or nominal bond or security), shall be entitled to obtain equitable relief in the form of specific performance, temporary restraining order, temporary or permanent injunction, or any other equitable remedy which may then be available.

1.Tax Withholding. This Section 8 applies only to (a)lthose Participants who are U.S. employees, and (b) those Participants who are employed by a Subsidiary of the Company that is obligated under applicable local law to withhold taxes with respect to the vesting or exercise of the Options. The Company or a designated Subsidiary of the Company shall have the right, prior to the delivery of any certificates evidencing shares of Common Stock to be issued pursuant to this Agreement, to require the Participant to remit to the Company or such Subsidiary any amount sufficient to satisfy any applicable (federal, foreign, state, or local) tax withholding requirements. Prior to the Company’s or the designated Subsidiary’s determination of such withholding liability, the Participant may make an irrevocable election to satisfy, in whole or in part, such obligation to remit taxes by directing the Company or such Subsidiary to withhold shares of Common Stock that would otherwise be received by the Participant(up to the Participant’s minimum required withholding rate or such other rate that will not trigger a negative accounting impact). Such election may be denied by the Compensation Committee in its discretion, or may be made subject to certain conditions specified by the Compensation Committee. The Company or its designated Subsidiary shall also have the right to deduct from all cash payments made pursuant to or in connection with any Award any applicable federal, foreign, state, or local taxes required to be withheld with respect to such payments.

2.No Obligation to Register. The Company shall be under no obligation to register any Option Shares as a result of the exercise of the Options pursuant to the Securities Act or any other federal or state securities laws.

3.Market Stand-Off. In connection with any underwritten public offering by the Company of its equity securities pursuant to an effective registration statement filed under the Securities Act for such period as the Company or its underwriters may request (such period not to exceed 180 days following the date of the applicable offering), the Participant shall not, directly or indirectly, sell, make any short sale of, loan, hypothecate, pledge, offer, grant or sell any option or other contract for the purchase of, purchase any option or other contract for the sale of, or otherwise dispose of

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or transfer, or agree to engage in any of the foregoing transactions with respect to, any of the Options granted under this Agreement or any Option Shares resulting the settlement thereof without the prior written consent of the Company or its underwriters.

4.Protections Against Violations of Agreement. No purported sale, assignment, mortgage, hypothecation, transfer, pledge, encumbrance, gift, transfer in trust (voting or other) or other disposition of, or creation of a security interest in or lien on, any of the Options by any holder thereof in violation of the provisions of this Agreement or the Certificate of Incorporation or the Bylaws of the Company, will be valid, and the Company will not transfer any Option Shares resulting from the exercise of Options on its books nor will any of such shares be entitled to vote, nor will any dividends be paid thereon, unless and until there has been full compliance with such provisions to the satisfaction of the Company. The foregoing restrictions are in addition to and not in lieu of any other remedies, legal or equitable, available to enforce such provisions.

5.Survival. This Agreement shall apply to and bind the Participant and the Company and their respective permitted assignees and transferees, heirs, legatees, executors, administrators and legal successors. All agreements, representations, and warranties made herein and in the certificates delivered pursuant hereto shall survive the issuance to the Participant of the Options and any Option Shares and shall continue in full force and effect. The terms of Section 5, 6, and 7 shall expressly survive this Agreement.

6.Notices. All notices and other communications provided for herein shall be in writing and shall be delivered by hand or sent by certified or registered mail, return receipt requested, postage prepaid, addressed, if to the Participant, to the Participant’s attention at the mailing address set forth at the foot of this Agreement (or to such other address as the Participant shall have specified to the Company in writing) and, if to the Company, to the Company’s office at 2366 Bernville Road, Reading Pennsylvania, 19605, Attention: General Counsel (or to such other address as the Company shall have specified to the Participant in writing). All such notices shall be conclusively deemed to be received and shall be effective, if sent by hand delivery, upon receipt, or if sent by registered or certified mail, on the fifth day after the day on which such notice is mailed.

7.Waiver. The waiver by either party of compliance with any provision of this Agreement by the other party shall not operate or be construed as a waiver of any other provision of this Agreement, or of any subsequent breach by such party of a provision of this Agreement.

8.Authority of the Compensation Committee. The Compensation Committee shall have the full authority to interpret and construe the terms of the Plan and this Agreement. The determination of the Compensation Committee as to any such matter of interpretation or construction shall be final, binding and conclusive.

9.Representations. The Participant has reviewed with his or her own tax advisors the applicable tax (U.S., foreign, state, and local) consequences of the

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transactions contemplated by this Agreement. The Participant is relying solely on such advisors and not on any statements or representations of the Company or any of its agents. The Participant understands that he or she (and not the Company) shall be responsible for any tax liability that may arise as a result of the transactions contemplated by this Agreement.

10.Investment Representation. The Participant hereby represents and warrants to the Company that the Participant, by reason of the Participant’s business or financial experience (or the business or financial experience of the Participant’s professional advisors who are unaffiliated with and who are not compensated by the Company or any affiliate or selling agent of the Company, directly or indirectly), has the capacity to protect the Participant’s own interests in connection with the transactions contemplated under this Agreement.

11.Entire Agreement; Governing Law; Language. This Agreement and the Plan and the other related agreements expressly referred to herein set forth the entire agreement and understanding between the parties hereto and supersedes all prior agreements and understandings relating to the subject matter hereof. This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original, but all such counterparts shall together constitute one and the same agreement. The headings of sections and subsections herein are included solely for convenience of reference and shall not affect the meaning of any of the provisions of this Agreement. This Agreement has been prepared in English and in one or more other languages. If there is a discrepancy between or among any of these versions, the English version shall prevail. Unless otherwise restricted by applicable law, this Agreement may be executed electronically. This Agreement shall be governed by, and construed in accordance with, the laws of the Commonwealth of Pennsylvania, USA.

12.Severability; Judicial Reformation.Should any provision of this Agreement be held by a court of competent jurisdiction to be unenforceable, or enforceable only if modified, such holding shall not affect the validity of the remainder of this Agreement, the balance of which shall continue to be binding upon the parties hereto with any such modification (if any) to become a part hereof and treated as though contained in this original Agreement. Moreover, if one or more of the provisions contained in this Agreement shall for any reason be held to be excessively broad as to scope, activity, subject or otherwise so as to be unenforceable, in lieu of severing such unenforceable provision, such provision or provisions shall be construed by the appropriate judicial body by limiting or reducing it or them, so as to be enforceable to the maximum extent compatible with the applicable law as it shall then appear, and such determination by such judicial body shall not affect the enforceability of such provisions or provisions in any other jurisdiction.

13.Amendments; Construction. The Compensation Committee may amend the terms of this Agreement prospectively or retroactively at any time, but (unless otherwise provided under Section 16 of the Plan) no such amendment shall impair the

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rights of the Participant hereunder without his or her consent. Headings to Sections of this Agreement are intended for convenience of reference only, are not part of this Agreement and shall have no effect on the interpretation hereof.

14.Acceptance. The Participant hereby acknowledges receipt of a copy of the Plan and this Agreement. The Participant has read and understand the terms and provision thereof, and accepts the Options subject to all the terms and conditions of the Plan and this Agreement. The Participant hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Compensation Committee upon any questions arising under this Agreement.

15.Miscellaneous

(a)No Rights to Grants or Continued Employment. The Participant acknowledges that the award granted under this Agreement is not employment compensation nor is it an employment right, and is being granted at the sole discretion of the Company’s Compensation Committee. The Participant shall not have any claim or right to receive grants of Awards under the Plan. Neither the Plan or this Agreement, nor any action taken or omitted to be taken hereunder or thereunder, shall be deemed to create or confer on the Participant any right to be retained as an employee of the Company or any Subsidiary or other Affiliate thereof, or to interfere with or to limit in any way the right of the Company or any Affiliate or Subsidiary thereof to terminate the employment of the Participant at any time.

(b)No Restriction on Right of Company to Effect Corporate Changes. Neither the Plan nor this Agreement shall affect in any way the right or power of the Company or its stockholders to make or authorize any or all adjustments, recapitalizations, reorganizations, or other changes in the Company’s capital structure or its business, or any merger or consolidation of the Company, or any issue of stock or of options, warrants or rights to purchase stock or of bonds, debentures, preferred, or prior preference stocks whose rights are superior to or affect the Common Stock or the rights thereof or which are convertible into or exchangeable for Common Stock, or the dissolution or liquidation of the Company, or any sale or transfer of all or any part of the assets or business of the Company, or any other corporate act or proceeding, whether of a similar character or otherwise.

(c)Assignment. The Company shall have the right to assign any or all of its rights and to delegate any or all of its duties under this Agreement to any of its Affiliates. The terms and conditions of this Agreement shall be binding upon and shall inure to the benefit of the permitted successors and assigns of the Company (including any person or entity which acquires all or substantially all of the assets of the Company).

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(d)Adjustments. The Options shall be adjusted or terminated as contemplated by Section 16(a) of the Plan.

[SIGNATURE PAGE FOLLOWS]

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THIS AGREEMENT SHALL BE NULL AND VOID AND UNENFORCEABLE BY THE PARTICIPANT UNLESS SIGNED AND DELIVERED TO THE COMPANY NOT LATER THAN THIRTY (30) DAYS SUBSEQUENT TO THE DATE OF GRANT SET FORTH BELOW.

BY SIGNING THIS AGREEMENT, THE PARTICIPANT IS HEREBY CONSENTING TO THE PROCESSING AND TRANSFER OF THE PARTICIPANT’S PERSONAL DATA BY THE COMPANY TO THE EXTENT NECESSARY TO ADMINISTER AND PROCESS THE AWARDS GRANTED UNDER THIS AGREEMENT.

IN WITNESS WHEREOF, the Company has caused this Agreement to be executed by its duly authorized officer and the Participant has executed this Agreement, both as of the day and year first above written.

ENERSYS

By:    

Name:

Title:

PARTICIPANT

____________________________________    Name:

Address:

Date Of Grant: _______________

Number of Options: ______    Option Price: $ __________

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EX-10.34

Exhibit 10.34

ENERSYS

AWARD AGREEMENT FOR EMPLOYEES – RESTRICTED STOCK UNITS

UNDER THE 2010 EQUITY INCENTIVE PLAN

THIS AWARD AGREEMENT FOR EMPLOYEES – RESTRICTED STOCK UNITS (this “Agreement”), dated as of __________, is between ENERSYS, a Delaware corporation (the “Company”), and the individual identified on the signature page hereof (the “Participant”).

BACKGROUND

A.The Participant is currently an employee of the Company or one of its Subsidiaries.

B.The Company desires to (i) provide the Participant with an incentive to remain in the employ of the Company or one of its Subsidiaries, and (ii) increase the Participant’s interest in the success of the Company by granting restricted stock units (the “Restricted Stock Units”) to the Participant.

C.This grant of the Restricted Stock Units is (i) made pursuant to the EnerSys 2010 Equity Incentive Plan (the “Plan”), (ii) made subject to the terms and conditions of this Agreement, and (iii) not employment compensation nor an employment right and is made in the sole discretion of the Company’s Compensation Committee.

NOW, THEREFORE, in consideration of the covenants and agreements contained in this Agreement, the parties hereto, intending to be legally bound, agree as follows:

1.Definitions; Incorporation of Plan Terms. Capitalized terms used in this Agreement without definition shall have the meanings assigned to them in the Plan. This Agreement and the Restricted Stock Units shall be subject to the Plan. The terms of the Plan and the Background provisions of this Agreement are hereby incorporated into this Agreement by reference. and made a part hereof as if set forth in their entirety in this Section 1. If there is a conflict or an inconsistency between the Plan and this Agreement, the Plan shall govern.

2.Grant of Restricted Stock Units.

(a)Subject to the provisions of this Agreement and pursuant to the provisions of the Plan, the Company hereby grants to the Participant the number of Restricted Stock Units specified on the signature page of this Agreement. The Company shall credit to a bookkeeping account (the “Account”) maintained by the Company, or a third party on behalf of the Company, for the Participant’s benefit, the Restricted Stock Units, each of which shall be deemed to be the equivalent of one share of the Company’s common stock, par value $.0.01 per share (each, a “Share”).

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If and whenever the Company declares and pays a dividend or a distribution on the Shares in the form of cash, on the date such dividend is paid, the Company will credit to the Account a number of additional Restricted Stock Units equal to the result of dividing (i) the product of the total number of Restricted Stock Units credited to the Account on the record date for such dividend (other than previously settled or forfeited Restricted Stock Units) times the per Share amount of such dividend, by (ii) the Fair Market Value of one Share on the record date for such dividend. The additional Restricted Stock Units shall be or become vested to the same extent as the Restricted Stock Units that resulted in the crediting of such additional Restricted Stock Units.

(b)If and whenever the Company declares and pays a dividend or distribution on the Shares in the form of additional shares, or there occurs a forward split of Shares, then a number of additional Restricted Units shall be credited to the Account as of the payment date for such dividend or distribution or forward split equal to (i) the total number of Restricted Stock Units credited to the Account on the record date for such dividend or distribution or split (other than previously settled or forfeited Restricted Stock Units), multiplied by (ii) the number of additional Shares actually paid as a dividend or distribution or issued in such split in respect of each outstanding Share. The additional Restricted Stock Units shall be or become vested to the same extent as the Restricted Stock Units that resulted in the crediting of such additional Restricted Stock Units.

3.Terms and Conditions. All of the Restricted Stock Units shall initially be unvested.

(a)Vesting. Twenty-five percent (25%) of the Restricted Stock Units (rounded up to the nearest whole number) shall vest on the first anniversary of the date of this Agreement and on each of the next three (3) successive anniversaries thereof unless previously vested or forfeited in accordance with the Plan or this Agreement (the “Normal Vesting Schedule”).

(i)Any Restricted Stock Units that fail to vest because the employment condition set forth in Section 3(c) is not satisfied shall be forfeited, subject to the special provisions set forth in subsections (ii) through (iv) of this Section 3(a).

(ii)If the Participant’s employment terminates due to death or Permanent Disability, or in the event of a Change in Control where the holders of the Company’s Common Stock receive cash consideration for their Common Stock in consummation of the Change in Control, Restricted Stock Units not previously vested shall immediately become vested.

(iii)If on or within two years after a Change in Control (other than a Change in Control described in Section 3(a)(ii) above), the Participant terminates employment for Good Reason, or is terminated by the Company without Cause, Restricted Stock Units not previously vested shall immediately become vested.

(iv)In the event of the Participant’s Retirement, the Compensation Committee may determine, in its sole discretion, whether and the manner in which Restricted Stock Units not previously vested (or any portion thereof) shall be vested and settled pursuant to

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Section 3(d). In the absence of Compensation Committee action, upon such Retirement, the Restricted Stock Units which have not vested as of the date of such termination shall vest pro-rata as of the date of the Participant’s Retirement, and all such units which shall have not vested as a result of such Retirement shall revert to the Company without consideration of any kind. To the extent the Participant’s Retirement date and vesting date under this Section 3(a)(iv) are in different tax years, any amount payable under this subsection shall constitute the payment of nonqualified deferred compensation, subject to the requirements of Code Section 409A.

The number of Restricted Stock Units vesting pro-rata upon an event described in the penultimate sentence of the foregoing paragraph in Section 3(a)(iv) shall be calculated by taking a fraction where the denominator is equal to number of months during the Normal Vesting Schedule (“Vesting Period”), and the numerator is equal to the number of completed months that the Participant was employed or provided service to the Company or one of its Subsidiaries during the Vesting Period, with the total number of Restricted Stock Units awarded multiplied by such fraction multiplied (rounding up the nearest whole number).

(b)Restrictions on Transfer. Until the earlier of the applicable vesting date under the Normal Vesting Schedule, the date of a termination of employment due to death or Permanent Disability, the date of a Change in Control described in Section 3(a)(ii), or the date of a termination of employment on or within two years after a Change in Control described in Section 3(a)(iii), or as otherwise provided in the Plan, no transfer of the Restricted Stock Units or any of the Participant’s rights with respect to the Restricted Stock Units, whether voluntary or involuntary, by operation of law or otherwise, shall be permitted. Unless the Company’s Compensation Committee determines otherwise, upon any attempt to transfer any Restricted Stock Units or any rights in respect of the Restricted Stock Units before the earlier of the applicable vesting date under the Normal Vesting Schedule, the date of a termination of employment due to death or Permanent Disability, the date of a Change in Control described in Section 3(a)(ii), or the date of a termination of employment on or within two years after a Change in Control described in Section 3(a)(iii), such unit, and all of the rights related to such unit, shall be immediately forfeited by the Participant and transferred to, and reacquired by, the Company without consideration of any kind.

(c)Forfeiture. Upon termination of the Participant’s employment with the Company or a Subsidiary for any reason other than death, Permanent Disability or one of the reasons set forth in Sections 3(a)(iii) and (iv), the Participant shall forfeit any and all Restricted Stock Units which have not vested as of the date of such termination and such units shall revert to the Company without consideration of any kind.

(d)Settlement. Restricted Stock Units not previously forfeited shall be settled on the earlier of the applicable vesting date under the Normal Vesting Schedule, the date of a termination of employment due to death or Permanent Disability, the date of a Change in Control described in Section 3(a)(ii), the date of a termination of employment on or within two years after a Change in Control described in Section 3(a)(iii), or, unless otherwise provided by the Compensation Committee, the date of a termination of employment due to Retirement described in Section 3(a)(iv), by delivery of one share of common stock for each Restricted Stock Unit

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being settled or, if determined by the Compensation Committee in its sole discretion, by a payment of cash equal to the Fair Market Value of one share of common stock.

4.Noncompetition. The Participant agrees with the Company that, for so long as the Participant is employed by the Company or any of its Subsidiaries and continuing for twelve (12) months (or such longer period as may be provided in an employment or similar agreement between the Participant and the Company or one of its Subsidiaries) following a termination of such employment due to Permanent Disability or under Sections 3(a)(iii) or (iv) of this Agreement or that occurs after any of the Restricted Stock Units have vested, the Participant will not, without the prior written consent of the Company, directly or indirectly, and whether as principal or investor or as an employee, officer, director, manager, partner, consultant, agent, or otherwise, alone or in association with any other person, firm, corporation, or other business organization, engage or otherwise become involved in a Competing Business in the Americas, Europe, Middle East or Asia, or in any other geographic area throughout the world (a) in which the Company or any of its Subsidiaries has engaged during such period in any of the activities that comprise a Competing Business during the Participant’s employment, or (b) in which the Participant has knowledge of the Company’s plans to engage in any of the activities that comprise a Competing Business (including, without limitation, any area in which any customer of the Company or any of its Subsidiaries may be located); provided, however, that the provisions of this Section 4 shall apply solely to those activities of a Competing Business, with which the Participant was personally involved or for which the Participant was responsible while employed by the Company or its Subsidiaries during the twelve (12) month period preceding termination of the Participant’s employment. This Section 4 will not be violated, however, by the Participant’s investment of up to US$100,000 in the aggregate in one or more publicly-traded companies that engage in a Competing Business.

5.Wrongful Solicitation. As a separate and independent covenant, the Participant agrees with the Company that, for so long as the Participant is employed by the Company or any of its Subsidiaries and continuing for twelve (12) months (or such longer period as may be provided in an employment or similar agreement between the Participant and the Company or one of its Subsidiaries) following a termination of such employment due to Permanent Disability or under Sections 3(a)(iii) or (iv) of this Agreement or that occurs after any of the Restricted Stock Units have vested, the Participant will not engage in any Wrongful Solicitation.

6.Confidentiality; Specific Performance.

(a)The Participant agrees with the Company that the Participant will not at any time, except in performance of the Participant’s obligations to the Company hereunder or with the prior written consent of the Company, directly or indirectly, reveal to any person, entity, or other organization (other than the Company, or its employees, officers, directors, stockholders, or agents) or use for the Participant’s own benefit any information deemed to be confidential by the Company or any of its Affiliates (“Confidential Information”) relating to the assets, liabilities, employees, goodwill, business, or affairs of the Company or any of its Affiliates, including, without limitation, any information concerning past, present, or prospective customers, manufacturing processes, marketing, operating, or financial data, or other confidential

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information used by, or useful to, the Company or any of its Affiliates and known (whether or not known with the knowledge and permission of the Company or any of its Affiliates and whether or not at any time prior to the Date of Grant developed, devised, or otherwise created in whole or in part by the efforts of the Participant) to the Participant by reason of the Participant’s employment with, equity holdings in, or other association with the Company or any of its Affiliates. The Participant further agrees that the Participant will retain all copies and extracts of any written Confidential Information acquired or developed by the Participant during any such employment, equity holding, or association in trust for the sole benefit of the Company, its Affiliates, and their successors and assigns. The Participant further agrees that the Participant will not, without the prior written consent of the Company, remove or take from the Company’s or any of its Affiliate’s premises (or if previously removed or taken, the Participant will promptly return) any written Confidential Information or any copies or extracts thereof. Upon the request and at the expense of the Company, the Participant shall promptly make all disclosures, execute all instruments and papers, and perform all acts reasonably necessary to vest and confirm in the Company and its Affiliates, fully and completely, all rights created or contemplated by this Section 6. The term “Confidential Information” shall not include information that is or becomes generally available to the public other than as a result of a disclosure by, or at the direction of, the Participant.

(b)The Participant agrees that upon termination of the Participant’s employment with the Company or any Subsidiary for any reason, the Participant will return to the Company immediately all memoranda, books, papers, plans, information, letters and other data, and all copies thereof or therefrom, in any way evidencing (in whole or in part) Confidential Information relating to the business of the Company and its Subsidiaries and Affiliates. The Participant further agrees that the Participant will not retain or use for the Participant’s account at any time any trade names, trademark, or other proprietary business designation used or owned in connection with the business of the Company or its Subsidiaries or Affiliates.

(c)The Participant acknowledges and agrees that the Company’s remedies at law for a breach or threatened breach of any of the provisions of this Section 6, or Section 4 or 5 above, would be inadequate and, in recognition of this fact, the Participant agrees that, in the event of such a breach or threatened breach, in addition to any remedies at law, the Company, without posting any bond(or other security other than any mandatory minimum or nominal bond or security), shall be entitled to obtain equitable relief in the form of specific performance, temporary restraining order, temporary or permanent injunction, or any other equitable remedy which may then be available.

7.Taxes.

(a)This Section 7(a) applies only to (a) all Participants who are U.S. employees, and (b) to those Participants who are employed by a Subsidiary of the Company that is obligated under applicable local law to withhold taxes with respect to the settlement of the Restricted Stock Units. Such Participant shall pay to the Company or a designated Subsidiary, promptly upon request, and in any event at the time the Participant recognizes taxable income

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with respect to the Restricted Stock Units, an amount equal to the taxes the Company determines it is required to withhold under applicable tax laws with respect to the Restricted Stock Units. The Participant may satisfy the foregoing requirement by making a payment to the Company in cash or, with the approval of the Plan administrator, by delivering already owned unrestricted Shares or by having the Company withhold a number of Shares in which the Participant would otherwise become vested under this Agreement, in each case, having a value equal to the minimum amount of tax required to be withheld. Such Shares shall be valued at their fair market value on the date as of which the amount of tax to be withheld is determined.

(b)The Participant acknowledges that the tax laws and regulations applicable to the Restricted Stock Units and the disposition of the shares following the settlement of Restricted Stock Units are complex and subject to change.

8.Securities Laws Requirements. The Company shall not be obligated to transfer any shares following the settlement of Restricted Stock Units to the Participant free of a restrictive legend if such transfer, in the opinion of counsel for the Company, would violate the Securities Act of 1933, as amended (the “Securities Act”) (or any other federal or state statutes having similar requirements as may be in effect at that time).

9.No Obligation to Register. The Company shall be under no obligation to register any shares as a result of the settlement of the Restricted Stock Units pursuant to the Securities Act or any other federal or state securities laws.

10.Market Stand-Off. In connection with any underwritten public offering by the Company of its equity securities pursuant to an effective registration statement filed under the Securities Act for such period as the Company or its underwriters may request (such period not to exceed 180 days following the date of the applicable offering), the Participant shall not, directly or indirectly, sell, make any short sale of, loan, hypothecate, pledge, offer, grant or sell any option or other contract for the purchase of, purchase any option or other contract for the sale of, or otherwise dispose of or transfer, or agree to engage in any of the foregoing transactions with respect to, any of the Restricted Stock Units granted under this Agreement or any shares resulting the settlement thereof without the prior written consent of the Company or its underwriters.

11.Protections Against Violations of Agreement. No purported sale, assignment, mortgage, hypothecation, transfer, pledge, encumbrance, gift, transfer in trust (voting or other) or other disposition of, or creation of a security interest in or lien on, any of the Restricted Stock Units by any holder thereof in violation of the provisions of this Units Agreement or the Certificate of Incorporation or the Bylaws of the Company, will be valid, and the Company will not transfer any shares resulting from the settlement of Restricted Stock Units on its books nor will any of such shares be entitled to vote, nor will any dividends be paid thereon, unless and until there has been full compliance with such provisions to the satisfaction of the Company. The foregoing restrictions are in addition to and not in lieu of any other remedies, legal or equitable, available to enforce such provisions.

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12.Rights as a Stockholder. The Participant shall not possess the right to vote the shares underlying the Restricted Stock Units until the Restricted Stock Units have settled in accordance with the provisions of this Agreement and the Plan.

13.Survival of Terms. This Agreement shall apply to and bind the Participant and the Company and their respective permitted assignees and transferees, heirs, legatees, executors, administrators and legal successors. The terms of Sections 4, 5 and 6 shall expressly survive the forfeiture of the Restricted Stock Units and this Agreement.

14.Notices. All notices and other communications provided for herein shall be in writing and shall be delivered by hand or sent by certified or registered mail, return receipt requested, postage prepaid, addressed, if to the Participant, to the Participant’s attention at the mailing address set forth at the foot of this Agreement (or to such other address as the Participant shall have specified to the Company in writing) and, if to the Company, to the Company’s office at 2366 Bernville Road, Reading, Pennsylvania 19605, Attention: General Counsel (or to such other address as the Company shall have specified to the Participant in writing). All such notices shall be conclusively deemed to be received and shall be effective, if sent by hand delivery, upon receipt, or if sent by registered or certified mail, on the fifth day after the day on which such notice is mailed.

15.Waiver. The waiver by either party of compliance with any provision of this Agreement by the other party shall not operate or be construed as a waiver of any other provision of this Agreement, or of any subsequent breach by such party of a provision of this Agreement.

16.Authority of the Administrator. The Plan Administrator, which is the Company’s Compensation Committee, shall have full authority to interpret and construe the terms of the Plan and this Agreement. The determination of the administrator as to any such matter of interpretation or construction shall be final, binding and conclusive.

17.Representations. The Participant has reviewed with his or her own tax advisors the applicable tax (U.S., foreign, state, and local) consequences of the transactions contemplated by this Agreement. The Participant is relying solely on such advisors and not on any statements or representations of the Company or any of its agents. The Participant understands that he (and not the Company) shall be responsible for any tax liability that may arise as a result of the transactions contemplated by this Agreement.

18.Investment Representation. The Participant hereby represents and warrants to the Company that the Participant, by reason of the Participant’s business or financial experience (or the business or financial experience of the Participant’s professional advisors who are unaffiliated with and who are not compensated by the Company or any affiliate or selling agent of the Company, directly or indirectly), has the capacity to protect the Participant’s own interests in connection with the transactions contemplated under this Agreement.

19.Entire Agreement; Governing Law. This Agreement and the Plan and the other related agreements expressly referred to herein set forth the entire agreement and understanding between the parties hereto and supersedes all prior agreements and understandings relating to the

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subject matter hereof. This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original, but all such counterparts shall together constitute one and the same agreement. The headings of sections and subsections herein are included solely for convenience of reference and shall not affect the meaning of any of the provisions of this Agreement. This Agreement shall be governed by, and construed in accordance with, the laws of the Commonwealth of Pennsylvania, USA.

20.Severability. Should any provision of this Agreement be held by a court of competent jurisdiction to be unenforceable, or enforceable only if modified, such holding shall not affect the validity of the remainder of this Agreement, the balance of which shall continue to be binding upon the parties hereto with any such modification (if any) to become a part hereof and treated as though contained in this original Agreement. Moreover, if one or more of the provisions contained in this Agreement shall for any reason be held to be excessively broad as to scope, activity, subject or otherwise so as to be unenforceable, in lieu of severing such unenforceable provision, such provision or provisions shall be construed by the appropriate judicial body by limiting or reducing it or them, so as to be enforceable to the maximum extent compatible with the applicable law as it shall then appear, and such determination by such judicial body shall not affect the enforceability of such provisions or provisions in any other jurisdiction.

21.Amendments; Construction. The Plan administrator may amend the terms of this Agreement prospectively or retroactively at any time, but (unless otherwise provided under Section 16 of the Plan) no such amendment shall impair the rights of the Participant hereunder without his or her consent. To the extent the terms of Section 4 above conflict with any prior agreement between the parties related to such subject matter, the terms of Section 4, to the extent more restrictive, shall supersede such conflicting terms and control. Headings to Sections of this Agreement are intended for convenience of reference only, are not part of this Restricted Stock Units and shall have no effect on the interpretation hereof.

22.Acceptance. The Participant hereby acknowledges receipt of a copy of the Plan and this Agreement. The Participant has read and understand the terms and provision thereof, and accepts the shares of Restricted Stock Units subject to all the terms and conditions of the Plan and this Agreement. The Participant hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Administrator upon any questions arising under this Agreement.

23.Miscellaneous.

(a)No Rights to Grants or Continued Employment. The Participant acknowledges that the award granted under this Agreement is not employment compensation nor is it an employment right, and is being granted at the sole discretion of the Company’s Compensation Committee. The Participant shall not have any claim or right to receive grants of Awards under the Plan. Neither the Plan or this Agreement, nor any action taken or omitted to be taken hereunder or thereunder, shall be deemed to create or confer on the Participant any right to be retained as an employee of the Company or any Subsidiary or other Affiliate thereof, or to

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interfere with or to limit in any way the right of the Company or any Affiliate or Subsidiary thereof to terminate the employment of the Participant at any time.

(b)No Restriction on Right of Company to Effect Corporate Changes. Neither the Plan nor this Agreement shall affect in any way the right or power of the Company or its stockholders to make or authorize any or all adjustments, recapitalizations, reorganizations, or other changes in the Company’s capital structure or its business, or any merger or consolidation of the Company, or any issue of stock or of options, warrants or rights to purchase stock or of bonds, debentures, preferred, or prior preference stocks whose rights are superior to or affect the Common Stock or the rights thereof or which are convertible into or exchangeable for Common Stock, or the dissolution or liquidation of the Company, or any sale or transfer of all or any part of the assets or business of the Company, or any other corporate act or proceeding, whether of a similar character or otherwise.

(c)Assignment. The Company shall have the right to assign any of its rights and to delegate any of its duties under this Agreement to any of its Affiliates.

(d)Adjustments. The Restricted Stock Units shall be adjusted or terminated as contemplated by Section 16(a) of the Plan, including, in the discretion of the Compensation Committee, rounding to the nearest whole number of Restricted Stock Units or shares of common stock, as applicable.

24.Code Section 409A. Notwithstanding anything in this Agreement to the contrary, the receipt of any benefits under this Agreement as a result of a termination of employment shall be subject to satisfaction of the condition precedent that the Participant undergo a “separation from service” within the meaning of Treas. Reg. § 1.409A-1(h) or any successor thereto. In addition, if a Participant is deemed to be a “specified employee” within the meaning of that term under Code Section 409A(a)(2)(B), then with regard to any payment or the provisions of any benefit that is required to be delayed pursuant to Code Section 409A(a)(2)(B), such payment or benefit shall not be made or provided prior to the earlier of (i) the expiration of the six (6) month period measured from the date of the Participant's “separation from service” (as such term is defined in Treas. Reg. § 1.409A-1(h)), or (ii) the date of the Participant's death (the “Delay Period”). Within ten (10) days following the expiration of the Delay Period, all payments and benefits delayed pursuant to this Section (whether they would have otherwise been payable in a single sum or in installments in the absence of such delay) shall be paid or reimbursed to the Participant in a lump sum, and any remaining payments and benefits due under this Agreement shall be paid or provided in accordance with the normal payment dates specified for them herein.

[REST OF PAGE LEFT INTENTIONALLY BLANK]

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THIS AGREEMENT SHALL BE NULL AND VOID AND UNENFORCEABLE BY THE PARTICIPANT UNLESS SIGNED AND DELIVERED TO THE COMPANY NOT LATER THAN THIRTY (30) DAYS SUBSEQUENT TO THE DATE OF GRANT SET FORTH BELOW.

BY SIGNING THIS AGREEMENT, THE PARTICIPANT IS HEREBY CONSENTING TO THE PROCESSING AND TRANSFER OF THE PARTICIPANT’S PERSONAL DATA BY THE COMPANY TO THE EXTENT NECESSARY TO ADMINISTER AND PROCESS THE AWARDS GRANTED UNDER THIS AGREEMENT.

IN WITNESS WHEREOF, the Company has caused this Agreement to be executed by its duly authorized officer and the Participant has executed this Agreement, both as of the day and year first above written.

ENERSYS
By:
Name:	John D. Craig
Title:	Chairman, President & CEO
PARTICIPANT
Name:
Address:

Date of Grant: _________

Number of Shares of Restricted Stock Units: ________

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Appendix A

to

Restricted Stock Unit Agreement - Employees

2010 Equity Incentive Plan

This Appendix A contains supplemental terms and conditions for awards of Restricted Stock Units (“RSUs”) granted in the Date of Grant set forth in the Agreement under the 2010 Equity Incentive Plan (the “Plan”) to Participants who reside outside the United States or who are otherwise subject to the laws of a country other than the United States.

You have also received the Agreement applicable to the Award set forth therein. The Agreement, together with this Appendix A and the Plan are the terms and conditions of the grant of RSUs set forth in the Agreement. To the extent that this Appendix A amends, deletes or supplements any terms of the Agreement, this Appendix A shall control. Capitalized terms used but not defined herein shall have the same meanings ascribed to them in the Agreement.

Section I of this Appendix A contains special terms and conditions that govern the RSUs outside of the United States. Section II of this Appendix A includes special terms and conditions in the specific countries listed therein.

This Appendix A may also include information regarding exchange controls, taxation of awards and certain other issues of which you should be aware with respect to participation in the Plan. The information is based on the securities, exchange control, tax and other laws concerning RSUs in effect as of May 15, 2014. Such laws are often complex and change frequently; the information may be out of date at the time you vest in the RSUs or sell shares acquired under the Plan. As a result, the Company strongly recommends that you not rely on the information noted herein as the only source of information relating to the consequences of your participation in the Plan.

In addition, this Appendix A is general in nature, does not discuss all of the various laws, rules and regulations which may apply to your particular situation and the Company does not assure you of any particular result. Accordingly, you are strongly advised to seek appropriate professional advice as to how the relevant laws in your country apply to your specific situation.

Finally, if you are a citizen or resident of a country other than the one in which you are currently working, transferred employment after the Award was granted or is considered a resident of another country for local law purposes, the information contained herein may not be applicable to you in the same manner. In addition, the Company shall, in its sole discretion, determine to what extent the terms and conditions contained herein will apply under these circumstances.

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Section I. All Countries Outside the United States

1.Nature of Grant. In accepting the Award, you acknowledge that:

1.1 the Plan is established voluntarily by the Company, it is discretionary in nature and it may be modified, amended, suspended or terminated by the Company at any time, to the extent permitted by the Plan;

1.2 the grant of the RSUs is voluntary and occasional and does not create any contractual or other right to receive future grants of RSUs, or benefits in lieu of RSUs, even if RSUs have been granted repeatedly in the past;

1.3 all decisions with respect to future grants, if any, will be at the sole discretion of Company;

1.4 you are voluntarily participating in the Plan;

1.5 the RSUs and the Shares subject to the RSUs are extraordinary items that do not constitute compensation of any kind for services of any kind rendered to the Company or any Subsidiary, and which is outside the scope of your employment contract, if any;

1.6 the RSUs and the Shares subject to the RSUs are not intended to replace any pension rights, if any, or compensation;

1.7 the RSUs and the Shares subject to the RSUs, and the income and value of same, are not part of normal or expected compensation or salary for any purposes, including, but not limited to, calculating any severance, resignation, termination, redundancy, dismissal, end of service payments, bonuses, long-service awards, pension or retirement or welfare benefits or similar payments and in no event should be considered as compensation for, or relating in any way to, past services for the Company or any Subsidiary;

1.8 the grant of the RSUs and your participation in the Plan will not be interpreted to form an employment contract or relationship with the Company or any Subsidiary;

1.9 the future value of the underlying Shares is unknown and cannot be predicted with certainty;

1.10 if you obtain Shares, the value of those Shares acquired may increase or decrease in value;

1.11 in consideration of the grant of the RSUs, no claim or entitlement to compensation or damages shall arise from forfeiture of the RSUs resulting from termination of your employment with the Company or any Subsidiary (for any reason whatsoever

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and whether or not in breach of local labor laws) and you irrevocably release the Company and the Subsidiaries from any such claim that may arise; if, notwithstanding the foregoing, any such claim is found by a court of competent jurisdiction to have arisen, you will be deemed irrevocably to have waived his or her entitlement to pursue such claim;

1.12 in the event of termination of your employment (whether or not in breach of local labor laws), your right to vest in the RSUs under the Plan, if any, will terminate effective as of the date that you are no longer actively employed and will not be extended by any notice period mandated under local law (e.g., active employment would not include a period of “garden leave” or similar period pursuant to local law); the Committee shall have the exclusive discretion to determine when you are no longer actively employed for purposes of your Award;

1.13 the Company is not providing any tax, legal or financial advice, nor is the Company making any recommendations regarding your participation in the Plan, or your acquisition or sale of Common Stock;

1.14 you are hereby advised to consult with your personal tax, legal and financial advisors regarding participation in the Plan before taking any action related to the Plan;

1.15 unless otherwise provided in the Plan or by the Company in its discretion, the RSUs and the benefits evidenced by this Agreement do not create any entitlement to have the RSUs or any such benefits transferred to, or assumed by, another company nor to be exchanged, cashed out or substituted for, in connection with any corporate transaction affecting the Shares of the Company; and

1.16 neither the Company, any Subsidiary nor any Affiliate of the Company shall be liable for any foreign exchange rate fluctuation between your local currency and the United States Dollar that may affect the value of the RSUs or of any amounts due to you pursuant to the settlement of the RSUs or the subsequent sale of any Shares acquired upon settlement.

2.     Data Privacy. I hereby explicitly and unambiguously consent to the collection, use and transfer, in electronic or other form, of my personal data as described in this Agreement and any other Award grant materials by and among, as applicable, the employer, the Company and its subsidiaries and affiliates for the exclusive purpose of implementing, administering and managing my participation in the Plan (“Data”).

I understand that the Company and the employer may hold certain personal information about me, including, but not limited to, my name, home address and telephone number, date of birth, social insurance number or other identification number, salary, nationality, job title, any shares of stock or directorships held in the Company, details of all Awards or any other entitlement to shares of stock awarded, canceled, exercised, vested, unvested or outstanding in my favor, for the exclusive purpose of implementing, administering and managing the Plan.

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I understand that Data will be transferred to a third party plan administrator, or such other stock plan service provider as may be selected by the Company in the future, which is assisting the Company with the implementation, administration and management of the Plan. I understand that the recipients of the Data may be located in the United States or elsewhere, and that the recipients’ country (e.g., the United States) may have different data privacy laws and protections than my country. I understand that if I reside outside the United States, I may request a list with the names and addresses of any potential recipients of the Data by contacting my local human resources representative. I authorize the Company, the third party administrator and any other possible recipients which may assist the Company (presently or in the future) with implementing, administering and managing the Plan to receive, possess, use, retain and transfer the Data, in electronic or other form, for the sole purpose of implementing, administering and managing my participation in the Plan. I understand that Data will be held only as long as is necessary to implement, administer and manage my participation in the Plan. I understand that if I reside outside the United States, I may, at any time, view Data, request additional information about the storage and processing of Data, require any necessary amendments to Data or refuse or withdraw the consents herein, in any case without cost, by contacting in writing my local human resources representative. Further, I understand that I am providing the consents herein on a purely voluntary basis. If I do not consent, or if I later seek to revoke my consent, my employment status or service and career with the employer will not be adversely affected; the only adverse consequence of refusing or withdrawing my consent is that the Company would not be able to grant me the Award or other awards or administer or maintain such awards. Therefore, I understand that refusing or withdrawing my consent may affect my ability to participate in the Plan. For more information on the consequences of my refusal to consent or withdrawal of consent, I understand that I may contact my local human resources representative.

3.    Payment of Taxes.The following provisions supplement Section 7 of the Agreement entitled “Taxes.”

3.1 Regardless of any action the Company or your employer (the “Employer”) takes with respect to any or all income tax, your portion of social insurance, payroll tax, payment on account or other tax-related items related to your participation in the Plan and legally applicable to you (“Tax-Related Items”), you acknowledge that the ultimate liability for all Tax-Related Items is and remains your responsibility and may exceed the amount actually withheld by the Company or the Employer.

3.2    You further acknowledge that the Company and/or the Employer (1) make no representations or undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of the Award, including, but not limited to, the grant of the Award, the issuance of Shares upon vesting/settlement of the Award, the subsequent sale of Shares acquired pursuant to such issuance and the receipt of any dividends or dividend equivalents; and (2) do not commit to, and are under no obligation to, structure the terms of the grant or any aspect of the Award to reduce or eliminate your liability for Tax-Related Items or achieve any particular tax result.

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3.3     Further, if you have become subject to tax in more than one jurisdiction between the date of grant and the date of any relevant taxable event, you acknowledge that the Company and/or the Employer (or former employer, as applicable) may be required to withhold or account for Tax-Related Items in more than one jurisdiction.

3.4 You authorize the Company and/or the Employer, or their respective agents, at their discretion, to satisfy the obligations with regard to all Tax-Related Items by one or a combination of the following: (1) withholding in Shares to be issued or cash distributed upon vesting/settlement of the Award; (2) withholding from your wages or other cash compensation paid to you by the Company and/or you; (3) withholding from the proceeds of the sale of Shares acquired upon vesting/settlement of the Award either through a voluntary sale or through a mandatory sale arranged by the Company (on your behalf pursuant to this authorization).

3.5 To avoid negative accounting treatment, the Company may withhold or account for Tax-Related Items by considering applicable minimum statutory withholding amounts or other applicable withholding rates. If the obligation for Tax-Related Items is satisfied by withholding in Shares, for tax purposes, you are deemed to have been issued the full number of Shares subject to the vested Award, notwithstanding that a number of the Shares are held back solely for the purpose of paying the Tax-Related Items due as a result of any aspect of your participation in the Plan.

3.6 You shall pay to the Company or the Employer any amount of Tax-Related Items that the Company or the Employer may be required to withhold or account for as a result of your participation in the Plan that cannot be satisfied by the means previously described. The Company may refuse to issue or deliver the shares or the proceeds of the sale of Shares, if you fail to comply with this obligation.

Section II. Country-Specific Provisions

Canada

Securities Law Notification. You are permitted to sell Shares acquired under the Plan through the designated broker appointed under the Plan, if any, provided that the resale of such Shares takes place outside of Canada through the facilities of a national securities exchange on which the Shares are listed (i.e., The New York Stock Exchange).

Language Consent. The parties acknowledge that it is their express wish that the Plan, the Agreement and this Appendix A, as well as all documents, notices and legal proceedings entered into, given or instituted pursuant hereto or relating directly or indirectly hereto, be drawn up in English.

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Les parties reconnaissent avoir exigé la rédaction en anglais de cette convention (« Plan, Agreement and Appendix A » ), ainsi que de tous documents, avis et procédures judiciaires, exécutés, donnés ou intentés en vertu de, ou liés directement ou indirectement à, la présente convention.

Data Privacy. The following provision supplements Section I.2 of this Appendix A.

You hereby authorize the Company or the Company’s representatives to discuss with and obtain all relevant information from all personnel, professional or not, involved in the administration and operation of the Plan. You further authorize the Company and any Affiliate of the Company and the administrator of the Plan to disclose and discuss the Plan with their advisors. You further authorize the Company and any affiliate to record such information and to keep such information in your file.

Foreign Asset Reporting Information. You are responsible for reporting foreign property (including shares acquired under the Plan) on form T1135 (Foreign Income Verification Statement) if the total cost of your foreign property exceeds C$100,000 at any time in the applicable tax year. For the 2013 tax year, the filing deadline is July 31, 2014. For the 2014 tax year and later, the form must be filed by April 30th of the following year.

China

Payment of RSUs. Notwithstanding any discretion in Section 11 of the Plan or in Section 2 of the Agreement and Appendix A, the grant of RSUs does not provide any right for you to receive shares and the RSUs are payable in cash only.

Foreign Asset/Account Reporting Information. Effective from January 1, 2014, PRC residents are required to report to SAFE details of their foreign financial assets and liabilities, as well as details of any economic transactions conducted with non-PRC residents, either directly or through financial institutions. Under these new rules, you may be subject to reporting obligations for Awards acquired under the Plan and Plan-related transactions. It is your responsibility to comply with this reporting obligation and you should consult your personal tax advisor in this regard.

Finland

There are no country-specific provisions.

India

Payment of RSUs. Notwithstanding any discretion in Section 11 of the Plan and Section 2 of the Agreement, the grant of RSUs does not provide any right for you to receive shares and the RSUs are payable in cash only.

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Exchange Control Information. You must repatriate to India the proceeds from the sale of Shares acquired at vesting and any dividends received in relation to the Shares within 90 days after receipt. You must obtain evidence of the repatriation of funds in the form of a foreign inward remittance certificate (the “FIRC”) from the bank where you deposited the foreign currency. You must retain the FIRC in your records to present to the Reserve Bank of India or your Employer in the event that proof of repatriation is requested.

Foreign Assets Reporting Information. You are required to declare your foreign bank accounts and any foreign financial assets (including Shares held outside India) in your annual tax return. It is your responsibility to comply with this reporting obligation and you should consult your personal advisor in this regard.

Malaysia

Director Notification Obligation. If you are a director of a Malaysian affiliate, you are subject to certain notification requirements under the Malaysian Companies Act. Among these requirements is an obligation to notify the Malaysian affiliate in writing when you receive or dispose of an interest (e.g., an award under the Plan or Shares) in the Company or any related company. Such notifications must be made within 14 days of receiving or disposing of any interest in the Company or any related company.

Insider-Trading Information. You should be aware of the Malaysian insider-trading rules, which may impact your acquisition or disposal of Shares or rights to Shares under the Plan. Under the Malaysian insider-trading rules, you are prohibited from acquiring or selling shares or rights to shares (e.g., an award under the Plan) when you are in possession of information which is not generally available and which you know or should know will have a material effect on the price of shares once such information is generally available.

Data Privacy. The following provision replaces Section I.2 of this Appendix A.

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I hereby explicitly, voluntarily and unambiguously consent to the collection, use and transfer, in electronic or other form, of my personal data as described in this Agreement and Appendix and any other Plan grant materials by and among, as applicable, the Employer, the Company and any of its other Subsidiaries or Affiliates or any third parties authorized by the same in assisting in the implementation, administration and management of my participation in the Plan.  I may have previously provided the Company and the Employer with, and the Company and the Employer may hold, certain personal information about me, including, but not limited to, my name, home address and telephone number, date of birth, social insurance number or other identification number, salary, nationality, job title, any shares of stock or directorships held in the Company, the fact and conditions of my participation in the Plan, details of all RSUs or any other entitlement to Shares awarded, cancelled, exercised, vested, unvested or outstanding in my favor (“Data”), for the exclusive purpose of implementing, administering and managing the Plan. I also authorize any transfer of Data, as may be required, to any external stock plan service provider as may be selected by the Company in the future, which is assisting the Company with the implementation, administration and management of the Plan and/or with whom any shares acquired upon vesting of RSUs are deposited.  I acknowledge that these recipients may be located in my country or elsewhere, and that the recipient’s country (e.g., the United States) may have different data privacy laws and protections to my country, which may not give the same level of protection to Data.  I understand that I may request a list with the names and addresses of any potential recipients of Data by Saya dengan ini secara eksplicit, secara sukarela dan tanpa sebarang keraguan mengizinkan pengumpulan, penggunaan dan pemindahan, dalam bentuk elektronik atau lain-lain, data peribadi saya seperti yang dinyatakan dalam Perjanjian dan Lampiran ini dan apa-apa bahan geran Pelan oleh dan di antara, seperti mana yang terpakai, Majikan, Syarikat dan mana-mana Anak Syarikat yang lain atau Syarikat Sekutu kami atau mana-mana pihak ketiga yang diberi kuasa oleh yang sama untuk membantu dalam pelaksanaan, pentadbiran dan pengurusan penyertaan saya dalam Pelan.
Sebelum ini, saya mungkin telah membekalkan Syarikat dan Majikan dengan, dan Syarikat dan Majikan mungkin memegang, maklumat peribadi tertentu tentang saya, termasuk, tetapi tidak terhad kepada, nama saya, alamat rumah dan nombor telefon, tarikh lahir, nombor insurans sosial atau nombor pengenalan lain, gaji, kewarganegaraan, jawatan, apa-apa saham atau jawatan pengarah yang dipegang dalam Syarikat, fakta dan syarat-syarat penyertaan saya dalam Pelan, butir-butir semua RSU atau apa-apa hak lain untuk Saham yang dianugerahkan, dibatalkan, dilaksanakan, terletak hak, tidak diletak hak ataupun yang belum dijelaskan bagi faedah saya ("Data"), untuk tujuan yang eksklusif bagi melaksanakan, mentadbir dan menguruskan Pelan.
Saya juga memberi kuasa untuk membuat apa-apa pemindahan Data, sebagaimana yang diperlukan, kepada pembekal perkhidmatan pelan saham luar yang lain sebagaimana yang mungkin dipilih oleh Syarikat pada masa depan, yang membantu Syarikat dalam pelaksanaan, pentadbiran dan pengurusan Pelan dan/atau dengan sesiapa yang mendepositkan apa-apa saham yang diperolehi apabila RSU terletak hak. . Saya mengakui bahawa penerima-penerima ini mungkin berada di negara saya atau di tempat lain, dan bahawa negara penerima (contohnya, Amerika Syarikat) mungkin

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contacting my local human resources representative. I authorize the Company, the external stock plan service provider and any other possible recipients which may assist the Company (presently or in the future) with implementing, administering and managing my participation in the Plan to receive, possess, use, retain and transfer Data, in electronic or other form, for the sole purpose of implementing, administering and managing my participation in the Plan. I understand that Data will be held only as long as is necessary to implement, administer and manage my participation in the Plan. I understand that I may, at any time, view Data, request additional information about the storage and processing of Data, require any necessary amendments to Data or refuse or withdraw the consents herein, in any case, without cost, by contacting in writing my local human resources representative, whose contact details are Cheng Liang Heng, cl.heng@enersys.com.sg, Further, I understand that I am providing the consents herein on a purely voluntary basis.  If I do not consent, or if I later seek to revoke my consent, my employment status or service and career with the Employer will not be adversely affected; the only adverse consequence of refusing or withdrawing my consent is that the Company would not be able to grant future RSUs or other equity awards to me or administer or maintain such awards.  Therefore, I understand that refusing or withdrawing my consent may affect my ability to participate in the Plan. For more information on the consequences of my refusal to consent or withdrawal of consent, I understand that I may contact my local human resources representative. mempunyai undang-undang privasi data dan perlindungan yang berbeza daripada negara saya, yang mungkin tidak boleh memberi tahap perlindungan yang sama kepada Data. Saya faham bahawa saya boleh meminta senarai nama dan alamat mana-mana penerima Data yang berpotensi dengan menghubungi wakil sumber manusia tempatan saya. Saya memberi kuasa kepada Syarikat, pembekal perkhidmatan pelan saham luar dan mana-mana penerima lain yang mungkin membantu Syarikat (masa sekarang atau pada masa depan) untuk melaksanakan, mentadbir dan menguruskan penyertaan saya dalam Pelan untuk menerima, memiliki, menggunakan, mengekalkan dan memindahkan Data, dalam bentuk elektronik atau lain-lain, semata-mata dengan tujuan untuk melaksanakan, mentadbir dan menguruskan penyertaan saya dalam Pelan. Saya faham bahawa Data akan dipegang hanya untuk tempoh yang diperlukan untuk melaksanakan, mentadbir dan menguruskan penyertaan saya dalam Pelan. Saya faham bahawa saya boleh, pada bila-bila masa, melihat Data, meminta maklumat tambahan mengenai penyimpanan dan pemprosesan Data, meminta bahawa pindaan-pindaan dilaksanakan ke atas Data atau menolak atau menarik balik persetujuan dalam ini, dalam mana-mana kes, tanpa kos, dengan menghubungi secara bertulis wakil sumber manusia tempatan saya, di mana butir-butir hubungannya adalah Cheng Liang Heng, cl.heng@enersys.com.sg. Selanjutnya, saya memahami bahawa saya memberikan persetujuan di sini secara sukarela. Jika saya tidak bersetuju, atau jika saya kemudian membatalkan persetujuan saya, status pekerjaan atau perkhidmatan dan kerjaya saya dengan Majikan tidak akan terjejas; satunya akibat buruk jika saya tidak bersetuju atau menarik balik persetujuan saya adalah bahawa Syarikat tidak akan dapat memberikan RSU pada masa depan atau anugerah ekuiti lain kepada

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saya atau mentadbir atau mengekalkan anugerah tersebut. Oleh itu, saya faham bahawa keengganan atau penarikan balik persetujuan saya boleh menjejaskan keupayaan saya untuk mengambil bahagian dalam Pelan. Untuk maklumat lanjut mengenai akibat keengganan saya untuk memberikan keizinan atau penarikan balik keizinan, saya fahami bahawa saya boleh menghubungi wakil sumber manusia tempatan saya.

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Mexico

Nature of Grant. The following provisions supplement Section I.1 (Nature of Grant) of this Appendix A:

Acknowledgment of the Grant. In accepting the Award, you acknowledge that you have received a copy of the Plan and the Agreement, including this Appendix A, and that you have reviewed the Plan and the Agreement, including this Appendix A, in its entirety and fully understand and accept all provisions of the Plan and the Agreement, including this Appendix A. You further acknowledge that you have read and specifically and expressly approve the terms and conditions of Section I.1 (Nature of Grant) of this Appendix A, in which the following is clearly described and established:

(1)     Your participation in the Plan does not constitute an acquired right.

(2)     The Plan and your participation in the Plan are offered by the Company on a wholly discretionary basis.

(3)     Your participation in the Plan is voluntary.

(4)    Neither the Company nor any Affiliate is responsible for any decrease in the value of the RSUs granted and/or Shares issued under the Plan.

Labor Law Acknowledgment and Policy Statement. In accepting the RSUs, you expressly recognize that the Company, with registered offices at 2366 Bernville Road, Reading, Pennsylvania 19605, United States of America, is solely responsible for the administration of the Plan and that your participation in the Plan and acquisition of Shares does not constitute an employment relationship between you and the Company since you are participating in the Plan on a wholly commercial basis and your sole employer is EnerSys de Mexico, S.A. de CV, Powersonic, S.A. de CV or Yecoltd, S. de R.L. de CV (each, a “Mexican Subsidiary”). Based on the foregoing, you expressly recognize that the Plan and the benefits that you may derive from participation in the Plan do not establish any rights between you and your employer, a Mexican Subsidiary, and do not form part of the conditions of your employment and/or benefits provided by such Mexican Subsidiary, and any modification of the Plan or its termination shall not constitute a change or impairment of the terms and conditions of your employment.

You further understand that your participation in the Plan is a result of a unilateral and discretionary decision of the Company; therefore, the Company reserves the absolute right to amend and/or discontinue your participation in the Plan at any time, without any liability to you.

Finally, you hereby declare that you do not reserve to yourself any action or right to bring any claim against the Company for any compensation or damages regarding any provision of the Plan or any benefits derived from the Plan; therefore, you grant a full and broad release to the Company, its shareholders, officers, agents, legal representatives, and subsidiaries with respect to any claim that may arise.

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Spanish Translation.

Reconocimiento de la Subvención. Al aceptar las Unidades de Acciones Restringidas (“RSU” por sus siglas en inglés), Ud. reconoce que ha recibido y revisado una copia del Términos y Condiciones, y reconoce, además, que acepta todas las disposiciones del Términos y Condiciones. Ud. también reconoce que Ud. ha leído y aprobado de forma expresa los términos y condiciones establecidos en la Sección I.1 (“Nature of Grant”) en este Appendix A, que claramente dispone lo siguiente:

(1)    Su participación en el Plan no constituye un derecho adquirido;

(2)    El Plan y su participación en el Plan es ofrecido por la Compañía de manera completamente discrecional;

(3)    Su participación en el Plan es voluntaria; y

(4)    Ni la Compañía ni cualquiera subsidiaria es responsable de cualquier disminución del valor de las Unidades de Acciones Restringidas y/o las acciones emitidas bajo el Plan.

Declaración y Reconocimiento de Derecho y Política Laboral. Al aceptar las Unidades de Acciones Restringidas, Ud. reconoce que la Compañía, con domicilio social en 2366 Bernville Road, Reading, Pennsylvania 19605, United States of America, EE.UU., es el único responsable de la administración del Plan y su participación en el Plan y cualquier adquisición de las acciones bajo el Plan no constituyen una relación laboral entre Ud. y la Compañía, porque Ud. está participando en el Plan en su totalidad sobre una base comercial y su único empleador es EnerSys de Mexico, S.A. de CV, Powersonic, S.A. de CV or Yecoltd, S. de R.L. de CV. Basado en lo anterior, Ud. expresamente reconoce que el Plan y los beneficios que pueden derivarse de la participación en el Plan no establecen algún derecho entre Ud. y el Empleador, EnerSys de Mexico, S.A. de CV, Powersonic, S.A. de CV or Yecoltd, S. de R.L. de CV, y que no forman parte de las condiciones de empleo y/o beneficios provenidos por EnerSys de Mexico, S.A. de CV, Powersonic, S.A. de CV or Yecoltd, S. de R.L. de CV, y cualquier modificación del Plan o la terminación de su contrato no constituirá un cambio o deterioro de los términos y condiciones de su empleo.

Además, Ud. comprende que su participación en el Plan es causado por una decisión discrecional y unilateral de la Compañía, por lo que la Compañía se reserva el derecho absoluto de modificar y/o suspender su participación en el Plan en cualquier momento, sin responsabilidad alguna a Ud.

Finalmente, Ud. manifiesta que no se reserva ninguna acción o derecho que origine una demanda en contra de la Compañía, por cualquier compensación o daño en relación con cualquier disposición del Plan o de los beneficios derivados del mismo, y en consecuencia usted otorga un amplio y total descargo de responsabilidad a la Compañía, sucursales, oficinas de representación, sus accionistas, directores, agentes y representantes legales, y Subsidiarias, con respecto a cualquier demanda que pudiera surgir.

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Poland

Exchange Control Notice. Polish residents holding foreign securities (including shares) and maintaining accounts abroad must report information to the National Bank of Poland on transactions and balances of the securities and cash deposited in such accounts if the value of such securities and cash (when combined with all other assets held abroad) exceeds PLN 7,000,000. If required, the reports must be filed on a quarterly basis on special forms available on the website of the National Bank of Poland.

If you transfer funds in excess of €15,000 into Poland in connection with the sale of shares under the Plan, the funds must be transferred via a bank account. You are required to retain the documents connected with a foreign exchange transaction for a period of five years, as measured from the end of the year in which such transaction occurred. If you hold shares acquired under the Plan and/or maintain a bank account abroad, you will have reporting duties to the National Bank of Poland.

Switzerland

Securities Law Notice. The grant of the RSUs is considered a private offering in Switzerland and is therefore not subject to securities registration in Switzerland.

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EX-10.35

Exhibit 10.35

ENERSYS

AWARD AGREEMENT FOR EMPLOYEES – MARKET SHARE UNITS

UNDER THE 2010 EQUITY INCENTIVE PLAN

THIS AWARD AGREEMENT FOR EMPLOYEES – MARKET SHARE UNITS (this “Agreement”), dated as of _________, is between ENERSYS, a Delaware corporation (the “Company”), and the individual identified on the signature page hereof (the “Participant”).

BACKGROUND

A.The Participant is currently an employee of the Company or one of its Subsidiaries.

B.The Company desires to (i) provide the Participant with an incentive to remain in the employ of the Company or one of its Subsidiaries, and (ii) increase the Participant’s interest in the success of the Company by granting market share units, a form of restricted Stock Unit under the Plan (the “Market Share Units”), to the Participant.

C.This grant of Market Share Units is (i) made pursuant to the EnerSys 2010 Equity Incentive Plan (the “Plan”); (ii) made subject to the terms and conditions of this Agreement; and (iii) not employment compensation nor an employment right and is made in the sole discretion of the Company’s Compensation Committee.

NOW, THEREFORE, in consideration of the covenants and agreements contained in this Agreement, the parties hereto, intending to be legally bound, agree as follows:

1.Definitions; Incorporation of Plan Terms. Capitalized terms used in this Agreement without definition shall have the meanings assigned to them in the Plan. This Agreement and the Market Share Units shall be subject to the Plan. The terms of the Plan and the Background provisions of this Agreement are hereby incorporated into this Agreement by reference. and made a part hereof as if set forth in their entirety in this Section 1. If there is a conflict or an inconsistency between the Plan and this Agreement, the Plan shall govern.

2.Grant of Market Share Units.

(a)Subject to the provisions of this Agreement and pursuant to the provisions of the Plan, the Company hereby grants to the Participant the number of Market Share Units specified on the signature page of this Agreement. The Company shall credit to a bookkeeping account maintained by the Company, or a third party on behalf of the Company, for the Participant’s benefit the number of Market Share Units, each of which shall be deemed to be the equivalent of one share of the Company’s Common Stock.

If the Company declares and pays a dividend or distribution on Common Stock in the form of cash, then a number of additional Market Share Units shall be credited to the Participant

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as of the payment date for such dividend or distribution equal to the result of dividing (i) the product of the total number of Market Share Units as of the record date for such

dividend or distribution (other than previously settled or forfeited Market Share Units) times the per share amount of such dividend or distribution, by (ii) the Fair Market Value of one share of Common Stock as of the record date for such dividend or distribution. Any Market Share Units payable under this subsection shall: (A) be or become vested to the same extent as the underlying Market Share Unit, (B) be settled on the settlement date under Section 3(d) for the underlying Market Share Unit, and (C) be subject to the Payout Factor that applies to the underlying Market Share Unit.

(b)If the Company declares and pays a dividend or distribution on Common Stock in the form of additional shares, or there occurs a forward split of Common Stock, then a number of additional Market Share Units shall be credited to the Participant as of the payment date for such dividend or distribution or forward split equal to (i) the number of Market Share Units credited to the Participant as of the record date for such dividend or distribution or split (other than previously settled or forfeited Market Share Units), multiplied by (ii) the number of additional shares actually paid as a dividend or distribution or issued in such split in respect of each outstanding share of Common Stock. Any Market Share Units payable under this subsection shall: (A) be or become vested to the same extent as the underlying Market Share Unit, (B) be settled on the settlement date under Section 3(d) for the underlying Market Share Unit, and (C) be subject to the Payout Factor that applies to the underlying Market Share Unit.

3.Terms and Conditions. All of the Market Share Units shall initially be unvested.

(a)Vesting. Except as otherwise provided in this Section 3, the Market Share Units shall be subject to the restrictions and conditions set forth herein. Vesting of the Market Share Units is conditioned upon the Participant remaining continuously employed by the Company or a Subsidiary following the Date of Grant until the third anniversary of the Date of Grant (the “Vesting Date”), subject to the provisions of this Section 3.

(i)The Market Share Units shall vest to the extent provided in the following schedule (the “Normal Vesting Schedule”):

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(A) TSR Performance	(B) Payout Factor	(C) Number of Market Share Units Vested
If TSR Performance is less than -.25	Payout Factor equals 0	Number of Market Share Units specified on the signature page of this Agreement plus any additional Market Share Units credited under Sections 2(b) and (c) multiplied by the Payout Factor in Column B.
If TSR Performance is equal to or greater than -.25 but not more than +.25	Payout Factor equals TSR Performance plus .75
If TSR Performance is greater than +.25	Payout Factor is equal to 1.0 plus (1.333 times (TSR Performance minus .25)

(ii)For purposes of the table set forth above—

(A)“Share Price” shall equal the average of the closing share prices of the Company’s Common Stock during the ninety (90) calendar days immediately preceding the Vesting Date or Date of Grant, as applicable. If there were no trades on the Vesting Date or Date of Grant, the closing prices during the ninety (90) day calendar days immediately preceding the most recent date on which there were trades shall be used.

(B)“Company TSR” shall mean the total shareholder return of the Company and shall equal the sum of (I) the Share Price on the Vesting Date and (II) the aggregate amount of any cash dividends paid on a per share basis on any shares of Common Stock (calculated as if such dividends had been reinvested in Common Stock on the date the dividends were paid) during the period between the Date of Grant and the Vesting Date.

(C)“Payout Factor” shall be rounded to the nearest hundredth (two places after the decimal), except that if the “Payout Factor” equals more than 2.00, the Payout Factor used in Column C shall be 2.00.

(D)“TSR Performance” shall equal the quotient obtained by dividing (I) the difference between (x) the Company TSR on the Vesting Date, less (y) the Share Price on the Date of Grant, by (II) the Share Price on the Date of Grant.

(ii)Any Market Share Units that fail to vest because the employment condition is not satisfied shall be forfeited, subject to the special provisions set forth in subsections (iv) through (vi) of this Section 3.

(iii)In the event of a Change in Control prior to the Vesting Date where the holders of the Company’s Common Stock receive cash consideration for their Common Stock in consummation of the Change in Control, the Market Share Units shall immediately become vested. Any Market Share Unit that vests as a result of a

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Change in Control under this subsection shall vest based on the Payout Factor determined by substituting the date of such Change in Control for the Vesting Date.

(iv)If the Participant’s employment terminates due to death or Permanent Disability, or if, on or within two years after a Change in Control (other than a Change in Control described in Section 3(a)(iv) above), the Participant terminates employment for Good Reason, or is terminated by the Company without Cause, Market Share Units not previously vested shall immediately become vested based on the Payout Factor determined by substituting the date of such termination of employment for the Vesting Date.

(v)In the event of the Participant’s Retirement, the Compensation Committee may determine, in its sole discretion, whether and the manner in which Market Share Units not previously vested (or any portion thereof) shall be vested and be settled pursuant to Section 3(d). In the absence of Compensation Committee action, upon such Retirement, the Market Share Units which have not vested as of the date of such termination shall vest pro-rata as of the date of the Participant’s Retirement; provided, however, that such Market Share Units shall be subject to the restrictions on transfer contained in Section 3(b) of this Agreement until the Vesting Date. All such Market Share Units which shall not have vested as a result of such Retirement shall revert to the Company without consideration of any kind and to the extent the Participant’s Retirement date and Vesting Date under this Section 3(a)(vi) are in different tax years, any amount payable under this subsection shall constitute the payment of nonqualified deferred compensation, subject to the requirements of Code Section 409A.

The number of Market Share Units vesting pro-rata upon an event described in the penultimate sentence of the foregoing paragraph of this Section 3(a)(vi) shall be calculated by taking a fraction where the denominator is equal to number of months during the Normal Vesting Schedule (“Vesting Period”), and the numerator is equal to the number of completed months that the Participant was employed or providedservice to the Company or one of its Subsidiaries during the Vesting Period, with the total number of Market Share Units awarded multiplied by such fraction multiplied (rounding up the nearest whole number).

(b)Restrictions on Transfer. Until the earlier of the Vesting Date, the date of a Change in Control described in Section 3(a)(iv), the date of a termination of employment due to death or Permanent Disability, or the date of a termination of employment on or within two years after a Change in Control described in Section 3(a)(v), or as otherwise provided in the Plan, no transfer of the Market Share Units or any of the Participant’s rights with respect to the Market Share Units, whether voluntary or involuntary, by operation of law or otherwise, shall be permitted. Unless the Company’s Compensation Committee determines otherwise, upon any attempt to transfer any Market Share Units or any rights in respect of the Market Share Units before the earlier of the Vesting Date, the date of a Change in Control described in Section 3(a)(iv), the date of a termination of employment due to death or Permanent Disability, or the date of a

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termination of employment on or within two years after a Change in Control described in Section 3(a)(v), such unit, and all of the rights related to such unit, shall be immediately forfeited by the Participant and transferred to, and reacquired by, the Company without consideration of any kind.

(c)Forfeiture. Upon termination of the Participant’s employment with the Company or a Subsidiary for any reason other than one of the reasons set forth in subsections (v) and (vi) of Section 3(a), the Participant shall forfeit any and all Market Share Units which have not vested as of the date of such termination and such units shall revert to the Company without consideration of any kind.

(d)Settlement. Market Share Units not previously forfeited shall be settled on the earlier of the Vesting Date, the date of a Change in Control described in Section 3(a)(iv), the date of a termination of employment due to death or Permanent Disability , or the date of a termination of employment on or within two years after a Change in Control described in Section 3(a)(v) by delivery of one share of common stock for each Market Share Unit being settled or, if determined by the Compensation Committee in its sole discretion, by a payment of cash equal to the Fair Market Value of one share of Common Stock for each Market Share Unit being settled. If the Participant dies following a Retirement described in Section 3(a)(vi) prior to the Vesting Date, in such case, the Company shall deliver one share of common stock for each Market Share Unit not previously forfeited and being settled or, if determined by the Compensation Committee in its sole discretion, by a payment of cash equal to the Fair Market Value of one share of Common Stock for each March Share Unit being settled to the Participant’s estate (or beneficiary) upon his or her death.

4.Noncompetition. The Participant agrees with the Company that, for so long as the Participant is employed by the Company or any of its Subsidiaries and continuing for twelve (12) months (or such longer period as may be provided in an employment or similar agreement between the Participant and the Company or one of its Subsidiaries or as provided in the last sentence of this Section 4) following a termination of such employment under Sections 3(a)(v) or (vi) of this Agreement or that occurs after any of the Market Share Units have vested, the Participant will not, without the prior written consent of the Company, directly or indirectly, and whether as principal or investor or as an employee, officer, director, manager, partner, consultant, agent, or otherwise, alone or in association with any other person, firm, corporation, or other business organization, engage or otherwise become involved in a Competing Business in the Americas, Europe, Middle East or Asia, or in any other geographic area throughout the world (a) in which the Company or any of its Subsidiaries has engaged during such period in any of the activities that comprise a Competing Business during the Participant’s employment, or (b) in which the Participant has knowledge of the Company’s plans to engage in any of the activities that comprise a Competing Business (including, without limitation, in any area in which any customer of the Company or any of its Subsidiaries may be located); provided, however, that the provisions of this Section 4 shall apply solely to those activities of a Competing Business, with which the

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Participant was personally involved or for which the Participant was responsible while employed by the Company or its Subsidiaries during the twelve (12) month period preceding termination of the Participant’s employment. This Section 4 will not be violated, however, by the Participant’s investment of up to US$100,000 in the aggregate in one or more publicly-traded companies that engage in a Business. The restrictions of this Section 4 shall also apply during the continued settlement period after Retirement described in Section 3(a)(vi).

5.Wrongful Solicitation. As a separate and independent covenant, the Participant agrees with the Company that, for so long as the Participant is employed by the Company or any of its Subsidiaries and continuing for twelve (12) months (or such longer period as may be provided in an employment or similar agreement between the Participant and the Company or one of its Subsidiaries or as provided in the last sentence of this Section 5) following a termination of such employment under Sections 3(a)(v) or (vi) of this Agreement or that occurs after any of the Market Share Units have vested, the Participant will not engage in any Wrongful Solicitation. The restrictions of this Section 5 shall also apply during the continued settlement period after Retirement described in Section 3(a)(vi).

6.Confidentiality; Specific Performance.

(a)The Participant agrees with the Company that the Participant will not at any time, except in performance of the Participant’s obligations to the Company hereunder or with the prior written consent of the Company, directly or indirectly, reveal to any person, entity, or other organization (other than the Company, or its employees, officers, directors, stockholders, or agents) or use for the Participant’s own benefit any information deemed to be confidential by the Company or any of its Affiliates (“Confidential Information”) relating to the assets, liabilities, employees, goodwill, business, or affairs of the Company or any of its Affiliates, including, without limitation, any information concerning past, present, or prospective customers, manufacturing processes, marketing, operating, or financial data, or other confidential information used by, or useful to, the Company or any of its Affiliates and known (whether or not known with the knowledge and permission of the Company or any of its Affiliates and whether or not at any time prior to the Date of Grant developed, devised, or otherwise created in whole or in part by the efforts of the Participant) to the Participant by reason of the Participant’s employment with, equity holdings in, or other association with the Company or any of its Affiliates. The Participant further agrees that the Participant will retain all copies and extracts of any written Confidential Information acquired or developed by the Participant during any such employment, equity holding, or association in trust for the sole benefit of the Company, its Affiliates, and their successors and assigns. The Participant further agrees that the Participant will not, without the prior written consent of the Company, remove or take from the Company’s or any of its Affiliate’s premises (or if previously removed or taken, the Participant will promptly return) any written Confidential Information or any copies or extracts thereof. Upon the request and at the expense of the Company, the Participant shall promptly make all disclosures, execute all

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instruments and papers, and perform all acts reasonably necessary to vest and confirm in the Company and its Affiliates, fully and completely, all rights created or contemplated by this Section 6. The term “Confidential Information” shall not include information that is or becomes generally available to the public other than as a result of a disclosure by, or at the direction of, the Participant.

(b)The Participant agrees that upon termination of the Participant’s employment with the Company or any Subsidiary for any reason, the Participant will return to the Company immediately all memoranda, books, papers, plans, information, letters and other data, and all copies thereof or therefrom, in any way evidencing (in whole or in part) Confidential Information relating to the business of the Company and its Subsidiaries and Affiliates. The Participant further agrees that the Participant will not retain or use for the Participant’s account at any time any trade names, trademark, or other proprietary business designation used or owned in connection with the business of the Company or its Subsidiaries or Affiliates.

(c)The Participant acknowledges and agrees that the Company’s remedies at law for a breach or threatened breach of any of the provisions of this Section 6, or Section 4 or 5 above, would be inadequate and, in recognition of this fact, the Participant agrees that, in the event of such a breach or threatened breach, in addition to any remedies at law, the Company, without posting any bond (or other security other than any mandatory minimum or nominal bond or security), shall be entitled to obtain equitable relief in the form of specific performance, temporary restraining order, temporary or permanent injunction, or any other equitable remedy which may then be available.

7.Taxes.

(a)This Section 7(a) applies only to (a) all Participants who are U.S. employees, and (b) to those Participants who are employed by a Subsidiary of the Company that is obligated under applicable local law to withhold taxes with respect to the settlement of the Market Share Units. Such Participant shall pay to the Company or a designated Subsidiary, promptly upon request, and in any event at the time the Participant recognizes taxable income with respect to the Market Share Units, an amount equal to the taxes the Company determines it is required to withhold under applicable tax laws with respect to the Market Share Units. The Participant may satisfy the foregoing requirement by making a payment to the Company in cash or, with the approval of the Plan administrator, by delivering already owned unrestricted shares of Common Stock or by having the Company withhold a number of shares of Common Stock in which the Participant would otherwise become vested under this Agreement, in each case, having a value equal to the minimum amount of tax required to be withheld. Such shares shall be valued at their fair market value on the date as of which the amount of tax to be withheld is determined.

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(b)The Participant acknowledges that the tax laws and regulations applicable to the Market Share Units and the disposition of the shares following the settlement of Market Share Units are complex and subject to change.

8.Securities Laws Requirements. The Company shall not be obligated to transfer any shares following the settlement of Market Share Units to the Participant free of a restrictive legend if such transfer, in the opinion of counsel for the Company, would violate the Securities Act of 1933, as amended (the “Securities Act”) (or any other federal or state statutes having similar requirements as may be in effect at that time).

9.No Obligation to Register. The Company shall be under no obligation to register any shares as a result of the settlement of the Market Share Units pursuant to the Securities Act or any other federal or state securities laws.

10.Market Stand-Off. In connection with any underwritten public offering by the Company of its equity securities pursuant to an effective registration statement filed under the Securities Act for such period as the Company or its underwriters may request (such period not to exceed 180 days following the date of the applicable offering), the Participant shall not, directly or indirectly, sell, make any short sale of, loan, hypothecate, pledge, offer, grant or sell any option or other contract for the purchase of, purchase any option or other contract for the sale of, or otherwise dispose of or transfer, or agree to engage in any of the foregoing transactions with respect to, any of the Market Share Units granted under this Agreement or any shares resulting the settlement thereof without the prior written consent of the Company or its underwriters.

11.Protections Against Violations of Agreement. No purported sale, assignment, mortgage, hypothecation, transfer, pledge, encumbrance, gift, transfer in trust (voting or other) or other disposition of, or creation of a security interest in or lien on, any of the Market Share Units by any holder thereof in violation of the provisions of this Units Agreement or the Certificate of Incorporation or the Bylaws of the Company, will be valid, and the Company will not transfer any shares resulting from the settlement of Market Share Units on its books nor will any of such shares be entitled to vote, nor will any dividends be paid thereon, unless and until there has been full compliance with such provisions to the satisfaction of the Company. The foregoing restrictions are in addition to and not in lieu of any other remedies, legal or equitable, available to enforce such provisions.

12.Rights as a Stockholder. The Participant shall not possess the right to vote the shares underlying the Market Share Units until the Market Share Units have settled in accordance with the provisions of this Agreement and the Plan.

13.Survival of Terms. This Agreement shall apply to and bind the Participant and the Company and their respective permitted assignees and transferees, heirs, legatees, executors, administrators and legal successors. The terms of Sections 4, 5 and 6 shall expressly survive the forfeiture of the Market Share Units and this Agreement.

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14.Notices. All notices and other communications provided for herein shall be in writing and shall be delivered by hand or sent by certified or registered mail, return receipt requested, postage prepaid, addressed, if to the Participant, to the Participant’s attention at the mailing address set forth at the foot of this Agreement (or to such other address as the Participant shall have specified to the Company in writing) and, if to the Company, to the Company’s office at 2366 Bernville Road, Reading, Pennsylvania 19605, Attention: General Counsel (or to such other address as the Company shall have specified to the Participant in writing). All such notices shall be conclusively deemed to be received and shall be effective, if sent by hand delivery, upon receipt, or if sent by registered or certified mail, on the fifth day after the day on which such notice is mailed.

15.Waiver. The waiver by either party of compliance with any provision of this Agreement by the other party shall not operate or be construed as a waiver of any other provision of this Agreement, or of any subsequent breach by such party of a provision of this Agreement.

16.Authority of the Administrator. The Plan Administrator, which is the Company’s Compensation Committee, shall have full authority to interpret and construe the terms of the Plan and this Agreement. The determination of the administrator as to any such matter of interpretation or construction shall be final, binding and conclusive.

17.Representations. The Participant has reviewed with his or her own tax advisors the applicable tax (U.S., foreign, state, and local) consequences of the transactions contemplated by this Agreement. The Participant is relying solely on such advisors and not on any statements or representations of the Company or any of its agents. The Participant understands that he (and not the Company) shall be responsible for any tax liability that may arise as a result of the transactions contemplated by this Agreement.

18.Investment Representation. The Participant hereby represents and warrants to the Company that the Participant, by reason of the Participant’s business or financial experience (or the business or financial experience of the Participant’s professional advisors who are unaffiliated with and who are not compensated by the Company or any affiliate or selling agent of the Company, directly or indirectly), has the capacity to protect the Participant’s own interests in connection with the transactions contemplated under this Agreement.

19.Entire Agreement; Governing Law. This Agreement and the Plan and the other related agreements expressly referred to herein set forth the entire agreement and understanding between the parties hereto and supersedes all prior agreements and understandings relating to the subject matter hereof. This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original, but all such counterparts shall together constitute one and the same agreement. The headings of sections and subsections herein are included solely for convenience of reference and shall not affect the meaning of any of the provisions of this Agreement. This Agreement shall

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be governed by, and construed in accordance with, the laws of the Commonwealth of Pennsylvania, USA.

20.Severability. Should any provision of this Agreement be held by a court of competent jurisdiction to be unenforceable, or enforceable only if modified, such holding shall not affect the validity of the remainder of this Agreement, the balance of which shall continue to be binding upon the parties hereto with any such modification (if any) to become a part hereof and treated as though contained in this original Agreement. Moreover, if one or more of the provisions contained in this Agreement shall for any reason be held to be excessively broad as to scope, activity, subject or otherwise so as to be unenforceable, in lieu of severing such unenforceable provision, such provision or provisions shall be construed by the appropriate judicial body by limiting or reducing it or them, so as to be enforceable to the maximum extent compatible with the applicable law as it shall then appear, and such determination by such judicial body shall not affect the enforceability of such provisions or provisions in any other jurisdiction.

21.Amendments; Construction. The Plan administrator may amend the terms of this Agreement prospectively or retroactively at any time, but (unless otherwise provided under Section 16 of the Plan) no such amendment shall impair the rights of the Participant hereunder without his or her consent. To the extent the terms of Section 4 above conflict with any prior agreement between the parties related to such subject matter, the terms of Section 4, to the extent more restrictive, shall supersede such conflicting terms and control. Headings to Sections of this Agreement are intended for convenience of reference only, are not part of this Market Share Units and shall have no effect on the interpretation hereof.

22.Acceptance. The Participant hereby acknowledges receipt of a copy of the Plan and this Agreement. The Participant has read and understand the terms and provision thereof, and accepts the shares of Market Share Units subject to all the terms and conditions of the Plan and this Agreement. The Participant hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Administrator upon any questions arising under this Agreement.

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23.Miscellaneous.

(a)No Rights to Grants or Continued Employment. The Participant acknowledges that the award granted under this Agreement is not employment compensation nor is it an employment right, and is being granted at the sole discretion of the Company’s Compensation Committee. The Participant shall not have any claim or right to receive grants of Awards under the Plan. Neither the Plan or this Agreement, nor any action taken or omitted to be taken hereunder or thereunder, shall be deemed to create or confer on the Participant any right to be retained as an employee of the Company or any Subsidiary or other Affiliate thereof, or to interfere with or to limit in any way the right of the Company or any Affiliate or Subsidiary thereof to terminate the employment of the Participant at any time.

(b)No Restriction on Right of Company to Effect Corporate Changes. Neither the Plan nor this Agreement shall affect in any way the right or power of the Company or its stockholders to make or authorize any or all adjustments, recapitalizations, reorganizations, or other changes in the Company’s capital structure or its business, or any merger or consolidation of the Company, or any issue of stock or of options, warrants or rights to purchase stock or of bonds, debentures, preferred, or prior preference stocks whose rights are superior to or affect the Common Stock or the rights thereof or which are convertible into or exchangeable for Common Stock, or the dissolution or liquidation of the Company, or any sale or transfer of all or any part of the assets or business of the Company, or any other corporate act or proceeding, whether of a similar character or otherwise.

(c)Assignment. The Company shall have the right to assign any of its rights and to delegate any of its duties under this Agreement to any of its Affiliates.

(d)Adjustments. The Market Share Units shall be adjusted or terminated as contemplated by Section 16(a) of the Plan, including, in the discretion of the Compensastion Committee, rounding to the nearest whole numer of Market Share Units or shares of common stock, as applicable.

24.Code Section 409A. Notwithstanding anything in this Agreement to the contrary, the receipt of any benefits under this Agreement as a result of a termination of employment shall be subject to satisfaction of the condition precedent that the Participant undergo a “separation from service” within the meaning of Treas. Reg. § 1.409A-1(h) or any successor thereto. In addition, if a Participant is deemed to be a “specified employee” within the meaning of that term under Code Section 409A(a)(2)(B), then with regard to any payment or the provisions of any benefit that is required to be delayed pursuant to Code Section 409A(a)(2)(B), such payment or benefit shall not be made or provided prior to the earlier of (i) the expiration of the six (6) month period measured from the date of the Participant's “separation from service” (as such term is defined in Treas. Reg. § 1.409A-1(h)), or (ii) the date of the Participant's death (the “Delay Period”). Within ten (10) days following the expiration of the Delay Period, all payments and benefits delayed pursuant to this Section (whether they would have otherwise been payable in a single sum

11

or in installments in the absence of such delay) shall be paid or reimbursed to the Participant in a lump sum, and any remaining payments and benefits due under this Agreement shall be paid or provided in accordance with the normal payment dates specified for them herein.

THIS AGREEMENT SHALL BE NULL AND VOID AND UNENFORCEABLE BY THE PARTICIPANT UNLESS SIGNED AND DELIVERED TO THE COMPANY NOT LATER THAN THIRTY (30) DAYS SUBSEQUENT TO THE DATE OF GRANT SET FORTH BELOW.

BY SIGNING THIS AGREEMENT, THE PARTICIPANT IS HEREBY CONSENTING TO THE PROCESSING AND TRANSFER OF THE PARTICIPANT’S PERSONAL DATA BY THE COMPANY TO THE EXTENT NECESSARY TO ADMINISTER AND PROCESS THE AWARDS GRANTED UNDER THIS AGREEMENT.

IN WITNESS WHEREOF, the Company has caused this Agreement to be executed by its duly authorized officer and the Participant has executed this Agreement, both as of the day and year first above written.

ENERSYS
By:
Name:	John D. Craig
Title:	Chairman, President & CEO
PARTICIPANT
By:
Name:
Address:

Date of Grant: __________

Number of Shares of Market Share Units: _______

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Appendix A

to

Award Agreement for Employees - Market Share Units

2010 Equity Incentive Plan

This Appendix A contains supplemental terms and conditions for awards of Market Share Units (“MSUs”) granted in the Date of Grant set forth in the Agreement under the 2010 Equity Incentive Plan (the “Plan”) to Participants who reside outside the United States or who are otherwise subject to the laws of a country other than the United States.

You have also received the Agreement applicable to the Award set forth therein. The Agreement, together with this Appendix A and the Plan are the terms and conditions of the grant of MSUs set forth in the Agreement. To the extent that this Appendix A amends, deletes or supplements any terms of the Agreement, this Appendix A shall control. Capitalized terms used but not defined herein shall have the same meanings ascribed to them in the Agreement.

Section I of this Appendix A contains special terms and conditions that govern the MSUs outside of the United States. Section II of this Appendix A includes special terms and conditions in the specific countries listed therein.

This Appendix A may also include information regarding exchange controls, taxation of awards and certain other issues of which you should be aware with respect to participation in the Plan. The information is based on the securities, exchange control, tax and other laws concerning MSUs in effect as of May 15, 2014. Such laws are often complex and change frequently; the information may be out of date at the time you vest in the MSUs or sell shares acquired under the Plan. As a result, the Company strongly recommends that you not rely on the information noted herein as the only source of information relating to the consequences of your participation in the Plan.

In addition, this Appendix A is general in nature, does not discuss all of the various laws, rules and regulations which may apply to your particular situation and the Company does not assure you of any particular result. Accordingly, you are strongly advised to seek appropriate professional advice as to how the relevant laws in your country apply to your specific situation.

Finally, if you are a citizen or resident of a country other than the one in which you are currently working, transferred employment after the Award was granted or is considered a resident of another country for local law purposes, the information contained herein may not be applicable to you in the same manner. In addition, the Company shall, in its sole discretion, determine to what extent the terms and conditions contained herein will apply under these circumstances.

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Section I. All Countries Outside the United States

1.    Nature of Grant. In accepting the Award, you acknowledge that:

1. the Plan is established voluntarily by the Company, it is discretionary in nature and it may be modified, amended, suspended or terminated by the Company at any time, to the extent permitted by the Plan;

2. the grant of the MSUs is voluntary and occasional and does not create any contractual or other right to receive future grants of MSUs, or benefits in lieu of MSUs, even if MSUs have been granted repeatedly in the past;

3. all decisions with respect to future grants, if any, will be at the sole discretion of Company;

4. you are voluntarily participating in the Plan;

5. the MSUs and the shares subject to the MSUs are extraordinary items that do not constitute compensation of any kind for services of any kind rendered to the Company or any Subsidiary, and which is outside the scope of your employment contract, if any;

6. the MSUs and the shares subject to the MSUs are not intended to replace any pension rights, if any, or compensation;

7. the MSUs and the shares subject to the MSUs, and the income and value of same, are not part of normal or expected compensation or salary for any purposes, including, but not limited to, calculating any severance, resignation, termination, redundancy, dismissal, end of service payments, bonuses, long-service awards, pension or retirement or welfare benefits or similar payments and in no event should be considered as compensation for, or relating in any way to, past services for the Company or any Subsidiary;

8. the grant of the MSUs and your participation in the Plan will not be interpreted to form an employment contract or relationship with the Company or any Subsidiary;

9. the future value of the underlying shares is unknown and cannot be predicted with certainty;

10. if you obtain shares, the value of those shares acquired may increase or decrease in value;

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11. in consideration of the grant of the MSUs, no claim or entitlement to compensation or damages shall arise from forfeiture of the MSUs resulting from termination of your employment with the Company or any Subsidiary (for any reason whatsoever and whether or not in breach of local labor laws) and you irrevocably release the Company and the Subsidiaries from any such claim that may arise; if, notwithstanding the foregoing, any such claim is found by a court of competent jurisdiction to have arisen, you will be deemed irrevocably to have waived his or her entitlement to pursue such claim;

12. in the event of termination of your employment (whether or not in breach of local labor laws), your right to vest in the MSUs under the Plan, if any, will terminate effective as of the date that you are no longer actively employed and will not be extended by any notice period mandated under local law (e.g., active employment would not include a period of “garden leave” or similar period pursuant to local law); the Committee shall have the exclusive discretion to determine when you are no longer actively employed for purposes of your Award;

13. the Company is not providing any tax, legal or financial advice, nor is the Company making any recommendations regarding your participation in the Plan, or your acquisition or sale of Common Stock;

14. you are hereby advised to consult with your personal tax, legal and financial advisors regarding participation in the Plan before taking any action related to the Plan;

15. unless otherwise provided in the Plan or by the Company in its discretion, the MSUs and the benefits evidenced by this Agreement do not create any entitlement to have the MSUs or any such benefits transferred to, or assumed by, another company nor to be exchanged, cashed out or substituted for, in connection with any corporate transaction affecting the shares of the Company; and

16. neither the Company, any Subsidiary nor any Affiliate of the Company shall be liable for any foreign exchange rate fluctuation between your local currency and the United States Dollar that may affect the value of the MSUs or of any amounts due to you pursuant to the settlement of the MSUs or the subsequent sale of any shares acquired upon settlement.

2.     Data Privacy. I hereby explicitly and unambiguously consent to the collection, use and transfer, in electronic or other form, of my personal data as described in this Agreement and any other Award grant materials by and among, as applicable, the employer, the Company and its subsidiaries and affiliates for the exclusive purpose of implementing, administering and managing my participation in the Plan (“Data”).

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I understand that the Company and the employer may hold certain personal information about me, including, but not limited to, my name, home address and telephone number, date of birth, social insurance number or other identification number, salary, nationality, job title, any shares of stock or directorships held in the Company, details of all Awards or any other entitlement to shares of stock awarded, canceled, exercised, vested, unvested or outstanding in my favor, for the exclusive purpose of implementing, administering and managing the Plan.

I understand that Data will be transferred to a third party plan administrator, or such other stock plan service provider as may be selected by the Company in the future, which is assisting the Company with the implementation, administration and management of the Plan. I understand that the recipients of the Data may be located in the United States or elsewhere, and that the recipients’ country (e.g., the United States) may have different data privacy laws and protections than my country. I understand that if I reside outside the United States, I may request a list with the names and addresses of any potential recipients of the Data by contacting my local human resources representative. I authorize the Company, the third party administrator and any other possible recipients which may assist the Company (presently or in the future) with implementing, administering and managing the Plan to receive, possess, use, retain and transfer the Data, in electronic or other form, for the sole purpose of implementing, administering and managing my participation in the Plan. I understand that Data will be held only as long as is necessary to implement, administer and manage my participation in the Plan. I understand that if I reside outside the United States, I may, at any time, view Data, request additional information about the storage and processing of Data, require any necessary amendments to Data or refuse or withdraw the consents herein, in any case without cost, by contacting in writing my local human resources representative. Further, I understand that I am providing the consents herein on a purely voluntary basis. If I do not consent, or if I later seek to revoke my consent, my employment status or service and career with the employer will not be adversely affected; the only adverse consequence of refusing or withdrawing my consent is that the Company would not be able to grant me the Award or other awards or administer or maintain such awards. Therefore, I understand that refusing or withdrawing my consent may affect my ability to participate in the Plan. For more information on the consequences of my refusal to consent or withdrawal of consent, I understand that I may contact my local human resources representative.

3.    Payment of Taxes. The following provisions supplement Section 7 of the Agreement entitled “Taxes.”

3.1 Regardless of any action the Company or your employer (the “Employer”) takes with respect to any or all income tax, your portion of social insurance, payroll tax, payment on account or other tax-related items related to your participation in the Plan and legally applicable to you (“Tax-Related Items”), you acknowledge that the ultimate liability for all Tax-Related Items

16

is and remains your responsibility and may exceed the amount actually withheld by the Company or the Employer.

3.2    You further acknowledge that the Company and/or the Employer (1) make no representations or undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of the Award, including, but not limited to, the grant of the Award, the issuance of shares upon vesting/settlement of the Award, the subsequent sale of shares acquired pursuant to such issuance and the receipt of any dividends or dividend equivalents; and (2) do not commit to, and are under no obligation to, structure the terms of the grant or any aspect of the Award to reduce or eliminate your liability for Tax-Related Items or achieve any particular tax result.

3.3     Further, if you have become subject to tax in more than one jurisdiction between the date of grant and the date of any relevant taxable event, you acknowledge that the Company and/or the Employer (or former employer, as applicable) may be required to withhold or account for Tax-Related Items in more than one jurisdiction.

3.4 You authorize the Company and/or the Employer, or their respective agents, at their discretion, to satisfy the obligations with regard to all Tax-Related Items by one or a combination of the following: (1) withholding in shares to be issued or cash distributed upon vesting/settlement of the Award; (2) withholding from your wages or other cash compensation paid to you by the Company and/or you; (3) withholding from the proceeds of the sale of shares acquired upon vesting/settlement of the Award either through a voluntary sale or through a mandatory sale arranged by the Company (on your behalf pursuant to this authorization).

3.5 To avoid negative accounting treatment, the Company may withhold or account for Tax-Related Items by considering applicable minimum statutory withholding amounts or other applicable withholding rates. If the obligation for Tax-Related Items is satisfied by withholding in shares, for tax purposes, you are deemed to have been issued the full number of shares subject to the vested Award, notwithstanding that a number of the shares are held back solely for the purpose of paying the Tax-Related Items due as a result of any aspect of your participation in the Plan.

3.6 You shall pay to the Company or the Employer any amount of Tax-Related Items that the Company or the Employer may be required to withhold or account for as a result of your participation in the Plan that cannot be satisfied by the means previously described. The Company may refuse to issue or deliver the shares or the proceeds of the sale of shares, if you fail to comply with this obligation.

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Section II. Country-Specific Provisions

Canada

Securities Law Notification. You are permitted to sell shares acquired under the Plan through the designated broker appointed under the Plan, if any, provided that the resale of such shares takes place outside of Canada through the facilities of a national securities exchange on which the shares are listed (i.e., The New York Stock Exchange).

Language Consent. The parties acknowledge that it is their express wish that the Plan, the Agreement and this Appendix A, as well as all documents, notices and legal proceedings entered into, given or instituted pursuant hereto or relating directly or indirectly hereto, be drawn up in English.

Les parties reconnaissent avoir exigé la rédaction en anglais de cette convention (« Plan, Agreement and Appendix A » ), ainsi que de tous documents, avis et procédures judiciaires, exécutés, donnés ou intentés en vertu de, ou liés directement ou indirectement à, la présente convention.

Data Privacy. The following provision supplements Section I.2 of this Appendix A.

You hereby authorize the Company or the Company’s representatives to discuss with and obtain all relevant information from all personnel, professional or not, involved in the administration and operation of the Plan. You further authorize the Company and any Affiliate of the Company and the administrator of the Plan to disclose and discuss the Plan with their advisors. You further authorize the Company and any affiliate to record such information and to keep such information in your file.

Foreign Asset Reporting Information. You are responsible for reporting foreign property (including shares acquired under the Plan) on form T1135 (Foreign Income Verification Statement) if the total cost of your foreign property exceeds C$100,000 at any time in the applicable tax year. For the 2013 tax year, the filing deadline is July 31, 2014. For the 2014 tax year and later, the form must be filed by April 30th of the following year.

China

Payment of MSUs. Notwithstanding any discretion in Section 11 of the Plan or in Section 2 of the Agreement and Appendix A, the grant of MSUs does not provide any right for you to receive shares and the MSUs are payable in cash only.

Foreign Asset/Account Reporting Information. Effective from January 1, 2014, PRC residents are required to report to SAFE details of their foreign financial

18

assets and liabilities, as well as details of any economic transactions conducted with non-PRC residents, either directly or through financial institutions. Under these new rules, you may be subject to reporting obligations for Awards acquired under the Plan and Plan-related transactions. It is your responsibility to comply with this reporting obligation and you should consult your personal tax advisor in this regard.

Finland

There are no country-specific provisions.

India

Payment of MSUs. Notwithstanding any discretion in Section 11 of the Plan and Section 2 of the Agreement, the grant of MSUs does not provide any right for you to receive shares and the MSUs are payable in cash only.

Exchange Control Information. You must repatriate to India the proceeds from the sale of shares acquired at vesting and any dividends received in relation to the shares within 90 days after receipt. You must obtain evidence of the repatriation of funds in the form of a foreign inward remittance certificate (the “FIRC”) from the bank where you deposited the foreign currency. You must retain the FIRC in your records to present to the Reserve Bank of India or your Employer in the event that proof of repatriation is requested.

Foreign Assets Reporting Information. You are required to declare your foreign bank accounts and any foreign financial assets (including shares held outside India) in your annual tax return. It is your responsibility to comply with this reporting obligation and you should consult your personal advisor in this regard.

Mexico

Nature of Grant. The following provisions supplement Section I.1 (Nature of Grant) of this Appendix A:

Acknowledgment of the Grant. In accepting the Award, you acknowledge that you have received a copy of the Plan and the Agreement, including this Appendix A, and that you have reviewed the Plan and the Agreement, including this Appendix A, in its entirety and fully understand and accept all provisions of the Plan and the Agreement, including this Appendix A. You further acknowledge that you have read and specifically and expressly approve the terms and conditions of Section I.1 (Nature of Grant) of this Appendix A, in which the following is clearly described and established:

(1)     Your participation in the Plan does not constitute an acquired right.

(2)     The Plan and your participation in the Plan are offered by the Company on a wholly discretionary basis.

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(3)     Your participation in the Plan is voluntary.

(4)    Neither the Company nor any Affiliate is responsible for any decrease in the value of the MSUs granted and/or shares issued under the Plan.

Labor Law Acknowledgment and Policy Statement. In accepting the MSUs, you expressly recognize that the Company, with registered offices at 2366 Bernville Road, Reading, Pennsylvania 19605, United States of America, is solely responsible for the administration of the Plan and that your participation in the Plan and acquisition of shares does not constitute an employment relationship between you and the Company since you are participating in the Plan on a wholly commercial basis and your sole employer is EnerSys de Mexico, S.A. de CV, Powersonic, S.A. de CV or Yecoltd, S. de R.L. de CV (each, a “Mexican Subsidiary”). Based on the foregoing, you expressly recognize that the Plan and the benefits that you may derive from participation in the Plan do not establish any rights between you and your employer, a Mexican Subsidiary, and do not form part of the conditions of your employment and/or benefits provided by such Mexican Subsidiary, and any modification of the Plan or its termination shall not constitute a change or impairment of the terms and conditions of your employment.

You further understand that your participation in the Plan is a result of a unilateral and discretionary decision of the Company; therefore, the Company reserves the absolute right to amend and/or discontinue your participation in the Plan at any time, without any liability to you.

Finally, you hereby declare that you do not reserve to yourself any action or right to bring any claim against the Company for any compensation or damages regarding any provision of the Plan or any benefits derived from the Plan; therefore, you grant a full and broad release to the Company, its shareholders, officers, agents, legal representatives, and subsidiaries with respect to any claim that may arise.

Spanish Translation.

Reconocimiento de la Subvención. Al aceptar las Unidades de Acciones Restringidas (“MSU” por sus siglas en inglés), Ud. reconoce que ha recibido y revisado una copia del Términos y Condiciones, y reconoce, además, que acepta todas las disposiciones del Términos y Condiciones. Ud. también reconoce que Ud. ha leído y aprobado de forma expresa los términos y condiciones establecidos en la Sección I.1 (“Nature of Grant”) en este Appendix A, que claramente dispone lo siguiente:

(1)    Su participación en el Plan no constituye un derecho adquirido;

(2)    El Plan y su participación en el Plan es ofrecido por la Compañía de manera completamente discrecional;

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(3)    Su participación en el Plan es voluntaria; y

(4)    Ni la Compañía ni cualquiera subsidiaria es responsable de cualquier disminución del valor de las Unidades de Acciones Restringidas y/o las acciones emitidas bajo el Plan.

Declaración y Reconocimiento de Derecho y Política Laboral. Al aceptar las Unidades de Acciones Restringidas, Ud. reconoce que la Compañía, con domicilio social en 2366 Bernville Road, Reading, Pennsylvania 19605, United States of America, EE.UU., es el único responsable de la administración del Plan y su participación en el Plan y cualquier adquisición de las acciones bajo el Plan no constituyen una relación laboral entre Ud. y la Compañía, porque Ud. está participando en el Plan en su totalidad sobre una base comercial y su único empleador es EnerSys de Mexico, S.A. de CV, Powersonic, S.A. de CV or Yecoltd, S. de R.L. de CV. Basado en lo anterior, Ud. expresamente reconoce que el Plan y los beneficios que pueden derivarse de la participación en el Plan no establecen algún derecho entre Ud. y el Empleador, EnerSys de Mexico, S.A. de CV, Powersonic, S.A. de CV or Yecoltd, S. de R.L. de CV, y que no forman parte de las condiciones de empleo y/o beneficios provenidos por EnerSys de Mexico, S.A. de CV, Powersonic, S.A. de CV or Yecoltd, S. de R.L. de CV, y cualquier modificación del Plan o la terminación de su contrato no constituirá un cambio o deterioro de los términos y condiciones de su empleo.

Además, Ud. comprende que su participación en el Plan es causado por una decisión discrecional y unilateral de la Compañía, por lo que la Compañía se reserva el derecho absoluto de modificar y/o suspender su participación en el Plan en cualquier momento, sin responsabilidad alguna a Ud.

Finalmente, Ud. manifiesta que no se reserva ninguna acción o derecho que origine una demanda en contra de la Compañía, por cualquier compensación o daño en relación con cualquier disposición del Plan o de los beneficios derivados del mismo, y en consecuencia usted otorga un amplio y total descargo de responsabilidad a la Compañía, sucursales, oficinas de representación, sus accionistas, directores, agentes y representantes legales, y Subsidiarias, con respecto a cualquier demanda que pudiera surgir.

Poland

Exchange Control Notice. Polish residents holding foreign securities (including shares) and maintaining accounts abroad must report information to the National Bank of Poland on transactions and balances of the securities and cash deposited in such accounts if the value of such securities and cash (when combined with all other assets held abroad) exceeds PLN 7,000,000. If required, the reports must be filed on a quarterly basis on special forms available on the website of the National Bank of Poland.

If you transfer funds in excess of €15,000 into Poland in connection with the sale of shares under the Plan, the funds must be transferred via a bank account. You are required to retain the documents connected with a foreign exchange transaction for a period of five years, as measured from the end of the year in which such transaction

21

occurred. If you hold shares acquired under the Plan and/or maintain a bank account abroad, you will have reporting duties to the National Bank of Poland.

Switzerland

Securities Law Notice. The grant of the MSUs is considered a private offering in Switzerland and is therefore not subject to securities registration in Switzerland.

22

EX-10.36

Exhibit 10.36

ENERSYS

AWARD AGREEMENT FOR EMPLOYEES – MARKET SHARE UNITS

UNDER THE 2010 EQUITY INCENTIVE PLAN

THIS AWARD AGREEMENT FOR EMPLOYEES – MARKET SHARE UNITS (this “Agreement”), dated as of _________, is between ENERSYS, a Delaware corporation (the “Company”), and the individual identified on the signature page hereof (the “Participant”).

BACKGROUND

A.The Participant is currently an employee of the Company or one of its Subsidiaries.

B.The Company desires to (i) provide the Participant with an incentive to remain in the employ of the Company or one of its Subsidiaries, and (ii) increase the Participant’s interest in the success of the Company by granting market share units, a form of restricted Stock Unit under the Plan (the “Market Share Units”), to the Participant.

C.This grant of Market Share Units is (i) made pursuant to the EnerSys 2010 Equity Incentive Plan (the “Plan”); (ii) made subject to the terms and conditions of this Agreement; and (iii) not employment compensation nor an employment right and is made in the sole discretion of the Company’s Compensation Committee.

AGREEMENT

NOW, THEREFORE, in consideration of the covenants and agreements contained in this Agreement, the parties hereto, intending to be legally bound, agree as follows:

1.Definitions; Incorporation of Plan Terms. Capitalized terms used in this Agreement without definition shall have the meanings assigned to them in the Plan. This Agreement and the Market Share Units shall be subject to the Plan. The terms of the Plan and the Background provisions of this Agreement are hereby incorporated into this Agreement by reference. and made a part hereof as if set forth in their entirety in this Section 1. If there is a conflict or an inconsistency between the Plan and this Agreement, the Plan shall govern.

2.Grant of Market Share Units.

Subject to the provisions of this Agreement and pursuant to the provisions of the Plan, the Company hereby grants to the Participant the number of Market Share Units specified on the signature page of this Agreement. The Company shall credit to a

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5/2014 – Sr. Executive

bookkeeping account maintained by the Company, or a third party on behalf of the Company, for the Participant’s benefit the number of Market Share Units, each of which

(a)shall be deemed to be the equivalent of one share of the Company’s Common Stock.

(a)If the Company declares and pays a dividend or distribution on Common Stock in the form of cash, then a number of additional Market Share Units shall be credited to the Participant as of the payment date for such dividend or distribution equal to the result of dividing (i) the product of the total number of Market Share Units as of the record date for such dividend or distribution (other than previously settled or forfeited Market Share Units) times the per share amount of such dividend or distribution, by (ii) the Fair Market Value of one share of Common Stock as of the record date for such dividend or distribution. Any Market Share Units payable under this subsection shall: (A) be or become vested to the same extent as the underlying Market Share Unit, (B) be settled on the settlement date under Section 3(d) for the underlying Market Share Unit, and (C) be subject to the Payout Factor that applies to the underlying Market Share Unit.

(b)If the Company declares and pays a dividend or distribution on Common Stock in the form of additional shares, or there occurs a forward split of Common Stock, then a number of additional Market Share Units shall be credited to the Participant as of the payment date for such dividend or distribution or forward split equal to (i) the number of Market Share Units credited to the Participant as of the record date for such dividend or distribution or split (other than previously settled or forfeited Market Share Units), multiplied by (ii) the number of additional shares actually paid as a dividend or distribution or issued in such split in respect of each outstanding share of Common Stock. Any Market Share Units payable under this subsection shall: (A) be or become vested to the same extent as the underlying Market Share Unit, (B) be settled on the settlement date under Section 3(d) for the underlying Market Share Unit, and (C) be subject to the Payout Factor that applies to the underlying Market Share Unit.

3.Terms and Conditions. All of the Market Share Units shall initially be unvested.

(a)Vesting. Except as otherwise provided in this Section 3, the Market Share Units shall be subject to the restrictions and conditions set forth herein. Vesting of the Market Share Units is conditioned upon the Participant remaining continuously employed by the Company or a Subsidiary following the Date of Grant until the third anniversary of the Date of Grant (the “Vesting Date”), subject to the provisions of this Section 3.

(i)The Market Share Units shall vest to the extent provided in the following schedule (the “Normal Vesting Schedule”):

2

(A) TSR Performance	(B) Payout Factor	(C) Number of Market Share Units Vested
If TSR Performance is less than -.25	Payout Factor equals 0	Number of Market Share Units specified on the signature page of this Agreement plus any additional Market Share Units credited under Sections 2(b) and (c) multiplied by the Payout Factor in Column B.
If TSR Performance is equal to or greater than -.25 but not more than +.25	Payout Factor equals TSR Performance plus .75
If TSR Performance is greater than +.25	Payout Factor is equal to 1.0 plus (1.333 times (TSR Performance minus .25)

(ii)For purposes of the table set forth above—

(A)“Share Price” shall equal the average of the closing share prices of the Company’s Common Stock during the ninety (90) calendar days immediately preceding the Vesting Date or Date of Grant, as applicable. If there were no trades on the Vesting Date or Date of Grant, the closing prices during the ninety (90) day calendar days immediately preceding the most recent date on which there were trades shall be used.

(B)“Company TSR” shall mean the total shareholder return of the Company and shall equal the sum of (I) the Share Price on the Vesting Date and (II) the aggregate amount of any cash dividends paid on a per share basis on any shares of Common Stock (calculated as if such dividends had been reinvested in Common Stock on the date the dividends were paid) during the period between the Date of Grant and the Vesting Date.

(C)“Payout Factor” shall be rounded to the nearest hundredth (two places after the decimal), except that if the “Payout Factor” equals more than 2.00, the Payout Factor used in Column C shall be 2.00.

(D)“TSR Performance” shall equal the quotient obtained by dividing (I) the difference between (x) the Company TSR on the Vesting Date, less (y) the Share Price on the Date of Grant, by (II) the Share Price on the Date of Grant.

(iii)Any Market Share Units that fail to vest because the employment condition is not satisfied shall be forfeited, subject to the special provisions set forth in subsections (iv) through (vi) of this Section 3.

(iv)In the event of a Change in Control prior to the Vesting Date where the holders of the Company’s Common Stock receive cash consideration for

3

their Common Stock in consummation of the Change in Control, the Market Share Units shall immediately become vested. Any Market Share Unit that vests as a result of a Change in Control under this subsection shall vest based on the Payout Factor determined by substituting the date of such Change in Control for the Vesting Date.

(v)If the Participant’s employment terminates due to death or Permanent Disability, or if the Participant terminates employment for Good Reason, or is terminated by the Company without Cause, Market Share Units not previously vested shall immediately become vested based on the Payout Factor determined by substituting the date of such termination of employment for the Vesting Date.

(vi)In the event of the Participant’s Retirement, where such Retirement is on or after the first anniversary of the Date of Grant, Market Share Units not previously vested shall not then be forfeited, but shall continue to vest and be settled pursuant to the Normal Vesting Schedule (without regard to the requirement that the Participant be employed); provided, however, that such Market Share Units shall be subject to the restrictions on transfer contained in Section 3(b) of this Agreement until the Vesting Date. If the Participant’s Retirement occurs prior to the first anniversary of the Date of Grant, unvested Market Share Units shall continue to vest and be settled in accordance with this subsection (vi); provided, however, that such vesting and settlement shall be on a pro-rata basis based on the number of calendar days the Participant has been employed by the Company during the period beginning on the Date of Grant and ending on the first anniversary of the Date of Grant. To the extent the Participant’s Retirement date and the Vesting Date are in different tax years, any amount payable under this subsection shall constitute the payment of nonqualified deferred compensation, subject to the requirements of Code Section 409A.

(b)Restrictions on Transfer. Until the earlier of the Vesting Date, the date of a Change in Control described in Section 3(a)(iv), the date of a termination of employment due to death or Permanent Disability, or the date of a termination of employment on or within two years after a Change in Control described in Section 3(a)(v), or as otherwise provided in the Plan, no transfer of the Market Share Units or any of the Participant’s rights with respect to the Market Share Units, whether voluntary or involuntary, by operation of law or otherwise, shall be permitted. Unless the Company’s Compensation Committee determines otherwise, upon any attempt to transfer any Market Share Units or any rights in respect of the Market Share Units before the earlier of the Vesting Date, the date of a Change in Control described in Section 3(a)(iv), the date of a termination of employment due to death or Permanent Disability,or the date of a termination of employment on or within two years after a Change in Control described in Section 3(a)(v), such unit, and all of the rights related to such unit, shall be immediately forfeited by the Participant and transferred to, and reacquired by, the Company without consideration of any kind.

(c)Forfeiture. Upon termination of the Participant’s employment with the Company or a Subsidiary for any reason other than one of the reasons set forth in

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subsections (v) and (vi) of Section 3(a), the Participant shall forfeit any and all Market Share Units which have not vested as of the date of such termination and such units shall revert to the Company without consideration of any kind.

(d)Settlement. Market Share Units not previously forfeited shall be settled on the earlier of the Vesting Date, the date of a Change in Control described in Section 3(a)(iv), the date of a termination of employment due to death or Permanent Disability , or the date of a termination of employment on or within two years after a Change in Control described in Section 3(a)(v) by delivery of one share of Common Stock for each Market Share Unit being settled.

4.Noncompetition. The Participant agrees with the Company that, for so long as the Participant is employed by the Company or any of its Subsidiaries and continuing for twelve (12) months (or such longer period as may be provided in an employment or similar agreement between the Participant and the Company or one of its Subsidiaries or asprovided in the last sentence of this Section 4) following a termination of such employment under Sections 3(a)(v) or (vi) of this Agreement or that occurs after any of the Market Share Units have vested, the Participant will not, without the prior written consent of the Company, directly or indirectly, and whether as principal or investor or as an employee, officer, director, manager, partner, consultant, agent, or otherwise, alone or in association with any other person, firm, corporation, or other business organization, engage or otherwise become involved in a Competing Business in the Americas, Europe, Middle East or Asia, or in any other geographic area throughout the world (a) in which the Company or any of its Subsidiaries has engaged in any of the activities that comprise a Competing Business during the Participant’s employment, or (b) in which the Participant has knowledge of the Company’s plans to engage in any of the activities that comprise a Competing Business (including, without limitation, in any area in which any customer of the Company or any of its Subsidiaries may be located); provided, however, that the provisions of this Section 4 shall apply solely to those activities of a Competing Business, with which the Participant was personally involved or for which the Participant was responsible while employed by the Company or its Subsidiaries during the twelve (12) month period preceding termination of the Participant’s employment. This Section 4 will not be violated, however, by the Participant’s investment of up to US$100,000 in the aggregate in one or more publicly-traded companies that engage in a Competing Business. The restrictions of this Section 4 shall also apply during the continued settlement period after Retirement described in Section 3(a)(vi).

5.Wrongful Solicitation. As a separate and independent covenant, the Participant agrees with the Company that, for so long as the Participant is employed by the Company or any of its Subsidiaries and continuing for twelve (12) months (or such longer period as may be provided in an employment or similar agreement between the Participant and the Company or one of its Subsidiaries or as provided in the last sentence of this Section 5) following a termination of such employment under Sections 3(a)(v) or (vi) of this Agreement or that occurs after any of the Market Share Units have vested, the

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Participant will not engage in any Wrongful Solicitation. The restrictions of this Section 5 shall also apply during the continued settlement period after Retirement described in Section 3(a)(vi).

6.Confidentiality; Specific Performance.

(a)The Participant agrees with the Company that the Participant will not at any time, except in performance of the Participant’s obligations to the Company hereunder or with the prior written consent of the Company, directly or indirectly, reveal to any person, entity, or other organization (other than the Company, or its employees, officers, directors, stockholders, or agents) or use for the Participant’s own benefit any information deemed to be confidential by the Company or any of its Affiliates (“Confidential Information”) relating to the assets, liabilities, employees, goodwill, business, or affairs of the Company or any of its Affiliates, including, without limitation, any information concerning past, present, or prospective customers, manufacturing processes, marketing, operating, or financial data, or other confidential information used by, or useful to, the Company or any of its Affiliates and known (whether or not known with the knowledge and permission of the Company or any of its Affiliates and whether or not at any time prior to the Date of Grant developed, devised, or otherwise created in whole or in part by the efforts of the Participant) to the Participant by reason of the Participant’s employment with, equity holdings in, or other association with the Company or any of its Affiliates. The Participant further agrees that the Participant will retain all copies and extracts of any written Confidential Information acquired or developed by the Participant during any such employment, equity holding, or association in trust for the sole benefit of the Company, its Affiliates, and their successors and assigns. The Participant further agrees that the Participant will not, without the prior written consent of the Company, remove or take from the Company’s or any of its Affiliate’s premises (or if previously removed or taken, the Participant will promptly return) any written Confidential Information or any copies or extracts thereof. Upon the request and at the expense of the Company, the Participant shall promptly make all disclosures, execute all instruments and papers, and perform all acts reasonably necessary to vest and confirm in the Company and its Affiliates, fully and completely, all rights created or contemplated by this Section 6. The term “Confidential Information” shall not include information that is or becomes generally available to the public other than as a result of a disclosure by, or at the direction of, the Participant.

(b)The Participant agrees that upon termination of the Participant’s employment with the Company or any Subsidiary for any reason, the Participant will return to the Company immediately all memoranda, books, papers, plans, information, letters and other data, and all copies thereof or therefrom, in any way evidencing (in whole or in part) Confidential Information relating to the business of the Company and its Subsidiaries and Affiliates. The Participant further agrees that the Participant will not retain or use for the Participant’s account at any time any trade names, trademark, or other proprietary business designation used or owned in connection with the business of the Company or its Subsidiaries or Affiliates.

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(c)The Participant acknowledges and agrees that the Company’s remedies at law for a breach or threatened breach of any of the provisions of this Section 6, or Section 4 or 5 above, would be inadequate and, in recognition of this fact, the Participant agrees that, in the event of such a breach or threatened breach, in addition to any remedies at law, the Company, without posting any bond (or other security other than any mandatory minimum or nominal bond or security), shall be entitled to obtain equitable relief in the form of specific performance, temporary restraining order, temporary or permanent injunction, or any other equitable remedy which may then be available.

7.Taxes.

(a)This Section 7(a) applies only to (a) all Participants who are U.S. employees, and (b) to those Participants who are employed by a Subsidiary of the Company that is obligated under applicable local law to withhold taxes with respect to the settlement of the Market Share Units. Such Participant shall pay to the Company or a designated Subsidiary, promptly upon request, and in any event at the time the Participant recognizes taxable income with respect to the Market Share Units, an amount equal to the taxes the Company determines it is required to withhold under applicable tax laws with respect to the Market Share Units. The Participant may satisfy the foregoing requirement by making a payment to the Company in cash or, with the approval of the Plan administrator, by delivering already owned unrestricted shares of Common Stock or by having the Company withhold a number of shares of Common Stock in which the Participant would otherwise become vested under this Agreement, in each case, having a value equal to the minimum amount of tax required to be withheld. Such shares shall be valued at their fair market value on the date as of which the amount of tax to be withheld is determined.

(b)The Participant acknowledges that the tax laws and regulations applicable to the Market Share Units and the disposition of the shares following the settlement of Market Share Units are complex and subject to change.

8.Securities Laws Requirements. The Company shall not be obligated to transfer any shares following the settlement of Market Share Units to the Participant free of a restrictive legend if such transfer, in the opinion of counsel for the Company, would violate the Securities Act of 1933, as amended (the “Securities Act”) (or any other federal or state statutes having similar requirements as may be in effect at that time).

9.No Obligation to Register. The Company shall be under no obligation to register any shares as a result of the settlement of the Market Share Units pursuant to the Securities Act or any other federal or state securities laws.

10.Market Stand-Off. In connection with any underwritten public offering by the Company of its equity securities pursuant to an effective registration statement filed under the Securities Act for such period as the Company or its underwriters may request (such period not to exceed 180 days following the date of the applicable offering), the

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Participant shall not, directly or indirectly, sell, make any short sale of, loan, hypothecate, pledge, offer, grant or sell any option or other contract for the purchase of, purchase any option or other contract for the sale of, or otherwise dispose of or transfer, or agree to engage in any of the foregoing transactions with respect to, any of the Market Share Units granted under this Agreement or any shares resulting the settlement thereof without the prior written consent of the Company or its underwriters.

11.Protections Against Violations of Agreement. No purported sale, assignment, mortgage, hypothecation, transfer, pledge, encumbrance, gift, transfer in trust (voting or other) or other disposition of, or creation of a security interest in or lien on, any of the Market Share Units by any holder thereof in violation of the provisions of this Units Agreement or the Certificate of Incorporation or the Bylaws of the Company, will be valid, and the Company will not transfer any shares resulting from the settlement of Market Share Units on its books nor will any of such shares be entitled to vote, nor will any dividends be paid thereon, unless and until there has been full compliance with such provisions to the satisfaction of the Company. The foregoing restrictions are in addition to and not in lieu of any other remedies, legal or equitable, available to enforce such provisions.

12.Rights as a Stockholder. The Participant shall not possess the right to vote the shares underlying the Market Share Units until the Market Share Units have settled in accordance with the provisions of this Agreement and the Plan.

13.Survival of Terms. This Agreement shall apply to and bind the Participant and the Company and their respective permitted assignees and transferees, heirs, legatees, executors, administrators and legal successors. The terms of Sections 4, 5 and 6 shall expressly survive the forfeiture of the Market Share Units and this Agreement.

14.Notices. All notices and other communications provided for herein shall be in writing and shall be delivered by hand or sent by certified or registered mail, return receipt requested, postage prepaid, addressed, if to the Participant, to the Participant’s attention at the mailing address set forth at the foot of this Agreement (or to such other address as the Participant shall have specified to the Company in writing) and, if to the Company, to the Company’s office at 2366 Bernville Road, Reading, Pennsylvania 19605, Attention: General Counsel (or to such other address as the Company shall have specified to the Participant in writing). All such notices shall be conclusively deemed to be received and shall be effective, if sent by hand delivery, upon receipt, or if sent by registered or certified mail, on the fifth day after the day on which such notice is mailed.

15.Waiver. The waiver by either party of compliance with any provision of this Agreement by the other party shall not operate or be construed as a waiver of any other provision of this Agreement, or of any subsequent breach by such party of a provision of this Agreement.

16.Authority of the Administrator. The Plan Administrator, which is the Company’s Compensation Committee, shall have full authority to interpret and construe

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the terms of the Plan and this Agreement. The determination of the administrator as to any such matter of interpretation or construction shall be final, binding and conclusive.

17.Representations. The Participant has reviewed with his or her own tax advisors the applicable tax (U.S., foreign, state, and local) consequences of the transactions contemplated by this Agreement. The Participant is relying solely on such advisors and not on any statements or representations of the Company or any of its agents. The Participant understands that he (and not the Company) shall be responsible for any tax liability that may arise as a result of the transactions contemplated by this Agreement.

18.Investment Representation. The Participant hereby represents and warrants to the Company that the Participant, by reason of the Participant’s business or financial experience (or the business or financial experience of the Participant’s professional advisors who are unaffiliated with and who are not compensated by the Company or any affiliate or selling agent of the Company, directly or indirectly), has the capacity to protect the Participant’s own interests in connection with the transactions contemplated under this Agreement.

19.Entire Agreement; Governing Law. This Agreement and the Plan and the other related agreements expressly referred to herein set forth the entire agreement and understanding between the parties hereto and supersedes all prior agreements and understandings relating to the subject matter hereof. This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original, but all such counterparts shall together constitute one and the same agreement. The headings of sections and subsections herein are included solely for convenience of reference and shall not affect the meaning of any of the provisions of this Agreement. This Agreement shall be governed by, and construed in accordance with, the laws of the Commonwealth of Pennsylvania, USA.

20.Severability. Should any provision of this Agreement be held by a court of competent jurisdiction to be unenforceable, or enforceable only if modified, such holding shall not affect the validity of the remainder of this Agreement, the balance of which shall continue to be binding upon the parties hereto with any such modification (if any) to become a part hereof and treated as though contained in this original Agreement. Moreover, if one or more of the provisions contained in this Agreement shall for any reason be held to be excessively broad as to scope, activity, subject or otherwise so as to be unenforceable, in lieu of severing such unenforceable provision, such provision or provisions shall be construed by the appropriate judicial body by limiting or reducing it or them, so as to be enforceable to the maximum extent compatible with the applicable law as it shall then appear, and such determination by such judicial body shall not affect the enforceability of such provisions or provisions in any other jurisdiction.

21.Amendments; Construction. The Plan administrator may amend the terms of this Agreement prospectively or retroactively at any time, but (unless otherwise provided under Section 16 of the Plan) no such amendment shall impair the rights of the

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Participant hereunder without his or her consent. To the extent the terms of Section 4 above conflict with any prior agreement between the parties related to such subject matter, the terms of Section 4, to the extent more restrictive, shall supersede such conflicting terms and control. Headings to Sections of this Agreement are intended for convenience of reference only, are not part of this Market Share Units and shall have no effect on the interpretation hereof.

22.Acceptance. The Participant hereby acknowledges receipt of a copy of the Plan and this Agreement. The Participant has read and understand the terms and provision thereof, and accepts the shares of Market Share Units subject to all the terms and conditions of the Plan and this Agreement. The Participant hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Administrator upon any questions arising under this Agreement.

23.Miscellaneous.

(a)No Rights to Grants or Continued Employment. The Participant acknowledges that the award granted under this Agreement is not employment compensation nor is it an employment right, and is being granted at the sole discretion of the Company’s Compensation Committee. The Participant shall not have any claim or right to receive grants of Awards under the Plan. Neither the Plan or this Agreement, nor any action taken or omitted to be taken hereunder or thereunder, shall be deemed to create or confer on the Participant any right to be retained as an employee of the Company or any Subsidiary or other Affiliate thereof, or to interfere with or to limit in any way the right of the Company or any Affiliate or Subsidiary thereof to terminate the employment of the Participant at any time.

(b)No Restriction on Right of Company to Effect Corporate Changes. Neither the Plan nor this Agreement shall affect in any way the right or power of the Company or its stockholders to make or authorize any or all adjustments, recapitalizations, reorganizations, or other changes in the Company’s capital structure or its business, or any merger or consolidation of the Company, or any issue of stock or of options, warrants or rights to purchase stock or of bonds, debentures, preferred, or prior preference stocks whose rights are superior to or affect the Common Stock or the rights thereof or which are convertible into or exchangeable for Common Stock, or the dissolution or liquidation of the Company, or any sale or transfer of all or any part of the assets or business of the Company, or any other corporate act or proceeding, whether of a similar character or otherwise.

(c)Assignment. The Company shall have the right to assign any of its rights and to delegate any of its duties under this Agreement to any of its Affiliates.

(d)Adjustments. The Market Share Units shall be adjusted or terminated as contemplated by Section 16(a) of the Plan, including, in the discretion of the Compensation Committee, rounding to the nearest whole number of Market Share Units or shares of common stock, as applicable.

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24.Code Section 409A. Notwithstanding anything in this Agreement to the contrary, the receipt of any benefits under this Agreement as a result of a termination of employment shall be subject to satisfaction of the condition precedent that the Participant undergo a “separation from service” within the meaning of Treas. Reg. § 1.409A-1(h) or any successor thereto. In addition, if a Participant is deemed to be a “specified employee” within the meaning of that term under Code Section 409A(a)(2)(B), then with regard to any payment or the provisions of any benefit that is required to be delayed pursuant to Code Section 409A(a)(2)(B), such payment or benefit shall not be made or provided prior to the earlier of (i) the expiration of the six (6) month period measured from the date of the Participant's “separation from service” (as such term is defined in Treas. Reg. § 1.409A-1(h)), or (ii) the date of the Participant's death (the “Delay Period”). Within ten (10) days following the expiration of the Delay Period, all payments and benefits delayed pursuant to this Section (whether they would have otherwise been payable in a single sum or in installments in the absence of such delay) shall be paid or reimbursed to the Participant in a lump sum, and any remaining payments and benefits due under this Agreement shall be paid or provided in accordance with the normal payment dates specified for them herein.

THIS AGREEMENT SHALL BE NULL AND VOID AND UNENFORCEABLE BY THE PARTICIPANT UNLESS SIGNED AND DELIVERED TO THE COMPANY NOT LATER THAN THIRTY (30) DAYS SUBSEQUENT TO THE DATE OF GRANT SET FORTH BELOW.

BY SIGNING THIS AGREEMENT, THE PARTICIPANT IS HEREBY CONSENTING TO THE PROCESSING AND TRANSFER OF THE PARTICIPANT’S PERSONAL DATA BY THE COMPANY TO THE EXTENT NECESSARY TO ADMINISTER AND PROCESS THE AWARDS GRANTED UNDER THIS AGREEMENT.

IN WITNESS WHEREOF, the Company has caused this Agreement to be executed by its duly authorized officer and the Participant has executed this Agreement, both as of the day and year first above written.

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ENERSYS

By:

Name:

Title:

PARTICIPANT

Name:

Address:

Date of Grant: ________

Number of Shares of Market Share Units: _______

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EX-10.37

Exhibit 10.37

INDEMNIFICATION AGREEMENT    (DIRECTORS AND OFFICERS)

INDEMNIFICATION AGREEMENT dated as of _________ (this “Agreement”), between ENERSYS, a Delaware corporation (the “Company”), and the other party signatory hereto (the “Indemnitee”).

WHEREAS, the Company has adopted provisions in its Certificate of Incorporation and Bylaws providing for indemnification of its officers and directors to the fullest extent permitted by the DGCL, and the Company wishes to clarify and enhance the rights and obligations of the Company and the Indemnitee with respect to indemnification;

NOW, THEREFORE, in consideration of the Indemnitee’s service or continued service as a director or officer of the Company, the parties hereto agree as follows:

1.Service by Indemnitee. The Indemnitee agrees to serve or continue to serve as a director or officer of the Company so long as the Indemnitee is duly elected and qualified or appointed and until such time as the Indemnitee resigns or fails to stand for reelection or is removed from his position. The Indemnitee may at any time and for any reason resign or be removed from such position in the sole discretion of the Company (subject to any other contractual obligation or any obligation or restriction imposed by the Certificate of Incorporation or Bylaws or otherwise by operation of law), in which event the Company shall have no obligation hereunder to continue the Indemnitee in any such position.

2.Indemnification. Subject to Sections 8, 10 and 19(f) and the proviso contained in the last sentence of this Section 2, the Company shall indemnify the Indemnitee as provided in this Agreement and to the fullest extent permitted by the DGCL in effect on the date hereof and as amended from time to time (but, in the case of any such amendment, only to the extent that such amendment permits the Company to provide broader indemnification rights than such law permitted the Company to provide prior to such amendment). Without limiting the scope of the indemnification provided by this Section 2, the right to indemnification of the Indemnitee provided hereunder shall include, but shall not be limited to, those rights hereinafter set forth; provided, however, that no indemnification shall be paid to the Indemnitee:

(a) to the extent prohibited by the DGCL, the Certificate of Incorporation or the Bylaws;

(b) to the extent payment with respect to any indemnifiable matter is actually made to the Indemnitee under a valid and collectible insurance policy or under a valid and enforceable indemnity clause, bylaw or other agreement of the Company or any other Person on whose board the Indemnitee serves at the request of the Company; or

(c) in connection with an action, suit or proceeding, or part thereof (including claims and counterclaims) initiated by the Indemnitee, except a judicial proceeding or

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arbitration pursuant to Section 10 to enforce the rights under this Agreement, unless the action, suit or proceeding (or part thereof) was authorized by the Board.

3.Indemnification in Proceedings other than Proceedings by or in the Right of the Company. Subject to Section 2, the Indemnitee shall be entitled to the indemnification rights provided in this Section 3 if the Indemnitee was, is, or is threatened to be made, a party to or a participant in any Proceeding (other than a Proceeding by or in the right of the Company) by reason of the Indemnitee’s Corporate Status, or by reason of anything done or not done by the Indemnitee in any such capacity. Pursuant to this Section 3, the Indemnitee shall be indemnified against all costs, judgments, penalties, fines, liabilities, amounts paid in settlement by or on behalf of the Indemnitee, and Expenses (including all interest, assessments and other charges paid or payable in connection with or in respect of such Expenses) actually and reasonably incurred by or on behalf of the Indemnitee in connection with such Proceeding or any claim, issue or matter therein, if, as determined in accordance with Section 8, the Indemnitee acted in good faith and in a manner the Indemnitee reasonably believed to be in or not opposed to the best interests of the Company and, with respect to any criminal Proceeding, had no reasonable cause to believe the Indemnitee’s conduct was unlawful; provided, however, the Company shall not be liable to the Indemnitee under the foregoing for any amounts paid in settlement without the Company’s prior written consent, which shall not be unreasonably withheld; provided, further, that if a Change in Control of the Company has occurred, the Company shall be liable for indemnification of the Indemnitee for amounts paid in settlement if an Independent Counsel has approved the settlement.

4.Indemnification in Proceedings by or in the Right of the Company. Subject to Section 2, the Indemnitee shall be entitled to the indemnification rights provided in this Section 4 if the Indemnitee was, is, or is threatened to be made, a party to or participant in any Proceeding brought by or in the right of the Company to procure a judgment in its favor by reason of the Indemnitee’s Corporate Status, or by reason of anything done or not done by the Indemnitee in any such capacity. Pursuant to this Section 4, the Indemnitee shall be indemnified against all costs, judgments, penalties, fines, liabilities, amounts paid in settlement by or on behalf of the Indemnitee, and Expenses (including all interest, assessments and other charges paid or payable in connection with or in respect of such Expenses) actually and reasonably incurred by or on behalf of the Indemnitee in connection with such Proceeding or any claim, issue or matter therein, if, as determined in accordance with Section 8, the Indemnitee acted in good faith and in a manner the Indemnitee reasonably believed to be in or not opposed to the best interests of the Company; provided, however, that (a) no such indemnification shall be made in respect of any claim, issue or matter as to which applicable law expressly prohibits such indemnification by reason of any adjudication of liability of the Indemnitee to the Company, unless and only to the extent that the Court of Chancery of the State of Delaware (the “Delaware Court”) or the court in which such Proceeding was brought shall determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case, the Indemnitee is entitled to indemnification for such costs, judgments, penalties, fines, liabilities and Expenses as such court shall deem proper, (b) the Company shall not be liable to the Indemnitee under the foregoing for any amounts paid in settlement without the Company’s prior written consent, which shall not be unreasonably withheld, and (c) if a Change in Control of the Company has occurred, the Company shall be liable for

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indemnification of the Indemnitee for amounts paid in settlement if an Independent Counsel has approved the settlement.

5.Indemnification for Costs, Charges and Expenses of Successful Party. Notwithstanding the limitations of Sections 3 and 4, subject to Sections 2(a) and 2(b), to the extent that the Indemnitee is successful, on the merits or otherwise, in whole or in part, in defense of any Proceeding or in defense of any claim, issue or matter therein, including, without limitation, the dismissal of any action without prejudice, or if it is ultimately determined that the Indemnitee is otherwise entitled to be indemnified against Expenses, the Indemnitee shall be indemnified against all Expenses actually and reasonably incurred by the Indemnitee in connection therewith.

6.Partial Indemnification. If the Indemnitee is entitled under any provision of this Agreement to indemnification by the Company for some or a portion of the costs, judgments, penalties, fines, liabilities or Expenses actually and reasonably incurred in connection with any Proceeding, but not, however, for the total amount thereof, the Company shall nevertheless indemnify the Indemnitee for the portion of such costs, judgments, penalties, fines, liabilities and Expenses actually and reasonably incurred to which the Indemnitee is entitled.

7.Indemnification for Expenses of a Witness and Additional Expenses. Notwithstanding any other provision of this Agreement, to the maximum extent permitted by applicable law, the Indemnitee shall be entitled to indemnification against all Expenses actually and reasonably incurred or suffered by the Indemnitee or on the Indemnitee’s behalf if the Indemnitee appears as a witness or otherwise incurs legal expenses as a result of or related to the Indemnitee’s Corporate Status, in any threatened, pending or completed legal, administrative, investigative or other proceeding or matter to which the Indemnitee neither is, nor is threatened to be made, a party.

8.Determination of Entitlement to Indemnification. Upon written request by the Indemnitee for indemnification pursuant to Sections 3, 4, 5, 6 or 7, the entitlement of the Indemnitee to indemnification, to the extent not expressly provided for pursuant to the terms of this Agreement, shall be determined by the following person or persons, who shall be empowered to make such determination: (a) if a Change of Control shall have occurred, by Independent Counsel in a written opinion to the Board, a copy of which shall be delivered to the Indemnitee; and (b) if a Change of Control shall not have occurred, (i) by the Board by a majority vote of Disinterested Directors, whether or not such majority constitutes a quorum; (ii) by a committee of Disinterested Directors designated by a majority vote of such directors, whether or not such majority constitutes a quorum; (iii) if there are no Disinterested Directors, or if the Disinterested Directors so direct, by Independent Counsel in a written opinion to the Board, a copy of which shall be delivered to the Indemnitee; or (iv) by the stockholders of the Company. Such Independent Counsel shall be selected by the Board and approved by the Indemnitee. Upon any failure of the Board so to select such Independent Counsel or upon the failure of the Indemnitee so to approve, such Independent Counsel shall be selected upon application to a court of competent jurisdiction. Such determination of entitlement to indemnification shall be made not later than 30 days after receipt by the Company of a written request for indemnification. Such request shall include documentation or information that is necessary for such determination and which is reasonably available to the Indemnitee. Any Expenses incurred by the Indemnitee in connection with a request for indemnification or payment

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of Expenses hereunder, under any other agreement, any provision of the Certificate of Incorporation, Bylaws or any directors’ and officers’ liability insurance of the Company, shall be borne by the Company. The Company shall indemnify the Indemnitee for any such Expense and agrees to hold the Indemnitee harmless therefrom irrespective of the outcome of the determination of the Indemnitee’s entitlement to indemnification. If the person or persons making such determination shall determine that the Indemnitee is entitled to indemnification as to part (but not all) of the application for indemnification, such person or persons shall reasonably prorate such partial indemnification among the claims, issues or matters at issue at the time of the determination. If it is determined that the Indemnitee is entitled to indemnification, payment to the Indemnitee shall be made within seven days after such determination.

9.Presumptions and Effect of Certain Proceedings. The Secretary of the Company shall, promptly upon receipt of the Indemnitee’s request for indemnification, advise in writing the Board or such other person or persons empowered to make the determination as provided in Section 8 that the Indemnitee has made such request for indemnification. Upon making such request for indemnification, the Indemnitee shall be presumed to be entitled to indemnification hereunder and the Company shall have the burden of proof in making any determination contrary to such presumption. If the person or persons so empowered to make such determination shall have failed to make the requested determination with respect to indemnification within 30 days after receipt by the Company of such request, a requisite determination of entitlement to indemnification shall be deemed to have been made and the Indemnitee shall be absolutely entitled to such indemnification, absent actual and material fraud in the request for indemnification. The termination of any Proceeding described in Sections 3 or 4 by judgment, order, settlement or conviction, or upon a plea of nolo contendere or its equivalent, shall not, of itself, (a) create a presumption that the Indemnitee did not act in good faith and in a manner that the Indemnitee reasonably believed to be in or not opposed to the best interests of the Company, or, with respect to any criminal Proceeding, that the Indemnitee had reasonable cause to believe that the Indemnitee’s conduct was unlawful; or (b) otherwise adversely affect the rights of the Indemnitee to indemnification except as may be provided herein.

10.Remedies of the Indemnitee in Cases of Determination not to Indemnify or to pay Expenses. In the event that a determination is made that the Indemnitee is not entitled to indemnification hereunder or if payment has not been timely made following a determination of entitlement to indemnification pursuant to Sections 8 and 9, or if Expenses are not paid pursuant to Section 15, the Indemnitee shall be entitled to final adjudication in a court of competent jurisdiction of entitlement to such indemnification or payment. Alternatively, the Indemnitee, at the Indemnitee’s option, may seek an award in an arbitration to be conducted by a single arbitrator pursuant to the rules of the American Arbitration Association, such award to be made within 60 days following the filing of the demand for arbitration. The Company shall not oppose the Indemnitee’s right to seek any such adjudication or award in arbitration or any other claim. The determination in any such judicial proceeding or arbitration shall be made de novo and the Indemnitee shall not be prejudiced by reason of a determination (if so made) pursuant to Section 8 or 9 that the Indemnitee is not entitled to indemnification. If a determination is made or deemed to have been made pursuant to the terms of Section 8 or 9 that the Indemnitee is entitled to indemnification, the Company shall be bound by such determination and is precluded from

4

asserting that such determination has not been made or that the procedure by which such determination was made is not valid, binding and enforceable. The Company further agrees to stipulate in any such court or before any such arbitrator that the Company is bound by all the provisions of this Agreement and is precluded from making any assertions to the contrary. If the court or arbitrator shall determine that the Indemnitee is entitled to any indemnification or payment of Expenses hereunder, the Company shall pay all Expenses actually and reasonably incurred by or on behalf of the Indemnitee in connection with or in relation to such adjudication or award in arbitration (including, but not limited to, any appellate Proceedings).

11.Non-Exclusivity. Indemnification and payment of Expenses provided by this Agreement shall not be deemed exclusive of any other rights to which the Indemnitee may now or in the future be entitled under any provision of the Bylaws of the Company or other organizational documents of the Company, vote of stockholders or resolution of directors, provision of law, agreement or otherwise.

12.Expenses to Enforce Agreement. In the event that the Indemnitee is subject to or intervenes in any Proceeding in which the validity or enforceability of this Agreement is at issue or seeks an adjudication or award in arbitration to enforce the Indemnitee’s rights under, or to recover damages for breach of, this Agreement, the Indemnitee, if the Indemnitee prevails in whole or in part in such action, shall be entitled to recover from the Company and shall be indemnified by the Company against any actual Expenses incurred by the Indemnitee.

13.Continuation of Indemnity. All agreements and obligations of the Company contained herein shall continue during the period the Indemnitee is a director, officer, employee, fiduciary or agent of the Company or is serving at the request of the Company as a director, officer, employee, fiduciary or agent of any other entity (including, but not limited to, another corporation, partnership, limited liability company, joint venture, trust, employee benefit plan or other enterprise) and shall continue thereafter with respect to any possible claims based on the fact that the Indemnitee was a director, officer, employee, fiduciary or agent of the Company or was serving at the request of the Company as a director, officer, employee, fiduciary or agent of any other entity (including, but not limited to, another corporation, partnership, limited liability company, joint venture, trust, employee benefit plan or other enterprise). This Agreement shall be binding upon all successors and assigns of the Company (including any transferee of all or substantially all its assets and any successor by merger or operation of law) and shall inure to the benefit of the heirs, personal representatives and estate of the Indemnitee.

14.Notification and Defense of Claim. Promptly after receipt by the Indemnitee of notice of any Proceeding, the Indemnitee will, if a claim in respect thereof is to be made against the Company under this Agreement, notify the Company in writing of the commencement thereof; but the omission so to notify the Company will not relieve it from any liability that it may have to the Indemnitee. Notwithstanding any other provision of this Agreement, with respect to any such Proceeding of which the Indemnitee notifies the Company:

(a)the Company shall be entitled to participate therein at its own expense; and

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(b)except as otherwise provided in this Section 14(b), to the extent that it may wish, the Company, jointly with any other indemnifying party similarly notified, shall be entitled to assume the defense thereof, with counsel satisfactory to the Indemnitee. After notice from the Company to the Indemnitee of its election so to assume the defense thereof, the Company shall not be liable to the Indemnitee under this Agreement for any expenses of counsel subsequently incurred by the Indemnitee in connection with the defense thereof except as otherwise provided below. The Indemnitee shall have the right to employ the Indemnitee’s own counsel in such Proceeding, but the fees and expenses of such counsel incurred after notice from the Company of its assumption of the defense thereof shall be at the expense of the Indemnitee unless (i) the employment of counsel by the Indemnitee has been authorized by the Company, (ii) the Indemnitee shall have reasonably concluded that there may be a conflict of interest between the Company and the Indemnitee in the conduct of the defense of such action, or (iii) the Company shall not within 15 days of receipt of notice from the Indemnitee in fact have employed counsel to assume the defense of the action, in each of which cases the fees and expenses of the Indemnitee’s counsel shall be at the expense of the Company. The Company shall not be entitled to assume the defense of any Proceeding brought by or on behalf of the Company or as to which the Indemnitee shall have made the conclusion provided for in clause (ii) above; and

(c)if the Company has assumed the defense of a Proceeding, the Company shall not be liable to indemnify the Indemnitee under this Agreement for any amounts paid in settlement of any Proceeding effected without the Company’s prior written consent. The Company shall not settle any Proceeding in any manner that would impose any penalty or limitation on or disclosure obligation with respect to the Indemnitee without the Indemnitee’s prior written consent. Neither the Company nor the Indemnitee will unreasonably withhold its consent to any proposed settlement.

15.Payment of Expenses. All Expenses incurred by the Indemnitee in advance of the final disposition of any Proceeding shall be paid by the Company at the request of the Indemnitee, each such payment to be made within seven days after the receipt by the Company of a statement or statements from the Indemnitee requesting such payment or payments from time to time, whether prior to or after final disposition of such Proceeding. The Indemnitee’s entitlement to such Expenses shall include those incurred in connection with any Proceeding by the Indemnitee seeking a judgment in court or an adjudication or award in arbitration pursuant to this Agreement (including the enforcement of this provision). Such statement or statements shall reasonably evidence the expenses and costs incurred by the Indemnitee in connection therewith and shall include or be accompanied by an undertaking, in substantially the form attached as Exhibit A, by or on behalf of the Indemnitee to reimburse such amount if it is finally determined, after all appeals by a court of competent jurisdiction, that the Indemnitee is not entitled to be indemnified against such Expenses by the Company as provided by this Agreement or otherwise. The payment of Expenses shall be made without regard to the Indemnitee’s ability to repay the Expenses and without regard to the Indemnitee’s ultimate entitlement to indemnification under the other provisions of this Agreement. The payment of Expenses shall be unsecured and interest-free.

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16.Severability; Prior Indemnification Agreements. If any provision or provisions of this Agreement shall be held to be invalid, illegal or unenforceable for any reason whatsoever (a) the validity, legality and enforceability of the remaining provisions of this Agreement (including without limitation, all portions of any paragraphs of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that are not by themselves invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby, and (b) to the fullest extent possible, the provisions of this Agreement (including, without limitation, all portions of any paragraph of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that are not themselves invalid, illegal or unenforceable) shall be construed so as to give effect to the intent of the parties that the Company provide protection to the Indemnitee to the fullest enforceable extent. This Agreement shall supersede and replace any prior indemnification agreements entered into by and between the Company and the Indemnitee and any such prior agreements shall be terminated upon execution of this Agreement.

17.Headings; References; Pronouns. The headings of the sections of this Agreement are inserted for convenience only and shall not be deemed to constitute part of this Agreement or to affect the construction thereof. References herein to section numbers are to sections of this Agreement. All pronouns and any variations thereof shall be deemed to refer to the masculine, feminine, neuter, singular or plural as appropriate.

18.Definitions. For purposes of this Agreement:

“Beneficial Owner” shall have the meaning set forth in Rule 13d-3 under the Exchange Act.

“Board” means the Board of Directors of the Company.

“Bylaws” means the Bylaws of the Company, as may be amended from time to time (but, in the case of any such amendment, only to the extent that such amendment permits the Company to provide broader indemnification rights than such Bylaws permitted the Company to provide prior to such amendment).

“Certificate of Incorporation” means the Restated Certificate of Incorporation of the Company, as may be amended from time to time (but, in the case of any such amendment, only to the extent that such amendment permits the Company to provide broader indemnification rights than such Restated Certificate of Incorporation permitted the Company to provide prior to such amendment).

“Change in Control” means the occurrence of any one of the following:

(a)any Person, including any “group”, as defined in Section 13(d)(3) of the Exchange Act, is or becomes the Beneficial Owner, directly or indirectly, of securities of the Company representing a majority of the combined voting power of the Company’s then outstanding securities, excluding any Person who becomes such a Beneficial Owner in connection with a Qualifying Business Combination described in paragraph (c) below or who becomes such a Beneficial Owner as a result of a change in ownership percentage resulting solely from an acquisition of securities by the Company; or

7

(b)the following individuals cease for any reason to constitute a majority of the number of directors then serving on the Board: individuals who, as of the 2004 Closing, constitute the Board and any new director whose appointment or election by the Board or nomination for election by the Company’s shareholders was approved or recommended by a vote of at least 66-2/3% of the directors then still in office who either were directors at the 2004 Closing or whose appointment, election or nomination for election was previously so approved or recommended; or

(c)there is consummated a reorganization, merger or consolidation of the Company with, or sale or other disposition of at least 80% of the assets of the Company in one or a series of related transactions to, any other Person (a “Business Combination”), other than a Business Combination that would result in the voting securities of the Company outstanding immediately prior to such Business Combination continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity or any parent thereof) more than 50% of the combined voting power of the securities of the Company or such surviving entity or any parent thereof outstanding immediately after such Business Combination (a “Qualifying Business Combination”); or

(d)the shareholders of the Company approve a plan of complete liquidation or dissolution of the Company or there is consummated an agreement for the sale or disposition by the Company of all or substantially all the Company’s assets, other than a sale or disposition by the Company of all or substantially all the Company’s assets to an entity, more than 50% of the combined voting power of the outstanding securities of which is owned by shareholders of the Company in substantially the same proportions as their ownership of the Company immediately prior to such sale.

“Corporate Status” means the status of a person who is or was a director, officer, employee, fiduciary or agent of the Company or of any other entity including, but not limited to, another corporation, partnership, limited liability company, joint venture, trust, employee benefit plan or other enterprise that such person is or was serving at the request of the Company.

“DGCL” means the Delaware General Corporation Law, as amended.

“Disinterested Director” means a director of the Company who is not or was not a party to the Proceeding in respect of which indemnification is being sought by the Indemnitee.

“Expenses” includes, without limitation, expenses incurred in connection with the defense or settlement of any and all investigations, judicial or administrative proceedings or appeals, court costs, transcript costs, attorneys’ fees, witness fees and expenses, fees and expenses of accountants and other advisors, expert fees and expenses, duplication costs, printing and binding costs, telephone charges, postage, delivery service fees, retainers and disbursements and advances thereon, the premium, security for, and other costs relating to any bond (including cost bonds, appraisal bonds or their equivalents), and any expenses of establishing a right to indemnification under Sections 8, 10 and 12 but shall not include the amount of judgments, fines or penalties actually levied against the Indemnitee or amounts paid in settlement by Indemnitee.

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“Exchange Act” means the Securities Exchange Act of 1934, as amended, or any similar successor statute.

“Independent Counsel” means a law firm or a member of a law firm that is experienced in matters of corporation law and neither currently is nor in the past three years has been retained to represent: (a) the Company (or any majority stockholder thereof) or the Indemnitee or any affiliate of either thereof in any matter material to either such party, or (b) any other party to the Proceeding giving rise to a claim for indemnification hereunder. Notwithstanding the foregoing, the term “Independent Counsel” shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company or the Indemnitee in an action to determine the Indemnitee’s right to indemnification under this Agreement. The Company agrees to pay the reasonable fees of the Independent Counsel referred to above.

“Person” means an individual, a partnership, a joint venture, a corporation, an association, a trust, an estate or other entity or organization, including a government or any department or agency thereof.

“Proceeding” includes any threatened, pending or completed investigation, action, suit, arbitration, alternate dispute resolution, mechanism, inquiry, administrative hearing or any other proceeding, whether brought by or in the right of the Company or otherwise, against the Indemnitee, for which indemnification is not prohibited under Sections 2(a), (b), (c) and (d) and whether of a civil, criminal, administrative or investigative nature, including, but not limited to, actions, suits or proceedings in which the Indemnitee may be or may have been involved as a party or otherwise, by reason of the fact that the Indemnitee is or was a director, officer, employee, fiduciary or agent of the Company, or is or was serving, at the request of the Company, as a director, officer, employee, fiduciary or agent of any other entity, including, but not limited to, another corporation, partnership, limited liability company, joint venture, trust, employee benefit plan or other enterprise, or by reason of anything done or not done by the Indemnitee in any such capacity, whether or not the Indemnitee is acting or serving in such capacity at the time any liability or expense is incurred for which indemnification, reimbursement or advancement of expenses can be provided under this Agreement.

“2004 Closing” means the closing of the Company's initial public offering.

19.Miscellaneous. %3. This Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware applicable to contracts made and to be performed in such state without giving effect to its principles of conflicts of laws. The Company and the Indemnitee hereby irrevocably and unconditionally: (i) agree that any action or proceeding arising out of or in connection with this Agreement shall be brought only in the Delaware Court and not in any other state or federal court in the United States, (ii) consent to submit to the exclusive jurisdiction of the Delaware Court for purposes of any action or proceeding arising out of or in connection with this Agreement, and (iii) waive, and agree not to plead or make, any claim that the Delaware Court lacks venue or that any such action or proceeding brought in the Delaware Court has been brought in an improper or inconvenient forum.

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(a)This Agreement may be executed in one or more counterparts, each of which shall for all purposes be deemed to be an original but all of which together shall constitute one and the same agreement. Only one such counterpart signed by the party against whom enforceability is sought need be produced as evidence of the existence of this Agreement.

(b)This Agreement shall not be deemed an employment contract between the Company and the Indemnitee who is an officer of the Company.

(c)Upon a payment to the Indemnitee under this Agreement, the Company shall be subrogated to the extent of such payment to all the rights of the Indemnitee to recover against any Person for such liability, and the Indemnitee shall execute all documents and instruments required and shall take such other actions as may be necessary to secure such rights, including the execution of such documents as may be necessary for the Company to bring suit to enforce such rights.

(d)No supplement, modification or amendment of this Agreement shall be binding unless executed in writing by both parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions hereof (whether or not similar) nor shall such waiver constitute a continuing waiver.

(e)The Company shall not be liable under this Agreement to make any payment which is prohibited by applicable law, including, without limitation, (i) any liability of the Indemnitee to the Company under the Exchange Act, including under Section 16(b) of the Exchange Act, and (ii) if a final decision by a court of competent jurisdiction determines that such payment is prohibited by applicable law.

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IN WITNESS WHEREOF, the parties hereto have executed this Agreement on and as of the day and year first above written.

ENERSYS

By:    Name:    Title:

INDEMNITEE

Name:
Title:

11

EXHIBIT A

UNDERTAKING TO REPAY INDEMNIFICATION EXPENSES

I, ___________________________________________________, agree to reimburse the Company for all Expenses paid by the Company in connection with any Proceeding, upon the terms and subject to the conditions set forth in Section 15 of the Indemnification Agreement dated as of ____________, 20__, between the Company and me (the defined terms herein being as defined in such agreement).

Signature ______________________________

Name:___________________________

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EX-12.1

Exhibit 12.1

RATIO OF EARNINGS TO FIXED CHARGES

EnerSys

Computation of Ratio of Earnings to Fixed Charges

The following table sets forth the ratio of earnings to fixed charges of the Company for the five fiscal years ended March 31, 2014:

	Fiscal year ended March 31,
	2014		2013		2012		2011		2010
	(dollars in thousands)
Earnings:
Income before provision for income taxes	$	163,747	$	230,233	$	191,259	$	151,444	$	87,255
Plus: fixed charges	29,792		29,977		27,821		32,679		32,573
Total	$	193,539	$	260,210	$	219,080	$	184,123	$	119,828
Fixed charges:
Interest expense including capitalized interest	$	18,151	$	18,947	$	17,281	$	23,330	$	23,587
Interest within rental expense	11,641		11,030		10,540		9,349		8,986
Total	$	29,792	$	29,977	$	27,821	$	32,679	$	32,573
Ratio of earnings to fixed charges	6.50		8.68		7.87		5.63		3.68

NOTE: These ratios include EnerSys and its consolidated subsidiaries. The ratio of earnings to fixed charges was computed by dividing earnings by fixed charges for the periods indicated, where “earnings” consist of (1) earnings from operations before income taxes plus (2) fixed charges, and “fixed charges” consist of (a) interest, whether expensed or capitalized, on all indebtedness, including non-cash interest accreted on Convertible Notes of $7,615, $7,001, $6,436, $5,917 and $5,439, respectively, for fiscal 2014 through fiscal 2010, (b) amortization of premiums, discounts and capitalized expenses related to indebtedness, and (c) portion of operating lease rental expense considered to be representative of the interest factor. Interest related to uncertain tax positions is included in the tax provision in the Company’s Consolidated Statements of Income and is excluded from the computation of fixed charges.

EX-21.1

Exhibit 21.1

ENERSYS

Subsidiaries

EnerSystem de Argentina S.A.	Argentina
EnerSys Australia Pty Ltd.	Australia
EnerSys GmbH	Austria
EnerSys SPRL	Belgium
EnerSystem do Brazil Ltda.	Brazil
EnerSys Participacoes Ltda.	Brazil
Industrial Battery Holding Ltda.	Brazil
EnerSys AD (99.66%)	Bulgaria
EnerSys Canada Inc.	Canada
EnerSys Cayman Euro L.P.	Cayman Islands
EnerSys Cayman Holdings L.P.	Cayman Islands
EnerSys Cayman Inc.	Cayman Islands
EnerSys Cayman L.P.	Cayman Islands
YCI, Inc.	Cayman Islands
EnerSystem Chile Ltda.	Chile
EnerSys (Chaozhou) Huada Batteries Company Limited	China
EnerSys (China) Huada Batteries Company Limited	China
EnerSys (Chongqing) Huada Batteries Company Limited	China
EnerSys (Jiangsu) Huada Batteries Company Limited (94.7%)	China
EnerSys (Yangzhou) Huada Batteries Co. Ltd.	China
Shenzhen Huada Power Supply Mechanical & Electrical Co. Ltd.	China
EnerSys, s.r.o.	Czech Republic
EnerSys A/S	Denmark
Purcell Systems Egypt Ltd.	Egypt
EnerSys Europe Oy	Finland
EnerSys SARL	France
EAS Germany GmbH	Germany
GAZ GmbH	Germany
Hawker GmbH	Germany
EnerSys AE	Greece
EnerSys Asia Limited	Hong Kong
EnerSys Hungária Kft.	Hungary
EnerSys Battery Private Limited	India
Energy Leader Batteries India Private Ltd.	India
EnerSys S.r.l.	Italy
EnerSys Holdings (Luxembourg) Sarl	Luxembourg
EnerSys Luxembourg Finance Sarl	Luxembourg
DCPM Engineering Sdn Bhd	Malaysia
MIB Energy Sdn Bhd	Malaysia
UTS Holdings Sdn Bhd	Malaysia

UTS Technology (JB)Sdn Bhd	Malaysia
UTS Technology (Pg) Sdn Bhd	Malaysia
UTS Technology Sdn Bhd	Malaysia
EnerSys de Mexico, S de R.L. de CV	Mexico
Powersonic, S.A. de CV	Mexico
Yecoltd, S. de R.L. de CV	Mexico
ENAS Industrial Batteries Morocco Sarl	Morocco
EnerSys AS	Norway
EnerSys sp. z o.o.	Poland
Powersafe Acumuladores Industrialis Unipessoal, Lda.	Portugal
Battery Power International Pte Ltd.	Singapore
EnerSys Reserve Power Pte. Ltd.	Singapore
IE Technologies Pte Ltd.	Singapore
EnerSys, s.r.o.	Slovak Republic
Battech (Pty) Ltd. (50.1%)	South Africa
Battery Technologies (Pty) Ltd. (74.9%)	South Africa
Acumuladores Industriales EnerSys SA	Spain
EnerSys AB	Sweden
Purcell Systems International AB	Sweden
EH Batterien AG	Switzerland
EH Europe GmbH	Switzerland
EnerSys BV	The Netherlands
EnerSys Assad Industrial Sarl	Tunisia
EnerSys Assad North Africa Sarl	Tunisia
EnerSys Assad Sarl (51%)	Tunisia
Enersys Akü Sanaya Dis Ticaret Limited Sirketi	Turkey
EnerSys LLC	Ukraine
ABSL Power Solutions Ltd.	United Kingdom
EnerSys Holdings UK Ltd.	United Kingdom
EnerSys Ltd.	United Kingdom
ABSL Power Solutions Inc.	Delaware
EnerSys Advanced Systems Inc.	Delaware
EnerSys Capital Inc.	Delaware
EnerSys Delaware Inc.	Delaware
EnerSys Delaware LLC I	Delaware
EnerSys Delaware LLC II	Delaware
EnerSys Delaware LLC III	Delaware
EnerSys Delaware LLC IV	Delaware
EnerSys Energy Products Inc.	Delaware
EnerSys European Holding Co.	Delaware
EnerSys Mexico Holdings LLC	Delaware
EnerSys Mexico Management LLC	Delaware
Esfinco, Inc.	Delaware
Esrmco, Inc.	Delaware
Hawker Powersource, Inc.	Delaware
Hawker Power Systems, Inc.	Delaware

Purcell Systems, Inc.	Delaware
Quallion LLC	Delaware
New Pacifico Realty, Inc.	Nevada

* These entities are majority-owned by EnerSys with the remaining interests held by third parties.

EX-23.1

Exhibit 23.1

Consent of Independent Registered Public Accounting Firm

We consent to the incorporation by reference in the following Registration Statements:

(1) Registration Statement (Form S-8 No. 333-168717) pertaining to the EnerSys 2010 Equity Incentive Plan,

(2) Registration Statement (Form S-3 No. 333-151000) of EnerSys,

(3) Registration Statement (Form S-8 No. 333-143209) pertaining to the EnerSys 2006 Equity Incentive Plan, and

(4) Registration Statement (Form S-8 No. 333-120660) pertaining to the EnerSys Employee Stock Purchase Plan and EnerSys 2004 Equity Incentive Plan;

of our reports dated May 28, 2014, with respect to the consolidated financial statements and schedule of EnerSys and the effectiveness of internal control over financial reporting of EnerSys included in this Annual Report (Form 10-K) of EnerSys for the year ended March 31, 2014.

/s/ Ernst & Young LLP

Philadelphia, Pennsylvania

May 28, 2014

EX-31.1

EXHIBIT 31.1

CERTIFICATION OF THE CHIEF EXECUTIVE OFFICER

PURSUANT TO RULE 13A-14(A)/15D-14(A) UNDER THE SECURITIES EXCHANGE ACT OF 1934

I, John D. Craig, certify that:

1. I have reviewed this Annual Report on Form 10-K of EnerSys;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements and other financial information included in this report fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures and internal controls over financial reporting for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting, which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

ENERSYS
By	/s/ John D. Craig
	John D. Craig
	Chairman, President and Chief Executive Officer

Date: May 28, 2014

EX-31.2

EXHIBIT 31.2

CERTIFICATION OF THE CHIEF FINANCIAL OFFICER

PURSUANT TO RULE 13A-14(A)/15D-14(A) UNDER THE SECURITIES EXCHANGE ACT OF 1934

I, Michael J. Schmidtlein, certify that:

1. I have reviewed this Annual Report on Form 10-K of EnerSys;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements and other financial information included in this report fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures and internal controls over financial reporting for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting, which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

ENERSYS
By	/s/ Michael J. Schmidtlein
	Michael J. Schmidtlein
	Senior Vice President Finance and Chief Financial Officer

Date: May 28, 2014

EX-32.1

EXHIBIT 32.1

CERTIFICATION OF THE CHIEF EXECUTIVE OFFICER

AND CHIEF FINANCIAL OFFICER

PURSUANT TO

18. U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

I certify pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that the Annual Report of EnerSys on Form 10-K for the fiscal year ended March 31, 2014 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and that information contained in such Form 10-K fairly presents, in all material respects, the financial condition and results of operations of EnerSys.

ENERSYS
By	/s/ John D. Craig
	John D. Craig
	Chairman, President and Chief Executive Officer
By	/s/ Michael J. Schmidtlein
	Michael J. Schmidtlein
	Senior Vice President Finance and Chief Financial Officer

Date: May 28, 2014

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Accrued Expenses (Tables)

12 Months Ended

Mar. 31, 2014

Payables and Accruals [Abstract]

Summary Of Accrued Expenses

Accrued expenses consist of the following:

	March 31,
	2014		2013
Payroll and benefits	$	62,518	$	52,484
Legal proceedings	58,184		—
Accrued selling expenses	30,963		28,896
Income taxes payable	27,116		19,273
Warranty	17,577		20,079
Freight	14,700		11,768
VAT and other non-income taxes	12,789		10,438
Deferred income	10,839		7,789
Restructuring	8,414		1,959
Lead forward contracts	2,371		2,832
Interest	1,980		2,171
Pension	1,602		1,431
Interest rate swaps	—		654
Other	35,849		31,890
Total	$	284,902	$	191,664

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Earnings Per Share - Weighted Average Common Shares Basic and Common Shares Diluted (Detail) (USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended								12 Months Ended
	Mar. 31, 2014	Dec. 29, 2013	Sep. 29, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 30, 2012	Sep. 30, 2012	Jul. 01, 2012	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2012
Earnings Per Share [Abstract]
Net earnings attributable to EnerSys stockholders	$ 12,842	$ 55,300	$ 41,339	$ 40,847	$ 37,730	$ 39,184	$ 43,790	$ 45,804	$ 150,328	$ 166,508	$ 144,003
Basic (in shares)									47,473,690	48,022,005	48,748,205
Dilutive effect of:
Common shares from exercise and lapse of equity awards, net of shares assumed reacquired (in shares)									1,034,505	593,422	467,830
Convertible Notes (in shares)									1,279,960	20,022
Diluted weighted-average number of common shares outstanding (in shares)									49,788,155	48,635,449	49,216,035
Basic earnings per common share attributable to EnerSys stockholders (usd per share)	$ 0.27	$ 1.17	$ 0.87	$ 0.85	$ 0.79	$ 0.81	$ 0.91	$ 0.96	$ 3.17	$ 3.47	$ 2.95
Diluted earnings per common share attributable to EnerSys stockholders (usd per share)	$ 0.26	$ 1.10	$ 0.84	$ 0.83	$ 0.77	$ 0.80	$ 0.90	$ 0.95	$ 3.02	$ 3.42	$ 2.93
Anti-dilutive equity awards not included in diluted weighted-average common shares (in shares)											221,097

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Quarterly Financial Data (Tables)

12 Months Ended

Mar. 31, 2014

Quarterly Financial Information Disclosure [Abstract]

Summary Of Interim Financial Information

The Company reports interim financial information for 13-week periods, except for the first quarter, which always begins on April 1, and the fourth quarter, which always ends on March 31. The four quarters in fiscal 2014 ended on June 30, 2013, September 29, 2013, December 29, 2013, and March 31, 2014, respectively. The four quarters in fiscal 2013 ended on July 1, 2012, September 30, 2012, December 30, 2012, and March 31, 2013, respectively.

	1st Quarter		2nd Quarter		3rd Quarter		4th Quarter		Fiscal Year
Fiscal year ended March 31, 2014
Net sales	$	597,297	$	568,847	$	643,031	$	665,258	$	2,474,433
Gross profit	140,139		144,350		167,122		178,009		629,620
Operating earnings(1)(3)(4)	62,608		61,005		58,940		11,957		194,510
Net earnings	40,417		41,151		52,390		12,809		146,767
Net earnings attributable to EnerSys stockholders	40,847		41,339		55,300		12,842		150,328
Net earnings per common share attributable to EnerSys stockholders—basic	$	0.85	$	0.87	$	1.17	$	0.27	$	3.17
Net earnings per common share attributable to EnerSys stockholders—diluted	$	0.83	$	0.84	$	1.10	$	0.26	$	3.02
Fiscal year ended March 31, 2013
Net sales	$	593,910	$	554,212	$	557,320	$	572,117	$	2,277,559
Gross profit	148,306		138,339		143,698		139,013		569,356
Operating earnings(2)	70,255		62,885		59,737		56,991		249,868
Net earnings	45,564		43,011		38,677		37,706		164,958
Net earnings attributable to EnerSys stockholders	45,804		43,790		39,184		37,730		166,508
Net earnings per common share attributable to EnerSys stockholders—basic	$	0.96	$	0.91	$	0.81	$	0.79	$	3.47
Net earnings per common share attributable to EnerSys stockholders—diluted	$	0.95	$	0.90	$	0.80	$	0.77	$	3.42

(1) Included in Operating earnings were restructuring charges of $421, $1,119, $12,920 and $12,866 for the first, second, third and fourth quarters of fiscal 2014, respectively.

(2) Included in Operating earnings were restructuring charges of $370, $1,295, $3,776 and $1,723 for the first, second, third and fourth quarters of fiscal 2013, respectively.

(3) Included in Operating earnings for the third quarter of fiscal 2014 was a charge for goodwill impairment relating to a subsidiary in India for $5,179.

(4) Included in Operating earnings for the fourth quarter of fiscal 2014 was a legal proceedings charge of $58,184.

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Stock-Based Compensation (Tables)

12 Months Ended

Mar. 31, 2014

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Summary Of Stock Option Activity

The following table summarizes the Company’s stock option activity in the years indicated:

	Number of Options		Weighted- Average Remaining Contract Term (Years)	Weighted- Average Exercise Price		Aggregate Intrinsic Value
Options outstanding as of March 31, 2011	860,779		6.2	$	19.52	$	17,129
Exercised	(227,116	)		15.82		3,691
Options outstanding as of March 31, 2012	633,663		6.1	$	20.85	$	8,879
Exercised	(555,677	)		21.70		8,860
Options outstanding as of March 31, 2013	77,986		2.5	$	14.76	$	2,404
Exercised	(11,813	)		14.72		537
Options outstanding and exercisable as of March 31, 2014	66,173		1.4	$	14.77	$	3,608

Summary Of Information Regarding Stock Options Outstanding And Exercisable

The following table summarizes information regarding stock options outstanding, all of which are also exercisable, as of March 31, 2014:

	Options Outstanding and Exercisable
Range of Exercise Prices	Number of Options	Weighted- Average Remaining Contractual Life	Weighted- Average Exercise Price
$10.01-$15.00	58,000	1.1	$	14.27
$15.01-$30.19	8,173	3.2	18.31
	66,173	1.4	$	14.77

Summary Of The Changes In Restricted Stock Units And Market Share Units

For purposes of determining the fair value of market share units granted, the Company uses a binomial lattice model with the following assumptions:

	2014		2013		2012
Risk-free interest rate	0.52	%	0.37	%	0.93	%
Dividend yield	1	%	—	%	—	%
Expected life (years)	3		3		3
Volatility	33.89	%	39.08	%	45.5	%

A summary of the changes in restricted stock units and market share units awarded to employees and directors that were outstanding under the Company’s equity compensation plans during fiscal 2014 is presented below:

	Restricted Stock Units (RSU)				Market Share Units (MSU)
	Number of RSU		Weighted- Average Grant Date Fair Value		Number of MSU		Weighted- Average Grant Date Fair Value
Non-vested awards as of March 31, 2013	599,981		$	26.53	630,039		$	42.29
Granted	183,925		49.41		189,438		65.03
Stock dividend	4,485		34.99		5,600		50.12
Performance factor	—		—		98,032		34.45
Vested	(216,432	)	24.63		(222,123	)	34.45
Canceled	(9,927	)	33.09		(30,379	)	44.74
Non-vested awards as of March 31, 2014	562,032		$	35.13	670,607		$	50.14

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Quarterly Financial Data (Detail) (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended																12 Months Ended
	Mar. 31, 2014		Dec. 29, 2013		Sep. 29, 2013		Jun. 30, 2013		Mar. 31, 2013		Dec. 30, 2012		Sep. 30, 2012		Jul. 01, 2012		Mar. 31, 2014		Mar. 31, 2013		Mar. 31, 2012
Quarterly Financial Information Disclosure [Abstract]
Net sales	$ 665,258		$ 643,031		$ 568,847		$ 597,297		$ 572,117		$ 557,320		$ 554,212		$ 593,910		$ 2,474,433		$ 2,277,559		$ 2,283,369
Gross profit	178,009		167,122		144,350		140,139		139,013		143,698		138,339		148,306		629,620		569,356		512,705
Operating earnings	11,957	[1],[2],[3]	58,940	[1],[2],[3]	61,005	[1],[2],[3]	62,608	[1],[2],[3]	56,991	[4]	59,737	[4]	62,885	[4]	70,255	[4]	194,510	[1],[2],[3],[5]	249,868	[4],[5]	210,811	[5]
Net earnings	12,809		52,390		41,151		40,417		37,706		38,677		43,011		45,564		146,767		164,958		143,967
Net earnings attributable to EnerSys stockholders	$ 12,842		$ 55,300		$ 41,339		$ 40,847		$ 37,730		$ 39,184		$ 43,790		$ 45,804		$ 150,328		$ 166,508		$ 144,003
Basic earnings per common share attributable to EnerSys stockholders (usd per share)	$ 0.27		$ 1.17		$ 0.87		$ 0.85		$ 0.79		$ 0.81		$ 0.91		$ 0.96		$ 3.17		$ 3.47		$ 2.95
Diluted earnings per common share attributable to EnerSys stockholders (usd per share)	$ 0.26		$ 1.10		$ 0.84		$ 0.83		$ 0.77		$ 0.80		$ 0.90		$ 0.95		$ 3.02		$ 3.42		$ 2.93

[1] Included in Operating earnings were restructuring charges of $421, $1,119, $12,920 and $12,866 for the first, second, third and fourth quarters of fiscal 2014, respectively.

[2] Included in Operating earnings for the third quarter of fiscal 2014 was a charge for goodwill impairment relating to a subsidiary in India for $5,179.

[3] Included in Operating earnings for the fourth quarter of fiscal 2014 was a legal proceedings charge of $58,184.

[4] Included in Operating earnings were restructuring charges of $370, $1,295, $3,776 and $1,723 for the first, second, third and fourth quarters of fiscal 2013, respectively.

[5] The Company does not allocate interest expense or other (income) expense, net to the reportable segments.

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Valuation and Qualifying Accounts Valuation and Qualifying Accounts (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Mar. 31, 2014		Mar. 31, 2013		Mar. 31, 2012
Allowance for doubtful accounts
Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Period	$ 9,292		$ 10,022		$ 10,547
Additions Charged to Expense	907		998		1,395
Charge-Offs	(963)		(1,568)		(2,012)
Purchase accounting adjustments	0		0		0
Other	210	[1]	(160)	[1]	92	[1]
Balance at End of Period	9,446		9,292		10,022
Allowance for inventory valuation
Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Period	17,372		14,831		15,052
Additions Charged to Expense	5,944		7,337		7,659
Charge-Offs	(3,283)		(4,584)		(7,657)
Purchase accounting adjustments	0		0		0
Other	283	[1]	(212)	[1]	(223)	[1]
Balance at End of Period	20,316		17,372		14,831
Deferred tax asset-valuation allowance
Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Period	54,542	[2]	56,359	[2]	63,617	[2]
Additions Charged to Expense	6,951	[2]	3,829	[2]	2,457	[2]
Charge-Offs	(27,269)	[2]	(3,259)	[2]	(7,528)	[2]
Purchase accounting adjustments	327	[2]	0	[2]	1,124	[2]
Other	(10,968)	[1],[2]	(2,387)	[1],[2]	(3,311)	[1],[2]
Balance at End of Period	$ 23,583	[2]	$ 54,542	[2]	$ 56,359	[2]

[1] Primarily the impact of currency changes.

[2] "Other" also includes sale of one of the Company’s foreign subsidiaries and an offset to adjustments to foreign net operating losses for which a full valuation allowance was recorded.

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Summary of Significant Accounting Policies - Additional Information (Detail) (USD $)	12 Months Ended					12 Months Ended
	Mar. 31, 2014 segment	Mar. 31, 2013	Mar. 31, 2014 2011 Senior Secured Revolving Credit Facility	Mar. 29, 2011 2011 Senior Secured Revolving Credit Facility	Mar. 31, 2014 Senior Unsecured 3.375% Convertible Notes Due 2038	Mar. 31, 2014 Restricted Stock and Restricted Stock Units	Mar. 31, 2014 Minimum	Mar. 31, 2014 Minimum Reserve Power Batteries	Mar. 31, 2014 Minimum Motive Power Batteries	Mar. 31, 2014 Minimum Building and Improvements	Mar. 31, 2014 Minimum Machinery and Equipment	Mar. 31, 2014 Maximum	Mar. 31, 2014 Maximum Reserve Power Batteries	Mar. 31, 2014 Maximum Motive Power Batteries	Mar. 31, 2014 Maximum Building and Improvements	Mar. 31, 2014 Maximum Machinery and Equipment
Summary Of Significant Accounting Policies [Line Items]
Percentage of investment ownership, consolidated							50.00%
Percentage of investment ownership, equity method							20.00%					50.00%
Percentage of investment ownership, cost method												20.00%
Product warranty for a period								1 year	1 year				20 years	7 years
Cash and cash equivalents include all highly liquid investments with an original maturity, when purchased, in months	3 months
Property, plant, and equipment, useful life										10 years	3 years				33 years	15 years
Estimated useful lives of finite-lived assets							3 years					20 years
Fair value of Company's new senior secured revolving credit facility			$ 350,000,000	$ 350,000,000
Convertible Notes		$ 172,500,000			$ 172,500,000
Interest rate of debt instrument					3.375%
Market share units converted into common stock for each unit							0					2
Percentage of restricted stock units granted, vested per year						25.00%
Vesting period, in years						4 years
Number of geographical regions	3

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Fair Value of Financial Instruments - Carrying Amounts and Estimated Fair Values of Company Financial Instruments (Parenthetical) (Detail) (USD $)	Mar. 31, 2014	Dec. 29, 2013	Mar. 31, 2013	May 28, 2008
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Carrying amount of convertible notes			$ 172,500,000
Convertible Notes Payable
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Carrying amount of convertible notes	172,500,000
Face value of debt instrument	$ 172,500,000	$ 172,500,000	$ 172,500,000	$ 172,500,000

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Components of Accumulated Other Comprehensive Income (Detail) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2012
Increase (Decrease) in Accumulated Other Comprehensive Income [Roll Forward]
Beginning Balance	$ 40,655	$ 74,093	$ 115,180
Before Reclassifications	26,573	(31,473)	(45,899)
Amount Reclassified from AOCI	617	(1,965)	4,812
Ending Balance	67,845	40,655	74,093
Pension funded status adjustment
Increase (Decrease) in Accumulated Other Comprehensive Income [Roll Forward]
Beginning Balance	(13,169)	(8,982)	(3,512)
Before Reclassifications	(2,662)	(5,382)	(7,311)
Amount Reclassified from AOCI	624	1,195	1,841
Ending Balance	(15,207)	(13,169)	(8,982)
Net unrealized (loss) on derivative instruments
Increase (Decrease) in Accumulated Other Comprehensive Income [Roll Forward]
Beginning Balance	(832)	1,175	4,436
Before Reclassifications	(1,414)	1,153	(6,232)
Amount Reclassified from AOCI	(7)	(3,160)	2,971
Ending Balance	(2,253)	(832)	1,175
Foreign currency translation adjustment
Increase (Decrease) in Accumulated Other Comprehensive Income [Roll Forward]
Beginning Balance	54,656	81,900	114,256
Before Reclassifications	30,649	(27,244)	(32,356)
Amount Reclassified from AOCI	0	0	0
Ending Balance	$ 85,305	$ 54,656	$ 81,900

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Retirement Plans (Tables)

12 Months Ended

Mar. 31, 2014

Compensation and Retirement Disclosure [Abstract]

Components Of Net Periodic Pension Cost

Net periodic pension cost for fiscal 2014, 2013 and 2012, includes the following components:

	United States Plans									International Plans
	Fiscal year ended March 31,									Fiscal year ended March 31,
	2014			2013			2012			2014			2013			2012
Service cost	$	348		$	349		$	285		$	829		$	679		$	645
Interest cost	619			649			668			2,412			2,377			2,504
Expected return on plan assets	(796		)	(756		)	(706		)	(2,134		)	(1,851		)	(1,787		)
Amortization and deferral	479			393			238			56			209			32
Net periodic benefit cost	$	650		$	635		$	485		$	1,163		$	1,414		$	1,394

Summary Of Change In Projected Benefit Obligation

The following table sets forth a reconciliation of the related benefit obligation, plan assets, and accrued benefit costs related to the pension benefits provided by the Company for those employees covered by defined benefit plans:

	United States Plans						International Plans
	March 31,						March 31,
	2014			2013			2014			2013
Change in projected benefit obligation
Benefit obligation at the beginning of the period	$	15,911		$	14,040		$	59,876		$	53,895
Service cost	348			349			829			679
Interest cost	619			649			2,412			2,377
Plan amendments	254			—			—			—
Benefits paid, inclusive of plan expenses	(670		)	(664		)	(2,000		)	(1,667		)
Plan curtailments and settlements	—			—			(356		)	—
Actuarial (gains) losses	(1,172		)	1,537			3,329			7,099
Foreign currency translation adjustment	—			—			5,137			(2,507		)
Benefit obligation at the end of the period	$	15,290		$	15,911		$	69,227		$	59,876

Summary Of Change In Plan Assets

Change in plan assets
Fair value of plan assets at the beginning of the period	$	10,334		$	9,192		$	29,468		$	26,942
Actual return on plan assets	1,158			843			1,666			4,024
Employer contributions	487			963			1,852			1,639
Benefits paid, inclusive of plan expenses	(670		)	(664		)	(2,000		)	(1,667		)
Plan curtailments and settlements	—			—			(115		)	—
Foreign currency translation adjustment	—			—			2,835			(1,470		)
Fair value of plan assets at the end of the period	$	11,309		$	10,334		$	33,706		$	29,468
Funded status deficit	$	(3,981	)	$	(5,577	)	$	(35,521	)	$	(30,408	)

Summary Of Amounts Recognized In The Balance Sheets

	March 31,
	2014			2013
Amounts recognized in the Consolidated Balance Sheets consist of:
Accrued expenses	$	(1,602	)	$	(1,431	)
Other liabilities	(37,900		)	(34,554		)
	$	(39,502	)	$	(35,985	)

Summary Of Amounts In AOCI Before Taxes

The following table represents pension components (before tax) and related changes (before tax) recognized in AOCI for the Company’s pension plans for the years ended March 31, 2014, 2013 and 2012:

	Fiscal year ended March 31,
	2014			2013			2012
Amounts recorded in AOCI before taxes:
Prior service cost	$	(1,036	)	$	(816	)	$	(922	)
Net loss	(19,239		)	(16,645		)	(11,176		)
Net amount recognized	$	(20,275	)	$	(17,461	)	$	(12,098	)

Summary Of Changes In AOCI

	Fiscal year ended March 31,
	2014			2013			2012
Changes in plan assets and benefit obligations:
New prior service cost	$	255		$	—		$	—
Net loss arising during the year	2,262			6,376			7,757
Effect of exchange rates on amounts included in AOCI	920			(392		)	(176		)
Amounts recognized as a component of net periodic benefit costs:
Amortization of prior service cost	(81		)	(79		)	(83		)
Amortization or settlement recognition of net loss	(694		)	(523		)	(187		)
Total recognized in other comprehensive income	$	2,662		$	5,382		$	7,311

Summary Of Recognized Components Of Net Periodic Pension Cost Included In Accumulated Other Comprehensive Income

The amounts included in AOCI as of March 31, 2014 that are expected to be recognized as components of net periodic pension cost during the next twelve months are as follows:

Net loss	$	(952	)
Prior service cost	(108		)
Net amount expected to be recognized	$	(1,060	)

Summary Of Accumulated Benefit Obligation Related To All Defined Pension Plans

The accumulated benefit obligation related to all defined benefit pension plans and information related to unfunded and underfunded defined benefit pension plans at the end of each year are as follows:

	United States Plans				International Plans
	March 31,				March 31,
	2014		2013		2014		2013
All defined benefit plans:
Accumulated benefit obligation	$	15,290	$	15,911	$	65,049	$	56,135
Unfunded defined benefit plans:
Projected benefit obligation	$	—	$	—	$	31,335	$	28,444
Accumulated benefit obligation	—		—		29,693		27,032
Defined benefit plans with a projected benefit obligation in excess of the fair value of plan assets:
Projected benefit obligation	$	15,290	$	15,911	$	69,227	$	59,876
Accumulated benefit obligation	15,290		15,911		65,049		56,135
Fair value of plan assets	11,309		10,334		33,706		29,468
Defined benefit plans with an accumulated benefit obligation in excess of the fair value of plan assets:
Projected benefit obligation	$	15,290	$	15,911	$	68,446	$	29,571
Accumulated benefit obligation	15,290		15,911		64,388		27,985
Fair value of plan assets	11,309		10,334		33,009		777

Significant Assumptions Used To Determine The Net Periodic Benefit Cost

Significant assumptions used to determine the net periodic benefit cost for the US and International plans were as follows:

	United States Plans						International Plans
	Fiscal year ended March 31,						Fiscal year ended March 31,
	2014		2013		2012		2014	2013	2012
Discount rate	4.0	%	4.8	%	5.7	%	2.5-4.4%	2.5-5.5%	4.0-5.5%
Expected return on plan assets	7.8		8.0		8.0		3.5-7.0	5.5-7.0	5.5-7.0
Rate of compensation increase	N/A		N/A		N/A		2.0-4.0	2.0-4.0	2.0-4.0

Significant Assumptions Used To Determine The Projected Benefit Obligations

Significant assumptions used to determine the projected benefit obligations for the US and International plans were as follows:

	United States Plans				International Plans
	March 31,				March 31,
	2014		2013		2014	2013
Discount rate	4.5	%	4.0	%	3.0-4.6%	2.5-4.4%
Expected return on plan assets	7.8		8.0		3.5-7.0	4.0-7.0
Rate of compensation increase	N/A		N/A		2.0-4.0	2.0-4.0

Summary Of Pension Plan Investments Measured At Fair Value

The following table represents our pension plan investments measured at fair value as of March 31, 2014 and 2013 and the basis for that measurement:

	March 31, 2014
	United States Plans								International Plans
	Total Fair Value Measurement		Quoted Price In Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Fair Value Measurement		Quoted Price In Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Asset category:
Cash and cash equivalents	$	1,225	$	1,225	$	—	$	—	$	—	$	—	$	—	$	—
Equity securities
US(a)	6,520		6,520		—		—		3,452		3,452		—		—
International(b)	1,011		1,011		—		—		19,193		19,193		—		—
Fixed income(c)	2,553		2,553		—		—		11,061		11,061		—		—
Total	$	11,309	$	11,309	$	—	$	—	$	33,706	$	33,706	$	—	$	—

	March 31, 2013
	United States Plans								International Plans
	Total Fair Value Measurement		Quoted Price In Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Fair Value Measurement		Quoted Price In Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Asset category:
Cash and cash equivalents	$	1,454	$	1,454	$	—	$	—	$	—	$	—	$	—	$	—
Equity securities
US(a)	5,346		5,346		—		—		2,856		2,856		—		—
International(b)	905		905		—		—		15,617		15,617		—		—
Fixed income(c)	2,629		2,629		—		—		10,995		10,995		—		—
Total	$	10,334	$	10,334	$	—	$	—	$	29,468	$	29,468	$	—	$	—

The fair values presented above were determined based on valuation techniques to measure fair value as discussed in Note 1.

(a) US equities include companies that are well diversified by industry sector and equity style (i.e., growth and value strategies). Active and passive management strategies are employed. Investments are primarily in large capitalization stocks and, to a lesser extent, mid- and small-cap stocks.

(b) International equities are invested in companies that are traded on exchanges outside the U.S. and are well diversified by industry sector, country and equity style. Active and passive strategies are employed. The vast majority of the investments are made in companies in developed markets with a small percentage in emerging markets.

(c) Fixed income consists primarily of investment grade bonds from diversified industries.

Summary Of Estimated Future Benefit Payments

Estimated future benefit payments under the Company’s pension plans are as follows:

	Pension Benefits
2015	$	2,697
2016	2,653
2017	3,151
2018	3,148
2019	3,415
Years 2020-2024	21,298

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Valuation and Qualifying Accounts

12 Months Ended

Mar. 31, 2014

Valuation and Qualifying Accounts [Abstract]

Valuation and Qualifying Accounts

	Balance at Beginning of Period		Additions Charged to Expense		Charge-Offs			Purchase accounting adjustments		Other(1)			Balance at End of Period
Allowance for doubtful accounts:
Fiscal year ended March 31, 2012	$	10,547	$	1,395	$	(2,012	)	$	—	$	92		$	10,022
Fiscal year ended March 31, 2013	10,022		998		(1,568		)	—		(160		)	9,292
Fiscal year ended March 31, 2014	9,292		907		(963		)	—		210			9,446
Allowance for inventory valuation:
Fiscal year ended March 31, 2012	$	15,052	$	7,659	$	(7,657	)	$	—	$	(223	)	$	14,831
Fiscal year ended March 31, 2013	14,831		7,337		(4,584		)	—		(212		)	17,372
Fiscal year ended March 31, 2014	17,372		5,944		(3,283		)	—		283			20,316
Deferred tax asset—valuation allowance: (2)
Fiscal year ended March 31, 2012	$	63,617	$	2,457	$	(7,528	)	$	1,124	$	(3,311	)	$	56,359
Fiscal year ended March 31, 2013	56,359		3,829		(3,259		)	—		(2,387		)	54,542
Fiscal year ended March 31, 2014	54,542		6,951		(27,269		)	327		(10,968		)	23,583

(1) Primarily the impact of currency changes.

(2) "Other" also includes sale of one of the Company’s foreign subsidiaries and an offset to adjustments to foreign net operating losses for which a full valuation allowance was recorded.

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Derivative Financial Instruments - Additional Information (Detail) (USD $)	12 Months Ended			12 Months Ended		1 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2014 Cost of Sales	Mar. 31, 2014 Lead hedge forward contracts lb	Mar. 31, 2013 Lead hedge forward contracts lb	May 31, 2013 Interest rate swap agreements	Mar. 31, 2014 Designated as Hedging Instrument Foreign currency forward contracts	Mar. 31, 2013 Designated as Hedging Instrument Foreign currency forward contracts	Mar. 31, 2013 Not Designated as Hedging Instrument Foreign currency forward contracts	Mar. 31, 2012 Not Designated as Hedging Instrument Foreign currency forward contracts
Derivatives, Fair Value [Line Items]
Hedge forward contracts, maturity				1 year
Derivative, Nonmonetary Notional Amount, Mass				89,900,000	56,300,000
Notional amount							$ 70,332,000	$ 51,366,000	$ 22,461,000	$ 21,749,000
Foreign currency contract, maturity	1 year
Derivative gain (loss) to be recorded in income within 12 months, before tax			3,600,000
Interest rate swap agreements converted into fixed rate basis		$ 65,000,000
Derivative, maturity date						May 01, 2013

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Other (Income) Expense, Net (Detail) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2012
Other Income and Expenses [Abstract]
Foreign exchange transaction losses	$ 5,845	$ 1,887	$ 1,483
Non-operational assets written off	5,000	0	0
Insurance recoveries	0	(1,800)
Other	2,813	829	1,585
Total	$ 13,658	$ 916	$ 3,068

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Leases - Additional Information (Detail) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2012
Leases [Abstract]
Rental expense	$ 34,923	$ 33,090	$ 31,619

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Income Taxes - Reconciliation of Unrecognized Tax Benefits (Detail) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2012
Reconciliation of Unrecognized Tax Benefits
Unrecognized tax benefits, beginning balance	$ 16,485	$ 12,945	$ 10,645
Increases related to current year tax positions	207	6,296	5,032
Increases related to prior year tax positions	2,877	969	182
Decreases related to prior tax positions due to foreign currency translation	(68)		(28)
Increases related to prior year tax positions due to foreign currency translation		245
Decreases related to prior year tax positions	(14,835)
Lapse of statute of limitations	(923)	(3,970)	(2,886)
Unrecognized tax benefits, ending balance	$ 3,743	$ 16,485	$ 12,945

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Inventories - Summary of Inventories (Detail) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Inventory Disclosure [Abstract]
Raw materials	$ 87,469	$ 88,787
Work-in-process	116,124	113,119
Finished goods	158,253	152,035
Total	$ 361,846	$ 353,941

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Stock-Based Compensation - Summary of Information Regarding Stock Options Outstanding and Exercisable (Detail) (USD $)	12 Months Ended
	Mar. 31, 2014
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Number of Options	66,173
Weighted Average Remaining Contractual Life	1 year 4 months 17 days
Weighted Average Exercise Price	$ 14.77
$10.01-15.00
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Number of Options	58,000
Weighted Average Remaining Contractual Life	1 year 1 month 17 days
Weighted Average Exercise Price	$ 14.27
Range of exercise prices, lower limit	$ 10.01
Range of exercise prices, upper limit	$ 15.00
$15.01-30.19
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Number of Options	8,173
Weighted Average Remaining Contractual Life	3 years 2 months 5 days
Weighted Average Exercise Price	$ 18.31
Range of exercise prices, lower limit	$ 15.01
Range of exercise prices, upper limit	$ 30.19

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Fair Value of Financial Instruments - Additional Information (Detail) (USD $)	0 Months Ended	12 Months Ended
	May 28, 2008	Mar. 31, 2014	Mar. 31, 2013	Dec. 29, 2013
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Conversion option price per share		$ 40.60
Convertible Notes Payable
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate of debt instrument	3.375%	3.375%
Face value of debt instrument	$ 172,500,000	$ 172,500,000	$ 172,500,000	$ 172,500,000
Price of stock per share when convertible notes were issued	$ 30.19
Closing price of stock		$ 69.29
Conversion option price per share	$ 40.60	$ 40.26
Initial exchange rate	0.0246305	0.0248385
Trading of convertible notes, face value, disclosed as a percentage		175.00%	126.00%

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Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Detail) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Deferred tax assets:
Accounts receivable	$ 1,204	$ 660
Inventories	6,146	4,345
Net operating loss carryforwards	60,359	67,834
Accrued expenses	58,417	32,773
Other assets	13,291	9,703
Gross deferred tax assets	139,417	115,315
Less valuation allowance	(23,583)	(54,542)
Total deferred tax assets	115,834	60,773
Deferred tax liabilities:
Property, plant and equipment	26,286	28,985
Other intangible assets	71,094	48,142
Convertible Notes	22,687	22,386
Other liabilities	1,554	865
Total deferred tax liabilities	121,621	100,378
Net deferred tax liabilities	$ (5,787)	$ (39,605)

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Derivative Financial Instruments - Effect of Derivative Instruments on Consolidated Condensed Statements of Income (Detail) (Dedesignated As Hedging Instrument, USD $) In Thousands, unless otherwise specified	12 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2012
Derivatives, Fair Value [Line Items]
Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion)	$ (2,244)	$ 1,871	$ (9,883)
Gain (Loss) Reclassified from AOCI (Effective Portion)	11	5,012	(4,713)
Lead hedge forward contracts
Derivatives, Fair Value [Line Items]
Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion)	(1,562)	1,623	(9,731)
Foreign currency forward contracts
Derivatives, Fair Value [Line Items]
Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion)	(682)	248	(152)
Cost of Sales | Lead hedge forward contracts
Derivatives, Fair Value [Line Items]
Gain (Loss) Reclassified from AOCI (Effective Portion)	718	3,309	(831)
Cost of Sales | Foreign currency forward contracts
Derivatives, Fair Value [Line Items]
Gain (Loss) Reclassified from AOCI (Effective Portion)	$ (707)	$ 1,703	$ (3,882)

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Income Taxes - Reconciliation of Income Taxes at Statutory Rate (Detail) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2012
Income Tax Disclosure [Abstract]
United States statutory income tax expense (at 35%)	$ 57,311	$ 80,581	$ 66,962
State income taxes, net of federal effect	(647)	3,742	1,592
Nondeductible expenses, domestic manufacturing deduction and other	5,124	7,664	1,587
Effect of foreign operations	(24,277)	(27,883)	(20,028)
Valuation allowance	(20,531)	1,171	(2,821)
Income tax expense	$ 16,980	$ 65,275	$ 47,292

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Fair Value of Financial Instruments - Carrying Amounts and Estimated Fair Values of Company Financial Instruments (Detail) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2014		Mar. 31, 2013
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivatives assets, Carrying Amount	$ 113	[1]	$ 241	[1]
Derivatives liabilities, Carrying Amount	2,371		3,738
Derivatives assets, Fair Value	113	[1]	241	[1]
Derivatives liabilities, Fair Value	2,371		3,738
Convertible Notes Payable
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Convertible Notes, Carrying Amount	162,887	[2]	155,273	[2]
Convertible Notes, Fair Value	$ 301,875	[3]	$ 217,350	[3]

[1] Represents interest rate swap agreements, lead and foreign currency hedges (see Note 12 for asset and liability positions of the interest rate swap agreements, lead and foreign currency hedges at March 31, 2014 and March 31, 2013).

[2] The carrying amounts of the Convertible Notes at March 31, 2014 and March 31, 2013 represent the $172,500 principal value, less the unamortized debt discount (see Note 8 for further details).

[3] The fair value amounts of the Convertible Notes represent the trading values of the Convertible Notes with a principal value of $172,500 at March 31, 2014 and March 31, 2013.

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Leases - Schedule of Capital and Operating Leases (Detail) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2014
Capital Leases
2015	$ 374
2016	202
2017	30
2018	15
2019	4
Thereafter	0
Total minimum lease payments	625
Amounts representing interest	26
Net minimum lease payments, including current portion of $354	599
Operating Leases
2015	21,447
2016	16,534
2017	11,596
2018	7,926
2019	5,633
Thereafter	6,742
Total minimum lease payments	$ 69,878

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Earnings Per Share

12 Months Ended

Mar. 31, 2014

Earnings Per Share [Abstract]

Earnings Per Share

Earnings Per Share

The following table sets forth the reconciliation from basic to diluted weighted-average number of common shares outstanding and the calculations of net earnings per common share attributable to EnerSys stockholders.

	Fiscal year ended March 31,
	2014		2013		2012
Net earnings attributable to EnerSys stockholders	$	150,328	$	166,508	$	144,003
Weighted-average number of common shares outstanding:
Basic	47,473,690		48,022,005		48,748,205
Dilutive effect of:
Common shares from exercise and lapse of equity awards, net of shares assumed reacquired	1,034,505		593,422		467,830
Convertible Notes	1,279,960		20,022		—
Diluted weighted-average number of common shares outstanding	49,788,155		48,635,449		49,216,035
Basic earnings per common share attributable to EnerSys stockholders	$	3.17	$	3.47	$	2.95
Diluted earnings per common share attributable to EnerSys stockholders	$	3.02	$	3.42	$	2.93
Anti-dilutive equity awards not included in diluted weighted-average common shares	—		—		221,097

The Company's Convertible Notes became convertible at the option of the holders effective January 2, 2014, as described in Note 8 and it is the Company’s current intent to settle the principal amount of any conversions in cash, and any additional conversion consideration ("conversion premium") in cash, shares of the Company’s common stock or a combination of cash and shares. During fiscal 2014, the average price of our common stock at $59.46 per share exceeded the conversion price of $40.60 per share on the Convertible Notes. For fiscal 2014 and 2013, 1,279,960 and 20,022 shares, respectively, relating to the conversion premium on the Convertible Notes were included in the diluted earnings per share using the "if converted" method.

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Restructuring Plans (Tables)

12 Months Ended

Mar. 31, 2014

Restructuring and Related Activities [Abstract]

Acquisition And Non-Acquisition Related Restructuring Reserve

A roll-forward of the restructuring reserve is as follows:

	Employee Severance			Other			Total
Balance at March 31, 2011	$	4,920		$	—		$	4,920
Accrual adjustment	(681		)	—			(681		)
Accrued	4,958			—			4,958
Costs incurred	(7,966		)	—			(7,966		)
Foreign currency impact and other	(45		)	—			(45		)
Balance at March 31, 2012	$	1,186		$	—		$	1,186
Accrued	3,093			382			3,475
Costs incurred	(2,485		)	(157		)	(2,642		)
Foreign currency impact and other	(56		)	(4		)	(60		)
Balance at March 31, 2013	$	1,738		$	221		$	1,959
Accrued	10,285			1,378			11,663
Costs incurred	(4,966		)	(525		)	(5,491		)
Foreign currency impact and other	255			28			283
Balance at March 31, 2014	$	7,312		$	1,102		$	8,414

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Other Liabilities (Tables)

12 Months Ended

Mar. 31, 2014

Other Liabilities Disclosure [Abstract]

Schedule Of Other Long-Term Liabilities

Other liabilities consist of the following:

	March 31,
	2014		2013
Pension	$	37,900	$	34,554
Warranty	22,849		22,512
Liability for uncertain tax benefits	4,265		17,165
Deferred income	7,012		6,285
Other	9,199		9,902
Total	$	81,225	$	90,418

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Fair Value of Financial Instruments - Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total derivatives	$ (2,258)	$ (3,497)
Interest rate swap agreements
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total derivatives	0	(654)
Lead hedge forward contracts
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total derivatives	(2,371)	(2,832)
Foreign currency forward contracts
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total derivatives	113	(11)
Significant Other Observable Inputs (Level 2)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total derivatives	(2,258)	(3,497)
Significant Other Observable Inputs (Level 2) | Interest rate swap agreements
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total derivatives	0	(654)
Significant Other Observable Inputs (Level 2) | Lead hedge forward contracts
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total derivatives	(2,371)	(2,832)
Significant Other Observable Inputs (Level 2) | Foreign currency forward contracts
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total derivatives	$ 113	$ (11)

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Retirement Plans - Significant Assumptions Used to Determine Net Periodic Benefit Cost (Detail)	12 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2012
United States Plans
Defined Benefit Plan Disclosure [Line Items]
Discount rate	4.00%	4.80%	5.70%
Expected return on plan assets	7.80%	8.00%	8.00%
International Plans | Minimum
Defined Benefit Plan Disclosure [Line Items]
Discount rate	2.50%	2.50%	4.00%
Expected return on plan assets	3.50%	5.50%	5.50%
Rate of compensation increase	2.00%	2.00%	2.00%
International Plans | Maximum
Defined Benefit Plan Disclosure [Line Items]
Discount rate	4.40%	5.50%	5.50%
Expected return on plan assets	7.00%	7.00%	7.00%
Rate of compensation increase	4.00%	4.00%	4.00%

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Goodwill and Other Intangible Assets (Tables)

12 Months Ended

Mar. 31, 2014

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule Of Company's Other Intangible Assets

Information regarding the Company’s other intangible assets are as follows:

	March 31,
	2014							2013
	Gross Amount		Accumulated Amortization			Net Amount		Gross Amount		Accumulated Amortization			Net Amount
Indefinite-lived intangible assets:
Trademarks	$	104,917	$	(953	)	$	103,964	$	86,298	$	(953	)	$	85,345
Finite-lived intangible assets:
Customer relationships	55,505		(6,729		)	48,776		14,016		(3,994		)	10,022
Non-compete	2,581		(1,822		)	759		2,558		(1,524		)	1,034
Patents	17,592		(2,073		)	15,519		5,383		(1,237		)	4,146
Trademarks	2,004		(813		)	1,191		2,004		(727		)	1,277
Licenses	3,177		(914		)	2,263		2,527		(650		)	1,877
Total	$	185,776	$	(13,304	)	$	172,472	$	112,786	$	(9,085	)	$	103,701

Schedule Of Changes In The Carrying Amount Of Goodwill By Business Segment

The changes in the carrying amount of goodwill by reportable segment are as follows:

	Fiscal year ended March 31, 2014
	Americas			EMEA		Asia			Total
Balance at beginning of year	$	150,031		$	166,708	$	28,760		$	345,499
Goodwill acquired during the year	67,912			—		9,254			77,166
Goodwill impairment charge	—			—		(5,179		)	(5,179		)
Foreign currency translation adjustment	(2,313		)	10,878		5			8,570
Balance at end of year	$	215,630		$	177,586	$	32,840		$	426,056

	Fiscal year ended March 31, 2013
	Americas			EMEA			Asia			Total
Balance at beginning of year	$	150,754		$	173,442		$	28,541		$	352,737
Adjustments related to the finalization of purchase accounting for fiscal 2012 acquisitions	230			155			(20		)	365
Foreign currency translation adjustment	(953		)	(6,889		)	239			(7,603		)
Balance at end of year	$	150,031		$	166,708		$	28,760		$	345,499

A reconciliation of goodwill and accumulated goodwill impairment losses, by reportable segment, is as follows:

	March 31, 2014
	Americas		EMEA		Asia			Total
Gross carrying value	$	215,630	$	177,586	$	38,019		$	431,235
Accumulated goodwill impairment charges	—		—		(5,179		)	(5,179		)
Net book value	$	215,630	$	177,586	$	32,840		$	426,056

	March 31, 2013
	Americas		EMEA		Asia		Total
Gross carrying value	$	150,031	$	166,708	$	28,760	$	345,499
Accumulated goodwill impairment charges	—		—		—		—
Net book value	$	150,031	$	166,708	$	28,760	$	345,499

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Other (Income) Expense, Net (Tables)

12 Months Ended

Mar. 31, 2014

Other Income and Expenses [Abstract]

Summary Of Other (Income) Expense, Net

Other (income) expense, net consists of the following:

	Fiscal year ended March 31,
	2014		2013			2012
Foreign exchange transaction losses	$	5,845	$	1,887		$	1,483
Non-operational assets written off	5,000		—			—
Insurance recoveries	—		(1,800		)	—
Other	2,813		829			1,585
Total	$	13,658	$	916		$	3,068

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Debt - Long Term Debt (Detail) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Debt Instrument [Line Items]
Long-term debt	$ 287,887	$ 155,273
Less current portion	0	0
Total long-term debt	287,887	155,273
Senior Unsecured 3.375% Convertible Notes Due 2038
Debt Instrument [Line Items]
Long-term debt	162,887	155,273
2011 Credit Facility Due 2018
Debt Instrument [Line Items]
Long-term debt	$ 125,000	$ 0

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Stock-Based Compensation - Summary of Changes in Restricted Stock Units and Market Share Units (Detail) (USD $)	12 Months Ended
	Mar. 31, 2014
Restricted Stock Units (RSUs)
Number of RSU and MSU
Number of RSU and MSU, Non-vested awards, Beginning Balance	599,981
Number of RSU and MSU, Granted	183,925
Number of RSU and MSU, Stock dividend	4,485
Number of RSU and MSU, Vested	(216,432)
Number of RSU and MSU, cancelled	(9,927)
Number of RSU and MSU, Non-vested awards, Ending Balance	562,032
Weighted average grant date fair value
Weighted Average Grant Date Fair Value, Non-vested awards, Beginning Balance	$ 26.53
Weighted Average Grant Date Fair Value, Granted	$ 49.41
Weighted Average Grant Date Fair Value, Stock dividend	$ 34.99
Weighted Average Grant Date Fair Value, Vested	$ 24.63
Weighted Average Grant Date Fair Value, Canceled	$ 33.09
Weighted Average Grant Date Fair Value, Non-vested awards, Ending Balance	$ 35.13
Market Share Unit Number (MSU)
Number of RSU and MSU
Number of RSU and MSU, Non-vested awards, Beginning Balance	630,039
Number of RSU and MSU, Granted	189,438
Number of RSU and MSU, Stock dividend	5,600
Number of RSU and MSU, Performance factor	98,032
Number of RSU and MSU, Vested	(222,123)
Number of RSU and MSU, cancelled	(30,379)
Number of RSU and MSU, Non-vested awards, Ending Balance	670,607
Weighted average grant date fair value
Weighted Average Grant Date Fair Value, Non-vested awards, Beginning Balance	$ 42.29
Weighted Average Grant Date Fair Value, Granted	$ 65.03
Weighted Average Grant Date Fair Value, Stock dividend	$ 50.12
Weighted Average Grant Date Fair Value, Performance factor	$ 34.45
Weighted Average Grant Date Fair Value, Vested	$ 34.45
Weighted Average Grant Date Fair Value, Canceled	$ 44.74
Weighted Average Grant Date Fair Value, Non-vested awards, Ending Balance	$ 50.14

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Goodwill and Other Intangible Assets - Schedule of Companys Other Intangible Assets (Detail) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Intangible Assets [Line Items]
Gross Amount, Total	$ 185,776	$ 112,786
Accumulated Amortization ,Total	(13,304)	(9,085)
Net Amount ,Total	172,472	103,701
Trademarks
Intangible Assets [Line Items]
Indefinite-lived intangible assets, Gross Amount	104,917	86,298
Finite-lived intangible assets, Gross Amount	2,004	2,004
Indefinite-lived intangible assets, Accumulated Amortization	(953)	(953)
Finite-lived intangible assets, Accumulated Amortization	(813)	(727)
Indefinite-lived intangible assets, Net Amount	103,964	85,345
Finite-lived intangible assets, Net Amount	1,191	1,277
Customer Relationships
Intangible Assets [Line Items]
Finite-lived intangible assets, Gross Amount	55,505	14,016
Finite-lived intangible assets, Accumulated Amortization	(6,729)	(3,994)
Finite-lived intangible assets, Net Amount	48,776	10,022
Noncompete Agreements
Intangible Assets [Line Items]
Finite-lived intangible assets, Gross Amount	2,581	2,558
Finite-lived intangible assets, Accumulated Amortization	(1,822)	(1,524)
Finite-lived intangible assets, Net Amount	759	1,034
Patents
Intangible Assets [Line Items]
Finite-lived intangible assets, Gross Amount	17,592	5,383
Finite-lived intangible assets, Accumulated Amortization	(2,073)	(1,237)
Finite-lived intangible assets, Net Amount	15,519	4,146
Licenses
Intangible Assets [Line Items]
Finite-lived intangible assets, Gross Amount	3,177	2,527
Finite-lived intangible assets, Accumulated Amortization	(914)	(650)
Finite-lived intangible assets, Net Amount	$ 2,263	$ 1,877

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Stockholders' Equity and Noncontrolling Interests (Tables)

12 Months Ended

Mar. 31, 2014

Stockholders' Equity and Noncontrolling Interests [Abstract]

Change in Number of Shares of Common Stock Outstanding

The following demonstrates the change in the number of shares of common stock outstanding during fiscal years ended March 31, 2012, 2013 and 2014, respectively:

Shares outstanding as of March 31, 2011	50,034,353
Purchase of treasury stock	(2,646,885	)
Shares issued as part of equity-based compensation plans, net of equity awards surrendered for option price and taxes	412,661
Shares outstanding as of March 31, 2012	47,800,129
Purchase of treasury stock	(683,192	)
Shares issued as part of equity-based compensation plans, net of equity awards surrendered for option price and taxes	723,267
Shares outstanding as of March 31, 2013	47,840,204
Purchase of treasury stock	(1,191,145	)
Shares issued as part of equity-based compensation plans, net of equity awards surrendered for option price and taxes	293,067
Shares outstanding as of March 31, 2014	46,942,126

Components Of Accumulated Other Comprehensive Income

The components of AOCI, net of tax, are as follows:

	Beginning Balance			Before Reclassifications			Amount Reclassified from AOCI			Ending Balance
March 31, 2014
Pension funded status adjustment	$	(13,169	)	$	(2,662	)	$	624		$	(15,207	)
Net unrealized (loss) on derivative instruments	(832		)	(1,414		)	(7		)	(2,253		)
Foreign currency translation adjustment	54,656			30,649			—			85,305
Accumulated other comprehensive income	$	40,655		$	26,573		$	617		$	67,845
March 31, 2013
Pension funded status adjustment	$	(8,982	)	$	(5,382	)	$	1,195		$	(13,169	)
Net unrealized gain (loss) on derivative instruments	1,175			1,153			(3,160		)	(832		)
Foreign currency translation adjustment	81,900			(27,244		)	—			54,656
Accumulated other comprehensive income	$	74,093		$	(31,473	)	$	(1,965	)	$	40,655
March 31, 2012
Pension funded status adjustment	$	(3,512	)	$	(7,311	)	$	1,841		$	(8,982	)
Net unrealized gain (loss) on derivative instruments	4,436			(6,232		)	2,971			1,175
Foreign currency translation adjustment	114,256			(32,356		)	—			81,900
Accumulated other comprehensive income	$	115,180		$	(45,899	)	$	4,812		$	74,093

Reclassification out of Accumulated Other Comprehensive Income

The following table presents reclassifications from AOCI during the twelve months ended March 31, 2014:

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	$	(11	)
Tax expense	4
Net unrealized gain on derivative instruments, net of tax	$	(7	)	Cost of goods sold
Defined benefit pension costs:
Prior service costs and deferrals	$	944
Tax benefit	(320		)
Net periodic benefit cost, net of tax	$	624		Net periodic benefit cost, included in Cost of goods sold, Operating expenses - See Note 14

Summary of Redeemable Noncontrolling Interests

The following demonstrates the change in redeemable noncontrolling interests during the fiscal years ended March 31, 2012, 2013 and 2014, respectively:

Balance as of March 31, 2011	$	—
Redeemable noncontrolling interests recognized in acquisitions of Powertech Batteries and Energy Leader Batteries India Limited	9,916
Net losses attributable to redeemable noncontrolling interests	(170		)
Foreign currency translation adjustment	36
Balance as of March 31, 2012	$	9,782
Net losses attributable to redeemable noncontrolling interests	(1,429		)
Loan to equity conversion by redeemable noncontrolling interests	3,901
Foreign currency translation adjustment	(1,159		)
Balance as of March 31, 2013	$	11,095
Net losses attributable to redeemable noncontrolling interests	(3,536		)
Redemption value adjustment	4,974
Purchase of subsidiary shares from redeemable noncontrolling interest	(3,146		)
Foreign currency translation adjustment	(1,340		)
Balance as of March 31, 2014	$	8,047

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Summary of Significant Accounting Policies

12 Months Ended

Mar. 31, 2014

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Summary of Significant Accounting Policies

Description of Business

EnerSys (the “Company”) and its predecessor companies have been manufacturers of industrial batteries for over 125 years. EnerSys is a global leader in stored energy solutions for industrial applications. The Company manufactures, markets and distributes industrial batteries and related products such as chargers, outdoor cabinet enclosures, power equipment and battery accessories, and provides related after-market and customer-support services for industrial batteries.

Principles of Consolidation

The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries and any partially owned subsidiaries that the Company has the ability to control. Control generally equates to ownership percentage, whereby investments that are more than 50% owned are generally consolidated, investments in affiliates of 50% or less but greater than 20% are generally accounted for using the equity method, and investments in affiliates of 20% or less are accounted for using the cost method. All intercompany transactions and balances have been eliminated in consolidation.

The Company also consolidates certain subsidiaries in which the noncontrolling interest party has within its control the right to require the Company to redeem all or a portion of its interest in the subsidiary. The redeemable noncontrolling interests are reported at their estimated redemption value, and the amount presented in temporary equity is not less than the initial amount reported in temporary equity. Any adjustment to the redemption value impacts retained earnings but does not impact net income or comprehensive income. Noncontrolling interests which are redeemable only upon future events, the occurrence of which is not currently probable, are recorded at carrying value.

Foreign Currency Translation

Results of foreign operations are translated into U.S. dollars using average exchange rates during the periods. The assets and liabilities are translated into U.S. dollars using exchange rates as of the balance sheet dates. Gains or losses resulting from translating the foreign currency financial statements are accumulated as a separate component of accumulated other comprehensive income (“AOCI”) in EnerSys’ stockholders’ equity and noncontrolling interests.

Transaction gains and losses resulting from exchange rate changes on transactions denominated in currencies other than the functional currency of the applicable subsidiary are included in the Consolidated Statements of Income, within “Other (income) expense, net”, in the year in which the change occurs.

Revenue Recognition

The Company recognizes revenue when the earnings process is complete. This occurs when risk and title transfers, collectibility is reasonably assured and pricing is fixed or determinable. Shipment terms are either shipping point or destination and do not differ significantly between the Company’s business segments. Accordingly, revenue is recognized when risk and title are transferred to the customer. Amounts invoiced to customers for shipping and handling are classified as revenue. Taxes on revenue producing transactions are not included in net sales.

The Company recognizes revenue from the service of its products when the respective services are performed.

Accruals are made at the time of sale for sales returns and other allowances based on the Company’s historical experience.

Freight Expense

Amounts billed to customers for outbound freight costs are classified as sales in the Consolidated Statements of Income. Costs incurred by the Company for outbound freight costs to customers, inbound and transfer freight are classified in cost of goods sold.

Warranties

The Company’s products are warranted for a period ranging from one to twenty years for reserve power batteries and for a period ranging from one to seven years for motive power batteries. The Company provides for estimated product warranty expenses when the related products are sold. The assessment of the adequacy of the reserve includes a review of open claims and historical experience.

Cash and Cash Equivalents

Cash and cash equivalents include all highly liquid investments with an original maturity of three months or less when purchased.

Concentration of Credit Risk

Financial instruments that subject the Company to potential concentration of credit risk consist principally of short-term cash investments and trade accounts receivable. The Company invests its cash with various financial institutions and in various investment instruments limiting the amount of credit exposure to any one financial institution or entity. The Company has bank deposits that exceed federally insured limits. In addition, certain cash investments may be made in U.S. and foreign government bonds, or other highly rated investments guaranteed by the U.S. or foreign governments. Concentration of credit risk with respect to trade receivables is limited by a large, diversified customer base and its geographic dispersion. The Company performs ongoing credit evaluations of its customers’ financial condition and requires collateral, such as letters of credit, in certain circumstances.

Accounts Receivable

The Company maintains allowances for doubtful accounts for estimated losses resulting from the inability of customers to make required payments. The allowance is based on management’s estimate of uncollectible accounts, analysis of historical data and trends, as well as reviews of all relevant factors concerning the financial capability of its customers. Accounts receivable are considered to be past due based on how payments are received compared to the customer’s credit terms. Accounts are written off when management determines the account is uncollectible.

Inventories

Inventories are stated at the lower of cost or market. Cost is determined using the first-in, first-out (FIFO) method. The cost of inventory consists of material, labor, and associated overhead.

Property, Plant, and Equipment

Property, plant, and equipment are recorded at cost and include expenditures that substantially increase the useful lives of the assets. Depreciation is provided using the straight-line method over the estimated useful lives of the assets as follows: 10 to 33 years for buildings and improvements and 3 to 15 years for machinery and equipment.

Maintenance and repairs are expensed as incurred. Interest on capital projects is capitalized during the construction period.

Business Combinations

The purchase price of an acquired company is allocated between tangible and intangible assets acquired and liabilities assumed from the acquired business based on their estimated fair values, with the residual of the purchase price recorded as goodwill. The results of operations of the acquired business are included in the Company’s operating results from the date of acquisition.

Goodwill and Other Intangible Assets

Goodwill and indefinite-lived trademarks are tested for impairment at least annually and whenever events or circumstances occur indicating that a possible impairment may have been incurred. Goodwill is tested for impairment by determining the fair value of the Company’s reporting units. These estimated fair values are based on financial projections, certain cash flow measures, and market capitalization. The indefinite-lived trademarks are tested for impairment by comparing the carrying value to the fair value based on current revenue projections of the related operations, under the relief from royalty method. Any excess carrying value over the amount of fair value is recognized as impairment. Any impairment would be recognized in full in the reporting period in which it has been identified.

Finite-lived assets such as customer relationships, patents, and non-compete agreements are amortized over their estimated useful lives, generally over periods ranging from 3 to 20 years. The Company reviews the carrying values of these assets for possible impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable based on undiscounted estimated cash flows expected to result from its use and eventual disposition. The Company continually evaluates the reasonableness of the useful lives of these assets.

Impairment of Long-Lived Assets

The Company reviews the carrying values of its long-lived assets to be held and used for possible impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable, based on undiscounted estimated cash flows expected to result from its use and eventual disposition. The factors considered by the Company in performing this assessment include current operating results, trends and other economic factors. In assessing the recoverability of the carrying value of a long-lived asset, the Company must make assumptions regarding future cash flows and other factors. If these estimates or the related assumptions change in the future, the Company may be required to record an impairment loss for these assets.

Environmental Expenditures

The Company records a loss and establishes a reserve for environmental remediation liabilities when it is probable that an asset has been impaired or a liability exists and the amount of the liability can be reasonably estimated. Reasonable estimates involve judgments made by management after considering a broad range of information including: notifications, demands or settlements that have been received from a regulatory authority or private party, estimates performed by independent engineering companies and outside counsel, available facts existing and proposed technology, the identification of other potentially responsible parties, their ability to contribute and prior experience. These judgments are reviewed quarterly as more information is received and the amounts reserved are updated as necessary. However, the reserves may materially differ from ultimate actual liabilities if the loss contingency is difficult to estimate or if management’s judgments turn out to be inaccurate. If management believes no best estimate exists, the minimum probable loss is accrued.

Derivative Financial Instruments

The Company utilizes derivative instruments to mitigate volatility related to interest rates, lead prices and foreign currency exposures. The Company does not hold or issue derivative financial instruments for trading or speculative purposes. The Company recognizes derivatives as either assets or liabilities in the accompanying Consolidated Balance Sheets and measures those instruments at fair value. Changes in the fair value of those instruments are reported in AOCI if they qualify for hedge accounting or in earnings if they do not qualify for hedge accounting. Derivatives qualify for hedge accounting if they are designated as hedge instruments and if the hedge is highly effective in achieving offsetting changes in the fair value or cash flows of the asset or liability hedged. Effectiveness is measured on a regular basis using statistical analysis and by comparing the overall changes in the expected cash flows on the lead and foreign currency forward contracts with the changes in the expected all-in cash outflow required for the lead and foreign currency purchases. This analysis is performed on the initial purchases quarterly that cover the quantities hedged. Accordingly, gains and losses from changes in derivative fair value of effective hedges are deferred and reported in AOCI until the underlying transaction affects earnings.

The Company has commodity, foreign exchange and interest rate hedging authorization from the Board of Directors and has established a hedging and risk management program that includes the management of market and counterparty risk. Key risk control activities designed to ensure compliance with the risk management program include, but are not limited to, credit review and approval, validation of transactions and market prices, verification of risk and transaction limits, portfolio stress tests, sensitivity analyses and frequent portfolio reporting, including open positions, determinations of fair value and other risk management metrics.

Market risk is the potential loss the Company and its subsidiaries may incur as a result of price changes associated with a particular financial or commodity instrument. The Company utilizes forward contracts, and swaps as part of its risk management strategies, to minimize unanticipated fluctuations in earnings caused by changes in commodity prices, interest rates and/or foreign currency exchange rates. All derivatives are recognized on the balance sheet at their fair value, unless they qualify for Normal Purchase Normal Sale.

Credit risk is the potential loss the Company may incur due to the counterparty’s non-performance. The Company is exposed to credit risk from interest rate, foreign currency and commodity derivatives with financial institutions. The Company has credit policies to manage their credit risk, including the use of an established credit approval process, monitoring of the counterparty positions and the use of master netting agreements.

The Company has elected to offset net derivative positions under master netting arrangements. The Company does not have any positions involving cash collateral (payables or receivables) under a master netting arrangement as of March 31, 2014 and 2013.

The Company does not have any credit-related contingent features associated with its derivative instruments.

Fair Value of Financial Instruments

The Company uses the following valuation techniques to measure fair value for its financial assets and financial liabilities:

Level 1	Inputs are unadjusted quoted prices in active markets for identical assets or liabilities.
Level 2	Inputs are quoted prices for similar assets or liabilities in an active market, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable and market-corroborated inputs which are derived principally from or corroborated by observable market data.
Level 3	Inputs are derived from valuation techniques in which one or more significant inputs or value drivers are unobservable.

The fair value of the Company’s cash and cash equivalents, accounts receivable and accounts payable approximate carrying value due to their short maturities.

The fair value of the Company’s $350,000 senior secured revolving credit facility (“2011 Credit Facility”) and short-term debt approximate their carrying value, as they are variable rate debt and the terms are comparable to market terms as of the balance sheet dates and are classified as Level 2.

The fair value amounts of the Company’s $172,500 senior unsecured 3.375% convertible notes (“Convertible Notes”) represent the trading values of the Convertible Notes which is based upon quoted market prices and are classified as Level 2.

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). The Company and its subsidiaries use, as appropriate, a market approach (generally, data from market transactions), an income approach (generally, present value techniques and option-pricing models), and/or a cost approach (generally, replacement cost) to measure the fair value of an asset or liability. These valuation approaches incorporate inputs such as observable, independent market data and/or unobservable data that management believes are predicated on the assumptions market participants would use to price an asset or liability. These inputs may incorporate, as applicable, certain risks such as nonperformance risk, which includes credit risk.

Lead contracts, foreign currency contracts and interest rate contracts generally use an income approach to measure the fair value of these contracts, utilizing readily observable inputs, such as forward interest rates (e.g., London Interbank Offered Rate—“LIBOR”) and forward foreign currency exchange rates (e.g., GBP and euro) and commodity prices (e.g., London Metals Exchange), as well as inputs that may not be observable, such as credit valuation adjustments. When observable inputs are used to measure all or most of the value of a contract, the contract is classified as Level 2. Over-the-counter (OTC) contracts are valued using quotes obtained from an exchange, binding and non-binding broker quotes. Furthermore, the Company obtains independent quotes from the market to validate the forward price curves. OTC contracts include forwards, swaps and options. To the extent possible, fair value measurements utilize various inputs that include quoted prices for similar contracts or market-corroborated inputs.

When unobservable inputs are significant to the fair value measurement, a contract is classified as Level 3. Additionally, Level 2 fair value measurements include adjustments for credit risk based on the Company’s own creditworthiness (for net liabilities) and its counterparties’ creditworthiness (for net assets). The Company assumes that observable market prices include sufficient adjustments for liquidity and modeling risks. The Company did not have any contracts that transferred between Level 2 and Level 3 as well as Level 1 and Level 2.

Income Taxes

The Company accounts for income taxes using the asset and liability approach, which requires deferred tax assets and liabilities be recognized using enacted tax rates to measure the effect of temporary differences between book and tax bases on recorded assets and liabilities. Valuation allowances are recorded to reduce deferred tax assets, if it is more likely than not some portion or all of the deferred tax assets will not be recognized.  The need to establish valuation allowances against deferred tax assets is assessed quarterly. The primary factors used to assess the likelihood of realization are forecasts of future taxable income and available tax planning strategies that could be implemented to realize the net deferred tax assets.

The Company has not recorded United States income or foreign withholding taxes related to undistributed earnings of foreign subsidiaries because the Company currently plans to keep these amounts permanently invested overseas. 

The Company recognizes tax related interest and penalties in income tax expense in its Consolidated Statement of Income.

With respect to accounting for uncertainty in income taxes, the Company evaluates tax positions to determine whether the benefits of tax positions are more likely than not of being sustained upon audit based on the technical merits of the tax position. For tax positions that are more likely than not of being sustained upon audit, the Company recognizes the largest amount of the benefit that is greater than 50% likely of being realized upon ultimate settlement. For tax positions that are not more likely than not of being sustained upon audit, the Company does not recognize any portion of the benefit. If the more likely than not threshold is not met in the period for which a tax position is taken, the Company may subsequently recognize the benefit of that tax position if the tax matter is effectively settled, the statute of limitations expires, or if the more likely than not threshold is met in a subsequent period.

Deferred Financing Fees

Debt issuance costs that are incurred by the Company in connection with the issuance of debt are deferred and amortized to interest expense over the life of the underlying indebtedness, adjusted to reflect any early repayments.

Stock-Based Compensation Plans

The Company measures the cost of employee services received in exchange for the award of an equity instrument based on the grant-date fair value of the award, with such cost recognized over the applicable vesting period.

Market Share Units

The fair value of the market share units is estimated at the date of grant using a binomial lattice model with the following assumptions: a risk-free interest rate, dividend yield, time to maturity and expected volatility. These units vest and are settled in common stock on the third anniversary of the date of grant. Market share units are converted into between zero and two shares of common stock for each unit granted at the end of a three-year performance cycle. The conversion ratio is calculated by dividing the average closing share price of the Company’s common stock during the ninety calendar days immediately preceding the vesting date by the average closing share price of the Company’s common stock during the ninety calendar days immediately preceding the grant date, with the resulting quotient capped at two. This quotient is then multiplied by the number of market share units granted to yield the number of shares of common stock to be delivered on the vesting date. The Company recognizes compensation expense using the straight-line method over the life of the market share units.

Restricted Stock Units

The fair value of restricted stock units is based on the closing market price of the Company’s common stock on the date of grant. These awards generally vest, and are settled in common stock, at 25% per year, over a four-year period from the date of grant. The Company recognizes compensation expense using the straight-line method over the life of the restricted stock units.

Stock Options

The fair value of the options granted is estimated at the date of grant using the Black-Scholes option-pricing model utilizing assumptions based on historical data and current market data. The assumptions include expected term of the options, risk-free interest rate, expected volatility, and dividend yield. The expected term represents the expected amount of time that options granted are expected to be outstanding, based on historical and forecasted exercise behavior. The risk-free rate is based on the rate at the grant date of zero-coupon U.S. Treasury Notes with a term equal to the expected term of the option. Expected volatility is estimated using historical volatility rates based on historical weekly price changes over a term equal to the expected term of the options. The Company’s dividend yield is based on historical data. The Company recognizes compensation expense using the straight-line method over the vesting period of the options.

Earnings Per Share

Basic earnings per common share (“EPS”) are computed by dividing net earnings attributable to EnerSys stockholders by the weighted-average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that would occur if securities or other contracts to issue common stock were exercised or converted into common stock. At March 31, 2014, 2013 and 2012, the Company had outstanding stock options, restricted stock units, market share units and Convertible Notes, which could potentially dilute basic earnings per share in the future.

Segment Reporting

A segment for reporting purposes is based on the financial performance measures that are regularly reviewed by the chief operating decision maker to assess segment performance and to make decisions about a public entity’s allocation of resources. Based on this guidance, the Company reports its segment results based upon the three geographical regions of operations.

• Americas, which includes North and South America, with segment headquarters in Reading, Pennsylvania, USA,

• EMEA, which includes Europe, the Middle East and Africa, with segment headquarters in Zurich, Switzerland, and

• Asia, which includes Asia, Australia and Oceania, with segment headquarters in Singapore.

New Accounting Pronouncements

In February 2013, the Financial Accounting Standards Board (“FASB”) finalized the disclosure requirements on how entities should present financial information about reclassification adjustments from accumulated other comprehensive income in ASU No. 2013-02, “Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income." The standard requires that companies present either in a single note or parenthetically on the face of the financial statements, the effect of significant amounts reclassified from each component of accumulated other comprehensive income based on its source and the income statement line items affected by the reclassification. If a component is not required to be reclassified to net income in its entirety, companies would instead cross-reference to the related footnote for additional information. The Company adopted ASU No. 2013-02 as of April 1, 2013, and the adoption did not have a material impact on the Company's consolidated financial statements.

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.

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Restructuring Plans - Acquisition and Non-Acquisition Related Restructuring Reserve (Details) (Non-Acquisition Related Restructuring Plans, USD $) In Thousands, unless otherwise specified	12 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2012
Restructuring Reserve [Roll Forward]
Beginning balance	$ 1,959	$ 1,186	$ 4,920
Accrual adjustment			(681)
Accrued	11,663	3,475	4,958
Costs incurred	(5,491)	(2,642)	(7,966)
Foreign currency impact and other	283	(60)	(45)
Ending balance	8,414	1,959	1,186
Employee Severance
Restructuring Reserve [Roll Forward]
Beginning balance	1,738	1,186	4,920
Accrual adjustment			(681)
Accrued	10,285	3,093	4,958
Costs incurred	(4,966)	(2,485)	(7,966)
Foreign currency impact and other	255	(56)	(45)
Ending balance	7,312	1,738	1,186
Other
Restructuring Reserve [Roll Forward]
Beginning balance	221
Accrued	1,378	382
Costs incurred	(525)	(157)
Foreign currency impact and other	28	(4)
Ending balance	$ 1,102	$ 221

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Goodwill and Other Intangible Assets - Additional Information (Detail) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2012
Goodwill and Intangible Assets Disclosure [Abstract]
Gross carrying value	$ 431,235	$ 345,499
Amortization expense, related to finite-lived intangible assets	4,279	2,626	1,828
Expected amortization expense, 2015	6,581
Expected amortization expense, 2016	6,588
Expected amortization expense, 2017	6,250
Expected amortization expense, 2018	5,873
Expected amortization expense, 2019	5,776
Goodwill impairment charge	5,179	0	0
Estimated tax-deductible goodwill	$ 28,126	$ 10,444

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Fair Value of Financial Instruments (Tables)

12 Months Ended

Mar. 31, 2014

Fair Value Disclosures [Abstract]

Financial Assets And (Liabilities), Measured At Fair Value On A Recurring Basis

The following tables represent the financial assets and (liabilities), measured at fair value on a recurring basis as of March 31, 2014 and March 31, 2013 and the basis for that measurement:

	Total Fair Value Measurement March 31, 2014			Quoted Price in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Interest rate swap agreements	$	—		$	—	$	—		$	—
Lead forward contracts	(2,371		)	—		(2,371		)	—
Foreign currency forward contracts	113			—		113			—
Total derivatives	$	(2,258	)	$	—	$	(2,258	)	$	—

	Total Fair Value Measurement March 31, 2013			Quoted Price in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Interest rate swap agreements	$	(654	)	$	—	$	(654	)	$	—
Lead forward contracts	(2,832		)	—		(2,832		)	—
Foreign currency forward contracts	(11		)	—		(11		)	—
Total derivatives	$	(3,497	)	$	—	$	(3,497	)	$	—

Carrying Amounts And Estimated Fair Values Of Company's Financial Instruments

The carrying amounts and estimated fair values of the Company’s derivatives and Convertible Notes at March 31, 2014 and 2013 were as follows:

	March 31, 2014						March 31, 2013
	Carrying Amount			Fair Value			Carrying Amount			Fair Value
Financial assets:
Derivatives(1)	$	113		$	113		$	241		$	241
Financial liabilities:
Convertible Notes	$	162,887	(2)	$	301,875	(3)	$	155,273	(2)	$	217,350	(3)
Derivatives(1)	2,371			2,371			3,738			3,738

(1) Represents interest rate swap agreements, lead and foreign currency hedges (see Note 12 for asset and liability positions of the interest rate swap agreements, lead and foreign currency hedges at March 31, 2014 and March 31, 2013).

(2) The carrying amounts of the Convertible Notes at March 31, 2014 and March 31, 2013 represent the $172,500 principal value, less the unamortized debt discount (see Note 8 for further details).

(3) The fair value amounts of the Convertible Notes represent the trading values of the Convertible Notes with a principal value of $172,500 at March 31, 2014 and March 31, 2013.

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Other (Income) Expense, Net

12 Months Ended

Mar. 31, 2014

Other Income and Expenses [Abstract]

Other (Income) Expense, Net

Other (Income) Expense, Net

Other (income) expense, net consists of the following:

	Fiscal year ended March 31,
	2014		2013			2012
Foreign exchange transaction losses	$	5,845	$	1,887		$	1,483
Non-operational assets written off	5,000		—			—
Insurance recoveries	—		(1,800		)	—
Other	2,813		829			1,585
Total	$	13,658	$	916		$	3,068

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Warranty

12 Months Ended

Mar. 31, 2014

Guarantees [Abstract]

Warranty

Warranty

The Company provides for estimated product warranty expenses when the related products are sold and are included within accrued expenses and other liabilities. Because warranty estimates are forecasts that are based on the best available information, primarily historical claims experience, costs may differ from amounts provided. An analysis of changes in the liability for product warranties is as follows:

Balance at March 31, 2011	$	36,006
Current year provisions	26,841
Costs incurred	(20,185		)
Foreign currency translation adjustment	(595		)
Balance at March 31, 2012	42,067
Current year provisions	19,724
Costs incurred	(20,945		)
Foreign currency translation adjustment	1,745
Balance at March 31, 2013	42,591
Current year provisions	16,098
Costs incurred	(22,862		)
Fair value of warranty reserves of acquired businesses	2,817
Foreign currency translation adjustment	1,782
Balance at March 31, 2014	$	40,426

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Retirement Plans - Summary of Pension Plan Investments Measured at Fair Value (Detail) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2014		Mar. 31, 2013		Mar. 31, 2012
United States Plans
Defined Benefit Plan Disclosure [Line Items]
Total Fair Value Measurement	$ 11,309		$ 10,334		$ 9,192
United States Plans | Quoted Price in Active Markets for Identical Assets (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Total Fair Value Measurement	11,309		10,334
United States Plans | Cash and Cash Equivalents
Defined Benefit Plan Disclosure [Line Items]
Total Fair Value Measurement	1,225		1,454
United States Plans | Cash and Cash Equivalents | Quoted Price in Active Markets for Identical Assets (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Total Fair Value Measurement	1,225		1,454
United States Plans | US Equity Securities
Defined Benefit Plan Disclosure [Line Items]
Total Fair Value Measurement	6,520	[1]	5,346	[1]
United States Plans | US Equity Securities | Quoted Price in Active Markets for Identical Assets (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Total Fair Value Measurement	6,520	[1]	5,346	[1]
United States Plans | International Equity Securities
Defined Benefit Plan Disclosure [Line Items]
Total Fair Value Measurement	1,011	[2]	905	[2]
United States Plans | International Equity Securities | Quoted Price in Active Markets for Identical Assets (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Total Fair Value Measurement	1,011	[2]	905	[2]
United States Plans | Fixed Income Funds
Defined Benefit Plan Disclosure [Line Items]
Total Fair Value Measurement	2,553	[3]	2,629	[3]
United States Plans | Fixed Income Funds | Quoted Price in Active Markets for Identical Assets (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Total Fair Value Measurement	2,553	[3]	2,629	[3]
International Plans
Defined Benefit Plan Disclosure [Line Items]
Total Fair Value Measurement	33,706		29,468		26,942
International Plans | Quoted Price in Active Markets for Identical Assets (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Total Fair Value Measurement	33,706		29,468
International Plans | US Equity Securities
Defined Benefit Plan Disclosure [Line Items]
Total Fair Value Measurement	3,452	[1]	2,856	[1]
International Plans | US Equity Securities | Quoted Price in Active Markets for Identical Assets (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Total Fair Value Measurement	3,452	[1]	2,856	[1]
International Plans | International Equity Securities
Defined Benefit Plan Disclosure [Line Items]
Total Fair Value Measurement	19,193	[2]	15,617	[2]
International Plans | International Equity Securities | Quoted Price in Active Markets for Identical Assets (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Total Fair Value Measurement	19,193	[2]	15,617	[2]
International Plans | Fixed Income Funds
Defined Benefit Plan Disclosure [Line Items]
Total Fair Value Measurement	11,061	[3]	10,995	[3]
International Plans | Fixed Income Funds | Quoted Price in Active Markets for Identical Assets (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Total Fair Value Measurement	$ 11,061	[3]	$ 10,995	[3]

[1] US equities include companies that are well diversified by industry sector and equity style (i.e., growth and value strategies). Active and passive management strategies are employed. Investments are primarily in large capitalization stocks and, to a lesser extent, mid- and small-cap stocks.

[2] International equities are invested in companies that are traded on exchanges outside the U.S. and are well diversified by industry sector, country and equity style. Active and passive strategies are employed. The vast majority of the investments are made in companies in developed markets with a small percentage in emerging markets.

[3] Fixed income consists primarily of investment grade bonds from diversified industries.

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Acquisitions - Additional Information (Detail) (USD $) In Thousands, unless otherwise specified	6 Months Ended	12 Months Ended			0 Months Ended								12 Months Ended			0 Months Ended		12 Months Ended	0 Months Ended
	Mar. 31, 2014	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2012	Oct. 08, 2013 Purcell	Oct. 08, 2013 Purcell Customer Relationships	Oct. 08, 2013 Purcell Technology	Oct. 28, 2013 Quallion	Oct. 28, 2013 Quallion Customer Relationships	Oct. 28, 2013 Quallion Technology	Jan. 27, 2014 UTS Holdings	Jan. 27, 2014 UTS Holdings Customer Relationships	Mar. 31, 2014 Americas acquisition	Mar. 31, 2014 Asia acquisition	Mar. 31, 2014 Minimum	Oct. 08, 2013 Minimum Purcell Technology and Customer Relationships	Oct. 28, 2013 Minimum Quallion Technology and Customer Relationships	Mar. 31, 2014 Maximum	Oct. 08, 2013 Maximum Purcell Technology and Customer Relationships	Oct. 28, 2013 Maximum Quallion Technology and Customer Relationships	Jan. 27, 2014 Average UTS Holdings Customer Relationships	Oct. 08, 2013 Trademarks Purcell	Oct. 28, 2013 Trademarks Quallion	Jan. 27, 2014 Trademarks UTS Holdings
Business Acquisition [Line Items]
Number of acquisitions													2	1
Payments to Acquire Businesses, Net of Cash Acquired		$ 171,528	$ 0	$ 23,553	$ 119,540			$ 25,800			$ 25,332
Acquired indefinite-lived intangible assets																						16,800	500	1,294
Acquired intangible assets						35,700	7,900		3,400	4,400		2,586
Goodwill relating to acquisitions		77,166			54,145			13,502			9,254		67,912	9,254
Estimated useful lives of finite-lived assets															3 years	10 years	20 years	20 years	13 years	14 years	10 years
Sales attributed to new acquisitions	68,231
Net earnings attributed to new acquisitions	$ 2,126

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Derivative Financial Instruments (Tables)

12 Months Ended

Mar. 31, 2014

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Fair Value Of Derivative Instruments In The Consolidated Balance Sheets

Presented below in tabular form is information on the location and amounts of derivative fair values in the Consolidated Balance Sheets and derivative gains and losses in the Consolidated Statements of Income:

Fair Value of Derivative Instruments

March 31, 2014 and 2013

	Derivatives and Hedging Activities Designated as Cash Flow Hedges				Derivatives and Hedging Activities Not Designated as Hedging  Instruments
	March 31, 2014		March 31, 2013		March 31, 2014		March 31, 2013
Prepaid and other current assets
Foreign currency forward contracts	$	12	$	—	$	101	$	241
Total assets	$	12	$	—	$	101	$	241
Accrued expenses
Interest rate swap agreements	$	—	$	—	$	—	$	654
Lead hedge forward contracts	2,371		2,832		—		—
Foreign currency forward contracts	—		252		—		—
Total liabilities	$	2,371	$	3,084	$	—	$	654

The Effect of Derivative Instruments on the Consolidated Statements of Income

The Effect of Derivative Instruments on the Consolidated Statements of Income

For the fiscal year ended March 31, 2012

Derivatives Designated as Cash Flow Hedges	Pretax Gain (Loss) Recognized in AOCI on Derivative (Effective Portion)			Location of Gain (Loss) Reclassified from AOCI into Income (Effective Portion)	Pretax Gain (Loss) Reclassified from AOCI into Income (Effective Portion)
Lead hedge forward contracts	$	(9,731	)	Cost of goods sold	$	(831	)
Foreign currency forward contracts	(152		)	Cost of goods sold	(3,882		)
Total	$	(9,883	)		$	(4,713	)

The Effect of Derivative Instruments on the Consolidated Statements of Income

For the fiscal year ended March 31, 2014

Derivatives Designated as Cash Flow Hedges	Pretax Gain (Loss) Recognized in AOCI on Derivative (Effective Portion)			Location of Gain (Loss) Reclassified from AOCI into Income (Effective Portion)	Pretax Gain (Loss) Reclassified from AOCI into Income (Effective Portion)
Lead hedge forward contracts	$	(1,562	)	Cost of goods sold	$	718
Foreign currency forward contracts	(682		)	Cost of goods sold	(707		)
Total	$	(2,244	)		$	11

The Effect of Derivative Instruments on the Consolidated Statements of Income

For the fiscal year ended March 31, 2013

Derivatives Designated as Cash Flow Hedges	Pretax Gain (Loss) Recognized in AOCI on Derivative (Effective Portion)		Location of Gain (Loss) Reclassified from AOCI into Income (Effective Portion)	Pretax Gain (Loss) Reclassified from AOCI into Income (Effective Portion)
Lead hedge forward contracts	$	1,623	Cost of goods sold	$	3,309
Foreign currency forward contracts	248		Cost of goods sold	1,703
Total	$	1,871		$	5,012

Effect Of Derivative Instruments

Derivatives Not Designated as Hedging Instruments	Location of Gain (Loss) Recognized in Income on Derivative	Pretax Gain (Loss)
Interest rate swap contracts	Other (income) expense, net	$	(977	)
Foreign currency forward contracts	Other (income) expense, net	(106		)
Total		$	(1,083	)

Derivatives Not Designated as Hedging Instruments	Location of Gain (Loss) Recognized in Income on Derivative	Pretax Gain (Loss)
Interest rate swap contracts	Other (income) expense, net	$	(101	)
Foreign currency forward contracts	Other (income) expense, net	2,597
Total		$	2,496

Derivatives Not Designated as Hedging Instruments	Location of Gain (Loss) Recognized in Income on Derivative	Pretax Gain (Loss)
Foreign currency forward contracts	Other (income) expense, net	$	(188	)
Total		$	(188	)

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Business Segments

12 Months Ended

Mar. 31, 2014

Segment Reporting [Abstract]

Business Segments

Business Segments

Summarized financial information related to the Company’s reportable segments at March 31, 2014, 2013 and 2012 and for each of the fiscal years then ended is shown below.

	Fiscal year ended March 31,
	2014			2013			2012
Net sales by segment to unaffiliated customers
Americas	$	1,267,598		$	1,126,904		$	1,082,747
EMEA	966,152			926,165			995,431
Asia	240,683			224,490			205,191
Total net sales	$	2,474,433		$	2,277,559		$	2,283,369
Net sales by product line
Reserve power	$	1,234,538		$	1,118,965		$	1,092,734
Motive power	1,239,895			1,158,594			1,190,635
Total net sales	$	2,474,433		$	2,277,559		$	2,283,369
Intersegment sales
Americas	$	33,951		$	36,854		$	38,115
EMEA	77,549			76,947			75,652
Asia	29,428			31,246			21,182
Total intersegment sales(1)	$	140,928		$	145,047		$	134,949
Operating earnings
Americas	$	179,080		$	171,854		$	138,894
EMEA	84,902			64,032			63,872
Asia	21,217			21,146			12,133
Restructuring and other exit charges—EMEA	(27,078		)	(4,473		)	(4,988		)
Restructuring charges—Asia	(248		)	(2,691		)	—
Legal proceedings charge—Americas	(58,184		)	—			—
Legal proceedings settlement income—EMEA	—			—			900
Goodwill impairment charge—Asia	(5,179		)	—			—
Total operating earnings(2)	$	194,510		$	249,868		$	210,811
Property, plant and equipment, net
Americas	$	155,988		$	152,678		$	144,701
EMEA	145,308			152,577			161,854
Asia	68,870			44,871			46,660
Total	$	370,166		$	350,126		$	353,215
Capital Expenditures
Americas	$	24,641		$	29,566		$	20,862
EMEA	14,871			20,761			21,631
Asia	22,483			4,959			6,450
Total	$	61,995		$	55,286		$	48,943
Depreciation and Amortization
Americas	$	26,596		$	23,073		$	21,466
EMEA	22,708			22,255			25,451
Asia	4,668			5,174			3,443
Total	$	53,972		$	50,502		$	50,360

(1) Intersegment sales are presented on a cost-plus basis which takes into consideration the effect of transfer prices between legal entities.

(2) The Company does not allocate interest expense or other (income) expense, net to the reportable segments.

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 44.0%, 43.0% and 42.6% for fiscal years ended March 31, 2014, 2013 and 2012, respectively. Property, plant and equipment, net, attributable to the United States as of March 31, 2014 and 2013, were $128,712 and $127,191, 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.

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Quarterly Financial Data (Unaudited)

12 Months Ended

Mar. 31, 2014

Quarterly Financial Information Disclosure [Abstract]

Quarterly Financial Data (Unaudited)

Quarterly Financial Data (Unaudited)

The Company reports interim financial information for 13-week periods, except for the first quarter, which always begins on April 1, and the fourth quarter, which always ends on March 31. The four quarters in fiscal 2014 ended on June 30, 2013, September 29, 2013, December 29, 2013, and March 31, 2014, respectively. The four quarters in fiscal 2013 ended on July 1, 2012, September 30, 2012, December 30, 2012, and March 31, 2013, respectively.

	1st Quarter		2nd Quarter		3rd Quarter		4th Quarter		Fiscal Year
Fiscal year ended March 31, 2014
Net sales	$	597,297	$	568,847	$	643,031	$	665,258	$	2,474,433
Gross profit	140,139		144,350		167,122		178,009		629,620
Operating earnings(1)(3)(4)	62,608		61,005		58,940		11,957		194,510
Net earnings	40,417		41,151		52,390		12,809		146,767
Net earnings attributable to EnerSys stockholders	40,847		41,339		55,300		12,842		150,328
Net earnings per common share attributable to EnerSys stockholders—basic	$	0.85	$	0.87	$	1.17	$	0.27	$	3.17
Net earnings per common share attributable to EnerSys stockholders—diluted	$	0.83	$	0.84	$	1.10	$	0.26	$	3.02
Fiscal year ended March 31, 2013
Net sales	$	593,910	$	554,212	$	557,320	$	572,117	$	2,277,559
Gross profit	148,306		138,339		143,698		139,013		569,356
Operating earnings(2)	70,255		62,885		59,737		56,991		249,868
Net earnings	45,564		43,011		38,677		37,706		164,958
Net earnings attributable to EnerSys stockholders	45,804		43,790		39,184		37,730		166,508
Net earnings per common share attributable to EnerSys stockholders—basic	$	0.96	$	0.91	$	0.81	$	0.79	$	3.47
Net earnings per common share attributable to EnerSys stockholders—diluted	$	0.95	$	0.90	$	0.80	$	0.77	$	3.42

(1) Included in Operating earnings were restructuring charges of $421, $1,119, $12,920 and $12,866 for the first, second, third and fourth quarters of fiscal 2014, respectively.

(2) Included in Operating earnings were restructuring charges of $370, $1,295, $3,776 and $1,723 for the first, second, third and fourth quarters of fiscal 2013, respectively.

(3) Included in Operating earnings for the third quarter of fiscal 2014 was a charge for goodwill impairment relating to a subsidiary in India for $5,179.

(4) Included in Operating earnings for the fourth quarter of fiscal 2014 was a legal proceedings charge of $58,184.

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Consolidated Statements of Cash Flows (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2012
Cash flows from operating activities
Net earnings	$ 146,767	$ 164,958	$ 143,967
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	53,972	50,502	50,360
Write-off of assets related to restructuring	11,497	3,689	0
Non-cash write-off of other assets	5,000	0	0
Goodwill impairment charge	5,179	0	0
Derivatives not designated in hedging relationships:
Net losses (gains)	188	(2,496)	1,083
Cash settlements	(703)	(851)	(3,763)
Provision for doubtful accounts	907	998	1,395
Deferred income taxes	(49,748)	1,673	(3,227)
Non-cash interest expense	8,826	8,492	7,983
Stock-based compensation	16,742	14,737	11,585
(Gain) loss on disposal of fixed assets	(100)	170	(432)
Changes in assets and liabilities, net of effects of acquisitions:
Accounts receivable	(70,134)	5,421	7,106
Inventory	8,144	(921)	(19,655)
Prepaid and other current assets	(7,669)	(15,754)	8,834
Other assets	(1,347)	3,293	(955)
Accounts payable	(14,979)	5,370	(12,377)
Accrued expenses	90,339	2,997	13,505
Other liabilities	(9,260)	2,122	(1,213)
Net cash provided by operating activities	193,621	244,400	204,196
Cash flows from investing activities
Capital expenditures	(61,995)	(55,286)	(48,943)
Purchase of businesses, net of cash acquired	(171,528)	0	(23,553)
Proceeds from disposal of property, plant, and equipment	1,518	194	76
Net cash used in investing activities	(232,005)	(55,092)	(72,420)
Cash flows from financing activities
Net increase (decrease) in short-term debt	8,458	7,435	(462)
Proceeds from revolving credit borrowings	251,900	246,050	111,550
Repayments of revolving credit borrowings	(126,900)	(325,450)	(132,150)
Proceeds from long-term debt—other	0	5,556	0
Payments of long-term debt—other	0	(16,468)	(308)
Deferred financing fees incurred in connection with refinancing prior credit facility	(853)	0	0
Capital lease obligations and other	(404)	(358)	(1,375)
Option proceeds (taxes paid related to net share settlement of equity awards), net	(7,871)	10,033	974
Excess tax benefits from exercise of stock options and vesting of equity awards	1,612	1,351	1,772
Purchase of treasury stock	(69,867)	(22,593)	(58,383)
Dividends paid to stockholders	(23,681)	0	0
Payment of deferred purchase consideration	(4,820)	0	0
Purchase of noncontrolling interests	(6,012)	(2,131)	(1,000)
Proceeds from noncontrolling interests	0	613	0
Net cash provided by (used in) financing activities	21,562	(95,962)	(79,382)
Effect of exchange rate changes on cash and cash equivalents	7,577	(4,488)	(773)
Net (decrease) increase in cash and cash equivalents	(9,245)	88,858	51,621
Cash and cash equivalents at beginning of year	249,348	160,490	108,869
Cash and cash equivalents at end of year	$ 240,103	$ 249,348	$ 160,490

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Subsequent Events

12 Months Ended

Mar. 31, 2014

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

On May 7, 2014, the Company announced the payment of a quarterly cash dividend of $0.175 per share of common stock to be paid on June 27, 2014, to stockholders of record as of June 13, 2014.

On May 7, 2014, the Company also announced the establishment of a new $70,000 stock repurchase authorization that expires on March 31, 2015.

On May 12, 2014, under the Company's 2010 Equity Incentive Plan, the Company granted 76,512 stock options which vest over three years, 118,312 restricted stock units, which vest 25% each year over four-years from the date of grant, and 152,203 market share units, which vest three years from the date of grant.

On May 13, 2014, in the EnerSys Delaware Inc. ("EDI") v. Altergy Systems ("Altergy") arbitration matter, the arbitration panel issued an award in favor of Altergy and concluded that Altergy should recover $58,184 in net money damages from EDI. See Note 18 for details.

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Income Taxes - Schedule of Income Tax Expense (Detail) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2012
Current:
Federal	$ 41,256	$ 38,480	$ 30,459
State	2,845	5,684	3,778
Foreign	22,627	19,438	16,282
Total current	66,728	63,602	50,519
Deferred:
Federal	(18,410)	3,915	(1,609)
State	(4,088)	214	(962)
Foreign	(27,250)	(2,456)	(656)
Total deferred	(49,748)	1,673	(3,227)
Income tax expense	$ 16,980	$ 65,275	$ 47,292

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Commitments, Contingencies and Litigation - Additional Information (Detail) In Thousands, unless otherwise specified	0 Months Ended		3 Months Ended			12 Months Ended										3 Months Ended	0 Months Ended
	Jun. 10, 2013 USD ($)	Jun. 10, 2013 EUR (€)	Mar. 31, 2014 USD ($) Employee	Oct. 02, 2011 USD ($)	Oct. 02, 2011 EUR (€)	Mar. 31, 2014 USD ($) Employee	Mar. 31, 2013 USD ($)	Mar. 31, 2012 USD ($)	Mar. 31, 2009 USD ($)	Mar. 31, 2009 EUR (€)	Mar. 31, 2014 Lead hedge forward contracts USD ($) lb	Mar. 31, 2013 Lead hedge forward contracts USD ($) lb	Mar. 31, 2014 Foreign currency forward contracts USD ($)	Mar. 31, 2013 Foreign currency forward contracts USD ($)	Mar. 31, 2013 Interest rate swap agreements USD ($)	Mar. 31, 2014 EnerSys Delaware Inc and Altergy Systems Litigation EnerSys Delaware Inc. USD ($)	May 13, 2014 EnerSys Delaware Inc and Altergy Systems Litigation EnerSys Delaware Inc. Subsequent Event USD ($)
Commitments, Contingencies And Litigation [Line Items]
Legal proceedings charge	$ (2,756)	€ (2,000)	$ 58,184			$ 58,184	$ 0	$ (900)								$ 58,184	$ 58,184
Prejudgment interest rate																	5.75%
Litigation settlement recorded after tax expense																35,667
Litigation Damages Assessed And Paid									4,200	2,700
Proceeds from Legal Settlements				900	671
Reserves of environmental liabilities						2,915	2,915
Company number of employees			9,500			9,500
Percentage of employees covered by collective bargaining agreements						34.00%
Percentage of collective bargaining agreements that expire in next twelve months						13.00%
Average term of collective bargaining agreements						2 years
Longest term of collective bargaining agreements						4 years
Purchase price of hedges, pounds of lead											89,900,000	56,300,000
Purchase price of hedges											86,494	56,601	92,793	73,115
Convertible interest rate swap															$ 65,000

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Debt (Tables)

12 Months Ended

Mar. 31, 2014

Debt Disclosure [Abstract]

Schedule Of Long-Term Debt

The following summarizes the Company’s long-term debt:

	March 31,
	2014		2013
3.375% Convertible Notes, net of discount, due 2038	$	162,887	$	155,273
2011 Credit Facility due 2018	125,000		—
	287,887		155,273
Less current portion	—		—
Total long-term debt	$	287,887	$	155,273

Components Of Net Carrying Amount Of Convertible Notes

The following represents the principal amount of the liability component, the unamortized discount, and the net carrying amount of our Convertible Notes as of March 31, 2014 and 2013, respectively:

	March 31, 2014			March 31, 2013
Principal	$	172,500		$	172,500
Unamortized discount	(9,613		)	(17,227		)
Net carrying amount	$	162,887		$	155,273

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Business Segments (Tables)

12 Months Ended

Mar. 31, 2014

Segment Reporting [Abstract]

Summary Of Financial Information Related To The Company's Business Segments

Summarized financial information related to the Company’s reportable segments at March 31, 2014, 2013 and 2012 and for each of the fiscal years then ended is shown below.

	Fiscal year ended March 31,
	2014			2013			2012
Net sales by segment to unaffiliated customers
Americas	$	1,267,598		$	1,126,904		$	1,082,747
EMEA	966,152			926,165			995,431
Asia	240,683			224,490			205,191
Total net sales	$	2,474,433		$	2,277,559		$	2,283,369
Net sales by product line
Reserve power	$	1,234,538		$	1,118,965		$	1,092,734
Motive power	1,239,895			1,158,594			1,190,635
Total net sales	$	2,474,433		$	2,277,559		$	2,283,369
Intersegment sales
Americas	$	33,951		$	36,854		$	38,115
EMEA	77,549			76,947			75,652
Asia	29,428			31,246			21,182
Total intersegment sales(1)	$	140,928		$	145,047		$	134,949
Operating earnings
Americas	$	179,080		$	171,854		$	138,894
EMEA	84,902			64,032			63,872
Asia	21,217			21,146			12,133
Restructuring and other exit charges—EMEA	(27,078		)	(4,473		)	(4,988		)
Restructuring charges—Asia	(248		)	(2,691		)	—
Legal proceedings charge—Americas	(58,184		)	—			—
Legal proceedings settlement income—EMEA	—			—			900
Goodwill impairment charge—Asia	(5,179		)	—			—
Total operating earnings(2)	$	194,510		$	249,868		$	210,811
Property, plant and equipment, net
Americas	$	155,988		$	152,678		$	144,701
EMEA	145,308			152,577			161,854
Asia	68,870			44,871			46,660
Total	$	370,166		$	350,126		$	353,215
Capital Expenditures
Americas	$	24,641		$	29,566		$	20,862
EMEA	14,871			20,761			21,631
Asia	22,483			4,959			6,450
Total	$	61,995		$	55,286		$	48,943
Depreciation and Amortization
Americas	$	26,596		$	23,073		$	21,466
EMEA	22,708			22,255			25,451
Asia	4,668			5,174			3,443
Total	$	53,972		$	50,502		$	50,360

(1) Intersegment sales are presented on a cost-plus basis which takes into consideration the effect of transfer prices between legal entities.

(2) The Company does not allocate interest expense or other (income) expense, net to the reportable segments.

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Leases - Schedule of Capital and Operating Leases (Parenthetical) (Detail) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Leases [Abstract]
Net minimum lease payments, including current portion	$ 354	$ 311

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Consolidated Balance Sheets (USD $) In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Current assets:
Cash and cash equivalents	$ 240,103	$ 249,348
Accounts receivable, net of allowance for doubtful accounts (2014–$9,446; 2013–$9,292)	564,584	448,068
Inventories, net	361,846	353,941
Deferred taxes	64,765	37,786
Prepaid and other current assets	69,402	63,819
Total current assets	1,300,700	1,152,962
Property, plant, and equipment, net	370,166	350,126
Goodwill	426,056	345,499
Other intangible assets, net	172,472	103,701
Deferred taxes	33,446	14,168
Other assets	19,018	21,411
Total assets	2,321,858	1,987,867
Current liabilities:
Short-term debt	33,814	22,702
Current portion of capital lease obligations	354	311
Accounts payable	259,484	249,359
Accrued expenses	284,902	191,664
Deferred taxes	2,849	3,523
Total current liabilities	581,403	467,559
Long-term debt	287,887	155,273
Capital lease obligations	245	203
Deferred taxes	101,149	88,036
Other liabilities	81,225	90,418
Total liabilities	1,051,909	801,489
Commitments and contingencies	0	0
Redeemable noncontrolling interests	8,047	11,095
Redeemable equity component of Convertible Notes	9,613	0
Equity:
Preferred Stock, $0.01 par value, 1,000,000 shares authorized, no shares issued or outstanding at March 31, 2014 and at March 31, 2013	0	0
Common Stock, $0.01 par value, 135,000,000 shares authorized, 53,263,348 shares issued and 46,942,126 shares outstanding at March 31, 2014; 52,970,281 shares issued and 47,840,204 shares outstanding at March 31, 2013	532	529
Additional paid-in capital	500,254	501,646
Treasury stock at cost, 6,321,222 shares held as of March 31, 2014 and 5,130,077 shares held as of March 31, 2013	(170,643)	(100,776)
Retained earnings	848,414	727,347
Accumulated other comprehensive income	67,845	40,655
Total EnerSys stockholders’ equity	1,246,402	1,169,401
Nonredeemable noncontrolling interests	5,887	5,882
Total equity	1,252,289	1,175,283
Total liabilities and equity	$ 2,321,858	$ 1,987,867

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Income Taxes (Tables)

12 Months Ended

Mar. 31, 2014

Income Tax Disclosure [Abstract]

Income Tax Expense

Income tax expense is composed of the following:

	Fiscal year ended March 31,
	2014			2013			2012
Current:
Federal	$	41,256		$	38,480		$	30,459
State	2,845			5,684			3,778
Foreign	22,627			19,438			16,282
Total current	66,728			63,602			50,519
Deferred:
Federal	(18,410		)	3,915			(1,609		)
State	(4,088		)	214			(962		)
Foreign	(27,250		)	(2,456		)	(656		)
Total deferred	(49,748		)	1,673			(3,227		)
Income tax expense	$	16,980		$	65,275		$	47,292

Earnings Before Income Taxes

Earnings before income taxes consists of the following:

	Fiscal year ended March 31,
	2014		2013		2012
United States	$	47,753	$	107,191	$	87,597
Foreign	115,994		123,042		103,662
Earnings before income taxes	$	163,747	$	230,233	$	191,259

Deferred Tax Assets And Liabilities

The following table sets forth the tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities:

	March 31,
	2014			2013
Deferred tax assets:
Accounts receivable	$	1,204		$	660
Inventories	6,146			4,345
Net operating loss carryforwards	60,359			67,834
Accrued expenses	58,417			32,773
Other assets	13,291			9,703
Gross deferred tax assets	139,417			115,315
Less valuation allowance	(23,583		)	(54,542		)
Total deferred tax assets	115,834			60,773
Deferred tax liabilities:
Property, plant and equipment	26,286			28,985
Other intangible assets	71,094			48,142
Convertible Notes	22,687			22,386
Other liabilities	1,554			865
Total deferred tax liabilities	121,621			100,378
Net deferred tax liabilities	$	(5,787	)	$	(39,605	)

Reconciliation Of Income Taxes At The Statutory Rate

A reconciliation of income taxes at the statutory rate to the income tax provision is as follows:

	Fiscal year ended March 31,
	2014			2013			2012
United States statutory income tax expense (at 35%)	$	57,311		$	80,581		$	66,962
Increase (decrease) resulting from:
State income taxes, net of federal effect	(647		)	3,742			1,592
Nondeductible expenses, domestic manufacturing deduction and other	5,124			7,664			1,587
Effect of foreign operations	(24,277		)	(27,883		)	(20,028		)
Valuation allowance	(20,531		)	1,171			(2,821		)
Income tax expense	$	16,980		$	65,275		$	47,292

Reconciliation Of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:

March 31, 2011	$	10,645
Increases related to current year tax positions	5,032
Increases related to prior year tax positions	182
Decreases related to prior year tax positions due to foreign currency translation	(28		)
Lapse of statute of limitations	(2,886		)
March 31, 2012	12,945
Increases related to current year tax positions	6,296
Increases related to prior year tax positions	969
Increases related to prior year tax positions due to foreign currency translation	245
Lapse of statute of limitations	(3,970		)
March 31, 2013	16,485
Increases related to current year tax positions	207
Increases related to prior year tax positions	2,877
Decreases related to prior tax positions due to foreign currency translation	(68		)
Decreases related to prior year tax positions	(14,835		)
Lapse of statute of limitations	(923		)
March 31, 2014	$	3,743

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Retirement Plans - Summary of Accumulated Benefit Obligation Related to All Defined Pension Plans (Detail) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
United States Plans
Defined Benefit Plan Disclosure [Line Items]
Projected benefit obligation	$ 15,290	$ 15,911
Accumulated benefit obligation	15,290	15,911
Fair value of plan assets	11,309	10,334
United States Plans | Pension Plans, Defined Benefit
Defined Benefit Plan Disclosure [Line Items]
Accumulated benefit obligation	15,290	15,911
United States Plans | Unfunded Defined Benefit Plan
Defined Benefit Plan Disclosure [Line Items]
Projected benefit obligation	0	0
Accumulated benefit obligation	0	0
United States Plans | Defined Benefit Plans With An Accumulated Benefit Obligation In Excess Of The Fair Value Of Plan Assets
Defined Benefit Plan Disclosure [Line Items]
Projected benefit obligation	15,290	15,911
Accumulated benefit obligation	15,290	15,911
Fair value of plan assets	11,309	10,334
International Plans
Defined Benefit Plan Disclosure [Line Items]
Projected benefit obligation	69,227	59,876
Accumulated benefit obligation	65,049	56,135
Fair value of plan assets	33,706	29,468
International Plans | Pension Plans, Defined Benefit
Defined Benefit Plan Disclosure [Line Items]
Accumulated benefit obligation	65,049	56,135
International Plans | Unfunded Defined Benefit Plan
Defined Benefit Plan Disclosure [Line Items]
Projected benefit obligation	31,335	28,444
Accumulated benefit obligation	29,693	27,032
International Plans | Defined Benefit Plans With An Accumulated Benefit Obligation In Excess Of The Fair Value Of Plan Assets
Defined Benefit Plan Disclosure [Line Items]
Projected benefit obligation	68,446	29,571
Accumulated benefit obligation	64,388	27,985
Fair value of plan assets	$ 33,009	$ 777

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Earnings Per Share - Additional Information (Detail) (USD $)	12 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Earnings Per Share [Abstract]
Average price of common stock (usd per share)	$ 59.46
Convertible notes conversion price (usd per share)	$ 40.60
Shares relating to the conversion premium (in shares)	1,279,960	20,022

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Consolidated Statements of Changes in Stockholders' Equity (USD $) In Thousands, unless otherwise specified	Total	Preferred Stock	Common Stock	Paid-in Capital	Treasury Stock	Retained Earnings	Accumulated Other Comprehensive Income	Total EnerSys Stockholders' Equity	Non- redeemable Non- controlling Interests
Beginning Balance at Mar. 31, 2011	$ 978,993	$ 0	$ 518	$ 461,597	$ (19,800)	$ 416,836	$ 115,180	$ 974,331	$ 4,662
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	11,585			11,585				11,585
Exercise of stock options	974		4	970				974
Tax benefit from stock options	1,772			1,772				1,772
Purchase of common stock	(58,383)				(58,383)			(58,383)
Purchase of noncontrolling interests	(1,000)			(1,000)				(1,000)
Noncontrolling interests attributable to the consolidation of fiscal 2012 acquisitions	4,020								4,020
Net earnings (excludes $3526 in 2014, $1429 in 2013 and $170 in 2012 of losses attributable to redeemable noncontrolling interests)	144,137					144,003		144,003	134
Other comprehensive income:
Pension funded status adjustment, (net of tax benefit expense of $26 in 2014, $1,195 in 2013, and $1,841 in 2012)	(5,470)						(5,470)	(5,470)
Net unrealized gain (loss) on derivative instruments (net of tax benefit expense of $834 in 2014, $1,134 in 2013, and $1,909 in 2012)	(3,261)						(3,261)	(3,261)
Foreign currency translation adjustment (excludes $1,340 in 2014, $1,159 in 2013 and $36 in 2012 related to redeemable noncontrolling interests)	(32,552)						(32,356)	(32,356)	(196)
Ending Balance at Mar. 31, 2012	1,040,815	0	522	474,924	(78,183)	560,839	74,093	1,032,195	8,620
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	14,737			14,737				14,737
Exercise of stock options	10,033		7	10,026				10,033
Tax benefit from stock options	1,351			1,351				1,351
Purchase of common stock	(22,593)				(22,593)			(22,593)
Purchase of noncontrolling interests	(2,131)			608				608	(2,739)
Proceeds from noncontrolling interests	613								613
Net earnings (excludes $3526 in 2014, $1429 in 2013 and $170 in 2012 of losses attributable to redeemable noncontrolling interests)	166,387					166,508		166,508	(121)
Other comprehensive income:
Pension funded status adjustment, (net of tax benefit expense of $26 in 2014, $1,195 in 2013, and $1,841 in 2012)	(4,187)						(4,187)	(4,187)
Net unrealized gain (loss) on derivative instruments (net of tax benefit expense of $834 in 2014, $1,134 in 2013, and $1,909 in 2012)	(2,007)						(2,007)	(2,007)
Foreign currency translation adjustment (excludes $1,340 in 2014, $1,159 in 2013 and $36 in 2012 related to redeemable noncontrolling interests)	(27,735)						(27,244)	(27,244)	(491)
Ending Balance at Mar. 31, 2013	1,175,283	0	529	501,646	(100,776)	727,347	40,655	1,169,401	5,882
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	16,742			16,742				16,742
Exercise of stock options	(7,870)		3	(7,873)				(7,870)
Tax benefit from stock options	1,612			1,612				1,612
Purchase of common stock	(69,867)				(69,867)			(69,867)
Purchase of noncontrolling interests	(2,866)			(2,866)				(2,866)	0
Reclassification of debt conversion feature	(9,613)			(9,613)				(9,613)
Net earnings (excludes $3526 in 2014, $1429 in 2013 and $170 in 2012 of losses attributable to redeemable noncontrolling interests)	150,303					150,328		150,328	(25)
Dividends ($0.50 per common share)	(23,681)			606		(24,287)		(23,681)
Redemption value adjustment attributable to redeemable noncontrolling interests	(4,974)					(4,974)		(4,974)
Other comprehensive income:
Pension funded status adjustment, (net of tax benefit expense of $26 in 2014, $1,195 in 2013, and $1,841 in 2012)	(2,038)						(2,038)	(2,038)
Net unrealized gain (loss) on derivative instruments (net of tax benefit expense of $834 in 2014, $1,134 in 2013, and $1,909 in 2012)	(1,421)						(1,421)	(1,421)
Foreign currency translation adjustment (excludes $1,340 in 2014, $1,159 in 2013 and $36 in 2012 related to redeemable noncontrolling interests)	30,679						30,649	30,649	30
Ending Balance at Mar. 31, 2014	$ 1,252,289	$ 0	$ 532	$ 500,254	$ (170,643)	$ 848,414	$ 67,845	$ 1,246,402	$ 5,887

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Retirement Plans - Summary Changes in Plan Assets and Benefit Obligations (Detail) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2012
Changes in plan assets and benefit obligations:
New prior service cost	$ 255	$ 0	$ 0
Net loss (gain) arising during the year	2,262	6,376	7,757
Effect of exchange rates on amounts included in AOCI	920	(392)	(176)
Amounts recognized as a component of net periodic benefit costs:
Amortization of prior service cost	(81)	(79)	(83)
Amortization or settlement recognition of net loss	(694)	(523)	(187)
Total recognized in other comprehensive income	$ 2,662	$ 5,382	$ 7,311

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Property, Plant, and Equipment - Summary of PPE (Detail) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2012
Property, Plant and Equipment [Abstract]
Land, buildings, and improvements	$ 226,008	$ 206,610
Machinery and equipment	576,729	528,546
Construction in progress	35,463	25,139
Property, Plant and Equipment, Gross, Total	838,200	760,295
Less accumulated depreciation	(468,034)	(410,169)
Total	$ 370,166	$ 350,126	$ 353,215

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Retirement Plans - Additional Information (Detail) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2012
Defined Benefit Plan Disclosure [Line Items]
Expected cash contributions to pension plans in 2014	$ 2,898
Defined Contribution Pension
Defined Benefit Plan Disclosure [Line Items]
Employer expenses	$ 6,311	$ 5,191	$ 5,146
Equity Securities
Defined Benefit Plan Disclosure [Line Items]
Equity investments target range, minimum	40.00%
Equity investments target range, maximum	75.00%

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Inventories (Tables)

12 Months Ended

Mar. 31, 2014

Inventory Disclosure [Abstract]

Summary Of Net Inventories

Net inventories consist of:

	March 31,
	2014		2013
Raw materials	$	87,469	$	88,787
Work-in-process	116,124		113,119
Finished goods	158,253		152,035
Total	$	361,846	$	353,941

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Prepaid and Other Current Assets (Detail) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid non-income taxes	$ 25,120	$ 27,525
Prepaid income taxes	23,762	16,145
Non-trade receivables	4,435	6,096
Other	16,085	14,053
Total	$ 69,402	$ 63,819

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Retirement Plans

12 Months Ended

Mar. 31, 2014

Compensation and Retirement Disclosure [Abstract]

Retirement Plans

Retirement Plans

Defined Benefit Plans

The Company provides retirement benefits to substantially all eligible salaried and hourly employees. The Company uses a measurement date of March 31 for its pension plans.

Net periodic pension cost for fiscal 2014, 2013 and 2012, includes the following components:

	United States Plans									International Plans
	Fiscal year ended March 31,									Fiscal year ended March 31,
	2014			2013			2012			2014			2013			2012
Service cost	$	348		$	349		$	285		$	829		$	679		$	645
Interest cost	619			649			668			2,412			2,377			2,504
Expected return on plan assets	(796		)	(756		)	(706		)	(2,134		)	(1,851		)	(1,787		)
Amortization and deferral	479			393			238			56			209			32
Net periodic benefit cost	$	650		$	635		$	485		$	1,163		$	1,414		$	1,394

The following table sets forth a reconciliation of the related benefit obligation, plan assets, and accrued benefit costs related to the pension benefits provided by the Company for those employees covered by defined benefit plans:

	United States Plans						International Plans
	March 31,						March 31,
	2014			2013			2014			2013
Change in projected benefit obligation
Benefit obligation at the beginning of the period	$	15,911		$	14,040		$	59,876		$	53,895
Service cost	348			349			829			679
Interest cost	619			649			2,412			2,377
Plan amendments	254			—			—			—
Benefits paid, inclusive of plan expenses	(670		)	(664		)	(2,000		)	(1,667		)
Plan curtailments and settlements	—			—			(356		)	—
Actuarial (gains) losses	(1,172		)	1,537			3,329			7,099
Foreign currency translation adjustment	—			—			5,137			(2,507		)
Benefit obligation at the end of the period	$	15,290		$	15,911		$	69,227		$	59,876

Change in plan assets
Fair value of plan assets at the beginning of the period	$	10,334		$	9,192		$	29,468		$	26,942
Actual return on plan assets	1,158			843			1,666			4,024
Employer contributions	487			963			1,852			1,639
Benefits paid, inclusive of plan expenses	(670		)	(664		)	(2,000		)	(1,667		)
Plan curtailments and settlements	—			—			(115		)	—
Foreign currency translation adjustment	—			—			2,835			(1,470		)
Fair value of plan assets at the end of the period	$	11,309		$	10,334		$	33,706		$	29,468
Funded status deficit	$	(3,981	)	$	(5,577	)	$	(35,521	)	$	(30,408	)

	March 31,
	2014			2013
Amounts recognized in the Consolidated Balance Sheets consist of:
Accrued expenses	$	(1,602	)	$	(1,431	)
Other liabilities	(37,900		)	(34,554		)
	$	(39,502	)	$	(35,985	)

The following table represents pension components (before tax) and related changes (before tax) recognized in AOCI for the Company’s pension plans for the years ended March 31, 2014, 2013 and 2012:

	Fiscal year ended March 31,
	2014			2013			2012
Amounts recorded in AOCI before taxes:
Prior service cost	$	(1,036	)	$	(816	)	$	(922	)
Net loss	(19,239		)	(16,645		)	(11,176		)
Net amount recognized	$	(20,275	)	$	(17,461	)	$	(12,098	)

	Fiscal year ended March 31,
	2014			2013			2012
Changes in plan assets and benefit obligations:
New prior service cost	$	255		$	—		$	—
Net loss arising during the year	2,262			6,376			7,757
Effect of exchange rates on amounts included in AOCI	920			(392		)	(176		)
Amounts recognized as a component of net periodic benefit costs:
Amortization of prior service cost	(81		)	(79		)	(83		)
Amortization or settlement recognition of net loss	(694		)	(523		)	(187		)
Total recognized in other comprehensive income	$	2,662		$	5,382		$	7,311

The amounts included in AOCI as of March 31, 2014 that are expected to be recognized as components of net periodic pension cost during the next twelve months are as follows:

Net loss	$	(952	)
Prior service cost	(108		)
Net amount expected to be recognized	$	(1,060	)

The accumulated benefit obligation related to all defined benefit pension plans and information related to unfunded and underfunded defined benefit pension plans at the end of each year are as follows:

	United States Plans				International Plans
	March 31,				March 31,
	2014		2013		2014		2013
All defined benefit plans:
Accumulated benefit obligation	$	15,290	$	15,911	$	65,049	$	56,135
Unfunded defined benefit plans:
Projected benefit obligation	$	—	$	—	$	31,335	$	28,444
Accumulated benefit obligation	—		—		29,693		27,032
Defined benefit plans with a projected benefit obligation in excess of the fair value of plan assets:
Projected benefit obligation	$	15,290	$	15,911	$	69,227	$	59,876
Accumulated benefit obligation	15,290		15,911		65,049		56,135
Fair value of plan assets	11,309		10,334		33,706		29,468
Defined benefit plans with an accumulated benefit obligation in excess of the fair value of plan assets:
Projected benefit obligation	$	15,290	$	15,911	$	68,446	$	29,571
Accumulated benefit obligation	15,290		15,911		64,388		27,985
Fair value of plan assets	11,309		10,334		33,009		777

Assumptions

Significant assumptions used to determine the net periodic benefit cost for the US and International plans were as follows:

	United States Plans						International Plans
	Fiscal year ended March 31,						Fiscal year ended March 31,
	2014		2013		2012		2014	2013	2012
Discount rate	4.0	%	4.8	%	5.7	%	2.5-4.4%	2.5-5.5%	4.0-5.5%
Expected return on plan assets	7.8		8.0		8.0		3.5-7.0	5.5-7.0	5.5-7.0
Rate of compensation increase	N/A		N/A		N/A		2.0-4.0	2.0-4.0	2.0-4.0

Significant assumptions used to determine the projected benefit obligations for the US and International plans were as follows:

	United States Plans				International Plans
	March 31,				March 31,
	2014		2013		2014	2013
Discount rate	4.5	%	4.0	%	3.0-4.6%	2.5-4.4%
Expected return on plan assets	7.8		8.0		3.5-7.0	4.0-7.0
Rate of compensation increase	N/A		N/A		2.0-4.0	2.0-4.0

N/A = not applicable

The United States plans do not include compensation in the formula for determining the pension benefit as it is based solely on years of service.

The expected long-term rate of return for the Company’s pension plan assets is based upon the target asset allocation and is determined using forward looking assumptions in the context of historical returns and volatilities for each asset class, as well as correlations among asset classes. The Company evaluates the rate of return assumptions for each of its plans on an annual basis.

Pension Plan Investment Strategy

The Company’s investment policy emphasizes a balanced approach to investing in securities of high quality and ready marketability. Investment flexibility is encouraged so as not to exclude opportunities available through a diversified investment strategy.

Equity investments are maintained within a target range of 40%-75% of the total portfolio market value. Investments in debt securities include issues of various maturities, and the average quality rating of bonds should be investment grade with a minimum quality rating of “B” at the time of purchase.

The Company periodically reviews the asset allocation of its portfolio. The proportion committed to equities, debt securities and cash and cash equivalents is a function of the values available in each category and risk considerations. The plan’s overall return will be compared to and expected to meet or exceed established benchmark funds and returns over a three to five year period.

The objectives of the Company’s investment strategies are: (a) the achievement of a reasonable long-term rate of total return consistent with an emphasis on preservation of capital and purchasing power, (b) stability of annual returns through a portfolio risk level, which is appropriate to conservative accounts, and (c) reflective of the Company’s willingness to forgo significantly above-average rewards in order to minimize above-average risks. These objectives may not be met each year but should be attained over a reasonable period of time.

The following table represents our pension plan investments measured at fair value as of March 31, 2014 and 2013 and the basis for that measurement:

	March 31, 2014
	United States Plans								International Plans
	Total Fair Value Measurement		Quoted Price In Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Fair Value Measurement		Quoted Price In Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Asset category:
Cash and cash equivalents	$	1,225	$	1,225	$	—	$	—	$	—	$	—	$	—	$	—
Equity securities
US(a)	6,520		6,520		—		—		3,452		3,452		—		—
International(b)	1,011		1,011		—		—		19,193		19,193		—		—
Fixed income(c)	2,553		2,553		—		—		11,061		11,061		—		—
Total	$	11,309	$	11,309	$	—	$	—	$	33,706	$	33,706	$	—	$	—

	March 31, 2013
	United States Plans								International Plans
	Total Fair Value Measurement		Quoted Price In Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Fair Value Measurement		Quoted Price In Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Asset category:
Cash and cash equivalents	$	1,454	$	1,454	$	—	$	—	$	—	$	—	$	—	$	—
Equity securities
US(a)	5,346		5,346		—		—		2,856		2,856		—		—
International(b)	905		905		—		—		15,617		15,617		—		—
Fixed income(c)	2,629		2,629		—		—		10,995		10,995		—		—
Total	$	10,334	$	10,334	$	—	$	—	$	29,468	$	29,468	$	—	$	—

The fair values presented above were determined based on valuation techniques to measure fair value as discussed in Note 1.

(a) US equities include companies that are well diversified by industry sector and equity style (i.e., growth and value strategies). Active and passive management strategies are employed. Investments are primarily in large capitalization stocks and, to a lesser extent, mid- and small-cap stocks.

(b) International equities are invested in companies that are traded on exchanges outside the U.S. and are well diversified by industry sector, country and equity style. Active and passive strategies are employed. The vast majority of the investments are made in companies in developed markets with a small percentage in emerging markets.

(c) Fixed income consists primarily of investment grade bonds from diversified industries.

The Company expects to make cash contributions of approximately $2,898 to its pension plans in fiscal 2015.

Estimated future benefit payments under the Company’s pension plans are as follows:

	Pension Benefits
2015	$	2,697
2016	2,653
2017	3,151
2018	3,148
2019	3,415
Years 2020-2024	21,298

Defined Contribution Plan

The Company maintains defined contribution plans primarily in the U.S. and U.K. Eligible employees can contribute a portion of their pre-tax and /or after-tax income in accordance with plan guidelines and the Company will make contributions based on the employees’ eligible pay and/or will match a percentage of the employee contributions up to certain limits. Matching contributions charged to expense for the fiscal years ended March 31, 2014, 2013 and 2012 were $6,311, $5,191 and $5,146, respectively.

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Property, Plant, and Equipment (Tables)

12 Months Ended

Mar. 31, 2014

Property, Plant and Equipment [Abstract]

Summary Of Property, Plant, And Equipment

Property, plant, and equipment consist of:

	March 31,
	2014			2013
Land, buildings, and improvements	$	226,008		$	206,610
Machinery and equipment	576,729			528,546
Construction in progress	35,463			25,139
	838,200			760,295
Less accumulated depreciation	(468,034		)	(410,169		)
Total	$	370,166		$	350,126

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Retirement Plans - Significant Assumptions Used to Determine Projected Benefit Obligations (Detail)	Mar. 31, 2014	Mar. 31, 2013
United States Plans
Defined Benefit Plan Disclosure [Line Items]
Discount rate	4.50%	4.00%
Expected return on plan assets	7.80%	8.00%
International Plans | Minimum
Defined Benefit Plan Disclosure [Line Items]
Discount rate	3.00%	2.50%
Expected return on plan assets	3.50%	4.00%
Rate of compensation increase	2.00%	2.00%
International Plans | Maximum
Defined Benefit Plan Disclosure [Line Items]
Discount rate	4.60%	4.40%
Expected return on plan assets	7.00%	7.00%
Rate of compensation increase	4.00%	4.00%

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Subsequent Events - Additional Information (Detail)	0 Months Ended		3 Months Ended	12 Months Ended			0 Months Ended				12 Months Ended	0 Months Ended	12 Months Ended	0 Months Ended	3 Months Ended	0 Months Ended
	Jun. 10, 2013 USD ($)	Jun. 10, 2013 EUR (€)	Mar. 31, 2014 USD ($)	Mar. 31, 2014 USD ($)	Mar. 31, 2013 USD ($)	Mar. 31, 2012 USD ($)	May 12, 2014 Subsequent Event	May 07, 2014 Subsequent Event USD ($)	May 07, 2014 Subsequent Event Dividend Declared USD ($)	May 12, 2014 Stock option Subsequent Event	Mar. 31, 2014 Restricted Stock Units (RSUs)	May 12, 2014 Restricted Stock Units (RSUs) Subsequent Event	Mar. 31, 2014 Market Share Unit Number (MSU)	May 12, 2014 Market Share Unit Number (MSU) Subsequent Event	Mar. 31, 2014 EnerSys Delaware Inc and Altergy Systems Litigation EnerSys Delaware Inc. USD ($)	May 13, 2014 EnerSys Delaware Inc and Altergy Systems Litigation EnerSys Delaware Inc. Subsequent Event USD ($)
Subsequent Event [Line Items]
Common Stock cash dividends, per share									$ 0.175
Common Stock cash dividends, to be paid date									Jun. 27, 2014
Common Stock cash dividends, date of record									Jun. 13, 2014
Stock repurchase authorization								$ 70,000,000
Stock options granted							76,512
Percent vested												25.00%
Vesting period, in years										3 years		4 years		3 years
Stock unit grant during period											183,925	118,312	189,438	152,203
Legal proceedings charge	$ (2,756,000)	€ (2,000,000)	$ 58,184,000	$ 58,184,000	$ 0	$ (900,000)									$ 58,184,000	$ 58,184,000

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Stock-Based Compensation

12 Months Ended

Mar. 31, 2014

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stock-Based Compensation

Stock-Based Compensation

As of March 31, 2014, the Company maintains the EnerSys 2010 Equity Incentive Plan (“2010 EIP”). The 2010 EIP reserved 3,177,477 shares of common stock for the grant of various classes of nonqualified stock options, restricted stock units, market share units and other forms of equity-based compensation. Shares subject to any awards that expire without being exercised or that are forfeited or settled in cash shall again be available for future grants of awards under the 2010 EIP. Shares subject to awards that have been retained by the Company in payment or satisfaction of the exercise price and any applicable tax withholding obligation of an award shall not count against the limit described above.

As of March 31, 2014, 2,174,313 shares are available for future grants. The Company’s management equity incentive plans are intended to provide an incentive to employees and non-employee directors of the Company to remain in the service of the Company and to increase their interest in the success of the Company in order to promote the long-term interests of the Company. The plans seek to promote the highest level of performance by providing an economic interest in the long-term performance of the Company. The Company settles employee share-based compensation awards with newly issued shares.

Stock Options

No non-qualified stock options were granted during the last three fiscal years. Options generally expire 10 years from the date of grant.

For fiscal 2014, 2013 and 2012, the Company recognized $0 ($0 net of taxes), $97 ($69 net of taxes) and $1,092 ($822 net of taxes), respectively, of stock-based compensation expense associated with stock option grants.

The following table summarizes the Company’s stock option activity in the years indicated:

	Number of Options		Weighted- Average Remaining Contract Term (Years)	Weighted- Average Exercise Price		Aggregate Intrinsic Value
Options outstanding as of March 31, 2011	860,779		6.2	$	19.52	$	17,129
Exercised	(227,116	)		15.82		3,691
Options outstanding as of March 31, 2012	633,663		6.1	$	20.85	$	8,879
Exercised	(555,677	)		21.70		8,860
Options outstanding as of March 31, 2013	77,986		2.5	$	14.76	$	2,404
Exercised	(11,813	)		14.72		537
Options outstanding and exercisable as of March 31, 2014	66,173		1.4	$	14.77	$	3,608

The following table summarizes information regarding stock options outstanding, all of which are also exercisable, as of March 31, 2014:

	Options Outstanding and Exercisable
Range of Exercise Prices	Number of Options	Weighted- Average Remaining Contractual Life	Weighted- Average Exercise Price
$10.01-$15.00	58,000	1.1	$	14.27
$15.01-$30.19	8,173	3.2	18.31
	66,173	1.4	$	14.77

Restricted Stock Units and Market Share Units

In fiscal 2014, the Company granted to non-employee directors 17,064 deferred restricted stock units at the fair value of $53.92 per restricted stock unit at the date of grant. In fiscal 2013, such grants amounted to 21,328 restricted stock units at the fair value of $37.51 per restricted stock unit at the date of grant and in fiscal 2012, amounted to 35,632 restricted stock units at the market price of $22.45 per restricted stock unit at the date of grant. The awards vest immediately upon the date of grant and the payment of shares of common stock under this grant are payable upon such director’s termination of service as a director.

In fiscal 2014, 2013 and 2012, the Company granted 5,232, 9,412 and 9,340 restricted stock units, respectively, at various fair values, under deferred compensation plans.

In fiscal 2014, the Company granted to management and other key employees 161,629 restricted stock units at the fair value of $50.70 per restricted stock unit and 189,438 market share units at a weighted average fair value of $65.03 per market share unit at the date of grant.

In fiscal 2013, the Company granted to management and other key employees 199,139 restricted stock units at the fair value of $31.76 per restricted stock unit and 303,942 market share units at a weighted average fair value of $41.36 per market share unit at the date of grant.

In fiscal 2012, the Company granted to management and other key employees 95,026 restricted stock units at the fair value of $35.79 per restricted stock unit at the date of grant and 224,397 market share units at the fair value of $48.36 per market share unit at the date of grant.

For purposes of determining the fair value of market share units granted, the Company uses a binomial lattice model with the following assumptions:

	2014		2013		2012
Risk-free interest rate	0.52	%	0.37	%	0.93	%
Dividend yield	1	%	—	%	—	%
Expected life (years)	3		3		3
Volatility	33.89	%	39.08	%	45.5	%

A summary of the changes in restricted stock units and market share units awarded to employees and directors that were outstanding under the Company’s equity compensation plans during fiscal 2014 is presented below:

	Restricted Stock Units (RSU)				Market Share Units (MSU)
	Number of RSU		Weighted- Average Grant Date Fair Value		Number of MSU		Weighted- Average Grant Date Fair Value
Non-vested awards as of March 31, 2013	599,981		$	26.53	630,039		$	42.29
Granted	183,925		49.41		189,438		65.03
Stock dividend	4,485		34.99		5,600		50.12
Performance factor	—		—		98,032		34.45
Vested	(216,432	)	24.63		(222,123	)	34.45
Canceled	(9,927	)	33.09		(30,379	)	44.74
Non-vested awards as of March 31, 2014	562,032		$	35.13	670,607		$	50.14

The Company recognized stock-based compensation expense relating to restricted stock units and market share units of approximately $16,742, with a related tax benefit of $2,843 for fiscal 2014, $14,640, with a related tax benefit of $4,105 for fiscal 2013 and $10,493, with a related tax benefit of $2,599 for fiscal 2012.

All Award Plans

As of March 31, 2014, unrecognized compensation expense associated with the non-vested incentive awards outstanding was $25,353 and is expected to be recognized over a weighted-average period of 18 months.

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Debt - Long Term Debt (Parenthetical) (Detail)	12 Months Ended
	Mar. 31, 2014
Senior Unsecured 3.375% Convertible Notes Due 2038
Debt Instrument [Line Items]
Interest rate of debt instrument	3.375%
Maturity year	2038
2011 Credit Facility Due 2018
Debt Instrument [Line Items]
Maturity year	2018

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Stock-Based Compensation - Summary of Stock Option Activity (Detail) (USD $) In Thousands, except Share data, unless otherwise specified	12 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2012	Mar. 31, 2011
Number of options
Number of Options outstanding, Beginning Balance	77,986	633,663	860,779
Number of Options, Exercised	(11,813)	(555,677)	(227,116)
Number of Options outstanding, Ending Balance	66,173	77,986	633,663	860,779
Number of Options, Exercisable	66,173
Options outstanding, Weighted Average Remaining Contract Term
Options outstanding, Weighted Average Remaining Contract Term (Years)	1 year 4 months 17 days	2 years 6 months	6 years 1 month 6 days	6 years 2 months 12 days
Options exercisable, Weighted Average Remaining Contract Term (Years)	1 year 4 months 17 days
Weighted average exercise price
Options outstanding, Weighted Average Exercise Price, Beginning Balance	$ 14.76	$ 20.85	$ 19.52
Weighted Average Exercise Price, Exercised	$ 14.72	$ 21.70	$ 15.82
Options outstanding, Weighted Average Exercise Price, Ending Balance	$ 14.77	$ 14.76	$ 20.85	$ 19.52
Options exercisable, Weighted Average Exercise Price	$ 14.77
Aggregate intrinsic value
Options outstanding, Aggregate Intrinsic Value, Beginning Balance	$ 2,404	$ 8,879	$ 17,129
Aggregate Intrinsic Value, Exercised	537	8,860	3,691
Options outstanding, Aggregate Intrinsic Value, Ending Balance	3,608	2,404	8,879	17,129
Options exercisable, Aggregate Intrinsic Value	$ 3,608

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Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) (USD $) In Thousands, except Per Share data, unless otherwise specified	12 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2012
Statement of Stockholders' Equity [Abstract]
Losses attributable to redeemable noncontrolling interests	$ 3,536	$ 1,429	$ 170
Dividends per common share	$ 0.50	$ 0	$ 0
Pension funded status adjustment, tax benefit expense	26	1,195	1,841
Net unrealized gain (loss) on derivative instruments, tax benefit expense	834	1,134	1,909
Foreign currency translation adjustment, related to redeemable noncontrolling interests	$ (1,340)	$ (1,159)	$ 36

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Consolidated Balance Sheets (Parenthetical) (USD $) In Thousands, except Share data, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Statement of Financial Position [Abstract]
Accounts receivable, allowance for doubtful accounts	$ 9,446	$ 9,292
Preferred stock, par value (usd per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	1,000,000	1,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	135,000,000	135,000,000
Common stock, shares issued (in shares)	53,263,348	52,970,281
Common stock, shares outstanding (in shares)	46,942,126	47,840,204
Treasury stock, shares (in shares)	6,321,222	5,130,077

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Leases

12 Months Ended

Mar. 31, 2014

Leases [Abstract]

Leases

Leases

The Company’s future minimum lease payments under capital and operating leases that have noncancelable terms in excess of one year as of March 31, 2014 are as follows:

	Capital Leases		Operating Leases
2015	$	374	$	21,447
2016	202		16,534
2017	30		11,596
2018	15		7,926
2019	4		5,633
Thereafter	—		6,742
Total minimum lease payments	625		$	69,878
Amounts representing interest	26
Net minimum lease payments, including current portion of $354	$	599

Rental expense was $34,923, $33,090, and $31,619 for the fiscal years ended March 31, 2014, 2013 and 2012, respectively. Amortization of capitalized leased assets is included in depreciation expense. Certain operating lease agreements contain renewal or purchase options and/or escalation clauses.

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Change in Number of Shares of Common Stock Outstanding (Detail)	12 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2012
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares outstanding, beginning balance	47,840,204	47,800,129	50,034,353
Purchase of treasury stock	(1,191,145)	(683,192)	(2,646,885)
Shares issued as part of equity-based compensation plans, net of equity awards surrendered for option price and taxes	293,067	723,267	412,661
Shares outstanding, ending balance	46,942,126	47,840,204	47,800,129

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Retirement Plans - Pension Components Before Tax and Related Changes Net of Tax Recognized in AOCI (Detail) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2012
Compensation and Retirement Disclosure [Abstract]
Prior service cost	$ (1,036)	$ (816)	$ (922)
Net loss	(19,239)	(16,645)	(11,176)
Net amount recognized	$ (20,275)	$ (17,461)	$ (12,098)

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Retirement Plans - Change in Projected Benefit Obligations and Change in Plan Assets (Detail) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2012
United States Plans
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Benefit obligation at the beginning of the period	$ 15,911	$ 14,040
Service cost	348	349	285
Interest cost	619	649	668
Plan amendments	254	0
Benefits paid, inclusive of plan expenses	(670)	(664)
Plan curtailments and settlements	0	0
Experience loss	(1,172)	1,537
Foreign currency translation adjustment	0	0
Benefit obligation at the end of the period	15,290	15,911	14,040
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets at the beginning of the period	10,334	9,192
Actual return on plan assets	1,158	843
Employer contributions	487	963
Benefits paid, inclusive of plan expenses	(670)	(664)
Defined Benefit Plan, Settlements and Curtailments, Plan Assets	0	0
Foreign currency translation adjustment	0	0
Fair value of plan assets at the end of the period	11,309	10,334	9,192
Funded status deficit	(3,981)	(5,577)
International Plans
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Benefit obligation at the beginning of the period	59,876	53,895
Service cost	829	679	645
Interest cost	2,412	2,377	2,504
Plan amendments	0	0
Benefits paid, inclusive of plan expenses	(2,000)	(1,667)
Plan curtailments and settlements	(356)	0
Experience loss	3,329	7,099
Foreign currency translation adjustment	5,137	(2,507)
Benefit obligation at the end of the period	69,227	59,876	53,895
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets at the beginning of the period	29,468	26,942
Actual return on plan assets	1,666	4,024
Employer contributions	1,852	1,639
Benefits paid, inclusive of plan expenses	(2,000)	(1,667)
Defined Benefit Plan, Settlements and Curtailments, Plan Assets	(115)	0
Foreign currency translation adjustment	2,835	(1,470)
Fair value of plan assets at the end of the period	33,706	29,468	26,942
Funded status deficit	$ (35,521)	$ (30,408)

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Quarterly Financial Data (Parenthetical) (Detail) In Thousands, unless otherwise specified	0 Months Ended		3 Months Ended								12 Months Ended
	Jun. 10, 2013 USD ($)	Jun. 10, 2013 EUR (€)	Mar. 31, 2014 USD ($)	Dec. 29, 2013 USD ($)	Sep. 29, 2013 USD ($)	Jun. 30, 2013 USD ($)	Mar. 31, 2013 USD ($)	Dec. 30, 2012 USD ($)	Sep. 30, 2012 USD ($)	Jul. 01, 2012 USD ($)	Mar. 31, 2014 USD ($)	Mar. 31, 2013 USD ($)	Mar. 31, 2012 USD ($)
Quarterly Financial Information Disclosure [Abstract]
Restructuring and other exit charges			$ 12,866	$ 12,920	$ 1,119	$ 421	$ 1,723	$ 3,776	$ 1,295	$ 370	$ 27,326	$ 7,164	$ 4,988
Goodwill impairment charge											5,179	0	0
Legal proceedings charge	$ (2,756)	€ (2,000)	$ 58,184								$ 58,184	$ 0	$ (900)

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Business Segments - Schedule of Summarized Financial Information by Reportable Segments Segments (Detail) In Thousands, unless otherwise specified	0 Months Ended		3 Months Ended																12 Months Ended
	Jun. 10, 2013 USD ($)	Jun. 10, 2013 EUR (€)	Mar. 31, 2014 USD ($)		Dec. 29, 2013 USD ($)		Sep. 29, 2013 USD ($)		Jun. 30, 2013 USD ($)		Mar. 31, 2013 USD ($)		Dec. 30, 2012 USD ($)		Sep. 30, 2012 USD ($)		Jul. 01, 2012 USD ($)		Mar. 31, 2014 USD ($)		Mar. 31, 2013 USD ($)		Mar. 31, 2012 USD ($)		Mar. 31, 2014 Reserve Power USD ($)	Mar. 31, 2013 Reserve Power USD ($)	Mar. 31, 2012 Reserve Power USD ($)	Mar. 31, 2014 Motive Power USD ($)	Mar. 31, 2013 Motive Power USD ($)	Mar. 31, 2012 Motive Power USD ($)	Mar. 31, 2014 Americas USD ($)	Mar. 31, 2013 Americas USD ($)	Mar. 31, 2012 Americas USD ($)	Mar. 31, 2014 EMEA USD ($)	Mar. 31, 2013 EMEA USD ($)	Mar. 31, 2012 EMEA USD ($)	Mar. 31, 2014 Asia USD ($)	Mar. 31, 2013 Asia USD ($)	Mar. 31, 2012 Asia USD ($)
Segment Reporting Information [Line Items]
Total net sales			$ 665,258		$ 643,031		$ 568,847		$ 597,297		$ 572,117		$ 557,320		$ 554,212		$ 593,910		$ 2,474,433		$ 2,277,559		$ 2,283,369		$ 1,234,538	$ 1,118,965	$ 1,092,734	$ 1,239,895	$ 1,158,594	$ 1,190,635	$ 1,267,598	$ 1,126,904	$ 1,082,747	$ 966,152	$ 926,165	$ 995,431	$ 240,683	$ 224,490	$ 205,191
Total intersegment sales																			140,928	[1]	145,047	[1]	134,949	[1]							33,951	36,854	38,115	77,549	76,947	75,652	29,428	31,246	21,182
Total operating earnings			11,957	[2],[3],[4]	58,940	[2],[3],[4]	61,005	[2],[3],[4]	62,608	[2],[3],[4]	56,991	[5]	59,737	[5]	62,885	[5]	70,255	[5]	194,510	[2],[3],[4],[6]	249,868	[5],[6]	210,811	[6]							179,080	171,854	138,894	84,902	64,032	63,872	21,217	21,146	12,133
Restructuring charges			(12,866)		(12,920)		(1,119)		(421)		(1,723)		(3,776)		(1,295)		(370)		(27,326)		(7,164)		(4,988)											(27,078)	(4,473)	(4,988)	(248)	(2,691)	0
Legal proceedings charge	2,756	2,000	(58,184)																(58,184)		0		900								(58,184)	0	0	0	0	900
Goodwill impairment charge																			(5,179)		0		0								0			0			(5,179)	0	0
Property, plant, and equipment, net			370,166								350,126								370,166		350,126		353,215								155,988	152,678	144,701	145,308	152,577	161,854	68,870	44,871	46,660
Capital Expenditures																			61,995		55,286		48,943								24,641	29,566	20,862	14,871	20,761	21,631	22,483	4,959	6,450
Depreciation and amortization																			$ 53,972		$ 50,502		$ 50,360								$ 26,596	$ 23,073	$ 21,466	$ 22,708	$ 22,255	$ 25,451	$ 4,668	$ 5,174	$ 3,443

[1] Intersegment sales are presented on a cost-plus basis which takes into consideration the effect of transfer prices between legal entities.

[2] Included in Operating earnings were restructuring charges of $421, $1,119, $12,920 and $12,866 for the first, second, third and fourth quarters of fiscal 2014, respectively.

[3] Included in Operating earnings for the third quarter of fiscal 2014 was a charge for goodwill impairment relating to a subsidiary in India for $5,179.

[4] Included in Operating earnings for the fourth quarter of fiscal 2014 was a legal proceedings charge of $58,184.

[5] Included in Operating earnings were restructuring charges of $370, $1,295, $3,776 and $1,723 for the first, second, third and fourth quarters of fiscal 2013, respectively.

[6] The Company does not allocate interest expense or other (income) expense, net to the reportable segments.

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Document and Entity Information (USD $)	12 Months Ended
	Mar. 31, 2014	May 23, 2014	Sep. 29, 2013
Document and Entity Information [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Mar. 31, 2014
Document Fiscal Year Focus	2014
Document Fiscal Period Focus	FY
Trading Symbol	ENS
Entity Registrant Name	ENERSYS
Entity Central Index Key	0001289308
Current Fiscal Year End Date	--03-31
Entity Well-known Seasoned Issuer	Yes
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		46,920,004
Entity Public Float			$ 2,854,540,499

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Other Liabilities

12 Months Ended

Mar. 31, 2014

Other Liabilities Disclosure [Abstract]

Other Liabilities

Other Liabilities

Other liabilities consist of the following:

	March 31,
	2014		2013
Pension	$	37,900	$	34,554
Warranty	22,849		22,512
Liability for uncertain tax benefits	4,265		17,165
Deferred income	7,012		6,285
Other	9,199		9,902
Total	$	81,225	$	90,418

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Derivative Financial Instruments - Fair Value of Derivative Instruments (Detail) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2014		Mar. 31, 2013
Derivatives, Fair Value [Line Items]
Derivatives assets, Fair Value	$ 113	[1]	$ 241	[1]
Derivatives liabilities, Fair Value	2,371		3,738
Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivatives assets, Fair Value	12		0
Derivatives liabilities, Fair Value	2,371		3,084
Designated as Hedging Instrument | Prepaid and other current assets | Foreign currency forward contracts
Derivatives, Fair Value [Line Items]
Derivatives assets, Fair Value	12		0
Designated as Hedging Instrument | Accrued expenses | Foreign currency forward contracts
Derivatives, Fair Value [Line Items]
Derivatives liabilities, Fair Value	0		252
Designated as Hedging Instrument | Accrued expenses | Interest rate swap agreements
Derivatives, Fair Value [Line Items]
Derivatives liabilities, Fair Value	0		0
Designated as Hedging Instrument | Accrued expenses | Lead hedge forward contracts
Derivatives, Fair Value [Line Items]
Derivatives liabilities, Fair Value	2,371		2,832
Not Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivatives assets, Fair Value	101		241
Derivatives liabilities, Fair Value	0		654
Not Designated as Hedging Instrument | Prepaid and other current assets | Foreign currency forward contracts
Derivatives, Fair Value [Line Items]
Derivatives assets, Fair Value	101		241
Not Designated as Hedging Instrument | Accrued expenses | Foreign currency forward contracts
Derivatives, Fair Value [Line Items]
Derivatives liabilities, Fair Value	0		0
Not Designated as Hedging Instrument | Accrued expenses | Interest rate swap agreements
Derivatives, Fair Value [Line Items]
Derivatives liabilities, Fair Value	0		654
Not Designated as Hedging Instrument | Accrued expenses | Lead hedge forward contracts
Derivatives, Fair Value [Line Items]
Derivatives liabilities, Fair Value	$ 0		$ 0

[1] Represents interest rate swap agreements, lead and foreign currency hedges (see Note 12 for asset and liability positions of the interest rate swap agreements, lead and foreign currency hedges at March 31, 2014 and March 31, 2013).

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Retirement Plans - Net Periodic Pension Costs (Detail) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2012
United States Plans
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 348	$ 349	$ 285
Interest cost	619	649	668
Expected return on plan assets	(796)	(756)	(706)
Amortization and deferral	479	393	238
Net periodic benefit cost	650	635	485
International Plans
Defined Benefit Plan Disclosure [Line Items]
Service cost	829	679	645
Interest cost	2,412	2,377	2,504
Expected return on plan assets	(2,134)	(1,851)	(1,787)
Amortization and deferral	56	209	32
Net periodic benefit cost	$ 1,163	$ 1,414	$ 1,394

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Consolidated Statements of Income(USD ($)) In Thousands, except Share data, unless otherwise specified	12 Months Ended
	Mar. 31, 2014		Mar. 31, 2013		Mar. 31, 2012
Income Statement [Abstract]
Net sales	$ 2,474,433		$ 2,277,559		$ 2,283,369
Cost of goods sold	1,844,813		1,708,203		1,770,664
Gross profit	629,620		569,356		512,705
Operating expenses	344,421		312,324		297,806
Restructuring and other exit charges	27,326		7,164		4,988
Legal proceedings charge (settlement income)	58,184		0		(900)
Goodwill impairment charge	5,179		0		0
Operating earnings	194,510	[1],[2],[3],[4]	249,868	[4],[5]	210,811	[4]
Interest expense	17,105		18,719		16,484
Other (income) expense, net	13,658		916		3,068
Earnings before income taxes	163,747		230,233		191,259
Income tax expense	16,980		65,275		47,292
Net earnings	146,767		164,958		143,967
Net losses attributable to noncontrolling interests	(3,561)		(1,550)		(36)
Net earnings attributable to EnerSys stockholders	$ 150,328		$ 166,508		$ 144,003
Net earnings per common share attributable to EnerSys stockholders:
Basic (usd per share)	$ 3.17		$ 3.47		$ 2.95
Diluted (usd per share)	$ 3.02		$ 3.42		$ 2.93
Dividends per common share	$ 0.50		$ 0		$ 0
Weighted-average number of common shares outstanding:
Basic (in shares)	47,473,690		48,022,005		48,748,205
Diluted (in shares)	49,788,155		48,635,449		49,216,035

[1] Included in Operating earnings were restructuring charges of $421, $1,119, $12,920 and $12,866 for the first, second, third and fourth quarters of fiscal 2014, respectively.

[2] Included in Operating earnings for the third quarter of fiscal 2014 was a charge for goodwill impairment relating to a subsidiary in India for $5,179.

[3] Included in Operating earnings for the fourth quarter of fiscal 2014 was a legal proceedings charge of $58,184.

[4] The Company does not allocate interest expense or other (income) expense, net to the reportable segments.

[5] Included in Operating earnings were restructuring charges of $370, $1,295, $3,776 and $1,723 for the first, second, third and fourth quarters of fiscal 2013, respectively.

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Property, Plant, and Equipment

12 Months Ended

Mar. 31, 2014

Property, Plant and Equipment [Abstract]

Property, Plant, and Equipment

Property, Plant, and Equipment

Property, plant, and equipment consist of:

	March 31,
	2014			2013
Land, buildings, and improvements	$	226,008		$	206,610
Machinery and equipment	576,729			528,546
Construction in progress	35,463			25,139
	838,200			760,295
Less accumulated depreciation	(468,034		)	(410,169		)
Total	$	370,166		$	350,126

Depreciation expense for the fiscal years ended March 31, 2014, 2013 and 2012 totaled $49,693, $47,876, and $48,532, respectively. Interest capitalized in connection with major construction projects amounted to $1,046, $619, and $797 for the fiscal years ended March 31, 2014, 2013 and 2012, respectively.

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Inventories

12 Months Ended

Mar. 31, 2014

Inventory Disclosure [Abstract]

Inventories

Inventories

Net inventories consist of:

	March 31,
	2014		2013
Raw materials	$	87,469	$	88,787
Work-in-process	116,124		113,119
Finished goods	158,253		152,035
Total	$	361,846	$	353,941

Inventory reserves for obsolescence and other estimated losses, mainly relating to finished goods, were $20,316 and $17,372 at March 31, 2014 and 2013, respectively, and have been included in the net amounts shown above.

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Stockholders' Equity and Noncontrolling Interests

12 Months Ended

Mar. 31, 2014

Stockholders' Equity and Noncontrolling Interests [Abstract]

Stockholders' Equity and Noncontrolling Interests

Stockholders’ Equity and Noncontrolling Interests

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, 2014 and 2013, 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, 2012, 2013 and 2014, respectively:

Shares outstanding as of March 31, 2011	50,034,353
Purchase of treasury stock	(2,646,885	)
Shares issued as part of equity-based compensation plans, net of equity awards surrendered for option price and taxes	412,661
Shares outstanding as of March 31, 2012	47,800,129
Purchase of treasury stock	(683,192	)
Shares issued as part of equity-based compensation plans, net of equity awards surrendered for option price and taxes	723,267
Shares outstanding as of March 31, 2013	47,840,204
Purchase of treasury stock	(1,191,145	)
Shares issued as part of equity-based compensation plans, net of equity awards surrendered for option price and taxes	293,067
Shares outstanding as of March 31, 2014	46,942,126

Treasury Stock

In fiscal 2014 and 2013, the Company purchased 1,191,145 shares of its common stock for $69,867 and 683,192 shares for $22,593, respectively. At March 31, 2014 and 2013, the Company held 6,321,222 and 5,130,077 shares as treasury stock, respectively.

Accumulated Other Comprehensive Income ("AOCI")

The components of AOCI, net of tax, are as follows:

	Beginning Balance			Before Reclassifications			Amount Reclassified from AOCI			Ending Balance
March 31, 2014
Pension funded status adjustment	$	(13,169	)	$	(2,662	)	$	624		$	(15,207	)
Net unrealized (loss) on derivative instruments	(832		)	(1,414		)	(7		)	(2,253		)
Foreign currency translation adjustment	54,656			30,649			—			85,305
Accumulated other comprehensive income	$	40,655		$	26,573		$	617		$	67,845
March 31, 2013
Pension funded status adjustment	$	(8,982	)	$	(5,382	)	$	1,195		$	(13,169	)
Net unrealized gain (loss) on derivative instruments	1,175			1,153			(3,160		)	(832		)
Foreign currency translation adjustment	81,900			(27,244		)	—			54,656
Accumulated other comprehensive income	$	74,093		$	(31,473	)	$	(1,965	)	$	40,655
March 31, 2012
Pension funded status adjustment	$	(3,512	)	$	(7,311	)	$	1,841		$	(8,982	)
Net unrealized gain (loss) on derivative instruments	4,436			(6,232		)	2,971			1,175
Foreign currency translation adjustment	114,256			(32,356		)	—			81,900
Accumulated other comprehensive income	$	115,180		$	(45,899	)	$	4,812		$	74,093

The following table presents reclassifications from AOCI during the twelve months ended March 31, 2014:

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	$	(11	)
Tax expense	4
Net unrealized gain on derivative instruments, net of tax	$	(7	)	Cost of goods sold
Defined benefit pension costs:
Prior service costs and deferrals	$	944
Tax benefit	(320		)
Net periodic benefit cost, net of tax	$	624		Net periodic benefit cost, included in Cost of goods sold, Operating expenses - See Note 14

Noncontrolling Interests

During fiscal 2013, the Company acquired the remaining 40% of noncontrolling interest of EAS Germany GmbH previously owned by GAIA Akkumulatorenwerke GmbH (“GAIA”), a wholly owned subsidiary of Lithium Technology Corporation (“LTC”) for $2,131.

Redeemable Noncontrolling Interests

During fiscal 2012, the Company acquired a controlling financial interest in Powertech Batteries and Energy Leader Batteries India Limited. The minority partners of both Powertech Batteries and Energy Leader Batteries India Limited had options exercisable to require the redemption of the shares owned by them, which if exercised, would make the Company the sole owner of these entities. The noncontrolling interests in both of these entities were reported by the Company as redeemable noncontrolling interests at their estimated redemption value and classified as mezzanine equity (temporary equity) on the Consolidated Balance Sheets. In the third quarter of fiscal 2014, the Company acquired the remaining 37.45% of noncontrolling interest of Energy Leader Batteries India Limited for $6,012.

The following demonstrates the change in redeemable noncontrolling interests during the fiscal years ended March 31, 2012, 2013 and 2014, respectively:

Balance as of March 31, 2011	$	—
Redeemable noncontrolling interests recognized in acquisitions of Powertech Batteries and Energy Leader Batteries India Limited	9,916
Net losses attributable to redeemable noncontrolling interests	(170		)
Foreign currency translation adjustment	36
Balance as of March 31, 2012	$	9,782
Net losses attributable to redeemable noncontrolling interests	(1,429		)
Loan to equity conversion by redeemable noncontrolling interests	3,901
Foreign currency translation adjustment	(1,159		)
Balance as of March 31, 2013	$	11,095
Net losses attributable to redeemable noncontrolling interests	(3,536		)
Redemption value adjustment	4,974
Purchase of subsidiary shares from redeemable noncontrolling interest	(3,146		)
Foreign currency translation adjustment	(1,340		)
Balance as of March 31, 2014	$	8,047

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Fair Value of Financial Instruments

12 Months Ended

Mar. 31, 2014

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

Fair Value of Financial Instruments

The following tables represent the financial assets and (liabilities), measured at fair value on a recurring basis as of March 31, 2014 and March 31, 2013 and the basis for that measurement:

	Total Fair Value Measurement March 31, 2014			Quoted Price in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Interest rate swap agreements	$	—		$	—	$	—		$	—
Lead forward contracts	(2,371		)	—		(2,371		)	—
Foreign currency forward contracts	113			—		113			—
Total derivatives	$	(2,258	)	$	—	$	(2,258	)	$	—

	Total Fair Value Measurement March 31, 2013			Quoted Price in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Interest rate swap agreements	$	(654	)	$	—	$	(654	)	$	—
Lead forward contracts	(2,832		)	—		(2,832		)	—
Foreign currency forward contracts	(11		)	—		(11		)	—
Total derivatives	$	(3,497	)	$	—	$	(3,497	)	$	—

The fair values of interest rate swap agreements are based on observable prices as quoted for receiving the variable three-month LIBOR and paying fixed interest rates and, therefore, were classified as Level 2. At March 31, 2014, the Company had no interest rate swap agreements.

The fair values of lead forward contracts are calculated using observable prices for lead as quoted on the London Metal Exchange (“LME”) and, therefore, were classified as Level 2.

The fair values for foreign currency forward contracts are based upon current quoted market prices and are classified as Level 2 based on the nature of the underlying market in which these derivatives are traded.

Financial Instruments

The fair values of the Company’s cash and cash equivalents, accounts receivable and accounts payable approximate carrying value due to their short maturities.

The fair values of the Company’s short-term debt approximates its carrying value, as it is variable rate debt and the terms are comparable to market terms as of the balance sheet dates and is classified as Level 2.

The Company's senior 3.375% Convertible Notes, with a face value of $172,500, were issued when the Company’s stock price was trading at $30.19 per share. On March 31, 2014, the Company’s stock price closed at $69.29 per share. The Convertible Notes have a conversion option of $40.26 per share which equates to 24.8385 shares of the Company's common stock per one thousand dollars in principal amount of the Convertible Notes as of April 1, 2014, the date when the the holders were notified that they can submit the Convertible Notes for conversion. The conversion rate may be adjusted in accordance with the terms of the Convertible Notes and the indenture under which the Convertible Notes were issued. The fair value of these notes represent the trading values based upon quoted market prices and are classified as Level 2. The Convertible Notes were trading at 175% of face value on March 31, 2014, and 126% of face value on March 31, 2013. See Note 8 for further details.

The carrying amounts and estimated fair values of the Company’s derivatives and Convertible Notes at March 31, 2014 and 2013 were as follows:

	March 31, 2014						March 31, 2013
	Carrying Amount			Fair Value			Carrying Amount			Fair Value
Financial assets:
Derivatives(1)	$	113		$	113		$	241		$	241
Financial liabilities:
Convertible Notes	$	162,887	(2)	$	301,875	(3)	$	155,273	(2)	$	217,350	(3)
Derivatives(1)	2,371			2,371			3,738			3,738

(1) Represents interest rate swap agreements, lead and foreign currency hedges (see Note 12 for asset and liability positions of the interest rate swap agreements, lead and foreign currency hedges at March 31, 2014 and March 31, 2013).

(2) The carrying amounts of the Convertible Notes at March 31, 2014 and March 31, 2013 represent the $172,500 principal value, less the unamortized debt discount (see Note 8 for further details).

(3) The fair value amounts of the Convertible Notes represent the trading values of the Convertible Notes with a principal value of $172,500 at March 31, 2014 and March 31, 2013.

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Income Taxes - Schedule of Earning Before Income Taxes (Detail) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2012
Income Tax Disclosure [Abstract]
United States	$ 47,753	$ 107,191	$ 87,597
Foreign	115,994	123,042	103,662
Earnings before income taxes	$ 163,747	$ 230,233	$ 191,259

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Accrued Expenses

12 Months Ended

Mar. 31, 2014

Payables and Accruals [Abstract]

Accrued Expenses

Accrued Expenses

Accrued expenses consist of the following:

	March 31,
	2014		2013
Payroll and benefits	$	62,518	$	52,484
Legal proceedings	58,184		—
Accrued selling expenses	30,963		28,896
Income taxes payable	27,116		19,273
Warranty	17,577		20,079
Freight	14,700		11,768
VAT and other non-income taxes	12,789		10,438
Deferred income	10,839		7,789
Restructuring	8,414		1,959
Lead forward contracts	2,371		2,832
Interest	1,980		2,171
Pension	1,602		1,431
Interest rate swaps	—		654
Other	35,849		31,890
Total	$	284,902	$	191,664

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Property, Plant, and Equipment - Additional Information (Detail) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2012
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 49,693	$ 47,876	$ 48,532
Interest capitalized	$ 1,046	$ 619	$ 797

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Stock Based Compensation Stock-Based Compensation - Summary of Assumptions Used for Market Share Units (Details) (Market Stock Units)	12 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2012
Market Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	0.52%	0.37%	0.93%
Dividend yield	1.00%	0.00%	0.00%
Time of maturity, in years	3 years	3 years	3 years
Expected volatility	33.89%	39.08%	45.50%

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Goodwill and Other Intangible Assets

12 Months Ended

Mar. 31, 2014

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

Goodwill and Other Intangible Assets

Other Intangible Assets

Information regarding the Company’s other intangible assets are as follows:

	March 31,
	2014							2013
	Gross Amount		Accumulated Amortization			Net Amount		Gross Amount		Accumulated Amortization			Net Amount
Indefinite-lived intangible assets:
Trademarks	$	104,917	$	(953	)	$	103,964	$	86,298	$	(953	)	$	85,345
Finite-lived intangible assets:
Customer relationships	55,505		(6,729		)	48,776		14,016		(3,994		)	10,022
Non-compete	2,581		(1,822		)	759		2,558		(1,524		)	1,034
Patents	17,592		(2,073		)	15,519		5,383		(1,237		)	4,146
Trademarks	2,004		(813		)	1,191		2,004		(727		)	1,277
Licenses	3,177		(914		)	2,263		2,527		(650		)	1,877
Total	$	185,776	$	(13,304	)	$	172,472	$	112,786	$	(9,085	)	$	103,701

The Company’s amortization expense related to finite-lived intangible assets was $4,279, $2,626, and $1,828, for the years ended March 31, 2014, 2013 and 2012, respectively. The expected amortization expense based on the finite-lived intangible assets as of March 31, 2014, is $6,581 in 2015, $6,588 in 2016, $6,250 in 2017, $5,873 in 2018 and $5,776 in 2019.

Goodwill

The changes in the carrying amount of goodwill by reportable segment are as follows:

	Fiscal year ended March 31, 2014
	Americas			EMEA		Asia			Total
Balance at beginning of year	$	150,031		$	166,708	$	28,760		$	345,499
Goodwill acquired during the year	67,912			—		9,254			77,166
Goodwill impairment charge	—			—		(5,179		)	(5,179		)
Foreign currency translation adjustment	(2,313		)	10,878		5			8,570
Balance at end of year	$	215,630		$	177,586	$	32,840		$	426,056

	Fiscal year ended March 31, 2013
	Americas			EMEA			Asia			Total
Balance at beginning of year	$	150,754		$	173,442		$	28,541		$	352,737
Adjustments related to the finalization of purchase accounting for fiscal 2012 acquisitions	230			155			(20		)	365
Foreign currency translation adjustment	(953		)	(6,889		)	239			(7,603		)
Balance at end of year	$	150,031		$	166,708		$	28,760		$	345,499

A reconciliation of goodwill and accumulated goodwill impairment losses, by reportable segment, is as follows:

	March 31, 2014
	Americas		EMEA		Asia			Total
Gross carrying value	$	215,630	$	177,586	$	38,019		$	431,235
Accumulated goodwill impairment charges	—		—		(5,179		)	(5,179		)
Net book value	$	215,630	$	177,586	$	32,840		$	426,056

	March 31, 2013
	Americas		EMEA		Asia		Total
Gross carrying value	$	150,031	$	166,708	$	28,760	$	345,499
Accumulated goodwill impairment charges	—		—		—		—
Net book value	$	150,031	$	166,708	$	28,760	$	345,499

Goodwill is tested annually for impairment during the fourth quarter or earlier upon the occurrence of certain events or substantive changes in circumstances that indicate goodwill is more likely than not impaired. During the third quarter of fiscal 2014, the Company determined that the fair value of its subsidiary in India, which was acquired in fiscal 2012, was less than its carrying amount based on the Company's analysis of the estimated future expected cash flows the Company anticipates from the operations of this subsidiary. Accordingly, the Company recorded a non-cash charge of $5,179 for goodwill impairment relating to this subsidiary.

The Company estimated tax-deductible goodwill to be approximately $28,126 and $10,444 as of March 31, 2014 and 2013, respectively.

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Prepaid and Other Current Assets

12 Months Ended

Mar. 31, 2014

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Prepaid and Other Current Assets

Prepaid and Other Current Assets

Prepaid and other current assets consist of the following:

	March 31,
	2014		2013
Prepaid non-income taxes	$	25,120	$	27,525
Prepaid income taxes	23,762		16,145
Non-trade receivables	4,435		6,096
Other	16,085		14,053
Total	$	69,402	$	63,819

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Debt

12 Months Ended

Mar. 31, 2014

Debt Disclosure [Abstract]

Debt

Debt

Summary of Long-Term Debt

The following summarizes the Company’s long-term debt:

	March 31,
	2014		2013
3.375% Convertible Notes, net of discount, due 2038	$	162,887	$	155,273
2011 Credit Facility due 2018	125,000		—
	287,887		155,273
Less current portion	—		—
Total long-term debt	$	287,887	$	155,273

2011 Senior Secured Revolving Credit Facility

The Company is party to a $350,000 senior secured revolving credit facility (“2011 Credit Facility”) which matures in September 2018. This facility includes an early termination provision under which the Company is required to meet a liquidity test in February 2015 related to its capacity to meet certain potential obligations related to the Convertible Notes in June 2015. Borrowings under the 2011 Credit Facility bear interest at a floating rate based, at the Company’s option, upon (i) LIBOR plus an applicable percentage (currently 1.25%), (ii) the greater of the Federal Funds rate plus 0.50% or the prime rate, or one-month LIBOR plus 1.0%, plus an applicable percentage (currently 0.25%). The interest rate at the end of March 31, 2014 was 1.39%. There are no prepayment penalties on loans under the 2011 Credit Facility. The Company had $125,000 revolver borrowings outstanding under its 2011 Credit Facility as of March 31, 2014. These borrowings were primarily utilized to fund new acquisitions. The Company had no borrowings outstanding as of March 31, 2013.

Obligations under the 2011 Credit Facility are secured by substantially all of the Company’s existing and future acquired assets, including substantially all of the capital stock of the Company’s United States subsidiaries that are guarantors under the credit facility, and 65% of the capital stock of certain of the Company’s foreign subsidiaries that are owned by the Company’s United States companies.

Amendment to 2011 Credit Facility

In August 2013 and December 2013, the Company amended its 2011 Credit Facility. The key amendments to the agreement were extending the maturity until September 2018, and increasing flexibility for entering into acquisitions and joint ventures, divestitures, stock buybacks and cash dividend payments. The Company incurred $853 in deferred financing fees in connection with the amendments.

Senior Unsecured 3.375% Convertible Notes

On May 28, 2008, the Company completed a registered offering of $172,500 aggregate principal amount of senior unsecured 3.375% Convertible Notes Due 2038 (“Convertible Notes”) (see prospectus and supplemental indenture dated May 28, 2008). The Company received net proceeds of $168,200 after the deduction of commissions and offering expenses. The Company used all of the net proceeds to repay a portion of its then existing senior secured credit facility.

The Convertible Notes are general senior unsecured obligations and rank equally with the Company’s existing and future senior unsecured obligations and are junior to any of the Company’s future secured obligations to the extent of the value of the collateral securing such obligations. The Convertible Notes are not guaranteed, and are structurally subordinate in right of payment to, all of the (i) existing and future indebtedness and other liabilities of the Company’s subsidiaries and (ii) preferred stock of the Company’s subsidiaries to the extent of their respective liquidation preferences.

The Convertible Notes require the semi annual payment of interest in arrears on June 1 and December 1 of each year beginning December 1, 2008, at 3.375% per annum on the principal amount outstanding. The Convertible Notes will accrete principal beginning on June 1, 2015 and will bear contingent interest, if any, beginning with the six-month interest period commencing on June 1, 2015 under certain circumstances.

The Convertible Notes will mature on June 1, 2038, unless earlier converted, redeemed or repurchased. Prior to maturity, the holders may convert their Convertible Notes into shares of the Company’s common stock at any time after March 1, 2015 or prior to that date under certain circumstances. When issued, the initial conversion rate was 24.6305 shares per one thousand dollars in principal amount of Convertible Notes, which was equivalent to an initial conversion price of $40.60 per share. The conversion rate as of April 1, 2014, the date when the the holders were notified that they can submit the Convertible Notes for conversion was 24.8385 shares of the Company's common stock per one thousand dollars in principal amount of the Convertible Notes or $40.26 per share, due to the cumulative impact of cash dividends paid on the Company's common stock. Based on this conversion rate, the number of shares to be delivered upon conversion is 4,284,641. The conversion price is subject to adjustment under certain circumstances. It is the Company’s current intent to settle the principal amount of any conversions in cash, and any additional conversion consideration in cash, shares of EnerSys common stock or a combination of cash and shares.

At any time after June 6, 2015, the Company may at its option redeem the Convertible Notes, in whole or in part, for cash, at a redemption price equal to 100% of the principal amount of Convertible Notes to be redeemed, plus any accrued and unpaid interest.

Holders may convert their Convertible Notes prior to March 1, 2015, at the option of the holder, under the following circumstances: (i) during any calendar quarter (and only during such calendar quarter), if the last reported sale price (as defined in the indenture for the Convertible Notes) of a share of EnerSys common stock for 20 or more trading days in a period of 30 consecutive trading days ending on the last trading day of the immediately preceding calendar quarter exceeds 130% of the applicable conversion price in effect for the Convertible Notes on the last trading day of the immediately preceding calendar quarter, (ii) upon the occurrence of specified corporate events, or (iii) during the five business-day period after any five consecutive trading day period (the “measurement period”) in which the “trading price” (as defined in the indenture for the Convertible Notes) of the Convertible Notes for each day of the measurement period was less than 98% of the product of the “last reported sale price” (as defined in the indenture for the Convertible Notes) of a share of EnerSys common stock and the applicable conversion rate on such day.

At March 31, 2014, the closing price of the Company's common stock exceeded 130% of the conversion price for more than 20 trading days during the period of 30 consecutive trading days ending March 31, 2014, thereby satisfying one of the early conversion events and as a result, the Convertible Notes became convertible on demand, and the holders were notified that they can elect to submit the Convertible Notes for conversion, between the notification date of April 1, 2014 and June 30, 2014. The carrying value of the Convertible Notes of $162,887 continues to be reported as long-term debt on the Consolidated Balance Sheet as of March 31, 2014 as the Company intends to draw on the $350,000, 2011 Credit Facility to settle the principal amount of any such conversions in cash and issue shares or a combination of cash and shares for the remaining value of the Convertible Notes. No gain or loss was recognized when the debt became convertible. The estimated fair value of the Convertible Notes was approximately $301,875 as of March 31, 2014.

This optional conversion period is reset each quarter and the Company will reassess on the last day of each calendar quarter.

In addition, upon becoming convertible, a portion of the equity component that was recorded upon the issuance of the Convertible Notes was considered redeemable and that portion of the equity was reclassified to temporary equity in the Consolidated Balance Sheet. Such amount was determined based on the cash considerations to be paid upon conversion and the carrying amount of the debt. As the holders of the Convertible Notes will be paid in cash for the principal amount and issued shares or a combination of cash and shares for the remaining value of the Convertible Notes, the reclassification into temporary equity as of March 31, 2014 was $9,613 based on the Convertible Notes principal of $172,500 and the carrying value of $162,887. If a conversion event takes place in the following quarter, this temporary equity balance will be recalculated based on the difference between the Convertible Notes principal and the debt carrying value. If the Convertible Notes are settled during the first quarter of fiscal 2015, an amount equal to the fair value of the liability component immediately prior to the settlement will be deducted from the fair value of the total settlement consideration transferred and allocated to the liability component. Any difference between the amount allocated to the liability and the net carrying amount of the Convertible Notes (including any unamortized debt issue costs and discount) will be recognized in earnings as a gain or loss on debt extinguishment. Any remaining consideration is allocated to the reacquisition of the equity component and will be recognized as a reduction of EnerSys stockholders’ equity.

The following represents the principal amount of the liability component, the unamortized discount, and the net carrying amount of our Convertible Notes as of March 31, 2014 and 2013, respectively:

	March 31, 2014			March 31, 2013
Principal	$	172,500		$	172,500
Unamortized discount	(9,613		)	(17,227		)
Net carrying amount	$	162,887		$	155,273

As of March 31, 2014, the remaining discount will be amortized over a period of 14 months. 

The effective interest rate on the liability component of the Convertible Notes was 8.50%. The amount of interest cost recognized for the amortization of the discount on the liability component of the Convertible Notes was $7,614, $7,001 and $6,435, respectively, for the fiscal years ended March 31, 2014, 2013 and 2012.

The Company paid $8,490, $10,056 and $8,933, net of interest received, for interest during the fiscal years ended March 31, 2014, 2013 and 2012, respectively.

The Company’s financing agreements contain various covenants, which, absent prepayment in full of the indebtedness and other obligations, or the receipt of waivers, would limit the Company’s ability to conduct certain specified business transactions including incurring debt, mergers, consolidations or similar transactions, buying or selling assets out of the ordinary course of business, engaging in sale and leaseback transactions, paying dividends and certain other actions. The Company is in compliance with all such covenants.

Short-Term Debt

As of March 31, 2014 and 2013, the Company had $33,814 and $22,702, respectively, of short-term borrowings from banks. The weighted-average interest rates on these borrowings were approximately 7% and 9% for fiscal years ended March 31, 2014 and 2013, respectively.

Letters of Credit

As of March 31, 2014 and 2013, the Company had $1,653 and $11,854, respectively, of standby letters of credit outstanding under the 2011 Credit Facility and other credit arrangements.

Deferred Financing Fees

Deferred financing fees, net of accumulated amortization, totaled $2,899 and $3,355 as of March 31, 2014 and 2013, respectively. Amortization expense, relating to deferred financing fees, included in interest expense was $1,141, $1,279, and $1,278 for the fiscal years ended March 31, 2014, 2013 and 2012, respectively.

Available Lines of Credit

As of March 31, 2014 and March 31, 2013, the Company had available and undrawn, under all its lines of credit, $360,275 and $469,123, respectively, including $136,525 and $120,373, respectively, of uncommitted lines of credit as of March 31, 2014 and March 31, 2013.

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Goodwill and Other Intangible Assets - Schedule of Goodwill and Goodwill Impairment Losses (Details) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2012
Goodwill [Line Items]
Gross carrying value	$ 431,235	$ 345,499
Accumulated goodwill impairment charges	(5,179)	0
Net book value	426,056	345,499	352,737
Americas
Goodwill [Line Items]
Gross carrying value	215,630	150,031
Accumulated goodwill impairment charges	0	0
Net book value	215,630	150,031	150,754
EMEA
Goodwill [Line Items]
Gross carrying value	177,586	166,708
Accumulated goodwill impairment charges	0	0
Net book value	177,586	166,708	173,442
Asia
Goodwill [Line Items]
Gross carrying value	38,019	28,760
Accumulated goodwill impairment charges	(5,179)	0
Net book value	$ 32,840	$ 28,760	$ 28,541

XML

Business Segments - Additional Information (Detail) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2012
Segment Reporting Information [Line Items]
Operations in number of countries	100
Property, plant, and equipment, net	$ 370,166	$ 350,126	$ 353,215
United States
Segment Reporting Information [Line Items]
Percentage of sales to customers	44.00%	43.00%	42.60%
Property, plant, and equipment, net	$ 128,712	$ 127,191

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Income Taxes - Additional Information (Detail) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2012
Income Tax Contingency [Line Items]
Income taxes paid	$ 76,644	$ 64,210	$ 38,482
Net operating loss carryforwards carried forward indefinitely	160,809
Net operating loss carryforwards subject to expiration	26,501
Valuation allowance	23,583	54,542
Effective income tax rates	10.40%	28.40%	24.70%
Undistributed earnings of foreign subsidiaries	688,870
Limited by Internal Revenue Code	3,213
Estimated change in unrecognized tax benefit in fiscal 2015	240
Tax related interest and penalties	522	680
United States statutory income tax expense rate percentage	35.00%	35.00%	35.00%
Foreign
Income Tax Contingency [Line Items]
United States federal net operating loss carryforwards	187,310
Valuation allowance	19,859	52,781
Valuation Allowance, Deferred Tax Asset, Change in the Income Tax Expense (Benefit)	22,281
Federal
Income Tax Contingency [Line Items]
United States federal net operating loss carryforwards	8,993
Valuation allowance	1,750	0
State
Income Tax Contingency [Line Items]
United States federal net operating loss carryforwards	36,333
Valuation allowance	1,974	1,761
Deferred tax asset-valuation allowance | Foreign
Income Tax Contingency [Line Items]
Valuation Allowance, Deferred Tax Asset, Change in the Income Tax Expense (Benefit)	25,950
Deferred tax asset-valuation allowance, foreign subsidiaries | Foreign
Income Tax Contingency [Line Items]
Change in valuation allowance	32,922
Operating loss carryforwards | Foreign
Income Tax Contingency [Line Items]
Valuation Allowance, Deferred Tax Asset, Change in the Income Tax Expense (Benefit)	$ (3,669)

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Accrued Expenses (Detail) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Payables and Accruals [Abstract]
Payroll and benefits	$ 62,518	$ 52,484
Legal proceedings	58,184	0
Accrued selling expenses	30,963	28,896
Income taxes payable	27,116	19,273
Warranty	17,577	20,079
Freight	14,700	11,768
VAT and other non-income taxes	12,789	10,438
Deferred income	10,839	7,789
Restructuring	8,414	1,959
Lead forward contracts	2,371	2,832
Interest	1,980	2,171
Pension	1,602	1,431
Interest rate swaps	0	654
Other	35,849	31,890
Total	$ 284,902	$ 191,664

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Stockholders' Equity and Noncontrolling Interests - Additional Information (Detail) (USD $) In Thousands, except Share data, unless otherwise specified	9 Months Ended	12 Months Ended
	Dec. 29, 2013	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2012
Equity [Abstract]
Preferred stock, shares authorized (in shares)		1,000,000	1,000,000
Preferred stock, par value (usd per share)		$ 0.01	$ 0.01
Number of shares of common stock purchased		1,191,145	683,192	2,646,885
Repurchased common stock value		$ 69,867	$ 22,593	$ 58,383
Treasury stock, shares (in shares)		6,321,222	5,130,077
Percentage of noncontrolling interest acquired	37.45%		40.00%
Redeemable noncontrolling interests recognized in acquisitions of Powertech Batteries and Energy Leader Batteries India Limited			2,131
Payments to acquire remaining noncontrolling interest	$ 6,012

XML

Goodwill and Other Intangible Assets - Schedule of Changes in Carrying Amount of Goodwill by Business Segment (Detail) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2012
Goodwill [Roll Forward]
Balance at beginning of year	$ 345,499	$ 352,737
Goodwill acquired during the year	77,166
Goodwill impairment charge	(5,179)	0	0
Adjustments related to the finalization of purchase accounting for fiscal 2012 acquisitions		365
Foreign currency translation adjustment	8,570	(7,603)
Balance at end of year	426,056	345,499	352,737
Americas
Goodwill [Roll Forward]
Balance at beginning of year	150,031	150,754
Goodwill acquired during the year	67,912
Goodwill impairment charge	0
Adjustments related to the finalization of purchase accounting for fiscal 2012 acquisitions		230
Foreign currency translation adjustment	(2,313)	(953)
Balance at end of year	215,630	150,031
EMEA
Goodwill [Roll Forward]
Balance at beginning of year	166,708	173,442
Goodwill acquired during the year	0
Goodwill impairment charge	0
Adjustments related to the finalization of purchase accounting for fiscal 2012 acquisitions		155
Foreign currency translation adjustment	10,878	(6,889)
Balance at end of year	177,586	166,708
Asia
Goodwill [Roll Forward]
Balance at beginning of year	28,760	28,541
Goodwill acquired during the year	9,254
Goodwill impairment charge	(5,179)	0	0
Adjustments related to the finalization of purchase accounting for fiscal 2012 acquisitions		(20)
Foreign currency translation adjustment	5	239
Balance at end of year	$ 32,840	$ 28,760	$ 28,541

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Retirement Plans - Amounts Recognized in Consolidated Balance Sheets (Detail) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan amounts recognized in balance sheet	$ (39,502)	$ (35,985)
Accrued expenses
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan amounts recognized in balance sheet	(1,602)	(1,431)
Other liabilities
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan amounts recognized in balance sheet	$ (37,900)	$ (34,554)

XML

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Mar. 31, 2014

Accounting Policies [Abstract]

Description of Business

Description of Business

EnerSys (the “Company”) and its predecessor companies have been manufacturers of industrial batteries for over 125 years. EnerSys is a global leader in stored energy solutions for industrial applications. The Company manufactures, markets and distributes industrial batteries and related products such as chargers, outdoor cabinet enclosures, power equipment and battery accessories, and provides related after-market and customer-support services for industrial batteries.

Principles of Consolidation

Principles of Consolidation

The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries and any partially owned subsidiaries that the Company has the ability to control. Control generally equates to ownership percentage, whereby investments that are more than 50% owned are generally consolidated, investments in affiliates of 50% or less but greater than 20% are generally accounted for using the equity method, and investments in affiliates of 20% or less are accounted for using the cost method. All intercompany transactions and balances have been eliminated in consolidation.

The Company also consolidates certain subsidiaries in which the noncontrolling interest party has within its control the right to require the Company to redeem all or a portion of its interest in the subsidiary. The redeemable noncontrolling interests are reported at their estimated redemption value, and the amount presented in temporary equity is not less than the initial amount reported in temporary equity. Any adjustment to the redemption value impacts retained earnings but does not impact net income or comprehensive income. Noncontrolling interests which are redeemable only upon future events, the occurrence of which is not currently probable, are recorded at carrying value.

Foreign Currency Translation

Foreign Currency Translation

Results of foreign operations are translated into U.S. dollars using average exchange rates during the periods. The assets and liabilities are translated into U.S. dollars using exchange rates as of the balance sheet dates. Gains or losses resulting from translating the foreign currency financial statements are accumulated as a separate component of accumulated other comprehensive income (“AOCI”) in EnerSys’ stockholders’ equity and noncontrolling interests.

Transaction gains and losses resulting from exchange rate changes on transactions denominated in currencies other than the functional currency of the applicable subsidiary are included in the Consolidated Statements of Income, within “Other (income) expense, net”, in the year in which the change occurs.

Revenue Recognition

Revenue Recognition

The Company recognizes revenue when the earnings process is complete. This occurs when risk and title transfers, collectibility is reasonably assured and pricing is fixed or determinable. Shipment terms are either shipping point or destination and do not differ significantly between the Company’s business segments. Accordingly, revenue is recognized when risk and title are transferred to the customer. Amounts invoiced to customers for shipping and handling are classified as revenue. Taxes on revenue producing transactions are not included in net sales.

The Company recognizes revenue from the service of its products when the respective services are performed.

Accruals are made at the time of sale for sales returns and other allowances based on the Company’s historical experience.

Freight Expense

Freight Expense

Amounts billed to customers for outbound freight costs are classified as sales in the Consolidated Statements of Income. Costs incurred by the Company for outbound freight costs to customers, inbound and transfer freight are classified in cost of goods sold.

Warranties

Warranties

The Company’s products are warranted for a period ranging from one to twenty years for reserve power batteries and for a period ranging from one to seven years for motive power batteries. The Company provides for estimated product warranty expenses when the related products are sold. The assessment of the adequacy of the reserve includes a review of open claims and historical experience.

Cash and Cash Equivalents

Cash and Cash Equivalents

Cash and cash equivalents include all highly liquid investments with an original maturity of three months or less when purchased.

Concentration of Credit Risk

Concentration of Credit Risk

Financial instruments that subject the Company to potential concentration of credit risk consist principally of short-term cash investments and trade accounts receivable. The Company invests its cash with various financial institutions and in various investment instruments limiting the amount of credit exposure to any one financial institution or entity. The Company has bank deposits that exceed federally insured limits. In addition, certain cash investments may be made in U.S. and foreign government bonds, or other highly rated investments guaranteed by the U.S. or foreign governments. Concentration of credit risk with respect to trade receivables is limited by a large, diversified customer base and its geographic dispersion. The Company performs ongoing credit evaluations of its customers’ financial condition and requires collateral, such as letters of credit, in certain circumstances.

Accounts Receivable

Accounts Receivable

The Company maintains allowances for doubtful accounts for estimated losses resulting from the inability of customers to make required payments. The allowance is based on management’s estimate of uncollectible accounts, analysis of historical data and trends, as well as reviews of all relevant factors concerning the financial capability of its customers. Accounts receivable are considered to be past due based on how payments are received compared to the customer’s credit terms. Accounts are written off when management determines the account is uncollectible.

Inventories

Inventories

Inventories are stated at the lower of cost or market. Cost is determined using the first-in, first-out (FIFO) method. The cost of inventory consists of material, labor, and associated overhead.

Property, Plant, and Equipment

Property, Plant, and Equipment

Property, plant, and equipment are recorded at cost and include expenditures that substantially increase the useful lives of the assets. Depreciation is provided using the straight-line method over the estimated useful lives of the assets as follows: 10 to 33 years for buildings and improvements and 3 to 15 years for machinery and equipment.

Maintenance and repairs are expensed as incurred. Interest on capital projects is capitalized during the construction period.

Business Combinations

Business Combinations

The purchase price of an acquired company is allocated between tangible and intangible assets acquired and liabilities assumed from the acquired business based on their estimated fair values, with the residual of the purchase price recorded as goodwill. The results of operations of the acquired business are included in the Company’s operating results from the date of acquisition.

Goodwill and Other Intangible Assets

Goodwill and Other Intangible Assets

Goodwill and indefinite-lived trademarks are tested for impairment at least annually and whenever events or circumstances occur indicating that a possible impairment may have been incurred. Goodwill is tested for impairment by determining the fair value of the Company’s reporting units. These estimated fair values are based on financial projections, certain cash flow measures, and market capitalization. The indefinite-lived trademarks are tested for impairment by comparing the carrying value to the fair value based on current revenue projections of the related operations, under the relief from royalty method. Any excess carrying value over the amount of fair value is recognized as impairment. Any impairment would be recognized in full in the reporting period in which it has been identified.

Finite-lived assets such as customer relationships, patents, and non-compete agreements are amortized over their estimated useful lives, generally over periods ranging from 3 to 20 years. The Company reviews the carrying values of these assets for possible impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable based on undiscounted estimated cash flows expected to result from its use and eventual disposition. The Company continually evaluates the reasonableness of the useful lives of these assets.

Impairment of Long-Lived Assets

Impairment of Long-Lived Assets

The Company reviews the carrying values of its long-lived assets to be held and used for possible impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable, based on undiscounted estimated cash flows expected to result from its use and eventual disposition. The factors considered by the Company in performing this assessment include current operating results, trends and other economic factors. In assessing the recoverability of the carrying value of a long-lived asset, the Company must make assumptions regarding future cash flows and other factors. If these estimates or the related assumptions change in the future, the Company may be required to record an impairment loss for these assets.

Environmental Expenditures

Environmental Expenditures

The Company records a loss and establishes a reserve for environmental remediation liabilities when it is probable that an asset has been impaired or a liability exists and the amount of the liability can be reasonably estimated. Reasonable estimates involve judgments made by management after considering a broad range of information including: notifications, demands or settlements that have been received from a regulatory authority or private party, estimates performed by independent engineering companies and outside counsel, available facts existing and proposed technology, the identification of other potentially responsible parties, their ability to contribute and prior experience. These judgments are reviewed quarterly as more information is received and the amounts reserved are updated as necessary. However, the reserves may materially differ from ultimate actual liabilities if the loss contingency is difficult to estimate or if management’s judgments turn out to be inaccurate. If management believes no best estimate exists, the minimum probable loss is accrued.

Derivative Financial Instruments

Derivative Financial Instruments

The Company utilizes derivative instruments to mitigate volatility related to interest rates, lead prices and foreign currency exposures. The Company does not hold or issue derivative financial instruments for trading or speculative purposes. The Company recognizes derivatives as either assets or liabilities in the accompanying Consolidated Balance Sheets and measures those instruments at fair value. Changes in the fair value of those instruments are reported in AOCI if they qualify for hedge accounting or in earnings if they do not qualify for hedge accounting. Derivatives qualify for hedge accounting if they are designated as hedge instruments and if the hedge is highly effective in achieving offsetting changes in the fair value or cash flows of the asset or liability hedged. Effectiveness is measured on a regular basis using statistical analysis and by comparing the overall changes in the expected cash flows on the lead and foreign currency forward contracts with the changes in the expected all-in cash outflow required for the lead and foreign currency purchases. This analysis is performed on the initial purchases quarterly that cover the quantities hedged. Accordingly, gains and losses from changes in derivative fair value of effective hedges are deferred and reported in AOCI until the underlying transaction affects earnings.

The Company has commodity, foreign exchange and interest rate hedging authorization from the Board of Directors and has established a hedging and risk management program that includes the management of market and counterparty risk. Key risk control activities designed to ensure compliance with the risk management program include, but are not limited to, credit review and approval, validation of transactions and market prices, verification of risk and transaction limits, portfolio stress tests, sensitivity analyses and frequent portfolio reporting, including open positions, determinations of fair value and other risk management metrics.

Market risk is the potential loss the Company and its subsidiaries may incur as a result of price changes associated with a particular financial or commodity instrument. The Company utilizes forward contracts, and swaps as part of its risk management strategies, to minimize unanticipated fluctuations in earnings caused by changes in commodity prices, interest rates and/or foreign currency exchange rates. All derivatives are recognized on the balance sheet at their fair value, unless they qualify for Normal Purchase Normal Sale.

Credit risk is the potential loss the Company may incur due to the counterparty’s non-performance. The Company is exposed to credit risk from interest rate, foreign currency and commodity derivatives with financial institutions. The Company has credit policies to manage their credit risk, including the use of an established credit approval process, monitoring of the counterparty positions and the use of master netting agreements.

The Company has elected to offset net derivative positions under master netting arrangements. The Company does not have any positions involving cash collateral (payables or receivables) under a master netting arrangement as of March 31, 2014 and 2013.

The Company does not have any credit-related contingent features associated with its derivative instruments.

Fair Value of Financial Instruments

Fair Value of Financial Instruments

The Company uses the following valuation techniques to measure fair value for its financial assets and financial liabilities:

Level 1	Inputs are unadjusted quoted prices in active markets for identical assets or liabilities.
Level 2	Inputs are quoted prices for similar assets or liabilities in an active market, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable and market-corroborated inputs which are derived principally from or corroborated by observable market data.
Level 3	Inputs are derived from valuation techniques in which one or more significant inputs or value drivers are unobservable.

The fair value of the Company’s cash and cash equivalents, accounts receivable and accounts payable approximate carrying value due to their short maturities.

The fair value of the Company’s $350,000 senior secured revolving credit facility (“2011 Credit Facility”) and short-term debt approximate their carrying value, as they are variable rate debt and the terms are comparable to market terms as of the balance sheet dates and are classified as Level 2.

The fair value amounts of the Company’s $172,500 senior unsecured 3.375% convertible notes (“Convertible Notes”) represent the trading values of the Convertible Notes which is based upon quoted market prices and are classified as Level 2.

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). The Company and its subsidiaries use, as appropriate, a market approach (generally, data from market transactions), an income approach (generally, present value techniques and option-pricing models), and/or a cost approach (generally, replacement cost) to measure the fair value of an asset or liability. These valuation approaches incorporate inputs such as observable, independent market data and/or unobservable data that management believes are predicated on the assumptions market participants would use to price an asset or liability. These inputs may incorporate, as applicable, certain risks such as nonperformance risk, which includes credit risk.

Lead contracts, foreign currency contracts and interest rate contracts generally use an income approach to measure the fair value of these contracts, utilizing readily observable inputs, such as forward interest rates (e.g., London Interbank Offered Rate—“LIBOR”) and forward foreign currency exchange rates (e.g., GBP and euro) and commodity prices (e.g., London Metals Exchange), as well as inputs that may not be observable, such as credit valuation adjustments. When observable inputs are used to measure all or most of the value of a contract, the contract is classified as Level 2. Over-the-counter (OTC) contracts are valued using quotes obtained from an exchange, binding and non-binding broker quotes. Furthermore, the Company obtains independent quotes from the market to validate the forward price curves. OTC contracts include forwards, swaps and options. To the extent possible, fair value measurements utilize various inputs that include quoted prices for similar contracts or market-corroborated inputs.

When unobservable inputs are significant to the fair value measurement, a contract is classified as Level 3. Additionally, Level 2 fair value measurements include adjustments for credit risk based on the Company’s own creditworthiness (for net liabilities) and its counterparties’ creditworthiness (for net assets). The Company assumes that observable market prices include sufficient adjustments for liquidity and modeling risks. The Company did not have any contracts that transferred between Level 2 and Level 3 as well as Level 1 and Level 2.

Income Taxes

Income Taxes

The Company accounts for income taxes using the asset and liability approach, which requires deferred tax assets and liabilities be recognized using enacted tax rates to measure the effect of temporary differences between book and tax bases on recorded assets and liabilities. Valuation allowances are recorded to reduce deferred tax assets, if it is more likely than not some portion or all of the deferred tax assets will not be recognized.  The need to establish valuation allowances against deferred tax assets is assessed quarterly. The primary factors used to assess the likelihood of realization are forecasts of future taxable income and available tax planning strategies that could be implemented to realize the net deferred tax assets.

The Company has not recorded United States income or foreign withholding taxes related to undistributed earnings of foreign subsidiaries because the Company currently plans to keep these amounts permanently invested overseas. 

The Company recognizes tax related interest and penalties in income tax expense in its Consolidated Statement of Income.

With respect to accounting for uncertainty in income taxes, the Company evaluates tax positions to determine whether the benefits of tax positions are more likely than not of being sustained upon audit based on the technical merits of the tax position. For tax positions that are more likely than not of being sustained upon audit, the Company recognizes the largest amount of the benefit that is greater than 50% likely of being realized upon ultimate settlement. For tax positions that are not more likely than not of being sustained upon audit, the Company does not recognize any portion of the benefit. If the more likely than not threshold is not met in the period for which a tax position is taken, the Company may subsequently recognize the benefit of that tax position if the tax matter is effectively settled, the statute of limitations expires, or if the more likely than not threshold is met in a subsequent period.

Deferred Financing Fees

Deferred Financing Fees

Debt issuance costs that are incurred by the Company in connection with the issuance of debt are deferred and amortized to interest expense over the life of the underlying indebtedness, adjusted to reflect any early repayments.

Stock-Based Compensation Plans

Stock-Based Compensation Plans

The Company measures the cost of employee services received in exchange for the award of an equity instrument based on the grant-date fair value of the award, with such cost recognized over the applicable vesting period.

Market Share Units

The fair value of the market share units is estimated at the date of grant using a binomial lattice model with the following assumptions: a risk-free interest rate, dividend yield, time to maturity and expected volatility. These units vest and are settled in common stock on the third anniversary of the date of grant. Market share units are converted into between zero and two shares of common stock for each unit granted at the end of a three-year performance cycle. The conversion ratio is calculated by dividing the average closing share price of the Company’s common stock during the ninety calendar days immediately preceding the vesting date by the average closing share price of the Company’s common stock during the ninety calendar days immediately preceding the grant date, with the resulting quotient capped at two. This quotient is then multiplied by the number of market share units granted to yield the number of shares of common stock to be delivered on the vesting date. The Company recognizes compensation expense using the straight-line method over the life of the market share units.

Restricted Stock Units

The fair value of restricted stock units is based on the closing market price of the Company’s common stock on the date of grant. These awards generally vest, and are settled in common stock, at 25% per year, over a four-year period from the date of grant. The Company recognizes compensation expense using the straight-line method over the life of the restricted stock units.

Stock Options

The fair value of the options granted is estimated at the date of grant using the Black-Scholes option-pricing model utilizing assumptions based on historical data and current market data. The assumptions include expected term of the options, risk-free interest rate, expected volatility, and dividend yield. The expected term represents the expected amount of time that options granted are expected to be outstanding, based on historical and forecasted exercise behavior. The risk-free rate is based on the rate at the grant date of zero-coupon U.S. Treasury Notes with a term equal to the expected term of the option. Expected volatility is estimated using historical volatility rates based on historical weekly price changes over a term equal to the expected term of the options. The Company’s dividend yield is based on historical data. The Company recognizes compensation expense using the straight-line method over the vesting period of the options.

Earnings Per Share

Earnings Per Share

Basic earnings per common share (“EPS”) are computed by dividing net earnings attributable to EnerSys stockholders by the weighted-average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that would occur if securities or other contracts to issue common stock were exercised or converted into common stock. At March 31, 2014, 2013 and 2012, the Company had outstanding stock options, restricted stock units, market share units and Convertible Notes, which could potentially dilute basic earnings per share in the future.

Segment Reporting

Segment Reporting

A segment for reporting purposes is based on the financial performance measures that are regularly reviewed by the chief operating decision maker to assess segment performance and to make decisions about a public entity’s allocation of resources. Based on this guidance, the Company reports its segment results based upon the three geographical regions of operations.

• Americas, which includes North and South America, with segment headquarters in Reading, Pennsylvania, USA,

• EMEA, which includes Europe, the Middle East and Africa, with segment headquarters in Zurich, Switzerland, and

• Asia, which includes Asia, Australia and Oceania, with segment headquarters in Singapore.

New Accounting Pronouncements

New Accounting Pronouncements

In February 2013, the Financial Accounting Standards Board (“FASB”) finalized the disclosure requirements on how entities should present financial information about reclassification adjustments from accumulated other comprehensive income in ASU No. 2013-02, “Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income." The standard requires that companies present either in a single note or parenthetically on the face of the financial statements, the effect of significant amounts reclassified from each component of accumulated other comprehensive income based on its source and the income statement line items affected by the reclassification. If a component is not required to be reclassified to net income in its entirety, companies would instead cross-reference to the related footnote for additional information. The Company adopted ASU No. 2013-02 as of April 1, 2013, and the adoption did not have a material impact on the Company's consolidated financial statements.

Use of Estimates

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.

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Warranty (Tables)

12 Months Ended

Mar. 31, 2014

Guarantees [Abstract]

Analysis Of Changes In Liability For Product Warranties

An analysis of changes in the liability for product warranties is as follows:

Balance at March 31, 2011	$	36,006
Current year provisions	26,841
Costs incurred	(20,185		)
Foreign currency translation adjustment	(595		)
Balance at March 31, 2012	42,067
Current year provisions	19,724
Costs incurred	(20,945		)
Foreign currency translation adjustment	1,745
Balance at March 31, 2013	42,591
Current year provisions	16,098
Costs incurred	(22,862		)
Fair value of warranty reserves of acquired businesses	2,817
Foreign currency translation adjustment	1,782
Balance at March 31, 2014	$	40,426

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Income Taxes

12 Months Ended

Mar. 31, 2014

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

Income tax expense is composed of the following:

	Fiscal year ended March 31,
	2014			2013			2012
Current:
Federal	$	41,256		$	38,480		$	30,459
State	2,845			5,684			3,778
Foreign	22,627			19,438			16,282
Total current	66,728			63,602			50,519
Deferred:
Federal	(18,410		)	3,915			(1,609		)
State	(4,088		)	214			(962		)
Foreign	(27,250		)	(2,456		)	(656		)
Total deferred	(49,748		)	1,673			(3,227		)
Income tax expense	$	16,980		$	65,275		$	47,292

Earnings before income taxes consists of the following:

	Fiscal year ended March 31,
	2014		2013		2012
United States	$	47,753	$	107,191	$	87,597
Foreign	115,994		123,042		103,662
Earnings before income taxes	$	163,747	$	230,233	$	191,259

Income taxes paid by the Company for the fiscal years ended March 31, 2014, 2013 and 2012 were $76,644, $64,210 and $38,482, respectively.

The following table sets forth the tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities:

	March 31,
	2014			2013
Deferred tax assets:
Accounts receivable	$	1,204		$	660
Inventories	6,146			4,345
Net operating loss carryforwards	60,359			67,834
Accrued expenses	58,417			32,773
Other assets	13,291			9,703
Gross deferred tax assets	139,417			115,315
Less valuation allowance	(23,583		)	(54,542		)
Total deferred tax assets	115,834			60,773
Deferred tax liabilities:
Property, plant and equipment	26,286			28,985
Other intangible assets	71,094			48,142
Convertible Notes	22,687			22,386
Other liabilities	1,554			865
Total deferred tax liabilities	121,621			100,378
Net deferred tax liabilities	$	(5,787	)	$	(39,605	)

The Company has approximately $8,993 in United States federal net operating loss carryforwards, all of which are limited by Section 382 of the Internal Revenue Code, with expirations between 2024 and 2033. The Company has approximately $187,310 of foreign net operating loss carryforwards, of which $160,809 may be carried forward indefinitely and $26,501 expire between 2018 and 2022. In addition, the Company also had approximately $36,333 of state net operating loss carryforwards with expirations between 2015 and 2034.

As of March 31, 2014 and 2013, the federal valuation allowance was $1,750 and $0, respectively. The increase related to a capital loss deferred tax asset recorded in the current fiscal year that is not expected to be realized. As of March 31, 2014 and 2013, the valuation allowance associated with the state tax jurisdictions was $1,974 and $1,761, respectively. As of March 31, 2014 and 2013, the valuation allowance associated with certain foreign tax jurisdictions was $19,859 and $52,781, respectively, a decrease of $32,922, of which, $22,281 resulted in a decrease to tax expense. The remaining decrease is primarily related to currency fluctuations, the sale of one of the Company's foreign subsidiaries, and an offset to adjustments to foreign net operating losses for which a full valuation allowance was recorded. The $22,281 net decrease to tax expense includes a decrease of $25,950 due to the reversal of a previously recognized deferred tax valuation allowance related to one of the Company's foreign subsidiaries, and an increase of $3,669 primarily related to net operating loss carryforwards generated in the currrent year.

A reconciliation of income taxes at the statutory rate to the income tax provision is as follows:

	Fiscal year ended March 31,
	2014			2013			2012
United States statutory income tax expense (at 35%)	$	57,311		$	80,581		$	66,962
Increase (decrease) resulting from:
State income taxes, net of federal effect	(647		)	3,742			1,592
Nondeductible expenses, domestic manufacturing deduction and other	5,124			7,664			1,587
Effect of foreign operations	(24,277		)	(27,883		)	(20,028		)
Valuation allowance	(20,531		)	1,171			(2,821		)
Income tax expense	$	16,980		$	65,275		$	47,292

The effective income tax rate for the fiscal years ended March 31, 2014, 2013 and 2012 were 10.4%, 28.4% and 24.7%, respectively.

At March 31, 2014, the Company has not recorded United States income or foreign withholding taxes on approximately $688,870 of undistributed earnings of foreign subsidiaries that could be subject to taxation if remitted to the United States because the Company currently plans to keep these amounts permanently invested overseas. It is not practical to calculate the income tax expense that would result upon repatriation of these earnings.

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:

March 31, 2011	$	10,645
Increases related to current year tax positions	5,032
Increases related to prior year tax positions	182
Decreases related to prior year tax positions due to foreign currency translation	(28		)
Lapse of statute of limitations	(2,886		)
March 31, 2012	12,945
Increases related to current year tax positions	6,296
Increases related to prior year tax positions	969
Increases related to prior year tax positions due to foreign currency translation	245
Lapse of statute of limitations	(3,970		)
March 31, 2013	16,485
Increases related to current year tax positions	207
Increases related to prior year tax positions	2,877
Decreases related to prior tax positions due to foreign currency translation	(68		)
Decreases related to prior year tax positions	(14,835		)
Lapse of statute of limitations	(923		)
March 31, 2014	$	3,743

All of the balance of unrecognized tax benefits at March 31, 2014 and 2013, if recognized, would be included in the Company’s Consolidated Statements of Income and have a favorable impact on both the Company’s net earnings and effective tax rate.

The Company and its subsidiaries file income tax returns in the U.S. federal jurisdiction, and various states and foreign jurisdictions. With few exceptions, the Company is no longer subject to U.S. federal, state and local, or non-U.S. income tax examinations by tax authorities for years before 2010.

While the net effect on total unrecognized tax benefits cannot be reasonably estimated, approximately $240 is expected to reverse in fiscal 2015 due to expiration of various statute of limitations.

The Company recognizes tax related interest and penalties in income tax expense in its Consolidated Statements of Income. As of March 31, 2014 and 2013, the Company had an accrual of $522 and $680, respectively, for interest and penalties.

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Restructuring Plans - Additional Information (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended								12 Months Ended										4 Months Ended	48 Months Ended	12 Months Ended		24 Months Ended	12 Months Ended
	Mar. 31, 2014	Dec. 29, 2013	Sep. 29, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 30, 2012	Sep. 30, 2012	Jul. 01, 2012	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2012	Mar. 31, 2014 Restructurings Related To Improving Efficiency of Manufacturing Operations in EMEA	Mar. 31, 2013 Restructurings Related To Improving Efficiency of Manufacturing Operations in EMEA	Mar. 31, 2012 Restructurings Related To Improving Efficiency of Manufacturing Operations in EMEA Employee	Mar. 31, 2014 Restructuring Twenty Thirteen Actions Restructurings Related To Improving Efficiency of Manufacturing Operations in EMEA	Mar. 31, 2013 Restructuring Twenty Thirteen Actions Restructurings Related To Improving Efficiency of Manufacturing Operations in EMEA Position	Mar. 31, 2014 Restructuring Twenty Thirteen Actions Restructurings Related To Closure of Manufacturing Facility in China	Mar. 31, 2013 Restructuring Twenty Thirteen Actions Restructurings Related To Closure of Manufacturing Facility in China	May 31, 2009 European and American Operations Employee	Mar. 31, 2012 European and American Operations	Mar. 31, 2014 European Operations	Mar. 31, 2011 European Operations Employee	Mar. 31, 2012 European Operations	Mar. 31, 2014 European Operations Restructuring Twenty Fourteen Actions Restructurings Related To Improving Efficiency of Manufacturing Operations in EMEA Employee	Mar. 31, 2014 Non Cash Charges European Operations Restructuring Twenty Fourteen Actions Restructurings Related To Improving Efficiency of Manufacturing Operations in EMEA	Mar. 31, 2014 Cash Charges European Operations Restructuring Twenty Fourteen Actions Restructurings Related To Improving Efficiency of Manufacturing Operations in EMEA
Restructuring Cost and Reserve [Line Items]
Reduction in number of employees																			470			60
Restructuring and other exit charges	$ 12,866	$ 12,920	$ 1,119	$ 421	$ 1,723	$ 3,776	$ 1,295	$ 370	$ 27,326	$ 7,164	$ 4,988		$ 475	$ 3,070	$ 2,465	$ 3,998	$ 248	$ 2,691		$ 31,753	$ 5,574		$ 5,178	$ 19,039		$ 8,950
Expected reduction in number of employees														85		130								510
Severance - related costs														3,545		7,200		2,939
Charges related to restructuring plan												185	913	2,433	2,748	952	428	221
Restructuring reserve															1,409									7,005
Write-off of assets related to restructuring									11,497	3,689	0													26,500	10,089
Restructuring charges, non - cash charges related to the write - off of fixed assets and inventory																1,399		2,290			1,409				12,000
Restructuring charges, cash charges related to employee severance and other charges																2,599		401			4,165			2,130		14,500
Expected additional restructuring charges															$ 700									$ 7,500	$ 1,900	$ 5,600

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Commitments, Contingencies and Litigation

12 Months Ended

Mar. 31, 2014

Commitments and Contingencies Disclosure [Abstract]

Commitments, Contingencies and Litigation

Commitments, Contingencies and Litigation

Litigation and Other Legal Matters

In the ordinary course of business, the Company and its subsidiaries are routinely defendants in or parties to many pending and threatened legal actions and proceedings, including actions brought on behalf of various classes of claimants. These actions and proceedings are generally based on alleged violations of environmental, anti-competition, employment, contract and other laws. In some of these actions and proceedings, claims for substantial monetary damages are asserted against the Company and its subsidiaries. In the ordinary course of business, the Company and its subsidiaries are also subject to regulatory and governmental examinations, information gathering requests, inquiries, investigations, and threatened legal actions and proceedings. In connection with formal and informal inquiries by federal, state, local and foreign agencies, such subsidiaries receive numerous requests, subpoenas and orders for documents, testimony and information in connection with various aspects of their activities.

In view of the inherent difficulty of predicting the outcome of such litigation, regulatory and governmental matters, particularly where the claimants seek very large or indeterminate damages or where the matters present novel legal theories or involve a large number of parties, the Company generally cannot predict what the eventual outcome of the pending matters will be, what the timing of the ultimate resolution of these matters will be, or what the eventual loss, fines or penalties related to each pending matter may be.

In accordance with applicable accounting guidance, the Company establishes an accrued liability for litigation, regulatory and governmental matters when those matters present loss contingencies that are both probable and estimable. In such cases, there may be an exposure to loss in excess of any amounts accrued. As a litigation, regulatory or governmental matter develops, the Company, in conjunction with any outside counsel handling the matter, evaluates on an ongoing basis whether such matter presents a loss contingency that is probable and estimable. When a loss contingency is not both probable and estimable, the Company does not establish an accrued liability. If, at the time of evaluation, the loss contingency related to a litigation, regulatory or governmental matter is not both probable and estimable, the matter will continue to be monitored for further developments that would make such loss contingency both probable and estimable. Once the loss contingency related to a litigation, regulatory or governmental matter is deemed to be both probable and estimable, the Company will establish an accrued liability with respect to such loss contingency and record a corresponding amount of litigation-related expense. The Company continues to monitor the matter for further developments that could affect the amount of the accrued liability that has been previously established.

Altergy

In the fourth quarter of fiscal 2014, the Company recorded a $58,184 legal proceedings charge in connection with an adverse arbitration result involving disputes between the Company's wholly-owned subsidiary, EnerSys Delaware Inc. (“EDI”), and Altergy Systems (“Altergy”). EDI and Altergy were parties to a Supply and Distribution Agreement (the “SDA”) pursuant to which EDI was, among other things, granted the exclusive right to distribute and sell certain fuel cell products manufactured by Altergy for various applications throughout the United States. Commencing in 2011, various disputes arose and, because of the mandatory arbitration provision in the SDA, an arbitration action was filed by EDI in November 2012 seeking arbitration of claims relating to the SDA. In February 2013, EDI terminated the SDA. Following unsuccessful attempts to resolve their disputes by mediation in July 2013, the parties moved forward with arbitration in August 2013, where each party asserted various claims against the other.

After discovery, a hearing and post-hearing submissions by each party, on May 13, 2014, the arbitration panel issued an award in favor of Altergy. As a result, the arbitration panel concluded that Altergy should recover $58,184 in net money damages from EDI. On May 13, 2014, Altergy filed a petition with the U.S. District Court for the Northern District of California seeking to confirm the arbitration panel award as well as post-award, prejudgment interest at the rate of 5.75% and post-judgment interest at the applicable federal statutory rate.

We are currently reviewing our options with our legal counsel to challenge this award, however there can be no assurances that a challenge, if and when made, will ultimately be successful. The full amount of the award was recorded in the fourth quarter of fiscal 2014 with an after tax expense of approximately $35,667. Adjustments to the accrual may be made in future periods depending on the outcome of any challenge.

EnerSys Sarl Litigation

In fiscal 2009, the Court of Commerce in Lyon, France ruled that the Company’s French subsidiary, EnerSys Sarl, which was acquired by the Company in 2002, was partially responsible for a 1999 fire in a French hotel under construction. The Company’s portion of damages was assessed at €2,700 or $4,200, which was duly recorded and paid by the Company, but the ruling was appealed. In a subsequent ruling by the Court of Appeal of Lyon, France, portion of damages was reduced, entitling the Company to a refund of the monies paid of €671 or $900, which has been recorded and collected in the second quarter of fiscal 2012. The Company further appealed the ruling to the French Supreme Court, which on March 14, 2012, ruled in the Company’s favor and ordered the case back to the Court of Appeal of Lyon to further review certain aspects of the original decision in the case, including the assessment of damages. The Court of Appeal of Lyon heard arguments on April 9, 2013 and ruled in the Company’s favor on June 11, 2013, entitling the Company to a refund of the monies paid of €2,000, or $2,756. One of the parties to the litigation that is adverse to the Company has appealed this ruling to the French Supreme Court, with a ruling expected in the 4th quarter of fiscal 2015. While the Company intends to pursue these matters vigorously, there can be no assurances as to the outcome of the matter. Additionally, the Company recorded no accrual or receivable based upon the June 2013 ruling of the Court of Appeal of Lyon, but adjustments may be made in future periods depending on the outcome of the appeal to the French Supreme Court.

Environmental Issues

As a result of its operations, the Company is subject to various federal, state and local, as well as international environmental laws and regulations and is exposed to the costs and risks of registering, handling, processing, storing, transporting, and disposing of hazardous substances, especially lead and acid. The Company’s operations are also subject to federal, state, local and international occupational safety and health regulations, including laws and regulations relating to exposure to lead in the workplace.

The Company is responsible for certain cleanup obligations at the former Yuasa battery facility in Sumter, South Carolina that predates its ownership of this facility. This manufacturing facility was closed in 2001 and is separate from the Company’s current metal fabrication facility in Sumter. The Company has established a reserve for this facility. As of March 31, 2014 and 2013, the reserves related to this facility were $2,915. Based on current information, the Company’s management believes these reserves are adequate to satisfy the Company’s environmental liabilities at this facility.

Collective Bargaining

At March 31, 2014, the Company had approximately 9,500 employees. Of these employees, approximately 34% were covered by collective bargaining agreements. Employees covered by collective bargaining agreements that did not exceed twelve months were approximately 13%. The average term of these agreements is two years, with the longest term being four years.

Lead Contracts

To stabilize its costs, the Company has entered into contracts with financial institutions to fix the price of lead. The vast majority of such contracts are for a period not extending beyond one year. Under these contracts, at March 31, 2014 and 2013, the Company has hedged the price to purchase approximately 89.9 million pounds and 56.3 million pounds of lead, respectively, for a total purchase price of $86,494 and $56,601, respectively.

Foreign Currency Forward Contracts

The Company quantifies and monitors its global foreign currency exposures. On a selective basis, the Company will enter into foreign currency forward and option contracts to reduce the volatility from currency movements that affect the Company. The vast majority of such contracts are for a period not extending beyond one year. The Company’s largest exposure is from the purchase and conversion of U.S. dollar based lead costs into local currencies in EMEA. Additionally, the Company has currency exposures from intercompany and third-party trade transactions. To hedge these exposures, the Company has entered into a total of $92,793 and $73,115, respectively, of foreign currency forward contracts with financial institutions as of March 31, 2014 and 2013, respectively.

Interest Rate Swap Agreements

The Company is exposed to changes in variable U.S. interest rates on borrowings under its 2011 Credit Facility. On a selective basis, from time to time, the Company enters into interest rate swap agreements to reduce the negative impact that increases in interest rates could have on its outstanding variable rate debt. These agreements expired in May 2013 and the Company had no interest rate swap agreements at March 31, 2014. At March 31, 2013, such agreements converted $65,000 of variable-rate debt to a fixed-rate basis utilizing the three-month LIBOR as a floating rate reference. Fluctuations in LIBOR and fixed rates affect both the Company’s net financial investment position and the amount of cash to be paid or received under these agreements.

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Retirement Plans - Summary of Recognized Components of Net Periodic Pension Cost Included in Accumulated Other Comprehensive Income (Detail) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Mar. 31, 2014
Compensation and Retirement Disclosure [Abstract]
Net loss	$ (952)
Prior service cost	(108)
Net amount expected to be recognized	$ (1,060)

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Earnings Per Share (Tables)

12 Months Ended

Mar. 31, 2014

Earnings Per Share [Abstract]

Reconciliation From Basic To Diluted Average Common Shares And Net Earnings Per Common Share

The following table sets forth the reconciliation from basic to diluted weighted-average number of common shares outstanding and the calculations of net earnings per common share attributable to EnerSys stockholders.

	Fiscal year ended March 31,
	2014		2013		2012
Net earnings attributable to EnerSys stockholders	$	150,328	$	166,508	$	144,003
Weighted-average number of common shares outstanding:
Basic	47,473,690		48,022,005		48,748,205
Dilutive effect of:
Common shares from exercise and lapse of equity awards, net of shares assumed reacquired	1,034,505		593,422		467,830
Convertible Notes	1,279,960		20,022		—
Diluted weighted-average number of common shares outstanding	49,788,155		48,635,449		49,216,035
Basic earnings per common share attributable to EnerSys stockholders	$	3.17	$	3.47	$	2.95
Diluted earnings per common share attributable to EnerSys stockholders	$	3.02	$	3.42	$	2.93
Anti-dilutive equity awards not included in diluted weighted-average common shares	—		—		221,097

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Stockholders Equity and Noncontrolling Interests Reclassification from Accumulated Other Comprehensive Income (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended								12 Months Ended
	Mar. 31, 2014	Dec. 29, 2013	Sep. 29, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 30, 2012	Sep. 30, 2012	Jul. 01, 2012	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2012
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract]
Cost of goods sold									$ 1,844,813	$ 1,708,203	$ 1,770,664
Income tax expense									16,980	65,275	47,292
Net earnings attributable to EnerSys stockholders	(12,842)	(55,300)	(41,339)	(40,847)	(37,730)	(39,184)	(43,790)	(45,804)	(150,328)	(166,508)	(144,003)
Net unrealized (loss) on derivative instruments | Reclassification out of Accumulated Other Comprehensive Income
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract]
Cost of goods sold									(11)
Income tax expense									4
Net earnings attributable to EnerSys stockholders									(7)
Pension funded status adjustment | Reclassification out of Accumulated Other Comprehensive Income
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract]
Prior service costs and deferrals									944
Income tax expense									(320)
Net earnings attributable to EnerSys stockholders									$ 624

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Leases (Tables)

12 Months Ended

Mar. 31, 2014

Leases [Abstract]

Schedule Of Capital And Operating Leases

The Company’s future minimum lease payments under capital and operating leases that have noncancelable terms in excess of one year as of March 31, 2014 are as follows:

	Capital Leases		Operating Leases
2015	$	374	$	21,447
2016	202		16,534
2017	30		11,596
2018	15		7,926
2019	4		5,633
Thereafter	—		6,742
Total minimum lease payments	625		$	69,878
Amounts representing interest	26
Net minimum lease payments, including current portion of $354	$	599

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Stock-Based Compensation - Additional Information (Detail) (USD $) In Thousands, except Share data, unless otherwise specified	12 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2012
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for future grants	2,174,313
Stock-based compensation expense	$ 0	$ 97	$ 1,092
Stock-based compensation expense, net of tax	0	69	822
Unrecognized compensation expense associated with non-vested incentive awards outstanding	25,353
Expected weighted average period	18 months
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Market price per unit of stock award	$ 49.41
Stock unit grant during period	183,925
Restricted Shares Restricted Stock Units and Market Share Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	16,742	14,640	10,493
Stock unit grant during period	5,232	9,412	9,340
Equity-based compensation expense, tax benefit	$ 2,843	$ 4,105	$ 2,599
Non Employee Directors | Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock units granted	17,064	21,328	35,632
Market price per unit of stock award	$ 53.92	$ 37.51	$ 22.45
Management | Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Market price per unit of stock award	$ 50.70	$ 31.76	$ 35.79
Stock unit grant during period	161,629	199,139	95,026
Management | Market Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Market price per unit of stock award	$ 65.03	$ 41.36	$ 48.36
Stock unit grant during period	189,438	303,942	224,397
Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for future grants	3,177,477
Stock Options Issued In Fiscal 2010 | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options expiration period (in years)	10 years

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Consolidated Statements of Comprehensive Income (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2012
Statement of Comprehensive Income [Abstract]
Net earnings	$ 146,767	$ 164,958	$ 143,967
Other comprehensive income (loss):
Net unrealized gain (loss) on derivative instruments, net of tax	(1,421)	(2,007)	(3,261)
Pension funded status adjustment, net of tax	(2,038)	(4,187)	(5,470)
Foreign currency translation adjustment	29,339	(28,894)	(32,516)
Total other comprehensive income (loss), net of tax	25,880	(35,088)	(41,247)
Total comprehensive income	172,647	129,870	102,720
Comprehensive income (loss) attributable to noncontrolling interests	(4,871)	(3,200)	(196)
Comprehensive income attributable to EnerSys stockholders	$ 177,518	$ 133,070	$ 102,916

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Income Taxes - Reconciliation of Income Taxes at Statutory Rate (Parenthetical) (Detail)	12 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2012
Income Tax Disclosure [Abstract]
United States statutory income tax expense rate percentage	35.00%	35.00%	35.00%

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Acquisitions

12 Months Ended

Mar. 31, 2014

Business Combinations [Abstract]

Acquisitions

Acquisitions

In fiscal 2014, the Company completed two acquisitions in the Americas and one in Asia, using both cash on hand and borrowings under the 2011 Credit Facility.

On October 8, 2013, the Company completed the acquisition of Purcell Systems, Inc., a designer, manufacturer and marketer of thermally managed electronic equipment and battery cabinet enclosures, headquartered in Spokane, Washington, for $119,540, net of cash acquired. The Company acquired tangible and intangible assets, including trademarks, technology, customer relationships and goodwill. Based on preliminary valuations performed, trademarks were valued at $16,800, technology at $7,900, customer relationships at $35,700, and goodwill was recorded at $54,145. The useful life of technology and customer lists were estimated at 10 and 13 years, respectively. Trademarks were considered to be indefinite-lived assets.

On October 28, 2013, the Company completed the acquisition of Quallion, LLC, a manufacturer of lithium ion cells and batteries for medical devices, defense, aviation and space, headquartered in Sylmar, California, for $25,800, net of cash acquired. The Company acquired tangible and intangible assets, in connection with the acquisition, including trademarks, technology, customer relationships and goodwill. Based on preliminary valuations performed, trademarks were valued at $500, technology at $4,400, customer relationships at $3,400, and goodwill was recorded at $13,502. The useful life of technology and customer relationships were estimated at 20 and 14 years, respectively. Trademarks were considered to be indefinite-lived assets.

On January 27, 2014, the Company completed the acquisition of UTS Holdings Sdn. Bhd. and its subsidiaries, a distributor of motive and reserve power battery products and services, headquartered in Kuala Lumpur, Malaysia, for $25,332, net of cash acquired. The Company acquired tangible and intangible assets, including trademarks, customer relationships and goodwill. Based on initial valuations performed, trademarks were valued at $1,294, customer relationships at $2,586 and goodwill was recorded at $9,254. The average life of customer relationships were estimated at 10 years and trademarks were considered to be indefinite-lived assets.

The Company made an initial allocation of the purchase price to tangible and intangible assets acquired and liabilities assumed based on their estimated respective fair values as of the date of acquisition. The valuation of these tangible and identifiable intangible assets and liabilities is preliminary, subject to completion of a formal valuation process and further management review, and may be retrospectively adjusted, if necessary, as additional information becomes available. The excess of the purchase price over the tangible and identifiable intangible assets acquired and liabilities assumed has been allocated to goodwill.

The results of these acquisitions have been included in the Company’s results of operations from the dates of their respective acquisitions. Pro forma earnings and earnings per share computations have not been presented as these acquisitions are not considered material. Net sales and net earnings attributable to EnerSys stockholders, related to the fiscal 2014 acquisitions were $68,231 and $2,126, respectively, during fiscal 2014.

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Inventories - Additional Information (Detail) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Inventory Disclosure [Abstract]
Inventory reserves for obsolescence and other estimated losses	$ 20,316	$ 17,372

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Derivative Financial Instruments - Effect of Derivative Instruments (Detail) (Not Designated as Hedging Instrument, USD $) In Thousands, unless otherwise specified	12 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2012
Derivatives, Fair Value [Line Items]
Gain (Loss) Recognized in Income on Derivatives	$ (188)	$ 2,496	$ (1,083)
Other (Income) Expense | Interest rate swap agreements
Derivatives, Fair Value [Line Items]
Gain (Loss) Recognized in Income on Derivatives		(101)	(977)
Other (Income) Expense | Foreign currency forward contracts
Derivatives, Fair Value [Line Items]
Gain (Loss) Recognized in Income on Derivatives	$ (188)	$ 2,597	$ (106)

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Redeemable Noncontrolling Interests (Detail) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2012
Temporary Equity, Number of Shares, Redemption Value and Other Disclosures [Abstract]
Redeemable noncontrolling interest, beginning balance	$ 11,095	$ 9,782	$ 0
Redeemable noncontrolling interests recognized in acquisitions of Powertech Batteries and Energy Leader Batteries India Limited			9,916
Net losses attributable to redeemable noncontrolling interests	(3,536)	(1,429)	(170)
Loan to equity conversion by redeemable noncontrolling interests	4,974	3,901
Purchase of subsidiary shares from redeemable noncontrolling interest	(3,146)
Foreign currency translation adjustment	(1,340)	(1,159)	36
Redeemable noncontrolling interest, ending balance	$ 8,047	$ 11,095	$ 9,782

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Debt - Additional Information (Detail) (USD $)	12 Months Ended					0 Months Ended		12 Months Ended						0 Months Ended	1 Months Ended	12 Months Ended						12 Months Ended			9 Months Ended		0 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2012	Mar. 31, 2014 Option Two Libor Rate	Mar. 31, 2014 Option Two Federal Funds Rate	Mar. 29, 2011 2011 Senior Secured Revolving Credit Facility	Mar. 31, 2014 2011 Senior Secured Revolving Credit Facility	Mar. 31, 2014 2011 Senior Secured Revolving Credit Facility Option One	Mar. 31, 2014 2011 Senior Secured Revolving Credit Facility Option Two	Mar. 31, 2014 Applicable Percentage Option One Libor Rate	Mar. 31, 2014 Applicable Percentage Option Two Libor Rate	Mar. 31, 2014 2011 Credit Facility Due 2018	Mar. 31, 2013 2011 Credit Facility Due 2018	May 28, 2008 Convertible Notes Payable	May 28, 2008 Convertible Notes Payable	Mar. 31, 2014 Convertible Notes Payable		Mar. 31, 2013 Convertible Notes Payable		Mar. 31, 2012 Convertible Notes Payable	Dec. 29, 2013 Convertible Notes Payable	Mar. 31, 2014 Senior Unsecured 3.375% Convertible Notes Due 2038	Mar. 31, 2013 Senior Unsecured 3.375% Convertible Notes Due 2038	Mar. 31, 2012 Senior Unsecured 3.375% Convertible Notes Due 2038	Dec. 29, 2013 Minimum	Dec. 29, 2013 Maximum	Apr. 02, 2014 Subsequent Event Convertible Notes Payable
Debt Instrument [Line Items]
Maximum borrowing capacity						$ 350,000,000	$ 350,000,000
Maturity date						Sep. 30, 2018										Jun. 01, 2038
Liquidity test required to be met	February 2015
Capacity to meet potential obligations related to Convertible Notes	June 2015
Interest on borrowings at a floating rate								LIBOR plus an applicable percentage (currently 1.25%)	The greater of the Federal Funds rate plus 0.50% or the prime rate, or one-month LIBOR plus 1.0%, plus an applicable percentage (currently 0.25%)
Interest at a floating rate				1.00%	0.25%					1.25%	0.50%
Debt Instrument, Interest Rate at Period End							1.39%
Long-term debt	287,887,000	155,273,000										125,000,000	0			162,887,000		155,273,000				162,887,000	155,273,000
Company owned capital stock percentage	65.00%
New deferred financing fees	853,000
Face value of debt instrument														172,500,000	172,500,000	172,500,000		172,500,000			172,500,000
Interest rate of debt instrument														3.375%	3.375%	3.375%						3.375%
Debt instrument maturity year												2018										2038
Net proceeds received after deduction of commissions and offering expenses															168,200,000
Semi-annual payment of interest in arrears																June 1 and December 1
Initial exchange rate														0.0246305		0.0248385
Conversion price per share	$ 40.60													$ 40.60	$ 40.60	$ 40.26											$ 40.26
Percent of principal amount of convertible notes to be redeemed	100.00%
Percentage of conversion price																									98.00%	130.00%
Trading Days																									20 days	30 days
Convertible Notes Payable, Current																301,875,000	[1]	217,350,000	[1]
Reclassification of debt conversion feature	(9,613,000)
Aggregate consideration on conversion shares																											4,284,641
Amortized remaining discount period	14 months
Interest rate percentage																8.50%
Amount of interest cost recognized for the amortization of the discount																7,614,000		7,001,000		6,435,000
Interest paid																						8,490,000	10,056,000	8,933,000
Short term borrowing outstanding amount	33,814,000	22,702,000
Short-term debt, weighted-average interest rates	7.00%	9.00%
Stand by letters of credit																1,653,000		11,854,000
Deferred financing fees, net of accumulated amortization	2,899,000	3,355,000
Amortization expense included in interest expense	1,141,000	1,279,000	1,278,000
Available lines of credit																360,275,000		469,123,000
Line of Credit Facility, Remaining Borrowing Capacity, Uncommitted Portion																$ 136,525,000		$ 120,373,000

[1] The fair value amounts of the Convertible Notes represent the trading values of the Convertible Notes with a principal value of $172,500 at March 31, 2014 and March 31, 2013.

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Restructuring Plans and Other Exit Charges

12 Months Ended

Mar. 31, 2014

Restructuring and Related Activities [Abstract]

Restructuring Plans and Other Exit Charges

Restructuring and Other Exit Charges

Restructuring Plans

In February and May 2009, the Company announced a plan to restructure certain of its European and American operations, which resulted in a reduction of approximately 470 employees upon completion across its operations. These actions were primarily in Europe and included charges for employee-related severance payments and asset impairments, the most significant of which was the closure of its leased Italian manufacturing facility and the opening of a new Italian distribution center. The Company recorded restructuring charges of $31,753 in fiscal 2009 through fiscal 2012. This plan has been completed as of March 31, 2012.

During fiscal 2011, the Company announced a restructuring of its European operations, which resulted in a reduction of approximately 60 employees upon completion across its operations. The Company recorded restructuring charges of $5,178 in fiscal 2011 through 2012, with no additional charges in fiscal 2013. These charges were primarily from cash expenses for employee severance-related payments. This plan has been completed as of March 31, 2013.

During fiscal 2012, the Company announced restructuring plans related to its operations in EMEA, primarily consisting of the transfer of manufacturing of select products between certain of its manufacturing operations and restructuring of its selling, general and administrative operations, which resulted in the reduction of approximately 85 employees upon completion at the end of the second quarter of fiscal 2014. The total charges for these actions amounted to $3,545, primarily from cash expenses for employee severance-related payments. The Company recorded restructuring charges of $3,070 in fiscal 2012 and $475 of charges in fiscal 2013 with no additional charges in fiscal 2014. The Company incurred $2,433 of costs against the accrual during fiscal 2012, and $913 of costs incurred in fiscal 2013 with $185 of additional incurred against the accrual during fiscal 2014. This plan was completed as of September 29, 2013.

During fiscal 2013, the Company announced further restructurings related to improving the efficiency of its manufacturing operations in EMEA. The Company estimates that the total charges for these actions will amount to approximately $7,200, primarily from cash expenses for employee severance-related payments and non-cash expenses associated with the write-off of certain fixed assets and inventory. The Company estimates that these actions will result in the reduction of approximately130 employees upon completion. During fiscal 2013, the Company recorded restructuring charges of $3,998, consisting of non-cash charges of $1,399 related to the write-off of fixed assets and inventory, along with cash charges related to employee severance and other charges of $2,599. During fiscal 2014, the Company recorded an additional $2,465 in charges. During fiscal 2013, the Company incurred $952 of costs against the accrual with an additional $2,748 of costs incurred during fiscal 2014. As of March 31, 2014, the reserve balance associated with these actions is $1,409. The Company expects to be committed to an additional $700 of restructuring charges related to these actions during fiscal 2015, and expects to complete the program during fiscal 2015.

During fiscal 2013, the Company announced a restructuring related to the closure of its manufacturing facility located in Chaoan, People’s Republic of China, pursuant to which the Company transferred the manufacturing at that location to its other facilities in the People’s Republic of China, to improve operational efficiencies. The total charges related to this action amounted to $2,939. During fiscal 2013, the Company recorded restructuring charges of $2,691, consisting of non-cash charges of $2,290 related to the write-off of fixed assets and inventory, along with cash charges related to employee severance and other charges of $401. During fiscal 2014, $248 of additional other restructuring charges were accrued.During fiscal 2013, the Company incurred $221 in costs against the accrual with an additional $428 of costs incurred during fiscal 2014. This plan was completed as of March 31, 2014.

During fiscal 2014, the Company announced further restructuring programs to improve the efficiency of its manufacturing, sales and engineering operations in EMEA including the restructuring of its manufacturing operations in Bulgaria. The restructuring of the Bulgaria operations was announced during the third quarter of fiscal 2014 and consists of the transfer of motive power and a portion of reserve power battery manufacturing to the Company's facilities in Western Europe. The Company estimates that the total charges for all actions announced during fiscal 2014 will amount to approximately $26,500, primarily from non-cash charges related to the write-off of fixed assets and inventory of approximately $12,000, along with cash charges for employee severance-related payments and other charges of $14,500. The Company estimates that these actions will result in the reduction of approximately 510 employees upon completion. During fiscal 2014, the Company recorded restructuring charges of $19,039 consisting of non-cash charges of $10,089 related to the write-off of fixed assets and inventory, along with cash charges of $8,950 related to employee severance. During fiscal 2014 the Company incurred $2,130 in costs against the accrual. As of March 31, 2014, the reserve balance associated with these actions is $7,005. The Company expects to be committed to an additional $7,500 of restructuring charges in fiscal 2015 related to these actions, comprising of non-cash charges of $1,900 and cash charges of $5,600 and expects to complete the program during fiscal 2015.

A roll-forward of the restructuring reserve is as follows:

	Employee Severance			Other			Total
Balance at March 31, 2011	$	4,920		$	—		$	4,920
Accrual adjustment	(681		)	—			(681		)
Accrued	4,958			—			4,958
Costs incurred	(7,966		)	—			(7,966		)
Foreign currency impact and other	(45		)	—			(45		)
Balance at March 31, 2012	$	1,186		$	—		$	1,186
Accrued	3,093			382			3,475
Costs incurred	(2,485		)	(157		)	(2,642		)
Foreign currency impact and other	(56		)	(4		)	(60		)
Balance at March 31, 2013	$	1,738		$	221		$	1,959
Accrued	10,285			1,378			11,663
Costs incurred	(4,966		)	(525		)	(5,491		)
Foreign currency impact and other	255			28			283
Balance at March 31, 2014	$	7,312		$	1,102		$	8,414

Other Exit Charges

During fiscal 2014, the Company recorded exit charges of $5,574, consisting of non-cash charges of $1,409 and cash charges of $4,165 related to certain operations in Europe.

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Warranty (Detail) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2012
Product Warranty Accrual [Roll Forward]
Balance at beginning of period	$ 42,591	$ 42,067	$ 36,006
Current year provisions	16,098	19,724	26,841
Costs incurred	(22,862)	(20,945)	(20,185)
Fair value of warranty reserves of acquired businesses	2,817
Foreign currency translation adjustment	1,782	1,745	(595)
Balance at end of period	$ 40,426	$ 42,591	$ 42,067

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Other Liabilities (Detail) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Other Liabilities Disclosure [Abstract]
Pension	$ 37,900	$ 34,554
Warranty	22,849	22,512
Liability for uncertain tax benefits	4,265	17,165
Deferred income	7,012	6,285
Other	9,199	9,902
Total	$ 81,225	$ 90,418

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Prepaid and Other Current Assets (Tables)

12 Months Ended

Mar. 31, 2014

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Schedule Of Prepaid And Other Current Assets

Prepaid and other current assets consist of the following:

	March 31,
	2014		2013
Prepaid non-income taxes	$	25,120	$	27,525
Prepaid income taxes	23,762		16,145
Non-trade receivables	4,435		6,096
Other	16,085		14,053
Total	$	69,402	$	63,819

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Derivative Financial Instruments

12 Months Ended

Mar. 31, 2014

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

Derivative Financial Instruments

The Company utilizes derivative instruments to reduce its exposure to fluctuations in commodity prices, foreign exchange rates and interest rates, under established procedures and controls. The Company does not enter into derivative contracts for speculative purposes. The Company’s agreements are with creditworthy financial institutions and the Company anticipates performance by counterparties to these contracts and therefore no material loss is expected.

Derivatives in Cash Flow Hedging Relationships

Lead Hedge Forward Contracts

The Company enters into lead hedge forward contracts to fix the price for a portion of its lead purchases. Management considers the lead hedge forward contracts to be effective against changes in the cash flows of the underlying lead purchases. The vast majority of such contracts are for a period not extending beyond one year and the notional amounts at March 31, 2014 and 2013 were 89.9 million pounds and 56.3 million pounds, respectively.

Foreign Currency Forward Contracts

The Company uses foreign currency forward contracts to hedge a portion of the Company’s foreign currency exposures for lead as well as well as other foreign currency exposures so that gains and losses on these contracts offset changes in the underlying foreign currency denominated exposures. The vast majority of such contracts are for a period not extending beyond one year. As of March 31, 2014 and 2013, the Company had entered into a total of $70,332 and $51,366, respectively, of such contracts.

In the coming twelve months, the Company anticipates that $3,600 of net pretax loss relating to lead and foreign currency forward contracts will be reclassified from AOCI as part of cost of goods sold. This amount represents the current unrealized impact of hedging lead and foreign exchange rates, which will change as market rates change in the future, and will ultimately be realized in the income statement as an offset to the corresponding actual changes in lead costs to be realized in connection with the variable lead cost and foreign exchange rates being hedged.

Derivatives not Designated in Hedging Relationships

Interest Rate Swap Agreements

As of March 31, 2013, the Company maintained interest rate swap agreements that converted $65,000 of variable-rate debt to a fixed-rate basis, utilizing the three-month LIBOR, as a floating rate reference. These agreements expired in May 2013, and the Company had no interest rate swap agreements as of March 31, 2014.

Foreign Currency Forward Contracts

The Company also enters into foreign currency forward contracts to economically hedge foreign currency fluctuations on intercompany loans and foreign currency denominated receivables and payables. These are not designated as hedging instruments and changes in fair value of these instruments are recorded directly within other (income) expense, net in the Consolidated Statements of Income. As of March 31, 2014 and 2013, the notional amount of these contracts was $22,461 and $21,749, respectively.

Presented below in tabular form is information on the location and amounts of derivative fair values in the Consolidated Balance Sheets and derivative gains and losses in the Consolidated Statements of Income:

Fair Value of Derivative Instruments

March 31, 2014 and 2013

	Derivatives and Hedging Activities Designated as Cash Flow Hedges				Derivatives and Hedging Activities Not Designated as Hedging  Instruments
	March 31, 2014		March 31, 2013		March 31, 2014		March 31, 2013
Prepaid and other current assets
Foreign currency forward contracts	$	12	$	—	$	101	$	241
Total assets	$	12	$	—	$	101	$	241
Accrued expenses
Interest rate swap agreements	$	—	$	—	$	—	$	654
Lead hedge forward contracts	2,371		2,832		—		—
Foreign currency forward contracts	—		252		—		—
Total liabilities	$	2,371	$	3,084	$	—	$	654

The Effect of Derivative Instruments on the Consolidated Statements of Income

For the fiscal year ended March 31, 2014

Derivatives Designated as Cash Flow Hedges	Pretax Gain (Loss) Recognized in AOCI on Derivative (Effective Portion)			Location of Gain (Loss) Reclassified from AOCI into Income (Effective Portion)	Pretax Gain (Loss) Reclassified from AOCI into Income (Effective Portion)
Lead hedge forward contracts	$	(1,562	)	Cost of goods sold	$	718
Foreign currency forward contracts	(682		)	Cost of goods sold	(707		)
Total	$	(2,244	)		$	11

Derivatives Not Designated as Hedging Instruments	Location of Gain (Loss) Recognized in Income on Derivative	Pretax Gain (Loss)
Foreign currency forward contracts	Other (income) expense, net	$	(188	)
Total		$	(188	)

The Effect of Derivative Instruments on the Consolidated Statements of Income

For the fiscal year ended March 31, 2013

Derivatives Designated as Cash Flow Hedges	Pretax Gain (Loss) Recognized in AOCI on Derivative (Effective Portion)		Location of Gain (Loss) Reclassified from AOCI into Income (Effective Portion)	Pretax Gain (Loss) Reclassified from AOCI into Income (Effective Portion)
Lead hedge forward contracts	$	1,623	Cost of goods sold	$	3,309
Foreign currency forward contracts	248		Cost of goods sold	1,703
Total	$	1,871		$	5,012

Derivatives Not Designated as Hedging Instruments	Location of Gain (Loss) Recognized in Income on Derivative	Pretax Gain (Loss)
Interest rate swap contracts	Other (income) expense, net	$	(101	)
Foreign currency forward contracts	Other (income) expense, net	2,597
Total		$	2,496

The Effect of Derivative Instruments on the Consolidated Statements of Income

For the fiscal year ended March 31, 2012

Derivatives Designated as Cash Flow Hedges	Pretax Gain (Loss) Recognized in AOCI on Derivative (Effective Portion)			Location of Gain (Loss) Reclassified from AOCI into Income (Effective Portion)	Pretax Gain (Loss) Reclassified from AOCI into Income (Effective Portion)
Lead hedge forward contracts	$	(9,731	)	Cost of goods sold	$	(831	)
Foreign currency forward contracts	(152		)	Cost of goods sold	(3,882		)
Total	$	(9,883	)		$	(4,713	)

Derivatives Not Designated as Hedging Instruments	Location of Gain (Loss) Recognized in Income on Derivative	Pretax Gain (Loss)
Interest rate swap contracts	Other (income) expense, net	$	(977	)
Foreign currency forward contracts	Other (income) expense, net	(106		)
Total		$	(1,083	)

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Retirement Plans - Summary of Estimated Future Benefit Payments (Detail) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2014
Defined Benefit Plan, Expected Future Benefit Payments, Rolling Maturity [Abstract]
2015	$ 2,697
2016	2,653
2017	3,151
2018	3,148
2019	3,415
Years 2020-2024	$ 21,298