Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 31, 2016 | Aug. 31, 2016 | Sep. 30, 2015 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Mar. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | WMS | ||
Entity Registrant Name | ADVANCED DRAINAGE SYSTEMS, INC. | ||
Entity Central Index Key | 1,604,028 | ||
Current Fiscal Year End Date | --03-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 54,887,305 | ||
Entity Public Float | $ 997 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2016 | Mar. 31, 2015 |
Current assets: | ||
Cash | $ 6,555 | $ 3,623 |
Receivables (less allowance for doubtful accounts of $7,956 and $5,423, respectively) | 186,883 | 154,294 |
Inventories | 230,466 | 260,550 |
Deferred income taxes and other current assets | 12,859 | 22,504 |
Total current assets | 436,763 | 440,971 |
Property, plant and equipment, net | 391,744 | 375,813 |
Other assets: | ||
Goodwill | 100,885 | 98,679 |
Intangible assets, net | 59,869 | 58,055 |
Other assets | 48,387 | 61,167 |
Total assets | 1,037,648 | 1,034,685 |
Current liabilities: | ||
Current maturities of debt obligations | 35,870 | 9,580 |
Current maturities of capital lease obligations | 19,231 | 15,731 |
Accounts payable | 119,606 | 111,893 |
Other accrued liabilities | 65,099 | 54,349 |
Accrued income taxes | 1,822 | 6,052 |
Total current liabilities | 241,628 | 197,605 |
Long-term debt obligation | 315,345 | 390,315 |
Long-term capital lease obligations | 56,809 | 45,503 |
Deferred tax liabilities | 63,683 | 64,596 |
Other liabilities | 30,803 | 28,558 |
Total liabilities | 708,268 | 726,577 |
Commitments and contingencies (see Note 14) | ||
Mezzanine equity: | ||
Redeemable convertible preferred stock: $0.01 par value; 47,070 shares authorized; 44,170 shares issued; 24,819 and 25,639 shares outstanding, respectively | 310,240 | 320,490 |
Deferred compensation - unearned ESOP shares | (205,664) | (212,469) |
Redeemable noncontrolling interest in subsidiaries | 7,171 | |
Total mezzanine equity | 111,747 | 108,021 |
Stockholders' equity: | ||
Common stock: $0.01 par value; 1,000,000 shares authorized; 153,560 shares issued; 54,437 and 53,522 shares outstanding, respectively | 12,393 | 12,393 |
Paid-in capital | 715,859 | 700,977 |
Common stock in treasury, at cost | (440,995) | (445,065) |
Accumulated other comprehensive loss | (21,261) | (15,521) |
Retained deficit | (63,396) | (69,110) |
Total ADS stockholders' equity | 202,600 | 183,674 |
Noncontrolling interest in subsidiaries | 15,033 | 16,413 |
Total stockholders' equity | 217,633 | 200,087 |
Total liabilities, mezzanine equity and stockholders' equity | $ 1,037,648 | $ 1,034,685 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2016 | Mar. 31, 2015 |
Allowance for doubtful accounts | $ 7,956 | $ 5,423 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 1,000,000,000 | 1,000,000,000 |
Common stock, shares issued | 153,560,000 | 153,560,000 |
Common stock, shares outstanding | 54,437,000 | 53,522,000 |
Redeemable Convertible Preferred Stock [Member] | ||
Mezzanine equity, par value | $ 0.01 | $ 0.01 |
Mezzanine equity, shares authorized | 47,070,000 | 47,070,000 |
Mezzanine equity, shares issued | 44,170,000 | 44,170,000 |
Mezzanine equity, shares outstanding | 24,819,000 | 25,639,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Income Statement [Abstract] | |||
Net sales | $ 1,290,678 | $ 1,180,073 | $ 1,067,780 |
Cost of goods sold | 1,005,626 | 973,860 | 875,232 |
Gross profit | 285,052 | 206,213 | 192,548 |
Operating expenses: | |||
Selling | 88,978 | 78,981 | 74,042 |
General and administrative | 101,445 | 58,749 | 59,761 |
Loss (gain) on disposal of assets or businesses | 812 | 362 | (2,863) |
Intangible amortization | 9,224 | 9,754 | 10,145 |
Income from operations | 84,593 | 58,367 | 51,463 |
Other expense: | |||
Interest expense | 18,460 | 19,368 | 18,807 |
Derivative losses (gains) and other expense (income), net | 16,575 | 14,370 | (1,177) |
Income before income taxes | 49,558 | 24,629 | 33,833 |
Income tax expense | 20,855 | 9,483 | 19,422 |
Equity in net loss of unconsolidated affiliates | 5,234 | 2,335 | 3,086 |
Net income | 23,469 | 12,811 | 11,325 |
Less net income attributable to noncontrolling interest | 5,515 | 4,131 | 3,593 |
Net income attributable to ADS | 17,954 | 8,680 | 7,732 |
Change in fair value of Redeemable convertible preferred stock | (11,054) | (3,979) | |
Accretion of Redeemable noncontrolling interest | (932) | ||
Dividends to Redeemable convertible preferred stockholders | (1,425) | (661) | (10,139) |
Dividends paid to unvested restricted stockholders | (24) | (11) | (418) |
Net income (loss) available to common stockholders and participating securities | 15,573 | (3,046) | (6,804) |
Undistributed income allocated to participating securities | (511) | ||
Net income (loss) available to common stockholders | $ 15,062 | $ (3,046) | $ (6,804) |
Weighted average common shares outstanding: | |||
Basic | 53,978 | 51,344 | 47,277 |
Diluted | 55,052 | 51,344 | 47,277 |
Net income (loss) per share available to common stockholders: | |||
Basic | $ 0.28 | $ (0.06) | $ (0.14) |
Diluted | 0.27 | (0.06) | (0.14) |
Cash dividends declared per share | $ 0.20 | $ 0.08 | $ 1.68 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 23,469 | $ 12,811 | $ 11,325 |
Other comprehensive loss: | |||
Currency translation | (8,594) | (11,928) | (6,991) |
Comprehensive income | 14,875 | 883 | 4,334 |
Less other comprehensive loss attributable to noncontrolling interest, net of tax | (2,854) | (3,237) | (1,242) |
Less net income attributable to noncontrolling interest | 5,515 | 4,131 | 3,593 |
Total comprehensive income (loss) attributable to ADS | $ 12,214 | $ (11) | $ 1,983 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Cash Flows from Operating Activities | |||
Net income | $ 23,469 | $ 12,811 | $ 11,325 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 71,009 | 65,472 | 63,674 |
Deferred income taxes | 8,013 | (15,332) | (8,255) |
Loss (gain) on disposal of assets or businesses | 812 | 362 | (2,863) |
ESOP and stock-based compensation | 13,829 | 18,024 | 35,033 |
Amortization of deferred financing charges | 1,412 | 1,410 | 1,591 |
Derivative fair value adjustments | 2,163 | 7,746 | (53) |
Loss on purchase of non-controlling interest | 490 | ||
Equity in net loss of unconsolidated affiliates | 5,234 | 2,335 | 3,086 |
Other operating activities | 7,537 | (1,390) | 4,874 |
Changes in working capital (see Note 22) | 1,374 | (17,059) | (36,002) |
Net cash provided by operating activities | 135,342 | 74,379 | 72,410 |
Cash Flows from Investing Activities | |||
Capital expenditures | (44,942) | (32,080) | (40,933) |
Proceeds from disposition of assets or businesses | 538 | 9,302 | |
Cash paid for acquisitions, net of cash acquired | (3,188) | (36,385) | |
Investment in unconsolidated affiliate | (7,566) | (6,375) | |
Proceeds from note receivable to related party | 3,854 | ||
Issuance of note receivable to related party | (3,854) | ||
Other investing activities | (888) | (600) | (706) |
Net cash used in investing activities | (49,018) | (76,093) | (38,712) |
Cash Flows from Financing Activities | |||
Proceeds from Revolving Credit Facility | 409,100 | 389,200 | 490,703 |
Payments on Revolving Credit Facility | (448,200) | (432,200) | (429,660) |
Proceeds from Term Loan | 100,000 | ||
Payments on Term Loan | (8,750) | (6,250) | (80,000) |
Proceeds from Senior Notes | 25,000 | ||
Proceeds from notes, mortgages, and other debt | 6,378 | ||
Payments of notes, mortgages, and other debt | (7,208) | (4,903) | (1,942) |
Payments on CSV life insurance policies | (872) | ||
Payments on capital lease obligation | (19,780) | (9,278) | (12,240) |
Payments for deferred initial public offering costs | (6,479) | ||
Debt issuance costs | (2,311) | ||
Proceeds from initial public offering of common stock, net of underwriter discounts and commissions | 79,131 | ||
Cash dividends paid | (16,240) | (7,869) | (115,058) |
Redemption of Redeemable convertible preferred stock | (4,428) | ||
Purchase of treasury stock - common | (3) | (1,063) | |
Other financing activities | 1,736 | 1,314 | (110) |
Net cash (used in) provided by financing activities | (82,964) | 1,791 | (31,109) |
Effect of exchange rate changes on cash | (428) | (385) | (19) |
Net change in cash | 2,932 | (308) | 2,570 |
Cash at beginning of year | 3,623 | 3,931 | 1,361 |
Cash at end of year | $ 6,555 | $ 3,623 | $ 3,931 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (Deficit) - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock [Member] | Common Stock in Treasury [Member] | Paid-In Capital [Member] | Accumulated Other Comprehensive Loss [Member] | Retained Earnings (Deficit) [Member] | Total ADS Stockholders' Equity [Member] | Non-controlling Interest in Subsidiaries [Member] |
Beginning Balance, Value at Mar. 31, 2013 | $ (305,577) | $ 11,957 | $ (448,571) | $ 40,026 | $ (1,081) | $ 73,548 | $ (324,121) | $ 18,544 |
Net income | 11,325 | 7,732 | 7,732 | 3,593 | ||||
Other comprehensive income (loss) | (6,991) | (5,749) | (5,749) | (1,242) | ||||
Redeemable convertible preferred stock dividends | (10,021) | (10,021) | (10,021) | |||||
Common stock dividend | (80,102) | (80,102) | (80,102) | |||||
Dividend paid to noncontrolling interest holder | (2,311) | (2,311) | ||||||
Compensation | (203) | (203) | (203) | |||||
Dividend | (118) | (118) | (118) | |||||
Exercise of common stock options | 1,035 | 1,896 | (861) | 1,035 | ||||
Redemption of common shares to exercise stock options | (1,187) | 1,187 | ||||||
Stock-based compensation | 1,748 | 1,748 | 1,748 | |||||
Restricted stock awards | 1,849 | 486 | 1,363 | 1,849 | ||||
Redemption of redeemable convertible preferred stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Purchase of common stock | (1,063) | (1,063) | (1,063) | |||||
Reclassification of common stock to redeemable common stock | (385) | (385) | (385) | |||||
Adjustments to redeemable convertible preferred stock fair value measurement | (3,979) | (3,979) | (3,979) | |||||
Adjustments to redeemable common stock fair value measurement | (26,458) | (26,458) | (26,458) | |||||
Ending Balance, Value at Mar. 31, 2014 | (421,251) | $ 11,957 | $ (448,439) | 12,438 | (6,830) | (8,961) | (439,835) | 18,584 |
Beginning Balance, Shares at Mar. 31, 2013 | 109,979 | 101,191 | ||||||
Exercise of common stock options, Shares | (428) | |||||||
Redemption of common shares to exercise stock options, Shares | 85 | |||||||
Restricted stock awards, Shares | (118) | |||||||
Purchase of common stock, Shares | 80 | |||||||
Reclassification of common stock to redeemable common stock, Shares | (28) | |||||||
Ending Balance, Shares at Mar. 31, 2014 | 109,951 | 100,810 | ||||||
Net income | 12,811 | 8,680 | 8,680 | 4,131 | ||||
Other comprehensive income (loss) | (11,928) | (8,691) | (8,691) | (3,237) | ||||
Redeemable convertible preferred stock dividends | (534) | (534) | (534) | |||||
Common stock dividend | (4,270) | (4,270) | (4,270) | |||||
Dividend paid to noncontrolling interest holder | (3,065) | (3,065) | ||||||
Compensation | 3,003 | 3,003 | 3,003 | |||||
Dividend | (127) | (127) | (127) | |||||
Exercise of common stock options | 1,986 | $ 1,048 | 938 | 1,986 | ||||
Redemption of common shares to exercise stock options | (93) | 93 | ||||||
Stock-based compensation | 3,757 | 3,757 | 3,757 | |||||
Tax benefit resulting from exercise of certain stock-based compensation awards | 330 | 330 | 330 | |||||
Restricted stock awards | 1,462 | 743 | 719 | 1,462 | ||||
Initial Public Offering (IPO) | 72,196 | $ 53 | 72,143 | 72,196 | ||||
Reclassification of liability classified stock options upon IPO | 1,522 | 1,522 | 1,522 | |||||
Purchase of common stock | (3) | (3) | (3) | |||||
ESOP distributions in common stock | 6,133 | 1,679 | 4,454 | 6,133 | ||||
Adjustments to redeemable convertible preferred stock fair value measurement | (11,054) | (13,077) | 2,023 | (11,054) | ||||
Adjustments to redeemable common stock fair value measurement | (65,921) | (65,921) | (65,921) | |||||
Termination of redemption feature upon IPO | 615,040 | 383 | 614,657 | 615,040 | ||||
Ending Balance, Value at Mar. 31, 2015 | 200,087 | $ 12,393 | $ (445,065) | 700,977 | (15,521) | (69,110) | 183,674 | 16,413 |
Exercise of common stock options, Shares | (235) | |||||||
Redemption of common shares to exercise stock options, Shares | 7 | |||||||
Restricted stock awards, Shares | (167) | |||||||
Initial Public Offering (IPO), Shares | 5,289 | |||||||
ESOP distributions in common stock, Shares | (377) | |||||||
Termination of redemption feature upon IPO, Shares | 38,320 | |||||||
Ending Balance, Shares at Mar. 31, 2015 | 153,560 | 100,038 | ||||||
Net income | 23,034 | 17,954 | 17,954 | 5,080 | ||||
Other comprehensive income (loss) | (8,594) | (5,740) | (5,740) | (2,854) | ||||
Redeemable convertible preferred stock dividends | (1,293) | (1,293) | (1,293) | |||||
Common stock dividend | (10,815) | (10,815) | (10,815) | |||||
Dividend paid to noncontrolling interest holder | (3,606) | (3,606) | ||||||
Compensation | 3,577 | 3,577 | 3,577 | |||||
Dividend | (132) | (132) | (132) | |||||
Exercise of common stock options | 1,765 | $ 954 | 811 | 1,765 | ||||
Stock-based compensation | 1,772 | 1,772 | 1,772 | |||||
Tax benefit resulting from exercise of certain stock-based compensation awards | 415 | 415 | 415 | |||||
Restricted stock awards | 1,746 | 309 | 1,437 | 1,746 | ||||
ESOP distributions in common stock | 10,250 | 2,807 | 7,443 | 10,250 | ||||
Acquisition of Redeemable noncontrolling interest | 0 | $ 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Accretion of Redeemable noncontrolling interest | (573) | (573) | (573) | |||||
Ending Balance, Value at Mar. 31, 2016 | $ 217,633 | $ 12,393 | $ (440,995) | $ 715,859 | $ (21,261) | $ (63,396) | $ 202,600 | $ 15,033 |
Exercise of common stock options, Shares | (215) | |||||||
Restricted stock awards, Shares | (69) | |||||||
ESOP distributions in common stock, Shares | (631) | |||||||
Ending Balance, Shares at Mar. 31, 2016 | 153,560 | 99,123 |
Consolidated Statements of Sto8
Consolidated Statements of Stockholders' Equity (Deficit) (Parenthetical) - $ / shares | 3 Months Ended | 12 Months Ended | ||||||||||||
Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Statement of Stockholders' Equity [Abstract] | ||||||||||||||
Common stock dividend per share | $ 0.050 | $ 0.050 | $ 0.050 | $ 0.050 | $ 0.040 | $ 0.040 | $ 0 | $ 0 | $ 0.029 | $ 0.029 | $ 0.029 | $ 0.20 | $ 0.08 | $ 1.68 |
Consolidated Statements of Mezz
Consolidated Statements of Mezzanine Equity - USD ($) shares in Thousands, $ in Thousands | Total | Redeemable Noncontrolling Interest [Member] | Redeemable Common Stock [Member] | Redeemable Convertible Preferred Stock [Member] | Deferred Compensation - Unearned ESOP Shares [Member] | Total Mezzanine Equity [Member] |
Beginning Balance, Value at Mar. 31, 2013 | $ 522,276 | $ 282,547 | $ (196,477) | $ 608,346 | ||
Other comprehensive income (loss) | $ (6,991) | |||||
Dividend paid to noncontrolling interest holder | (2,311) | |||||
Compensation | (203) | 8,093 | 8,093 | |||
Dividend | (118) | 118 | 118 | |||
Redemption of redeemable convertible preferred stock | 0 | (4,428) | (4,428) | |||
Purchase of common stock | (1,063) | $ 0 | 0 | 0 | 0 | 0 |
Reclassification of common stock to redeemable common stock | (385) | 385 | 385 | |||
Adjustments to redeemable convertible preferred stock fair value measurement | 13,601 | (9,622) | 3,979 | |||
Adjustments to redeemable common stock fair value measurement | 26,458 | 26,458 | ||||
Ending Balance, Value at Mar. 31, 2014 | $ 549,119 | $ 291,720 | $ (197,888) | 642,951 | ||
Beginning Balance, Shares at Mar. 31, 2013 | 38,292 | 26,547 | 18,461 | |||
Allocation of ESOP shares to participants for Compensation, Shares | (725) | |||||
Dividend, Shares | (9) | |||||
Redemption of redeemable convertible preferred stock, Shares | (418) | |||||
Purchase of common stock, Shares | 0 | 0 | 0 | |||
Reclassification of common stock to redeemable common stock, Shares | 28 | |||||
Ending Balance, Shares at Mar. 31, 2014 | 38,320 | 26,129 | 17,727 | |||
Other comprehensive income (loss) | (11,928) | |||||
Dividend paid to noncontrolling interest holder | (3,065) | |||||
Compensation | 3,003 | $ 9,141 | 9,141 | |||
Dividend | (127) | 127 | 127 | |||
ESOP distributions in common stock | $ (6,133) | (6,133) | ||||
Purchase of common stock | (3) | |||||
Adjustments to redeemable convertible preferred stock fair value measurement | 34,903 | (23,849) | 11,054 | |||
Adjustments to redeemable common stock fair value measurement | $ 65,921 | 65,921 | ||||
Termination of redemption feature upon IPO | $ (615,040) | (615,040) | ||||
Ending Balance, Value at Mar. 31, 2015 | 108,021 | $ 320,490 | $ (212,469) | 108,021 | ||
Allocation of ESOP shares to participants for Compensation, Shares | (731) | |||||
Dividend, Shares | (6) | |||||
Purchase of common stock, Shares | 0 | 0 | 0 | |||
ESOP distributions in common stock, Shares | (490) | |||||
Termination of redemption feature upon IPO, Shares | (38,320) | |||||
Ending Balance, Shares at Mar. 31, 2015 | 25,639 | 16,990 | ||||
Net income | 435 | 435 | ||||
Other comprehensive income (loss) | (8,594) | 0 | $ 0 | $ 0 | $ 0 | 0 |
Dividend paid to noncontrolling interest holder | (3,606) | (526) | (526) | |||
Compensation | 3,577 | 6,673 | 6,673 | |||
Dividend | (132) | 132 | 132 | |||
ESOP distributions in common stock | (10,250) | (10,250) | ||||
Acquisition of Redeemable noncontrolling interest | 6,330 | 6,330 | ||||
Accretion of Redeemable noncontrolling interest | 932 | 932 | ||||
Ending Balance, Value at Mar. 31, 2016 | $ 111,747 | $ 7,171 | $ 310,240 | $ (205,664) | $ 111,747 | |
Allocation of ESOP shares to participants for Compensation, Shares | (534) | |||||
Dividend, Shares | (8) | |||||
ESOP distributions in common stock, Shares | (820) | |||||
Acquisition of Redeemable noncontrolling interest, Shares | 0 | 0 | 0 | |||
Ending Balance, Shares at Mar. 31, 2016 | 24,819 | 16,448 |
Background and Summary of Signi
Background and Summary of Significant Accounting Policies | 12 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Background and Summary of Significant Accounting Policies | 1. BACKGROUND AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Description of Business Advanced Drainage Systems, Inc. and subsidiaries (collectively referred to as “ADS,” the “Company,” “we,” “us” and “our”), incorporated in Delaware, designs, manufactures and markets high performance thermoplastic corrugated pipe and related water management products, primarily in North and South America and Europe. Our broad product line includes corrugated high density polyethylene (or “HDPE”) pipe, polypropylene (or “PP”) pipe and related water management products. Our fiscal year begins on April 1 and ends on March 31. Unless otherwise noted, references to “year” pertain to our fiscal year. For example, 2016 refers to fiscal 2016, which is the period from April 1, 2015 to March 31, 2016. The Company is managed based primarily on the geographies in which it operates and reports results of operations in two reportable segments. The reportable segments are Domestic and International. 2014 Initial Public Offering (“IPO”) On July 11, 2014, in anticipation of the IPO, we executed a 4.707-for-one split of our common and our preferred stock. The effect of the stock split on outstanding shares and earnings per share has been retroactively applied to all prior periods presented. On July 25, 2014, we completed the IPO of our common stock, which resulted in the sale by the Company of 5,289 shares of common stock. We received total proceeds from the IPO of $79,131 after excluding underwriter discounts and commissions of $5,501, based upon the price to the public of $16.00 per share. After deducting other offering expenses of $6,935, we used the net proceeds of $72,196 to reduce the outstanding indebtedness under the revolving portion of our credit facility. The common stock is listed on the New York Stock Exchange under the symbol “WMS.” On August 22, 2014, an additional 600 shares of common stock were sold by certain selling stockholders of the Company as a result of the partial exercise by the underwriters of the over-allotment option granted by the selling stockholders to the underwriters in connection with the IPO. The shares were sold at the public offering price of $16.00 per share. The Company did not receive any proceeds from the sale of such additional shares. 2014 Secondary Public Offering (“Secondary Public Offering”) On December 9, 2014, we completed a Secondary Public Offering of our common stock, which resulted in the sale of 10,000 shares of common stock by a certain selling stockholder of the Company at a public offering price of $21.25 per share. We did not receive any proceeds from the sale of shares by the selling stockholder. On December 15, 2014, an additional 1,500 shares of common stock were sold by a certain selling stockholder of the Company as a result of the full exercise by the underwriters of the over-allotment option granted by the selling stockholder to the underwriters in connection with the Secondary Public Offering. The shares were sold at the public offering price of $21.25 per share. The Company did not receive any proceeds from the sale of such additional shares. Principles of Consolidation Our consolidated financial statements include the Company, our wholly owned subsidiaries, our majority owned subsidiaries, and variable interest entities (“VIEs”) of which we are the primary beneficiary. We use the equity method of accounting for equity investments where we exercise significant influence but do not hold a controlling financial interest. Such investments are recorded in Other assets in our Consolidated Balance Sheets and the related equity in earnings from these investments are included in Equity in net loss of unconsolidated affiliates in our Consolidated Statements of Operations. All intercompany balances and transactions have been eliminated in consolidation. Estimates The preparation of our consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingencies and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period. Significant estimates include, but are not limited to, our allowance for doubtful accounts, valuation of inventory, useful lives of our property, plant and equipment and amortizing intangible assets, determination of the proper accounting for leases, valuation of equity method investments, goodwill, intangible assets and other long-lived assets for impairment, accounting for stock-based compensation and our ESOP, valuation of our Redeemable common stock and Redeemable convertible preferred stock, determination of allowances for sales returns, rebates and discounts, determination of the valuation allowance, if any, on deferred tax assets, and reserves for uncertain tax positions. Management’s estimates and assumptions are evaluated on an ongoing basis and are based on historical experience, current conditions and available information. Management believes the accounting estimates are appropriate and reasonably determined; however, due to the inherent uncertainties in making these estimates, actual results could differ from those estimates. Receivables and Allowance for Doubtful Accounts Receivables include trade receivables, refundable income taxes and other miscellaneous receivables, net of an allowance for doubtful accounts. Receivables at March 31, 2016 and 2015 are as follows: (Amounts in thousands) 2016 2015 Trade receivables $ 158,664 $ 141,528 Refundable income taxes 19,783 1,895 Other miscellaneous receivables 8,436 10,871 Total Receivables $ 186,883 $ 154,294 Credit is extended to customers based on an evaluation of their financial condition and collateral is generally not required. The evaluation of the customer’s financial condition is performed to reduce the risk of loss. Accounts receivable are evaluated for collectability based on numerous factors, including the length of time individual receivables are past due, past transaction history with customers, their credit worthiness and the economic environment. This estimate is periodically adjusted when management becomes aware of a specific customer’s inability to meet its financial obligations (e.g., bankruptcy filing) or as a result of changes in historical collection patterns. Inventories Inventories are stated at the lower of cost or market value. The Company’s inventories are maintained on the first-in, first-out (“FIFO”) method. Costs include the cost of acquiring materials, including in-bound freight from vendors and freight incurred for the transportation of raw materials, tooling or finished goods between the Company’s manufacturing plants and its distribution centers, direct and indirect labor, factory overhead and certain corporate overhead costs related to the production of inventory. The portion of fixed manufacturing overhead that relates to capacity in excess of our normal capacity is expensed in the period in which it is incurred and is not included in inventory. Market value of inventory is established based on the lower of cost or estimated net realizable value, with consideration given to deterioration, obsolescence, and other factors. The Company periodically evaluates the carrying value of inventories and adjustments are made whenever necessary to reduce the carrying value to net realizable value. Property, Plant and Equipment and Depreciation Method Property, plant and equipment are recorded at cost less accumulated depreciation, with the exception of assets acquired through acquisitions, which are initially recorded at fair value. Equipment acquired under capital lease is recorded at the lower of fair market value or the present value of the future minimum lease payments. Depreciation is computed for financial reporting purposes using the straight-line method over the estimated useful lives of the related assets or the lease term, if shorter, as follows: Years Buildings 40 — 45 Machinery and equipment 3 — 18 Leasehold improvements Shorter of useful Costs of additions and major improvements are capitalized, whereas maintenance and repairs that do not improve or extend the life of the asset are charged to expense as incurred. When assets are retired or disposed, the cost and related accumulated depreciation are removed from the asset accounts and any resulting gain or loss is reflected in Loss (gain) on disposal of assets or businesses in our Consolidated Statements of Operations. Construction in progress is also recorded at cost and includes capitalized interest, capitalized payroll costs and related costs such as taxes and other fringe benefits. Interest capitalized was $411, $518, and $611 during the fiscal years ended March 31, 2016, 2015, and 2014, respectively. Goodwill The Company records acquisitions resulting in the consolidation of an enterprise using the acquisition method of accounting. Under this method, we record the assets acquired, including intangible assets that can be identified, and liabilities assumed based on their estimated fair values at the date of acquisition. The purchase price in excess of the fair value of the identifiable assets acquired and liabilities assumed is recorded as goodwill. Goodwill is reviewed annually for impairment as of March 31 or whenever events or changes in circumstances indicate the carrying value may be greater than fair value. The goodwill impairment analysis is comprised of two steps. The first step requires the comparison of the fair value of the applicable reporting unit to its respective carrying value. If the fair value of the reporting unit exceeds the carrying value of the net assets assigned to that unit, goodwill is not considered impaired and the Company is not required to perform further testing. If the carrying value of the net assets assigned to the reporting unit exceeds the fair value of the reporting unit, then the Company must perform the second step of the impairment test in order to determine the implied fair value of the reporting unit’s goodwill. If the carrying value of a reporting unit’s goodwill exceeds its implied fair value, then we would record an impairment loss equal to the difference. With respect to this testing, a reporting unit is a component of the Company for which discrete financial information is available and regularly reviewed by management. Implied fair value of goodwill is determined by considering both the income and market approach. Determining the fair value of a reporting unit is judgmental in nature and involves the use of significant estimates and assumptions. These estimates and assumptions include revenue growth rates and operating margins used to calculate projected future cash flows, risk-adjusted discount rates, future economic and market conditions, and determination of appropriate market comparables. The fair value estimates are based on assumptions management believes to be reasonable, but are inherently uncertain. The Company did not incur any impairment charges for Goodwill in the fiscal years ended March 31, 2016, 2015, or 2014. Intangible Assets Intangible Assets — Definite-Lived Definite-lived intangible assets are amortized using the straight-line method over their estimated useful lives, and are tested for recoverability whenever events or changes in circumstances indicate that carrying amounts of the asset group may not be recoverable. Asset groups are established primarily by determining the lowest level of cash flows available. If the estimated undiscounted future cash flows are less than the carrying amounts of such assets, an impairment loss is recognized to the extent the fair value of the asset less any costs of disposition is less than the carrying amount of the asset. Determining the fair value of these assets is judgmental in nature and involves the use of significant estimates and assumptions. Intangible Assets — Indefinite-Lived Indefinite-lived intangible assets are tested for impairment annually as of March 31 or whenever events or changes in circumstances indicate the carrying value may be greater than fair value. Determining the fair value of these assets is judgmental in nature and involves the use of significant estimates and assumptions. The Company bases its fair value estimates on assumptions it believes to be reasonable, but that are inherently uncertain. To estimate the fair value of these indefinite-lived intangible assets, the Company uses an income approach, which utilizes a market derived rate of return to discount anticipated performance. An impairment loss is recognized when the estimated fair value of the intangible asset is less than the carrying value. The Company did not incur any impairment charges for Intangible assets in the fiscal years ended March 31, 2016, 2015 or 2014. Other Assets Other assets include investments in unconsolidated affiliates accounted for under the equity method, cash surrender value of officer life insurance on key senior management executives, capitalized software development costs, deposits, deferred financing costs, Central parts, and other miscellaneous assets. The Company capitalizes development costs for internal use software. Capitalization of software development costs begins in the application development stage and ends when the asset is placed into service. The Company amortizes such costs using the straight-line method over estimated useful lives of 2 to 10 years, which is included in General and administrative expense, Selling expense or Cost of goods sold within our Consolidated Statements of Operations depending on the nature of the asset and its intended use. Amortization expense related to deferred financing costs is included in Interest expense within our Consolidated Statements of Operations. Central parts represent spare production equipment items which are used to replace worn or broken production equipment parts and help reduce the risk of prolonged equipment outages. The cost of Central parts is amortized on a straight line basis over estimated useful lives of 8 to 30 years. The Company evaluates its investments in unconsolidated affiliates for impairment whenever events or changes in circumstances indicate that the carrying amount might not be recoverable, and recognizes an impairment loss when a decline in value below carrying value is determined to be other-than-temporary. Under these circumstances, we would adjust the investment down to its estimated fair value, which then becomes its new carrying value. For the fiscal year ended March 31, 2016, the Company recorded an impairment charge of $4,000 related to its investment in the South American Joint Venture. See Note 10. Investment in Unconsolidated Affiliates. Other assets as of the fiscal years ended March 31 consisted of the following: (Amounts in thousands) 2016 2015 Investments in unconsolidated affiliates $ 13,188 $ 25,038 Cash surrender value of officer life insurance 10,739 9,953 Capitalized software development costs, net 7,264 7,276 Deposits 4,553 4,947 Deferred financing costs 3,131 4,543 Central parts 1,040 2,108 Other 8,472 7,302 Total other assets $ 48,387 $ 61,167 The following table sets forth amortization expense related to Other assets in each of the fiscal years ending March 31: (Amounts in thousands) 2016 2015 2014 Capitalized software development costs $ 3,872 $ 3,550 $ 3,270 Deferred financing costs 1,412 1,410 1,591 Central parts 362 55 43 Other 1,898 1,977 1,986 Leases Leases are reviewed for capital or operating classification at their inception. The Company uses the lower of the rate implicit in the lease or its incremental borrowing rate in the assessment of lease classification and assumes the initial lease term includes cancellable and renewal periods that are reasonably assured. For leases classified as capital leases at lease inception, we record a capital lease asset and lease financing obligation equal to the lesser of the present value of the minimum lease payments or the fair market value of the leased asset. The capital lease asset is recorded in Property, plant and equipment, net and amortized to its expected residual value at the end of the lease term using the straight-line method, and the lease financing obligation is amortized using the interest method over the lease term with the rental payments being allocated to principal and interest. For leases classified as operating leases, we record rent expense over the lease term using the straight-line method. Foreign Currency Translation Assets and liabilities of foreign subsidiaries with a functional currency other than the U.S. dollar are translated into U.S. dollars at the current rate of exchange on the last day of the reporting period. Revenues and expenses are translated at a monthly average exchange rate and equity transactions are translated using either the actual exchange rate on the day of the transaction or a monthly average historical exchange rate. For the fiscal years ended March 31, 2016, 2015 and 2014, the Company’s Accumulated other comprehensive loss (“AOCL”) consisted entirely of foreign currency translation gains and losses. Net Sales The Company sells pipe products and related water management products. ADS ships products to customers predominantly by internal fleet and to a lesser extent by third-party carriers. The Company does not provide any additional revenue generating services after product delivery. Sales, net of sales tax and allowances for returns, rebates and discounts are recognized from product sales when persuasive evidence of an arrangement exists, delivery has occurred, the price to the buyer is fixed or determinable and collectability is reasonably assured. ADS does not ship an order until a customer purchase order or sales order has been received that includes the pricing and quantity of the products in the order, which establishes both persuasive evidence of an arrangement and that the price is fixed or determinable. Title to the products and risk of loss generally passes to the customer upon delivery. ADS performs credit check procedures on all new customers, establishes credit limits accordingly, and monitors the creditworthiness of existing customers, which is the basis for concluding that collectability is reasonably assured. Shipping Costs Shipping costs are incurred to physically move our raw materials, tooling and products between manufacturing and distribution facilities and from our production or distribution facilities to our customers. Shipping costs for the fiscal years ended March 31, 2016, 2015 and 2014 were $120,487, $120,993, and $111,862, respectively, and are included in Cost of goods sold. In certain instances, we bill shipping costs to our customers. Shipping costs billed to customers were $7,026, $9,282, and $8,864 during 2016, 2015 and 2014, respectively, and are included in Net sales. Stock-Based Compensation ADS has several programs for stock-based payments to employees and directors. Equity-classified awards are measured based on the grant-date estimated fair value of each award, net of estimated forfeitures, and liability-classified awards are re-measured at fair value, net of estimated forfeitures, at each reporting date. Compensation expense is recognized over the employee’s requisite service period, which is generally the vesting period of the grant. The fair value of each stock option granted is estimated using the Black-Scholes option pricing model. Compensation expense is recorded for new awards and existing awards that are modified, repurchased, or forfeited. For details of our stock-based compensation award programs, see Note 18. Stock-Based Compensation. Advertising We expense advertising costs as incurred. Advertising costs are recorded in Selling expenses in the Consolidated Statements of Operations. The total advertising costs were $3,150, $2,477, and $2,335 for the fiscal years ended March 31, 2016, 2015 and 2014, respectively. Self-Insurance The Company is self-insured for short term disability and medical coverage it provides for substantially all eligible employees. The Company is self-insured for medical claims up to the individual and aggregate stop-loss coverage limits. Management accrues for claims incurred but not reported based on our estimate of future claims related to events that occurred prior to our fiscal year end if we have not met the aggregate stop-loss coverage limit. Amounts contributed totaled $37,509, $32,002, and $29,484 for the fiscal years ended March 31, 2016, 2015 and 2014, respectively, of which employees contributed $4,511, $4,067, and $4,032, respectively. ADS is also self-insured for various other general insurance programs to the extent of the applicable deductible limits on the Company’s insurance coverage. These programs include primarily automobile, general liability and employment practices coverage with deductibles ranging from $250 to $500 per occurrence or claim incurred. Amounts expensed during the period, including an estimate for claims incurred but not reported at year end, were $2,133, $569, and $447, for the years ended March 31, 2016, 2015 and 2014, respectively. ADS is also self-insured for workers’ compensation insurance with stop-loss coverage for claims that exceed $250 per incident up to the respective state statutory limits. Amounts expensed, including an estimate for claims incurred but not reported, were $3,873, $1,369, and $1,395 for the fiscal years ended March 31, 2016, 2015 and 2014, respectively. Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized and represent the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. They are measured using the enacted tax rates expected to apply to taxable income in the years in which the related temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The deferred income tax provision represents the change during the reporting period in the deferred tax assets and deferred tax liabilities. Penalties and interest recorded on income taxes payable are recorded as part of Income tax expense. The Company determines whether an uncertain tax position of the Company is more likely than not to be sustained upon examination, including resolution of any related appeals or litigation process, based upon the technical merits of the position. For tax positions meeting the more likely than not threshold, the tax amount recognized in the financial statements is the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the relevant taxing authority. Fair Values The fair value framework requires the categorization of assets and liabilities into three levels based upon assumptions (inputs) used to price the assets or liabilities. Level 1 provides the most reliable measure of fair value, whereas Level 3 generally requires significant management judgment. The three levels are defined as follows: Level 1 — Unadjusted quoted prices in active markets for identical assets and liabilities. Level 2 — Observable inputs other than those included in Level 1. For example, quoted prices for similar assets or liabilities in active markets or quoted prices for identical assets or liabilities in inactive markets. Level 3 — Unobservable inputs reflecting management’s own assumptions about the inputs used in pricing the asset or liability. Our policy for determining when transfers between levels have occurred is to use the actual date of the event or change in circumstances that caused the transfer. The carrying amounts of current financial assets and liabilities approximate fair value because of the immediate or short-term maturity of these items, or in the case of derivative instruments, because they are recorded at fair value. The carrying and fair value of the Company’s Senior Notes (discussed in Note 12. Debt) were $100,000 and $101,175, respectively, as of March 31, 2016 and $100,000 and $103,590, respectively, at March 31, 2015. The fair value of the Senior Notes was determined based on a comparison of the interest rate and terms of such borrowings to the rates and terms of similar debt available for the period. Management believes the carrying amount on the remaining long-term debt, including the Bank Term Loans, is not materially different from its fair value as the interest rates and terms of the borrowings are similar to currently available borrowings. The categorization of the framework used to evaluate this debt is considered Level 2. See also Note 8. Fair Value Measurement to these financial statements. Concentrations of Risk We have a large, active customer base of approximately twenty thousand customers with two customers each representing more than 10% of annual net sales. Such customers accounted for 21.1%, 20.3%, and 20.5% of fiscal year 2016, 2015 and 2014 net sales, respectively. Our customer base is diversified across the range of end markets that we serve. Financial instruments that potentially subject the Company to a concentration of credit risk consist principally of Receivables. The Company provides its products to customers based on an evaluation of the customers’ financial condition, generally without requiring collateral. Exposure to losses on Receivables is principally dependent on each customer’s financial condition. The Company performs ongoing credit evaluations of its customers. The Company monitors the exposure for credit losses and maintains allowances for anticipated losses. Concentrations of credit risk with respect to Receivables are limited due to the large number of customers comprising the Company’s customer base and their dispersion across many different geographies. One customer accounted for approximately 14% of our Receivables at March 31, 2016. Derivatives We recognize derivative instruments as either assets or liabilities and measure those instruments at fair value. We use interest rate swaps, commodity options in the form of collars and swaps, and foreign currency forward contracts to manage our various exposures to interest rate, commodity price, and exchange rate fluctuations. These instruments do not qualify for hedge accounting treatment and therefore, gains and losses from contract settlements and changes in fair value of the derivative instruments are recognized in Derivative losses (gains) and other expense (income), net in the Consolidated Statements of Operations. Our policy is to present all derivative balances on a gross basis. The Company also has forward purchase agreements in place with certain resin suppliers for virgin polyethylene resin. The agreements specify a fixed amount of virgin resin material to be purchased at a fixed price for a given period of time in quantities the Company will use in the normal course of business, and therefore, are not subject to the guidance provided in ASC 810-15. The cost of such resin is recognized in Cost of goods sold in the Consolidated Statements of Operations. Recent Accounting Pronouncements Revenue Recognition Consolidation Debt Issuance Costs Measurement of Inventory Deferred Tax Assets and Liabilities Leases Stock-Based Compensation Measurement of Credit Losses Cash Flow Classification With the exception of pronouncements described above, there have been no new accounting pronouncements that have significance, or potential significance, to our consolidated financial statements. |
Disposal of Assets or Businesse
Disposal of Assets or Businesses | 12 Months Ended |
Mar. 31, 2016 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal of Assets or Businesses | 2. DISPOSAL OF ASSETS OR BUSINESSES Periodically, we will dispose of equipment, including equipment that we have accounted for as capital leases. The net loss on the disposition of the equipment was $812, $1,112, and $2,475 during the fiscal years 2016, 2015 and 2014, respectively. In the fourth quarter of fiscal year 2015, we completed the sale of product-related intellectual property rights that were not significant. The sales price was $750, consisting of a cash payment of $150 plus other consideration in the form of a note receivable for $600. The sale did not involve any tangible assets, and the related intellectual property rights had no net book value, resulting in a net gain recognized of $750. In the fourth quarter of fiscal year 2014, we completed the sale of two businesses that individually and in the aggregate were not significant. The aggregate sales price of these two transactions was $3,030, plus other consideration in the form of a note receivable for $1,241. The net book value of these businesses was $3,781, resulting in a net gain recognized of $490. In the first quarter of fiscal year 2014, we entered into an agreement (the “NDS Agreement”) to sell substantially all of the assets used in connection with our Draintech product line to National Diversified Sales, Inc. (“NDS”) in exchange for cash. The NDS Agreement defined the purchase price to consist of a cash payment of $5,877. The net book value for the related assets, consisting of inventory and property and equipment, was $1,029, resulting in a net gain recognized of $4,848. The sale transaction closed on June 28, 2013. The product line sold consisted of minor niche fittings which were manufactured by a third party producer and resold by the Company primarily in the retail market. |
Acquisitions
Acquisitions | 12 Months Ended |
Mar. 31, 2016 | |
Business Combinations [Abstract] | |
Acquisitions | 3. ACQUISITIONS Fiscal 2016 Step Acquisition of BaySaver On July 17, 2015, ADS Ventures, Inc. (“ADS/V”), a wholly-owned subsidiary of the Company, acquired an additional 10% of the issued and outstanding membership interests in BaySaver, increasing the Company’s total ownership interest in BaySaver to 65%, for a purchase price of $3,200, plus contingent consideration with an initial estimated fair value of $750. Concurrent with our purchase of the additional membership investment, the BaySaver joint venture agreement was amended to modify the voting rights from an equal vote for each member to a vote based upon the ownership interest. As a result, we have accounted for this transaction as a business combination with BaySaver being consolidated into our financial statements after July 17, 2015. As we had accounted for our investment in BaySaver prior to the purchase of the 10% additional membership interest under the equity method of accounting, we accounted for this business combination as a step acquisition and recognized a loss of $490 on remeasurement to fair value of our previously held investment. The loss is included in Derivative losses and other expense, net in our Consolidated Statements of Operations. The fair value of our BaySaver investment immediately before the July 17, 2015 acquisition was measured based on a combination of the discounted cash flow and guideline public company valuation methods and involves significant unobservable inputs (Level 3). These inputs include projected sales, margin, required rate of return and tax rate for the discounted cash flow method, as well as implied pricing multiples, and guideline public company group for the guideline public company method. The purchase price was determined as follows: (Amounts in thousands) Acquisition-date fair value of our prior equity interest $ 4,220 Acquisition-date fair value of noncontrolling interest 6,330 Cash paid at acquisition date 3,200 Fair value of contingent consideration 750 Total purchase price $ 14,500 The purchase price has been allocated to the estimated fair values of acquired tangible and intangible assets, assumed liabilities and goodwill. The fair value of identifiable intangible assets has been determined primarily using the income approach, which involves significant unobservable inputs (Level 3 inputs). These inputs include projected sales, margin, required rate of return and tax rate, as well as an estimated royalty rate in the cases of the developed technology and trade name and trademark intangibles. The developed technology and trade name and trademark intangibles are valued using a relief-from-royalty method. Redeemable noncontrolling interest in subsidiaries is classified as mezzanine equity in our Consolidated Balance Sheets due to a put option held by the joint venture partner which may be exercised on or after April 1, 2017. The redeemable noncontrolling interest balance will be accreted to the estimated redemption value using the effective interest method until April 1, 2017. The excess of the purchase price over the fair value of the net assets acquired of $2,495 was allocated to goodwill, assigned to the Domestic segment, and consists primarily of the acquired workforce and sales and cost synergies the two companies anticipate realizing as a combined company. None of the goodwill is deductible for tax purposes. The purchase price allocation is as follows: (Amounts in thousands) Cash $ 12 Other current assets 2,262 Property, plant and equipment 164 Goodwill 2,495 Intangible assets 10,800 Other assets 152 Current liabilities (1,385 ) Total purchase price $ 14,500 The acquired identifiable intangible assets represent customer relationships of $5,400, developed technology of $4,000 and trade name and trademark of $1,400, each of which have an estimated 10-year useful life. Transaction costs were immaterial. The net sales and income before income taxes of BaySaver since the acquisition date included in our Consolidated Statements of Operations were $10,190, and $1,242, respectively. The following table contains unaudited pro forma Consolidated Statements of Operations information assuming the acquisition occurred on April 1, 2014 and includes adjustments for amortization of intangibles, interest expense and our prior equity method accounting for BaySaver. This unaudited pro forma information is presented for illustrative purposes only and is not indicative of what actual results would have been if the acquisitions had taken place on April 1, 2014 or of future results. The unaudited pro forma consolidated results are not projections of future results of operations of the combined company nor do they reflect the expected realization of any cost savings or synergies associated with the acquisition. Proforma (Amounts in thousands) 2016 2015 Net sales $ 1,294,277 $ 1,190,749 Net income attributable to ADS 17,992 8,708 Unaudited pro forma net income attributable to ADS has been calculated after adjusting the combined results of the Company to reflect additional intangible asset amortization expense, net of related income taxes and amounts related to the noncontrolling interest, of $94 and $324, additional interest expense, net of related income taxes and amounts related to the noncontrolling interest, of $10 and $34, and the impact of our prior equity method accounting of $109 and $342, net of related income taxes, for the twelve months ended March 31, 2016 and 2015, respectively. Fiscal 2015 Acquisition of Ideal Pipe On January 30, 2015, Hancor of Canada, Inc., a wholly-owned subsidiary of the Company, acquired all issued and outstanding shares of Ideal Drain Tile Limited and Wave Plastics Inc., the sole partners of Ideal Pipe (together “Ideal Pipe”). Ideal Pipe designs, manufactures and markets high performance thermoplastic corrugated pipe and related water management products used across a broad range of Canadian end markets and applications, including nonresidential, residential, agriculture, and infrastructure applications. The acquisition further strengthens our position in Canada by increasing our size and scale in the market, as well as enhancing our manufacturing, marketing and distribution capabilities. The purchase price of Ideal Pipe was $43,828, financed through cash acquired and our existing line of credit facility. The results of operations of Ideal Pipe are included in our Consolidated Statements of Operations after January 30, 2015. The Net sales and Income before income taxes of Ideal Pipe since the acquisition date included in our Consolidated Statements of Operations for the fiscal year ended March 31, 2015 were immaterial. The excess of the purchase price over the fair value of the net assets acquired of $10,660 was allocated to goodwill, assigned to the International segment, and consists primarily of the acquired workforce and synergies the two companies anticipate realizing as a combined company. None of the goodwill is deductible for tax purposes. The purchase price allocation is as follows: (Amounts in thousands) Cash $ 7,443 Other current assets 9,036 Property, plant and equipment 27,258 Goodwill and intangible assets 18,890 Current liabilities (12,721 ) Non-current liabilities (6,078 ) Total purchase price $ 43,828 Transaction costs were immaterial. However, the Company did incur a loss on a currency hedge related to the purchase of Ideal Pipe in the amount of $5,636 which was recorded in Derivatives losses (gains) and other expense (income), net in the Consolidated Statements of Operations. The Company used this currency hedge to fix the purchase price which was denominated in Canadian dollars from the agreement date until the transaction ultimately closed on January 30, 2015. The acquired identifiable intangible assets represent customer relationships of $4,881 (seven-year useful life), trade name of $3,073 (10-year useful life), and non-compete agreements of $276 (three-year useful life). The following table contains unaudited pro forma Consolidated Statements of Operations information assuming the acquisition occurred on April 1, 2013 and includes adjustments for amortization of intangibles, depreciation of fixed assets and interest expense. This unaudited pro forma information is presented for illustrative purposes only and is not indicative of what actual results would have been if the acquisitions had taken place on April 1, 2013 or of future results. In addition, the unaudited pro forma consolidated results are not projections of future results of operations of the combined company nor do they reflect the expected realization of any cost savings or synergies associated with the acquisition. Proforma (Amounts in thousands) 2015 2014 Net sales $ 1,217,431 $ 1,102,477 Net income attributable to ADS 10,389 8,134 Unaudited pro forma net income attributable to ADS has been calculated after adjusting the combined results of the Company to reflect additional intangible asset amortization expense, net of related income taxes, of $749 and $951, (reduced) additional depreciation expense, net of related income taxes, of ($7) and $354 and additional interest expense, net of related income taxes, of $513 and $521 for the fiscal years ended March 31, 2015 and 2014, respectively. |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Mar. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | 4. PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment, net as of the fiscal years ended March 31 consisted of the following: (Amounts in thousands) 2016 2015 Land, buildings and improvements $ 178,189 $ 177,073 Machinery and equipment 730,791 690,079 Construction in progress 14,902 5,991 Total cost 923,882 873,143 Less accumulated depreciation (532,138 ) (497,330 ) Property, plant and equipment, net $ 391,744 $ 375,813 The following table sets forth depreciation expense related to Property, plant and equipment in each of the fiscal years ending March 31: (Amounts in thousands) 2016 2015 2014 Depreciation expense (inclusive of leased assets depreciation) $ 55,650 $ 50,136 $ 48,230 |
Leases
Leases | 12 Months Ended |
Mar. 31, 2016 | |
Leases [Abstract] | |
Leases | 5. LEASES Capital Leases The Company leases certain buildings and transportation equipment including its fleet of trucks and trailers, under capital lease agreements. Leased assets included in Property, plant and equipment consisted of the following: 2016 2015 (Amounts in thousands) Buildings and improvements $ 6,131 $ 7,163 Machinery and equipment 186,258 168,437 Total cost 192,389 175,600 Less accumulated depreciation (102,572 ) (102,263 ) Leased assets in Property, plant and equipment, net $ 89,817 $ 73,337 The following sets forth the interest and depreciation expense related to capital leases recorded in each fiscal year ended March 31: 2016 2015 2014 (Amounts in thousands) Lease interest expense $ 3,367 $ 2,249 $ 2,666 Depreciation of leased assets 15,782 13,943 12,644 The following is a schedule by year of future minimum lease payments under capital leases and the present value of the net minimum lease payments as of March 31, 2016: (Amounts in thousands) 2017 $ 22,077 2018 19,065 2019 14,961 2020 11,603 2021 8,975 Thereafter 7,317 Total minimum lease payments (a) $ 83,998 Less: amount representing interest (b) 7,958 Present value of net minimum lease payments $ 76,040 Lease obligation — Current 19,231 Lease obligation — Long-term 56,809 Total lease obligation $ 76,040 (a) Excludes contingent rentals which may be paid. Contingent rentals amounted to $137 and $844 for the years ended March 31, 2016 and 2015, respectively. (b) Amount necessary to reduce minimum lease payments to present value calculated at the lower of the rate implicit in the lease or the Company’s incremental borrowing rate at lease inception. Certain leases contain residual value guarantees that create a contingent obligation on the part of the Company to compensate the lessor if the leased asset cannot be sold for an amount in excess of a specified minimum value at the conclusion of the lease term. The calculation is based on the original cost of the transportation equipment, less lease payments made, compared to a percentage of the transportation equipment’s fair market value at the time of sale. All leased units covered by this guarantee have been classified as capital leases and a corresponding capital lease obligation was recorded. Therefore, no further contingent obligation is needed. Operating leases We lease certain real estate and office equipment under various cancelable and non-cancelable operating lease agreements that expire at various dates through fiscal year 2037. Future minimum rental commitments under operating leases as of March 31, 2016, are summarized below (amounts in thousands): 2017 2018 2019 2020 2021 Thereafter Future operating lease payments $ 2,224 $ 1,304 $ 898 $ 480 $ 258 $ 2,172 Total rent expense was $6,316, $3,953, and $3,836 in the fiscal years ended March 31, 2016, 2015, and 2014, respectively. |
Inventories
Inventories | 12 Months Ended |
Mar. 31, 2016 | |
Inventory Disclosure [Abstract] | |
Inventories | 6. INVENTORIES Inventories as of the fiscal years ended March 31 consisted of the following: (Amounts in thousands) 2016 2015 Raw materials $ 46,604 $ 50,198 Finished goods 183,862 210,352 Total Inventories $ 230,466 $ 260,550 We had no work-in-process inventories as of March 31, 2016 and 2015. General and administrative costs related to the production process are included in the cost of finished goods inventory. During fiscal years ended March 31, 2016 and 2015, we incurred production-related general and administrative costs of $18,041 and $17,257, respectively, of which $5,332 and $4,400 remained in inventory at March 31, 2016 and 2015, respectively. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Mar. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | 7. GOODWILL AND INTANGIBLE ASSETS Goodwill The carrying amount of goodwill by reportable segment is as follows: (Amounts in thousands) Domestic International Total Balance at April 1, 2014 $ 87,507 $ 510 $ 88,017 Acquisition — 10,660 10,660 Currency translation — 2 2 Balance at March 31, 2015 $ 87,507 $ 11,172 $ 98,679 Acquisition 2,495 — 2,495 Currency translation — (289 ) (289 ) Balance at March 31, 2016 $ 90,002 $ 10,883 $ 100,885 Intangible Assets Intangible assets as of March 31, 2016 and 2015 consisted of the following: 2016 2015 (Amounts in thousands) Gross Accumulated Net Gross Accumulated Net Definite-lived intangible assets Developed technology $ 44,579 $ (29,371 ) $ 15,208 $ 40,579 $ (26,405 ) $ 14,174 Customer relationships 40,732 (22,646 ) 18,086 43,167 (26,113 ) 17,054 Patents 7,048 (4,167 ) 2,881 6,547 (3,550 ) 2,997 Non-compete and other contractual agreements 1,242 (842 ) 400 1,365 (691 ) 674 Trademarks and tradenames 15,563 (4,195 ) 11,368 14,248 (3,051 ) 11,197 Total definite-lived intangible assets 109,164 (61,221 ) 47,943 105,906 (59,810 ) 46,096 Indefinite-lived intangible assets Trademarks 11,926 — 11,926 11,959 — 11,959 Total Intangible assets $ 121,090 $ (61,221 ) $ 59,869 $ 117,865 $ (59,810 ) $ 58,055 The following table presents the weighted average amortization period for definite-lived intangible assets at March 31, 2016: Weighted Average Developed technology 11.0 Customer relationships 8.5 Patents 8.3 Non-compete and other contractual agreements 5.1 Trademarks and tradenames 13.5 The following table presents the future intangible asset amortization expense based on existing intangible assets at March 31, 2016: Fiscal Year (Amounts in thousands) 2017 2018 2019 2020 2021 Thereafter Total Amortization expense $ 8,359 $ 7,826 $ 7,669 $ 5,984 $ 5,843 $ 12,262 $ 47,943 |
Fair Value Measurement
Fair Value Measurement | 12 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement | 8. FAIR VALUE MEASUREMENT When applying fair value principles in the valuation of assets and liabilities, we are required to maximize the use of quoted market prices and minimize the use of unobservable inputs. The Company has not changed its valuation techniques used in measuring the fair value of any financial assets or liabilities during the fiscal years presented. Our fair value estimates take into consideration the credit risk of both the Company and our counterparties. When active market quotes are not available for financial assets and liabilities, we use industry standard valuation models. Where applicable, these models project future cash flows and discount the future amounts to a present value using market-based observable inputs including credit risk, interest rate curves, foreign currency rates and forward and spot prices for currencies. In circumstances where market-based observable inputs are not available, management judgment is used to develop assumptions to estimate fair value. Generally, the fair value of our Level 3 instruments is estimated as the net present value of expected future cash flows based on internal and external inputs. Recurring Fair Value Measurements The assets, liabilities and mezzanine equity carried at fair value as of the fiscal years ended March 31 were as follows: March 31, 2016 (Amounts in thousands) Total Level 1 Level 2 Level 3 Assets: Derivative assets — diesel fuel contracts $ 11 $ — $ 11 $ — Total assets at fair value on a recurring basis $ 11 $ — $ 11 $ — Liabilities: Derivative liability — interest rate swaps $ 252 $ — $ 252 $ — Derivative liability — diesel fuel contracts 2,615 — 2,615 — Derivative liability — propylene swaps 8,027 — 8,027 — Contingent consideration for acquisitions 2,858 — — 2,858 Total liabilities at fair value on a recurring basis $ 13,752 $ — $ 10,894 $ 2,858 March 31, 2015 (Amounts in thousands) Total Level 1 Level 2 Level 3 Assets: Derivative assets — currency forward contracts $ 28 $ — $ 28 $ — Total assets at fair value on a recurring basis $ 28 $ — $ 28 $ — Liabilities: Derivative liability — interest rate swaps $ 765 $ — $ 765 $ — Derivative liability — diesel fuel contracts 2,841 — 2,841 — Derivative liability — propylene swaps 5,142 — 5,142 — Contingent consideration for acquisitions 2,444 — — 2,444 Total liabilities at fair value on a recurring basis $ 11,192 $ — $ 8,748 $ 2,444 Amounts recorded in the Consolidated Statements of Operations for Level 3 items amounted to $123 and $283 during 2016 and 2015, respectively. Quantitative Information about Level 3 Fair Value Measurements (Amounts in thousands) Liabilities & Mezzanine Equity Fair Value Valuation Unobservable Input Quantifiable Contingent consideration for acquisitions $ 2,858 Discounted Weighted Average Cost of Capital (“WACC”) (a) 9.75%-10% Liabilities & Mezzanine Equity Fair Value Valuation Unobservable Input Quantifiable Contingent consideration for acquisitions $ 2,444 Discounted Weighted Average Cost of Capital (“WACC”) (a) 10% (a) Represents discount rates or rates of return estimates and assumptions that we believe would be used by market participants when valuing these liabilities. Changes in the fair value of recurring fair value measurements using significant unobservable inputs (Level 3) for the fiscal years ended March 31, 2016 and 2015 were as follows: (Amounts in thousands) Contingent Redeemable Redeemable Deferred Total Balance at March 31, 2014 $ 2,898 $ 549,119 $ 291,720 $ (197,888 ) $ 645,849 Allocation of ESOP shares to participants — — — 4,391 4,391 Change in fair value 174 65,921 34,903 (23,849 ) 77,149 Payments of contingent consideration liability (628 ) — — — (628 ) Transfer out of Level 3 — (615,040 ) (326,623 ) 217,346 (724,317 ) Balance at March 31, 2015 $ 2,444 $ — $ — $ — $ 2,444 Acquisition 750 — — — 750 Change in fair value 371 — — — 371 Payments of contingent consideration liability (707 ) — — — (707 ) Balance at March 31, 2016 $ 2,858 $ — $ — $ — $ 2,858 During fiscal year 2015 our Redeemable common stock transferred out of Level 3, as these securities started actively trading on the NYSE during the second quarter of fiscal 2015. In addition, our Redeemable convertible preferred stock and Deferred compensation – unearned ESOP shares were reclassified from a recurring Level 3 fair value measurement to a non-recurring Level 3 fair value measurement as a result of the IPO. See Note 1. Background and Summary of Significant Accounting Policies for further information on the IPO. There were no further transfers in or out of Levels 1, 2 and 3 for the fiscal year ended March 31, 2016 and 2015. Valuation of our Contingent Consideration for Acquisitions The fair values of the contingent consideration payables for acquisitions were calculated based on a discounted cash flow model, whereby the probability-weighted future payment value is discounted to the present value using a market discount rate. The method used to price these liabilities is considered Level 3, due to the subjective nature of the unobservable inputs used to determine the fair value. Valuation of our Redeemable Common Stock Prior to the IPO in fiscal 2015, the Company had certain shares of common stock outstanding allowing the holder to put its shares to us for cash. This Redeemable common stock was historically recorded at its fair value in the mezzanine equity section of our Consolidated Balance Sheets and changes in fair value were recorded in Retained earnings. Historically, the fair value of a share of common stock was determined by management by applying industry appropriate multiples to EBITDA and performing a discounted cash flow analysis. Under the industry-appropriate multiples approach, to arrive at concluded multiples, we considered differences between the risk and return characteristics of ADS and the guideline companies. Under the discounted cash flow analysis, the cash flows expected to be generated by the Company are discounted to their present value equivalent using a rate of return that reflects the relative risk of an investment in ADS, as well as the time value of money. This return is an overall rate based upon the individual rates of return for invested capital (equity and interest-bearing debt). The return, known as the WACC, is calculated by weighting the required returns on interest-bearing debt and common stock in proportion to their estimated percentages in an expected capital structure. An increase in the WACC would decrease the fair value of the Redeemable common stock. The categorization of the framework used to price this mezzanine equity is considered Level 3, due to the subjective nature of the unobservable inputs used to determine the fair value. The redemption feature of our Redeemable common stock allowing the holder to put its shares to us for cash, as discussed in the previous paragraph, became unenforceable upon effectiveness of the IPO on July 25, 2014. As a result, the Redeemable common stock was recorded at fair value through the effective date of the IPO and was subsequently reclassified at that fair value to stockholders’ equity. See Note 1 for more information on the IPO. Non-recurring Fair Value Measurements Valuation of our Redeemable Convertible Preferred Stock Prior to the effective date of the IPO, the Trustee of the Company’s ESOP had the ability to put the shares of our Redeemable convertible preferred stock to the Company. Our Redeemable convertible preferred stock is recorded at its fair value in the mezzanine equity section of our Consolidated Balance Sheets and changes in fair value are recorded in Retained earnings or as a reduction of Paid in capital to the extent there is not sufficient Retained earnings. Accordingly, we estimated the fair value of the Redeemable convertible preferred stock through estimating the fair value of the Company’s common stock and applying certain adjustments including for the fair value of the total dividends to be received and assuming conversion of the Redeemable convertible preferred stock to common stock at the stated conversion ratio per our Certificate of Incorporation. The categorization of the framework used to price this temporary equity is considered Level 3, due to the subjective nature of the unobservable inputs used to determine the fair value. Upon the effective date of the IPO, the redemption feature of our Redeemable convertible preferred stock allowing the Trustee of the Company’s ESOP to put shares to us for cash was no longer applicable. However, if our common stock, which our Redeemable convertible preferred stock may convert to, is no longer a “registration-type class of security” (e.g., in the event of a delisting), the option held by the Trustee, which granted it the ability to put the shares of our Redeemable convertible preferred stock to us, would then become applicable. Preferred securities that become redeemable upon a contingent event that is not solely within the control of the Company should be classified outside of permanent equity. As of March 31, 2016, the Company has determined that it is not probable that the redemption feature will become applicable. Since the Redeemable convertible preferred stock is not currently redeemable and it is not probable that the instrument will become redeemable, subsequent adjustment to fair value is not required. As such, the Redeemable convertible preferred stock was recorded to fair value at the effective date of the IPO on July 25, 2014 and will remain in mezzanine equity without further adjustment to carrying value unless it becomes probable that the redemption feature will become applicable. See Note 1. Background and Summary of Significant Accounting Policies for more information on the IPO and Note 17. Mezzanine Equity for additional information on the Redeemable common stock and Redeemable convertible preferred stock. Valuation of Investment in the South American Joint Venture During the fourth quarter of the fiscal year ended March 31, 2016, the Company recorded an impairment charge related to its investment in the South American Joint Venture equal to the difference between the fair value of the investment and the carrying value. The method used to value the investment is considered Level 3 due to the subjective nature of the unobservable inputs used to determine the fair value. In the determination of fair value of its investment, the Company used an income approach based on internal forecasts of expected future cash flows. Significant unobservable inputs included the WACC used to discount the future cash flows, which were between 9.3% and 15.5%, based on the markets in which the South American Joint Venture business conducts. See Note 10. Investment in Unconsolidated Affiliates. |
Investment in Affiliates
Investment in Affiliates | 12 Months Ended |
Mar. 31, 2016 | |
Subsidiaries [Member] | |
Investment in Affiliates | 9. INVESTMENT IN CONSOLIDATED AFFILIATES We participate in two consolidated joint ventures, ADS Mexicana, which is 51% owned by our wholly-owned subsidiary ADS Worldwide, Inc., and BaySaver, which is 65% owned by our wholly-owned subsidiary ADS Ventures, Inc. In each case, the equity owned by our joint venture partner is shown as either Noncontrolling interest in subsidiaries (in the case of ADS Mexicana) or Redeemable noncontrolling interest in subsidiaries (in the case of BaySaver) in our Consolidated Balance Sheets and our joint venture partner’s portion of net income is shown as Net income attributable to noncontrolling interest in our Consolidated Statements of Operations. ADS Mexicana We participate in joint ventures from time to time for the purpose of expanding upon our growth of manufacturing and selling HDPE corrugated pipe in emerging markets. We invested in ADS Mexicana for the purpose of expanding upon our growth of manufacturing and selling ADS licensed HDPE corrugated pipe and related products in the Mexican and Central American markets via the joint venture partner’s local presence and expertise throughout the region. In April 2013, ADS Worldwide acquired an additional 1% equity interest in its consolidated subsidiary ADS Mexicana stock for $520, increasing the Company’s ownership percentage to 51% from 50%. We have executed a Technology, Patents and Trademarks Sub-License Agreement and a Distribution Agreement with ADS Mexicana that provides ADS Mexicana with the rights to manufacture and sell ADS licensed products in Mexico and Central America. We have concluded that we hold a variable interest in and are the primary beneficiary of ADS Mexicana based on our power to direct the most significant activities of ADS Mexicana and our obligation to absorb losses and our right to receive benefits that could be significant to ADS Mexicana. As the primary beneficiary, we are required to consolidate the assets and liabilities of ADS Mexicana. The table below includes the assets and liabilities of ADS Mexicana that are consolidated as of March 31, 2016 and 2015. The balances exclude intercompany transactions that are eliminated upon consolidation. (Amounts in thousands) 2016 2015 Assets Current assets $ 27,650 $ 24,822 Property, plant and equipment, net 17,461 18,556 Other noncurrent assets 1,742 2,523 Total assets $ 46,853 $ 45,901 Liabilities Current liabilities $ 10,769 $ 11,134 Noncurrent liabilities 5,390 5,259 Total liabilities $ 16,159 $ 16,393 BaySaver BaySaver was established in July 2013 to design, engineer, manufacture, market and sell water quality filters and separators used in the removal of sediment and pollution from storm water anywhere in the world except New Zealand, Australia and South Africa. The Company’s original investment represented a 55% equity interest and a 50% voting interest in BaySaver. On July 17, 2015, the Company acquired an additional 10% of the issued and outstanding membership interests in the BaySaver joint venture. Concurrent with the additional investment in July 2015, we also entered into an amendment to the BaySaver joint venture agreement to change the voting rights from an equal vote for each member to a vote based upon the ownership interest. As a result, the Company increased its ownership interest to 65% of the issued and outstanding membership interests in BaySaver and obtained the majority of the voting rights. As such, while we had previously accounted for our investment in BaySaver under the equity method of accounting, we have concluded that the additional investment results in a step acquisition of BaySaver that will be treated as a business combination. As a result, our consolidated financial statements include the consolidation of BaySaver’s financial statements beginning on July 17, 2015. See Note 3. Acquisitions for additional information. The table below includes the assets and liabilities of BaySaver that are consolidated as of March 31, 2016. The balances exclude intercompany transactions that are eliminated upon consolidation. (Amounts in thousands) 2016 Assets Current assets $ 3,121 Property, plant and equipment, net 140 Other noncurrent assets 12,668 Total assets $ 15,929 Liabilities Current liabilities $ 1,696 Total liabilities $ 1,696 |
Unconsolidated Affiliates [Member] | |
Investment in Affiliates | 10. INVESTMENT IN UNCONSOLIDATED AFFILIATES We participate in two unconsolidated joint ventures, South American Joint Venture, which is 50% owned by our wholly-owned subsidiary ADS Chile, and Tigre-ADS USA, Inc. (“Tigre-ADS USA”), which is 49% owned by our wholly-owned subsidiary ADS Ventures, Inc. In each case, the Company has concluded that it is appropriate to account for these investments using the equity method, whereby our share of the income or loss of the joint venture is reported in the Consolidated Statements of Operations under Equity in net loss (income) of unconsolidated affiliates and our investment in the joint venture is included in Other assets in the Consolidated Balance Sheets. South American Joint Venture Our investment in this unconsolidated joint venture was formed for the purpose of expanding upon our growth of manufacturing and selling HDPE corrugated pipe in the South American market via the joint venture partner’s local presence and expertise throughout the region. We are not required to consolidate the South American Joint Venture as we are not the primary beneficiary, although we do hold a significant variable interest in the South American Joint Venture through our equity investment and debt guarantee. Summarized financial data as of the fiscal years ended March 31 for the South American Joint Venture is as follows: (Amounts in thousands) 2016 2015 Investment in South American Joint Venture (a) $ 10,256 $ 17,081 Receivable from South American Joint Venture 3,201 5,607 (a) Includes capital contributions of $4,000 during the fiscal year ended March 31, 2015. During the fourth quarter of the fiscal year ended March 31, 2016, the Company determined there was an other-than-temporary decline in the fair value of its investment in the South American Joint Venture, resulting from a further decline of unfavorable regional economic conditions. Accordingly, we recorded an impairment charge of $4,000, reducing the carrying value of the investment to its fair value. The impairment charge is included in Equity in net loss of unconsolidated affiliates in the Consolidated Statements of Operations. BaySaver As noted above, in July 2015, we began consolidating BaySaver after we acquired an additional 10% interest in BaySaver and obtained the majority of the voting rights. Prior to the acquisition, we accounted for our investment in BaySaver as an investment in an unconsolidated affiliate. See Note 3. Acquisitions. Summarized financial data for the fiscal year ended March 31, 2015 for the BaySaver joint venture is as follows: (Amounts in thousands) 2015 Investment in BaySaver $ 4,906 Receivable from BaySaver 59 Tigre-ADS USA On April 7, 2014, ADS Ventures, Inc., a wholly-owned subsidiary of the Company, and Tigre S.A. — Tubos e Conexoes entered into a stock purchase agreement to form a joint venture, Tigre-ADS USA. The joint venture was established to manufacture and sell PVC fittings for waterworks, plumbing, and HVAC applications primarily in the United States and Canadian markets. The Company acquired 49% of the outstanding shares of capital stock of Tigre-ADS USA for $3,566. The joint venture represents a continuation of the existing activities of Tigre-ADS USA through its Janesville, Wisconsin manufacturing facility. We are not required to consolidate Tigre-ADS USA as we are not the primary beneficiary, although we do hold a significant variable interest in Tigre-ADS USA through our equity investment. Summarized financial data as of the fiscal years ended March 31 for the Tigre-ADS USA joint venture is as follows: (Amounts in thousands) 2016 2015 Investment in Tigre-ADS USA $ 2,932 $ 3,051 Receivable from Tigre-ADS USA 45 27 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Mar. 31, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 11. RELATED PARTY TRANSACTIONS ADS Mexicana ADS conducts business in Mexico and Central America through its joint venture ADS Mexicana. ADS owns 51% of the outstanding stock of ADS Mexicana and consolidates its interest in ADS Mexicana for financial reporting purposes. During the fiscal years ended March 31, 2016, 2015 and 2014, ADS Mexicana compensated certain owners and former owners of Grupo Altima, the joint venture partner of ADS Mexicana, for consulting services related to the operations of the business and a noncompete arrangement, respectively. These cash payments totaled $242, $459, and $817 for the fiscal years ended March 31, 2016, 2015 and 2014, respectively. Occasionally, ADS and ADS Mexicana jointly enter into agreements for pipe sales with their related parties which totaled $0, $3,783, and $6,687 in the years ended March 31, 2016, 2015 and 2014, respectively. Outstanding receivables related to these sales were $344 and $1,005 at March 31, 2016 and 2015, respectively. In February 2015, ADS Mexicana loaned $5,000 to an entity owned by a Grupo Altima owner and such loan was repaid the same month. The applicable interest rate for the loan was 2.35%. In April 2015, ADS Mexicana borrowed $3,000 under a revolving credit facility arrangement with Scotia Bank and loaned that amount to ADS. The loan was repaid in May 2015. In June 2015, ADS Mexicana borrowed $3,854 under the Scotia Bank credit facility and loaned it to an entity owned by a Grupo Altima owner, and such loan was repaid in July 2015. The applicable interest rate for the loans was 4.81%. ADS does not guarantee the borrowings from this facility, and therefore does not anticipate any required contributions related to the balance of this credit facility. We are the guarantor of 100% of the ADS Mexicana Revolving Credit Facility, and our maximum potential payment under this guarantee totals $12,000. See Note 12. Debt. South American Joint Venture Our South American Joint Venture manufactures and sells HDPE corrugated pipe in the South American market. We are the guarantor for 50% of the South American Joint Venture’s credit facility, and the debt guarantee is shared equally with the joint venture partner. Our maximum potential obligation under this guarantee totals $11,000 as of March 31, 2016. The maximum borrowing permitted under the South American Joint Venture’s credit facility is $19,000. This credit facility allows borrowings in either Chilean pesos or US dollars at a fixed interest rate determined at inception of each draw on the facility. The guarantee of the South American Joint Venture’s debt expires on July 31, 2017. ADS does not anticipate any required contributions related to the balance of this credit facility. As of March 31, 2016 and 2015, the outstanding principal balance of the credit facility including letters of credit was $16,681 and $13,600, respectively. The weighted average interest rate as of March 31, 2016 was 3.45% on U.S. dollar denominated loans and 7.41% on Chilean peso denominated loans. ADS and the South American Joint Venture have entered into shared services arrangements in order to execute the joint venture services. Included within these arrangements are the lease of an office and plant location used to conduct business and operating expenses related to these leased facilities. Occasionally, the South American Joint Venture enters into agreements for pipe sales with ADS and its other related parties, which were $1,207 and $902 in the fiscal years ended March 31, 2016 and 2015, respectively. BaySaver BaySaver is a joint venture that was established to produce and distribute water quality filters and separators used in the removal of sediment and pollution from storm water. ADS owns 65% of the outstanding stock of BaySaver and consolidates its interest in BaySaver. BaySaver may at times provide short-term financing to ADS to enhance liquidity. As of March 31, 2015, BaySaver held unsecured, interest-free, notes receivable from ADS of $500, which were fully paid in fiscal year 2016. During fiscal years 2016 and 2015, ADS received member distributions of $975 and $1,100, respectively, from BaySaver. ADS and BaySaver have entered into shared services arrangements in order to execute the joint venture services. Included within these arrangements are the lease of a plant and adjacent yard used to conduct business and operating expenses related to the leased facility. Occasionally, ADS and BaySaver jointly enter into agreements for sales of pipe and Allied Products with their related parties in immaterial amounts. |
Debt
Debt | 12 Months Ended |
Mar. 31, 2016 | |
Debt Disclosure [Abstract] | |
Debt | 12. DEBT Long-term debt as of the fiscal years ended March 31 consisted of the following: (Amounts in thousands) 2016 2015 Bank Term Loans Revolving Credit Facility — ADS $ 166,000 $ 205,100 Revolving Credit Facility — ADS Mexicana — — Term Note 82,500 91,250 Senior Notes payable 100,000 100,000 Industrial revenue bonds 2,715 3,545 ADS Mexicana Scotia bank revolving credit facility — — Total 351,215 399,895 Current maturities (35,870 ) (9,580 ) Long-term debt obligation $ 315,345 $ 390,315 Bank Term Loans The Bank Term Loans include a Revolving Credit Facility with borrowing capacity of $325,000 for ADS, Inc., a Revolving Credit Facility for ADS Mexicana with borrowing capacity of $12,000 (“the Revolving Credit Facilities”) and a $100,000 term note (“Term Note”). The Revolving Credit Facilities expire and the Term Note is due in June 2018. Principal payments of $2,500 per quarter are due on the Term Note throughout the remaining term. The Revolving Credit Facilities and the Term Note have a variable interest rate that depends upon the Company’s “pricing ratio” as defined in the agreements for the Revolving Credit Facilities. The interest rate is derived from the London Inter-Bank Offered Rate (“LIBOR”) or alternate base rate (“Prime Rate”) at the Company’s option. The average rates were 2.70%, 2.64%, and 2.30% at March 31, 2016, 2015 and 2014, respectively. Letters of credit outstanding at March 31, 2016 amounted to $10,952 and reduce the availability of the Revolving Credit Facilities. The amount available for borrowing for ADS, Inc. and ADS Mexicana was $148,048 and $12,000, respectively at March 31, 2016. Per the terms of the agreements for the Revolving Credit Facilities, ADS is not required to hedge its interest exposure using interest rate swaps; however, it has been the objective of ADS to manage its exposure to variable rate debt. On July 18, 2013, ADS executed two Forward Interest Rate Swaps on the 30-Day LIBOR interest rate. One swap was for $50,000 and has a fixed rate of 0.86% for a period of three years beginning on September 3, 2013 and expiring on September 1, 2016. The second swap executed on July 18, 2013 was for $50,000 and has a fixed rate of 1.08% for a period of two years beginning on September 2, 2014 and expiring on September 1, 2016. Senior Notes Payable In December 2009, we signed an agreement with Prudential Investment Management, Inc. for the issuance of senior promissory notes (“Senior Notes”), for an aggregate amount of up to $100,000. During fiscal 2010, we issued $75,000 of Senior Notes with interest fixed at 5.6% and payable quarterly. The rate is subject to an additional 200 basis point excess leverage fee if our calculated leverage ratio exceeds 3 to 1 at the end of a fiscal quarter. A principal payment of $25,000 is due in each of fiscal years 2017, 2018, and 2019. In July 2013, ADS issued an additional $25,000 of Senior Notes. Interest for the additional $25,000 is payable quarterly and is fixed at 4.05%. The rate is subject to an additional 200 basis point excess leverage fee if calculated leverage ratio exceeds 3 to 1 at the end of a fiscal quarter. A principal payment of $25,000 is due in September of fiscal year 2020. Industrial Revenue Bonds Between 1996 and 2007, ADS issued industrial revenue bonds for the construction of four production facilities. Two of the bonds were retired during fiscal 2011 and one of the bonds was retired in fiscal 2015. The remaining bond requires quarterly principal payments until it matures in February 2019 and has a variable interest rate based on the Securities Industry and Financial Markets Association (SIFMA) municipal swap index rate which is computed weekly. The rate on this bond at March 31, 2016, was 4.27%, including a letter of credit fee of 3.75%. Land and buildings with a net book value of approximately $9,706 at March 31, 2016, collateralize the bonds. These bonds are not considered auction rate securities. ADS Mexicana Scotia Bank Revolving Credit Facility On December 11, 2014, our joint venture, ADS Mexicana, entered into a credit agreement with Scotia Bank. The credit agreement provides for revolving loans up to a maximum aggregate principal amount of $5,000. The proceeds of the revolving credit facility have primarily been used for short term investments and are available for working capital needs. The interest rates of the revolving credit facilities are determined by LIBOR rates, Tasa de Interes Interbancaria de Equilibrio (TIIE) or the Costos de Captacion rates, plus an applicable margin. The Scotia Bank revolving credit facility matures on December 11, 2017. The obligations under the revolving credit facility are not guaranteed by ADS. As of March 31, 2016, there was no outstanding principal drawn on the Scotia Bank revolving credit facility. On May 27, 2016, ADS Mexicana obtained a waiver on a covenant from Scotia Bank relating to ADS Mexicana failing to notify Scotia Bank of changes in legal organizational structure and payment of dividends. Debt Covenants and Dividend Restrictions The Bank Term Loans and the Senior Notes require, among other provisions, that we (1) maintain a 1.25 to 1 minimum fixed charge coverage ratio; (2) maintain a maximum leverage ratio of 4 to 1; and (3) establish certain limits on permitted transactions, principally related to indebtedness, capital distributions, loans and investments, and acquisitions and dispositions of assets. Capital distributions, including dividends, are prohibited if we are not in compliance with our debt covenants. In any fiscal year, if we are in compliance with all debt covenants and the pro-forma leverage ratio exceeds 3 to 1, capital distributions are permitted up to a limit of $50,000. Principal Maturities Maturities of long-term debt (excluding interest) as of March 31, 2016 are summarized below: Fiscal Years Ending March 31, (Amounts in thousands) 2017 2018 2019 2020 2021 Thereafter Total Principal maturities $ 35,870 $ 35,905 $ 254,440 $ 25,000 $ — $ — $ 351,215 Fiscal Year 2016 Amendments and Consents Related to the Bank Term Loans and Senior Notes From July 2015 through February 2016, the Company amended the Bank Term Loans and Senior Notes and also obtained various consents from those lenders. These amendments and consents had the effect of: i) extending the time for delivery of our fiscal 2015 audited financial statements and first, second and third quarter fiscal 2016 quarterly financial information to April 1, 2016, whereby an event of default was waived as long as those items were delivered by that date without regard to any grace period, ii) modified certain definitions applicable to the Company’s affirmative and negative financial covenants, including the negative covenant on indebtedness, to accommodate the Company’s treatment of its transportation and equipment leases as capital leases rather than operating leases and to accommodate the treatment of the costs related to the Company’s restatement, and iii) permitted the Company’s payment of quarterly dividends on common shares in June, August and December 2015, as well as the annual dividend of $0.0195 per share to be paid on shares of preferred stock in March 2016. Subsequent Event Related to the Bank Term Loans and Senior Notes In July 2016, the Company obtained additional consents from the lenders of the Bank Term Loans and Senior Notes. These consents had the effect of extending the time for delivery of our fiscal 2016 audited financial statements to August 31, 2016, and first quarter fiscal 2017 quarterly financial information to October 15, 2016, whereby an event of default was waived as long as those items are delivered within a 15 day grace period after those dates. In addition, the consents also permitted the Company’s payment of quarterly dividends of $0.06 per share on common shares in each of June and September 2016, as well as the annual dividend of $0.0195 per share to be paid on shares of preferred stock in March 2017. |
Derivative Transactions
Derivative Transactions | 12 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Derivative Transactions | 13. DERIVATIVE TRANSACTIONS The Company uses interest rate swaps, commodity options in the form of collars and swaps, and foreign currency forward contracts to manage its various exposures to interest rate, commodity price, and foreign currency exchange rate fluctuations. For interest rate swaps, gains and losses resulting from the difference between the spot rate and applicable base rate is recorded in interest expense. For collars, commodity swaps and foreign exchange forward contracts, contract settlement gains and losses are recorded in the Consolidated Statements of Operations in Derivative (gains) losses and other expense (income), net. Gains and losses related to mark-to-market adjustments for changes in fair value of the derivative contracts are also recorded in the Consolidated Statements of Operations in Derivative (gains) losses and other expense (income), net. A summary of the fair values for the various derivatives at March 31, 2016 and 2015 is presented below: 2016 Assets Liabilities (Amounts in thousands) Receivables Other assets Other accrued Other Interest rate swaps $ — $ — $ (252 ) $ — Foreign exchange forward contracts — — — — Diesel fuel option collars and swaps — 11 (2,609 ) (6 ) Propylene swaps — — (8,027 ) — 2015 Assets Liabilities (Amounts in thousands) Receivables Other assets Other accrued Other Interest rate swaps $ — $ — $ (150 ) $ (615 ) Foreign exchange forward contracts 28 — — — Diesel fuel option collars and swaps — — (1,883 ) (958 ) Propylene swaps — — (4,412 ) (730 ) The Company recorded losses and (gains) on mark-to-market adjustments for changes in the fair value of derivative contracts as well as losses and (gains) on the settlement of derivative contracts as follows: Unrealized Mark to Market Losses (Gains) (Amounts in thousands) 2016 2015 2014 Interest rate swaps $ (513 ) $ (236 ) $ (81 ) Foreign exchange forward contracts 28 (28 ) — Diesel fuel option collars (237 ) 2,841 55 Propylene swaps 2,885 5,169 (27 ) $ 2,163 $ 7,746 $ (53 ) Realized Losses (Gains) (Amounts in thousands) 2016 2015 2014 Foreign exchange forward contracts $ (150 ) $ 5,636 $ — Diesel fuel option collars 3,142 736 — Propylene swaps 11,742 1,333 (84 ) $ 14,734 $ 7,705 $ (84 ) Total realized and unrealized losses (gains) included in Derivative losses (gains) and other expense (income), net (1) $ 16,897 $ 15,451 $ (137 ) (1) The total balance in Derivative losses (gains) and other expense (income), net in the Consolidated Statements of Operations also includes other income items of ($322), ($1,081), and ($1,040) at March 31, 2016, 2015 and 2014, respectively. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Mar. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 14. COMMITMENTS AND CONTINGENCIES Purchase Commitments We secure supplies of resin raw material by agreeing to purchase quantities during a future given period at a fixed price. These purchase contracts range from 1 to 12 months and occur in the ordinary course of business. Under such purchase contracts in place at March 31, 2016, we have agreed to purchase resin over the period April 2016 through December 2016 at a committed purchase cost of $18,715. Litigation On July 29, 2015, a putative stockholder class action, Christopher Wyche, individually and on behalf of all others similarly situated v. Advanced Drainage Systems, Inc., et al. (Case No. 1:15-cv-05955-KPF), was commenced in the U.S. District Court for the Southern District of New York, naming the Company, along with Joseph A. Chlapaty, the Company’s Chief Executive Officer, and Mark B. Sturgeon, the Company’s former Chief Financial Officer, as defendants and alleging violations of the federal securities laws. An amended complaint was filed on April 28, 2016. The amended complaint alleges that the Company made material misrepresentations and/or omissions of material fact in its public disclosures during the period from July 25, 2014 through March 29, 2016, in violation of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, as amended, and Rule 10b-5 promulgated thereunder. Plaintiffs seek an unspecified amount of monetary damages on behalf of the putative class and an award of costs and expenses, including counsel fees and expert fees. The Company believes that it has valid and meritorious defenses and will vigorously defend against these allegations, but litigation is subject to many uncertainties and the outcome of this matter is not predictable with assurance. While it is reasonably possible that this matter ultimately could be decided unfavorably to the Company, the Company is currently unable to estimate the range of the possible losses, but they could be material. On August 12, 2015, the SEC Division of Enforcement (“Enforcement Division”) informed the Company that it was conducting an informal inquiry with respect to the Company. As part of this inquiry, the Enforcement Division requested the voluntary production of certain documents generally related to the Company’s accounting practices. Subsequent to the initial voluntary production request, the Company received document subpoenas from the Enforcement Division pursuant to a formal order of investigation. The Company has from the outset cooperated with the Enforcement Division’s investigation and intends to continue to do so. While it is reasonably possible that this investigation ultimately could be resolved unfavorably to the Company, the Company is currently unable to estimate the range of possible losses, but they could be material. We are involved from time to time in various legal proceedings that arise in the ordinary course of our business, including but not limited to commercial disputes, environmental matters, employee related claims, intellectual property disputes and litigation in connection with transactions including acquisitions and divestitures. We believe that such litigation, claims, and administrative proceedings will not have a material adverse impact on our financial position or our results of operations. We record a liability when a loss is considered probable, and the amount can be reasonably estimated. In management’s opinion, none of these proceedings are material in relation to our consolidated operations, cash flows, or financial position, and we have adequate accrued liabilities to cover our estimated probable loss exposure. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Mar. 31, 2016 | |
Postemployment Benefits [Abstract] | |
Employee Benefit Plans | 15. EMPLOYEE BENEFIT PLANS Employee Stock Ownership Plan (ESOP) We established the Advanced Drainage Systems, Inc. ESOP (the “ESOP” or the “Plan”) effective April 1, 1993. The Plan was funded through a transfer of assets from our tax-qualified profit-sharing retirement plan, as well as a 30-year term loan from ADS. The Plan operates as a tax-qualified leveraged ESOP and was designed to enable eligible employees to acquire stock ownership interest in ADS. Employees of ADS who have reached the age of 18 are generally eligible to participate in the Plan on March 31 after six months of service. Upon retirement, disability, death, or vested terminations, (i) a participant or designated beneficiary may elect to receive the amount in their account attributable to the 1993 transfer of assets from our tax-qualified profit sharing retirement plan in the form of cash or ADS stock with any fractional shares paid in cash; (ii) stock credited to the participants’ ESOP stock account resulting from the ESOP’s loan repayments are distributed in the form of ADS stock, and (iii) amounts credited to the participants’ ESOP cash account are distributed in the form of cash. Upon attainment of age 50 and seven years of participation in the Plan, a participant may elect to diversify specified percentages of the number of shares of ADS stock credited to the participant’s ESOP stock account in compliance with applicable law. We are obligated to make contributions to the Plan, which, when aggregated with the Plan’s dividends, equal the amount necessary to enable the Plan to make its regularly scheduled payments of principal and interest due on its term loan to ADS. As the Plan makes annual payments of principal and interest, an appropriate percentage of preferred stock is allocated to ESOP participants’ accounts in accordance with plan terms that are compliant with applicable Internal Revenue Code and regulatory provisions. Required dividends on allocated shares are generally passed through and paid in cash to the participants and required dividends on unallocated shares are paid in cash to the Plan and generally used to service the Plan’s debt. On January 6, 2014, the Board of Directors declared a cash dividend of $1.59 (the “Special Dividend”) per share for a total amount of approximately $108,101, on all outstanding shares of our common stock and Redeemable convertible preferred stock. We paid the Special Dividend on January 15, 2014 to all stockholders of record on January 2, 2014. The payment of the Special Dividend was financed through the Company’s Revolving Credit Facilities. For additional details on the Revolving Credit Facilities, please refer to Note 12. Debt. The Special Dividend on the ESOP’s allocated shares was paid in cash (i.e., passed through) to participants, and the Special Dividend on the ESOP’s unallocated shares was retained by the ESOP and allocated among the participants’ ESOP cash accounts. The allocation of cash among the participants’ ESOP cash accounts related to dividends paid on unallocated shares resulted in additional compensation expense for the fiscal year ended March 31, 2014 of $22,624, of which $13,896 was included in Cost of goods sold, $4,550 was included in Selling expenses, and $4,178 was included in General and administrative expenses in the Consolidated Statements of Operations. In the fiscal years ended March 31, 2016 and 2015, the ESOP committee directed the Plan trustee to retain $2,531 and $824, respectively, in dividends on unallocated ADS shares rather than to service the Plan’s debt. These dividends were allocated to participants based on the total shares in their account in relation to total shares allocated at March 31, 2016 and 2015. In the fiscal years ended March 31, 2016 and 2015, 542 and 737 shares of Redeemable convertible preferred stock, respectively, were allocated to the ESOP participants, including, in addition to the cash dividends, 8 and 6 preferred shares allocated as dividends, respectively. See Note 17. Mezzanine Equity for further details on the shares of Redeemable convertible preferred stock held by our ESOP. Profit-Sharing Plan We have a tax-qualified profit-sharing retirement plan with a 401(k) feature covering substantially all eligible employees. We did not make employer contributions to the plan in the fiscal years ended March 31, 2016, 2015 and 2014. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Mar. 31, 2016 | |
Equity [Abstract] | |
Stockholders' Equity | 16. STOCKHOLDERS’ EQUITY The Board of Directors approved a dividend of $0.05 per share of common stock during each quarter of fiscal 2016. In fiscal 2015 the Board of Directors approved a dividend of $0.04 per share of common stock in each of the third and fourth quarters, while no dividends were declared in the first or second quarters. In fiscal 2014, the Board of Directors approved the Special Dividend during the fourth quarter, as well as quarterly cash dividends of $0.029 per share during each of the first three quarters. Total cash dividends paid on common stock during the fiscal years ended March 31, 2016, 2015 and 2014 were $10,815, $4,270, and $80,102, respectively. During the fiscal year ended March 31, 2016, there were no purchases of common stock. During the fiscal year ended March 31, 2015, we purchased a negligible amount of fractional shares subsequent to the IPO at a price of $17.21 per share. In fiscal year ended March 31, 2014, we purchased 80 shares from certain stockholders at a purchase price of $13.64 per share. See Note 12. Debt for a description of restrictions on the payment of dividends imposed under our Bank Term Loans and Senior Notes agreements. Subsequent Events Related to Stockholders’ Equity During each of the first and second quarters of fiscal 2017, the Company declared a quarterly cash dividend of $0.06 per share of common stock. The first quarter dividend was payable on June 30, 2016 to stockholders of record at the close of business on June 16, 2016, and the second quarter dividend was payable on September 15, 2016 to stockholders of record at the close of business on September 1, 2016. |
Mezzanine Equity
Mezzanine Equity | 12 Months Ended |
Mar. 31, 2016 | |
Text Block [Abstract] | |
Mezzanine Equity | 17. MEZZANINE EQUITY Redeemable Common Stock Prior to the July 2014 IPO , one of our minority equity owners along with other shareholders who hold ownership in ADS of at least 15% (referred to as “Major Shareholders”) entered into an agreement which provided the Major Shareholders the right to put their common stock to the Company at fair value if, following the fifth anniversary of the recapitalization that occurred during 2010, a Major Shareholder demands that the Company effect an IPO covering the registration of at least $50,000 of securities, and either the Company advises the Major Shareholder that ADS will not begin preparations for an IPO within 180 days after delivery, or after such preparations have begun they are discontinued (the “Major Shareholders’ Put Right”). As the Major Shareholders’ Put Right was a redemption right which prior to the IPO was outside the control of ADS, we classified common stock held by the Major Shareholders in the mezzanine equity section of our Consolidated Balance Sheets at its fair value, and changes in fair value were recorded in Retained earnings. The redemption feature of our Redeemable common stock allowing the holder to put its shares to us for cash, as discussed in the previous paragraph, became unenforceable upon effectiveness of the IPO on July 25, 2014. As a result, the Redeemable common stock was recorded at fair value through the effective date of the IPO and was subsequently reclassified at that fair value to stockholders’ equity. See Note 1. Background and Summary of Significant Accounting Policies for more information on the IPO. As a result of the IPO, there are 10,101 shares of common stock held by Major Shareholders, which are now classified in stockholders’ equity. Redeemable Convertible Preferred Stock The Trustee of the Company’s ESOP has the ability to put shares of our Redeemable convertible preferred stock to the Company. The Redeemable convertible preferred stock has a required cumulative 2.5% dividend (based on the issue price of $0.781 per share) and is convertible at a rate of 0.7692 shares of common stock for each share of Redeemable convertible preferred stock. We guarantee the value of the Redeemable convertible preferred stock at $0.781 per share. The put option requirements of the Internal Revenue Code apply in the event that the Company’s common stock is not a registration type class of security or its trading has been restricted. Therefore, the holders of Redeemable convertible preferred stock have a put right to require us to repurchase such shares in the event that our common stock is not listed for trading or otherwise quoted on the NYSE, AMEX, NASDAQ, or any other market more senior than the OTC Bulletin Board. As of March 31, 2016, the applicable redemption value was $0.781 per share as there were no unpaid cumulative dividends. Given that the event that may trigger redemption of the Redeemable convertible preferred stock (the listing or quotation on a market more senior than the OTC Bulletin Board) is not solely within our control, our Redeemable convertible preferred stock is presented in the mezzanine equity section of our Consolidated Balance Sheets. As of March 31, 2016, we did not adjust the carrying value of the Redeemable convertible preferred stock to its redemption value or recognize any changes in fair value as we did not consider it probable that the Redeemable convertible preferred stock would become redeemable. The Board of Directors approved the 2.5% annual dividend to be paid March 31 of each fiscal year to the stockholders of record as of March 15, 2016, 2015 and 2014. The annual dividend was paid in cash and stock on the allocated shares. During the first quarter of 2017, the Board of Directors approved the 2.5% annual dividend to be paid on March 31, 2017 to stockholders of record as of March 1, 2017. In addition, the Board of Directors approved a quarterly discretionary cash dividends of $0.0221 per share during the first three quarters of the fiscal year ended March 31, 2014. As noted above, the Redeemable convertible preferred stockholders also received the Special Dividend during the fourth quarter of fiscal 2014. The Special Dividend and the discretionary dividends on unallocated shares of Redeemable convertible preferred stock were allocated to participants rather than being used to service the Plan’s debt as described in Note 15. Employee Benefit Plans. Cash and stock dividends on allocated Redeemable convertible preferred stock for the fiscal years ended March 31, 2016 and 2015, respectively, are summarized in the following table. For additional information on dividends paid to the unallocated Redeemable convertible preferred stock, please refer to Note 15. Employee Benefit Plans. (Amounts in thousands) 2016 2015 Quarterly cash dividends $ 1,272 $ 507 Annual cash dividends 21 27 Total cash dividends $ 1,293 $ 534 Annual stock dividend 132 127 Annual cash dividend 21 27 Total ESOP required dividends $ 153 $ 154 Allocated shares 7,831 7,914 Required dividend per share 0.0195 0.0195 Required dividends $ 153 $ 154 Redeemable Noncontrolling Interest in Subsidiaries On July 17, 2015, the Company acquired an additional 10% of the issued and outstanding membership interests in BaySaver’s issued and outstanding membership interests, increasing the Company’s total ownership to 65%. Concurrent with our purchase of the additional membership investment, the BaySaver joint venture agreement was amended to change the voting rights from an equal vote for each member to a vote based upon the ownership interest. As a result, we have accounted for this transaction as a business combination and BaySaver is consolidated into our financial statements after July 17, 2015. The membership interests held by the joint venture partner are presented in Redeemable noncontrolling interest in subsidiaries in our Consolidated Balance Sheets, which is classified as mezzanine equity, due to a put option held by the joint venture partner which may be exercised on or after April 1, 2017. The Redeemable noncontrolling interest in subsidiaries balance will be accreted to the redemption value using the effective interest method until April 1, 2017. See Note 3. Acquisitions for further discussion of the BaySaver transaction. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Mar. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | 18. STOCK-BASED COMPENSATION Deferred Compensation — Unearned ESOP Shares The value of Redeemable convertible preferred stock held by the ESOP trust, but not yet earned by the ESOP participants or used for dividends, is reported as Deferred compensation — unearned ESOP shares within the mezzanine equity section of our Consolidated Balance Sheets. Compensation expense and related dividends paid with ESOP shares are recognized based upon the average annual fair value of the shares allocated. The shares allocated are for services rendered throughout the period and, therefore, a simple average is used to calculate the average annual fair value. Deferred compensation — unearned ESOP shares is relieved at fair value, with any difference between the annual average fair value and the carrying value of shares when allocated being added to Additional paid in capital. The fair value of the shares allocated was $16.35, $22.05, and $11.16 per share of Redeemable convertible preferred stock at March 31, 2016, 2015 and 2014, respectively, resulting in an average annual fair value per share of $19.20, $16.61, and $10.90 per share for the fiscal years ended March 31, 2016, 2015 and 2014, respectively. During the fiscal years ended March 31, 2016, 2015 and 2014, we recognized compensation expense of $10,250, $12,144, and $7,891, respectively, related to allocation of ESOP shares to participants. Stock Options Our 2000 stock option plan (“2000 Plan”) provides for the issuance of non-statutory stock options to management based upon the discretion of the Board of Directors. The plan generally provides for grants with the exercise price equal to fair value on the date of grant, which vest in three equal annual amounts beginning in year five and expire after 10 years from issuance. Our 2013 stock option plan (“2013 Plan”) was approved by the Board of Directors and provides for the issuance of up to 3,323 non-statutory common stock options to management subject to the Board’s discretion. The plan generally provides for grants with the exercise price equal to fair value on the date of grant. The grants generally vest in five equal annual amounts beginning in year one and expire after 10 years from issuance. Options issued to the Chief Executive Officer vest equally over four years and expire after 10 years from issuance. For both stock option plans, management determines the fair value of the options based on the Black-Scholes option pricing model. This methodology requires significant inputs including the fair value of our common stock, risk-free interest rate, dividend yield and expiration date. During the fiscal years ended March 31, 2016, 2015 and 2014, we recognized total stock-based compensation expense under both plans of $1,808, $4,418, and $2,669, respectively, which was included in General and administrative expense in our Consolidated Statements of Operations. As of March 31, 2016 and 2015, there was a total of $1,648 and $3,269, respectively, of unrecognized compensation expense related to unvested stock option awards that will be recognized as an expense as the awards vest over the remaining service period. Of these amounts, $152 and $0 relate to liability classified awards and $1,496 and $3,269 relate to equity classified awards as of March 31, 2016 and 2015, respectively. We estimate the fair value of stock options using a Black-Scholes option-pricing model, with assumptions as follows: 2016 2015 2014 Expected stock price volatility 37.5 % 40.0 % 44.0 % Risk-free interest rate 2.0 % 2.1 % 2.3 % Weighted-average expected option life (years) 6.5 8.0 8.0 Dividend yield 0.76 % 0.86 % 0.84 % In May 2014, the Board of Directors approved the increase of shares available for granting under the 2013 plan to 1,412 shares. We had approximately 1,123 and 1,412 shares available for granting under the 2000 and 2013 plans, respectively, as of March 31, 2016. 2000 Plan The stock option activity for the fiscal years ended March 31 is summarized as follows: 2016 2015 2014 Number Weighted Weighted Number Weighted Weighted Number Weighted Weighted Outstanding at beginning of year 746 $ 10.75 4.1 913 $ 9.48 4.1 1,333 $ 8.10 4.0 Issued — — — 78 15.74 — 25 13.64 — Exercised (215 ) 8.31 — (235 ) 7.50 — (427 ) 5.19 — Forfeited (16 ) 8.81 — (10 ) 10.48 — (18 ) 10.77 — Outstanding at end of year 515 11.82 4.2 746 10.75 4.1 913 9.48 4.1 Vested at end of year 439 11.14 3.5 668 10.16 3.5 485 8.01 2.2 Unvested at end of year 76 15.74 8.4 78 15.74 9.4 428 11.14 6.3 Vested and expected to vest at end of year (a) 440 11.82 4.7 640 10.73 7.6 800 9.36 5.2 Fair value of options granted during the year $ — $ 6.76 $ 6.38 a) Vested and expected to vest at end of year assumes the forfeiture of approximately 15% of options outstanding at the end of each period. The following table summarizes information about the unvested stock option grants as of the fiscal years ended March 31: 2016 2015 Number of Weighted Number of Weighted Unvested at beginning of year 78 $ 6.76 428 $ 5.82 Granted — — 78 6.76 Vested — — (428 ) 5.82 Forfeitures (2 ) 6.76 — — Unvested at end of year 76 $ 6.76 78 $ 6.76 2013 Plan The stock option transactions for the fiscal years ended March 31 are summarized as follows: 2016 2015 2014 Number Weighted Weighted Number Weighted Weighted Number Weighted Weighted Outstanding at beginning of year 1,911 $ 13.64 8.42 1,911 $ 13.64 9.42 — $ — — Issued – equity classified — — — — — — 1,440 13.64 — Issued – liability classified — — — — — — 518 13.64 — Forfeited — — — — — — (47 ) 13.64 — Outstanding at end of year 1,911 13.64 7.42 1,911 13.64 8.42 1,911 13.64 9.42 Vested at end of year 816 13.64 7.42 408 13.64 8.42 — — — Unvested at end of year 1,095 13.64 7.42 1,503 13.64 8.42 1,911 13.64 9.42 Vested and expected to vest at end of year (a) 1,702 13.64 7.42 1,702 13.64 8.42 1,704 13.64 9.42 Fair value of options granted during the year $ — $ — $ 6.22 (a) Vested and expected to vest at end period assumes the forfeiture of approximately 15% of options granted (except those to the CEO). The following table summarizes information about the unvested stock option grants as of the fiscal years ended March 31: 2016 2015 Number of Weighted Number of Weighted Unvested at beginning of year 1,503 $ 6.22 1,911 $ 6.22 Vested (408 ) 6.22 (408 ) 6.22 Unvested at end of year 1,095 $ 6.22 1,503 $ 6.22 Restricted Stock On September 16, 2008, the Board of Directors adopted the restricted stock plan, which provides for the issuance of restricted stock awards to certain key employees. The restricted stock generally vest ratably over a five-year period from the original restricted stock grant date, contingent on the employee’s continuous employment by ADS. In certain instances, however, a portion of the grants vested immediately or for accounting purposes were deemed to have vested immediately, including the grants to the Chief Executive Officer, which do not have a substantial risk of forfeiture as a result of different vesting provisions. Under the restricted stock plan, vested shares are considered issued and outstanding. Employees with restricted stock have the right to dividends on the shares awarded (vested and unvested) in addition to voting rights on non-forfeited shares. The Company recognized compensation expense of $1,771, $562, and $1,849 in the fiscal years ended March 31, 2016, 2015 and 2014, respectively, relating to the issuance of these shares; of this amount, $0, $0, and $385 relates to the restricted shares that vested immediately during the fiscal years ended March 31, 2016, 2015 and 2014, respectively. We had approximately 336 shares available for grant under this plan as of March 31, 2016. The information about the unvested restricted stock grants as of March 31 is as follows: 2016 2015 2014 Number Weighted Number of Weighted Number of Weighted Unvested at beginning of year 183 $ 12.65 311 $ 12.40 273 $ 11.63 Granted — — — — 155 13.64 Vested (69 ) 12.20 (126 ) 12.01 (104 ) 11.78 Forfeited (2 ) 12.12 (2 ) 11.98 (13 ) 12.12 Unvested at end of year 112 $ 12.97 183 $ 12.65 311 $ 12.40 We expect most, if not all, restricted stock grants to vest. At March 31, 2016 and 2015, there was approximately $816 and $2,301, respectively, of unrecognized compensation expense related to the restricted stock that will be recognized over the weighted average service period remaining of 1.6 and 2.2 years, respectively. Awards to Be Issued During fiscal 2016, in conjunction with the hiring of key employees, the Company became obligated to issue restricted stock and options with a fair value at the date of issuance of $487. The expense associated with this restricted stock and options will be amortized over the vesting period and has been recorded as compensation expense. Once the restricted stock and stock options are issued, they will be included in the appropriate tables above. During fiscal 2016, the Company recorded $61 of stock compensation expense related to this obligation. Non-Employee Director Compensation Plan On June 18, 2014, the Company amended its then-existing Stockholders’ Agreement to authorize 282 shares of restricted stock to be granted to non-employee members of its Board of Directors. The shares typically will vest one year from the date of issuance. Under this stock plan, the vested shares granted are considered issued and outstanding. Non-employee directors with this stock have the right to dividends on the shares awarded (vested and unvested) in addition to voting rights. On September 6, 2014, a total of 48 shares were granted to seven directors at a fair value of $18.88 per share. These shares vested on February 27, 2015. The Company recognized compensation expense of $0 and $900 for the fiscal years ended March 31, 2016 and 2015, respectively, relating to the issuance of these shares. We had approximately 234 shares available for grant under this plan as of both March 31, 2016 and 2015. The following table summarizes information about the unvested Non-Employee Director Compensation stock grants as of March 31, 2016 and 2015: 2016 2015 Number of Weighted Number of Weighted Unvested at beginning of year — $ — — $ — Granted — — 48 18.88 Vested — — (48 ) 18.88 Unvested at end of year — $ — — $ — As of March 31, 2016 and 2015, there was no unrecognized compensation expense related to this restricted stock. No grants were issued under this Plan in fiscal year 2016. |
Income Taxes
Income Taxes | 12 Months Ended |
Mar. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 19. INCOME TAXES The components of Income before income taxes for the fiscal years ended March 31 are as follows: (Amounts in thousands) 2016 2015 2014 United States $ 35,418 $ 15,325 $ 20,977 Foreign 14,140 9,304 12,856 Total $ 49,558 $ 24,629 $ 33,833 The components of Income tax expense for the fiscal years ended March 31 consisted of the following: (Amounts in thousands) 2016 2015 2014 Current: Federal $ 6,861 $ 20,461 $ 21,774 State and local 2,184 3,656 3,857 Foreign 3,791 831 1,126 Total current tax expense 12,836 24,948 26,757 Deferred: Federal 7,720 (13,407 ) (5,469 ) State and local 1,057 (2,160 ) (2,765 ) Foreign (758 ) 102 899 Total deferred tax expense (benefit) 8,019 (15,465 ) (7,335 ) Total Income tax expense $ 20,855 $ 9,483 $ 19,422 For the fiscal years ended March 31, our effective tax rate varied from the statutory Federal income tax rate as a result of the following factors: 2016 2015 2014 Federal statutory rate 35.0 % 35.0 % 35.0 % Redeemable convertible preferred stock dividend (0.9 ) (0.8 ) (10.4 ) ESOP stock appreciation 6.9 16.5 7.6 ESOP compensation for Special Dividend on unallocated shares — — 23.4 Effect of tax rate of foreign subsidiaries 1.0 (1.9 ) (2.8 ) State and local taxes—net of federal income tax benefit 4.7 4.5 0.9 Uncertain tax position change (4.4 ) (7.1 ) 6.2 Qualified production activity credit (1.2 ) (7.6 ) (5.2 ) Cumulative adjustments to deferred taxes — (1.9 ) (0.6 ) Other 1.0 1.8 3.3 Effective rate 42.1 % 38.5 % 57.4 % The Company’s effective tax rate will vary based on factors, including but not limited to, overall profitability, the geographical mix of income before taxes and discrete events. The increase in the effective tax rate for 2016 was 3.6%, which was primarily due to the decreased impact of qualified production activity tax credits, the decreased impact of changes in uncertain tax positions and the decreased impact of other miscellaneous tax benefits, partially offset by the decreased impact of ESOP stock appreciation. The decrease in the effective tax rate for 2015 was primarily driven by the absence of the Special Dividend payment to participants in the ESOP which increased the effective tax rate by 23.4% in 2014. For 2015, the ESOP stock appreciation impacted the rate by 16.5% due to the increase in stock value compared to original cost. Please refer to Note 15. Employee Benefit Plans for additional information on the Special Dividend. The tax effect of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at March 31 were comprised of: (Amounts in thousands) 2016 2015 Deferred tax assets: State income taxes $ 2,052 $ 1,683 ESOP loan repayment 1,390 1,421 Receivable and other allowances 2,150 2,534 Derivatives 4,397 3,533 Inventory 1,433 11,271 Non-Qualified stock options 3,506 2,855 Accrued rebates 1,378 1,378 Worker’s compensation 1,390 667 Contingent consideration 533 247 Purchase card accrual 232 232 Foreign NOL’s 1,507 1,504 Other 2,259 1,039 Total deferred tax assets 22,227 28,364 Less: valuation allowance (1,507 ) (1,504 ) Total net deferred tax assets 20,720 26,860 Deferred tax liabilities: Intangible assets 8,882 10,983 Property, plant and equipment 52,115 51,440 Leases 6,059 4,035 Capitalized software costs 2,935 3,159 Goodwill 3,643 2,735 Other 1,867 1,487 Total deferred tax liabilities 75,501 73,839 Net deferred tax liability $ 54,781 $ 46,979 Net deferred tax assets are included in Deferred income taxes and other current assets and Other assets on the Consolidated Balance Sheets. The related balances at March 31 were as follows: (Amounts in thousands) 2016 2015 Net current deferred tax assets $ 8,902 $ 17,617 Net non-current deferred tax liabilities 63,683 64,596 The Company has not provided for U.S. federal income taxes or foreign withholding taxes on approximately $30,228 of undistributed earnings of its foreign subsidiaries at March 31, 2016 because such earnings are intended to be reinvested indefinitely with the exception of cash dividends paid by our ADS Mexicana joint venture. It is not practicable to estimate the amount of U.S. tax that might be payable on the eventual remittance of such earnings. Accounting for Uncertain Tax Positions As of March 31, 2016, the Company had unrecognized tax benefit of $7,998, which if resolved favorably, would reduce income tax expense by $7,998. A reconciliation of the beginning and ending amounts of unrecognized tax benefits for the years ended March 31, 2016, March 31, 2015 and 2014 is as follows: (Amounts in thousands) Balance as of March 31, 2013 $ 10,668 Tax positions taken in current year 2,954 Decreases in tax positions for prior years (47 ) Increases in tax positions for prior years 825 Settlements — Lapse of statute of limitations (1,545 ) Balance as of March 31, 2014 12,855 Decreases in tax positions for prior years (672 ) Increases in tax positions for prior years 336 Settlements — Lapse of statute of limitations (2,067 ) Balance as of March 31, 2015 $ 10,452 Tax positions taken in current year 917 Decreases in tax positions for prior years (599 ) Increases in tax positions for prior years 358 Settlements — Lapse of statute of limitations (3,130 ) Balance as of March 31, 2016 $ 7,998 The unrecognized tax benefits are primarily recorded in Other liabilities, and to a lesser degree in Other accrued liabilities and Deferred income taxes and other current assets, in the Company’s Consolidated Balance Sheets. These amounts include potential accrued interest and penalties of $2,689 and $460 at March 31, 2016 and 2015, respectively. It is reasonably possible that there could be a change in the amount of unrecognized tax benefits within the next twelve months due to activities of the IRS or other taxing authorities, including proposed assessments of additional tax, possible settlement of audit issues, or the expiration of applicable statutes of limitation. The Company is currently open to audit under the statute of limitations by the IRS for the fiscal years ended March 31, 2013 through March 31, 2016. The majority of the Company’s state income tax returns are open to audit under the statute of limitations for the years ended March 31, 2013 through March 31, 2016. The foreign income tax returns are open to audit under the statute of limitations for the years ended March 31, 2012 through March 31, 2016. |
Net Income (Loss) Per Share
Net Income (Loss) Per Share | 12 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Net Income (Loss) Per Share | 20. NET INCOME (LOSS) PER SHARE Basic net income (loss) per share is calculated by dividing the Net income (loss) available to common stockholders by the weighted-average number of common shares outstanding during the period, without consideration for common stock equivalents. Diluted net income (loss) per share is computed by dividing the Net income (loss) available to common stockholders by the weighted-average number of common stock equivalents outstanding for the period. Holders of unvested restricted stock have non-forfeitable rights to dividends when declared on common stock, and holders of Redeemable convertible preferred stock participate in dividends on an as-converted basis when declared on common stock. As a result, unvested restricted stock and Redeemable convertible preferred stock meet the definition of participating securities, which requires us to apply the two-class method to compute both basic and diluted net income (loss) per share. The two-class method is an earnings allocation formula that treats participating securities as having rights to earnings that would otherwise have been available to common stockholders. The dilutive effect of stock options and unvested restricted stock is based on the more dilutive of the treasury stock method or the diluted two-class method. In computing diluted net income per share, income available to common stockholders used in the basic net income per share calculation (numerator) is adjusted, subject to sequencing rules, for certain adjustments that would result from the assumed issuance of potential common shares. Diluted net income per share assumes the Redeemable convertible preferred stock would be cash settled through the effective date of the IPO on July 25, 2014, as we have the choice of settling in cash or shares and we have demonstrated past practice and intent of cash settlement. Therefore these shares are excluded from the calculation through the effective date of the IPO. After the effective date of the IPO, management’s intent is to share settle; therefore, these shares are included in the calculation from July 26, 2014 through March 31, 2016, if dilutive. For purposes of the calculation of diluted net income per share, stock options and unvested restricted stock are considered to be potential common stock and are only included in the calculations when their effect is dilutive. The Company’s Redeemable common stock is included in the weighted-average number of common shares outstanding for calculating basic and diluted net income per share. The following table presents information necessary to calculate net income (loss) per share for the fiscal years ended March 31, 2016, 2015 and 2014, as well as potentially dilutive securities excluded from the weighted average number of diluted common shares outstanding because their inclusion would have been anti-dilutive: (Amounts in thousands, except per share data) 2016 2015 2014 NET INCOME (LOSS) PER SHARE — BASIC: Net income attributable to ADS $ 17,954 $ 8,680 $ 7,732 Adjustment for: Change in fair value of Redeemable convertible preferred stock — (11,054 ) (3,979 ) Accretion of Redeemable noncontrolling interest in subsidiaries (932 ) — — Dividends paid to Redeemable convertible preferred stockholders (1,425 ) (661 ) (10,139 ) Dividends paid to unvested restricted stockholders (24 ) (11 ) (418 ) Net income (loss) available to common stockholders and participating securities 15,573 (3,046 ) (6,804 ) Undistributed income allocated to participating securities (511 ) — — Net income (loss) available to common stockholders — Basic 15,062 (3,046 ) (6,804 ) Weighted average number of common shares outstanding — Basic 53,978 51,344 47,277 Net income (loss) per common share — Basic $ 0.28 $ (0.06 ) $ (0.14 ) NET INCOME (LOSS) PER SHARE — DILUTED: Net income (loss) available to common stockholders — Diluted 15,062 (3,046 ) (6,804 ) Weighted average number of common shares outstanding — Basic 53,978 51,344 47,277 Assumed exercise of stock options 1,074 — — Weighted average number of common shares outstanding — Diluted 55,052 51,344 47,277 Net income (loss) per common share — Diluted $ 0.27 $ (0.06 ) $ (0.14 ) Potentially dilutive securities excluded as anti-dilutive 6,383 4,454 535 |
Business Segment Information
Business Segment Information | 12 Months Ended |
Mar. 31, 2016 | |
Segment Reporting [Abstract] | |
Business Segment Information | 21. BUSINESS SEGMENT INFORMATION We operate our business in two distinct operating and reportable segments based on the markets we serve: “Domestic” and “International.” The Chief Operating Decision Maker (“CODM”) evaluates segment reporting based on Net sales and Segment Adjusted EBITDA. We calculate Segment Adjusted EBITDA as net income or loss before interest, income taxes, depreciation and amortization, stock-based compensation expense, non-cash charges and certain other expenses. Domestic Our Domestic segment manufactures and markets products throughout the United States. We maintain and serve these markets through product distribution relationships with many of the largest national and independent waterworks distributors, major national retailers as well as an extensive network of hundreds of small to medium-sized distributors across the U.S. We also sell through a broad variety of buying groups and co-ops in the United States. Products include single wall pipe, N-12 HDPE pipe sold into the Storm sewer and Infrastructure markets, High Performance PP pipe sold into the Storm sewer and sanitary sewer markets, and our broad line of Allied Products including StormTech, Nyloplast, ARC Septic Chambers, Inserta Tee, BaySaver filters and water quality structures, Fittings, and FleXstorm. Our Domestic segment sales are diversified across all regions of the country. International Our International segment manufactures and markets products in certain regions outside of the United States, with a growth strategy focused on our owned facilities in Canada and through our joint-ventures with local partners in Mexico and South America. Our joint venture strategy provides us with local and regional access to new markets such as Brazil, Chile, Argentina, Peru and Colombia. Our Mexican joint venture (ADS Mexicana) primarily serves the Mexican markets, while our South American Joint Venture (Tigre-ADS) is our primary channel to serve the South American markets. Our International product line includes single wall pipe, N-12 HDPE pipe, and High Performance PP pipe. The Canadian market also sells our broad line of Allied Products, while sales in Latin America are currently concentrated in fittings and Nyloplast. The following table sets forth reportable segment information with respect to the amount of Net sales contributed by each class of similar products in each of the fiscal years ended March 31: (Amounts in thousands) 2016 2015 2014 Domestic Pipe $ 812,071 $ 771,214 $ 700,270 Allied Products 301,725 256,719 235,022 Total domestic 1,113,796 1,027,933 935,292 International Pipe 139,731 125,407 107,078 Allied Products 37,151 26,733 25,410 Total international 176,882 152,140 132,488 Total Net sales $ 1,290,678 $ 1,180,073 $ 1,067,780 The following sets forth certain additional financial information attributable to our reportable segments for the fiscal years ended March 31: (Amounts in thousands) 2016 2015 2014 Gross Profit Domestic $ 249,517 $ 180,570 $ 164,693 International 35,535 25,643 27,855 Total $ 285,052 $ 206,213 $ 192,548 Segment Adjusted EBITDA Domestic $ 162,875 $ 128,973 $ 132,504 International 24,465 14,904 18,829 Total $ 187,340 $ 143,877 $ 151,333 Interest expense Domestic $ 17,908 $ 19,308 $ 18,659 International 552 60 148 Total $ 18,460 $ 19,368 $ 18,807 Income tax expense Domestic $ 17,822 $ 8,550 $ 17,397 International 3,033 933 2,025 Total $ 20,855 $ 9,483 $ 19,422 Depreciation and amortization Domestic $ 62,625 $ 59,397 $ 57,834 International 8,384 6,075 5,840 Total $ 71,009 $ 65,472 $ 63,674 Equity in net (loss) income of unconsolidated affiliates Domestic $ 181 $ 289 $ 417 International (5,415 ) (2,624 ) (3,503 ) Total $ (5,234 ) $ (2,335 ) $ (3,086 ) Capital expenditures Domestic $ 37,242 $ 29,345 $ 37,095 International 7,700 2,735 3,838 Total $ 44,942 $ 32,080 $ 40,933 The following sets forth certain additional financial information attributable to our reportable segments as of March 31: 2016 2015 2014 Investments in unconsolidated affiliates Domestic $ 2,932 $ 7,957 $ 5,202 International 10,256 17,081 18,422 Total $ 13,188 $ 25,038 $ 23,624 Total identifiable assets Domestic $ 949,618 $ 935,557 $ 882,681 International 147,814 168,320 113,114 Eliminations (59,784 ) (69,192 ) (13,308 ) Total $ 1,037,648 $ 1,034,685 $ 982,487 Reconciliation of Segment Adjusted EBITDA to Net income 2016 2015 2014 (Amounts in thousands) Domestic International Domestic International Domestic International Net income $ 17,777 $ 5,692 $ 7,064 $ 5,747 $ 3,997 $ 7,328 Depreciation and amortization 62,625 8,384 59,397 6,075 57,834 5,840 Interest expense 17,908 552 19,308 60 18,659 148 Income tax expense 17,822 3,033 8,550 933 17,397 2,025 Segment EBITDA 116,132 17,661 94,319 12,815 97,887 15,341 Derivative fair value adjustments 2,139 24 7,774 (28 ) (53 ) — Foreign currency transaction losses (gains) — 697 5,636 (232 ) — 845 Loss (gain) on sale of business or disposal of assets 892 (80 ) 257 105 (2,817 ) (46 ) Unconsolidated affiliates interest, taxes, depreciation and amortization (a) 1,052 2,163 1,341 2,244 156 2,689 Special Dividend compensation — — — — 22,624 — Contingent consideration remeasurement 371 — 174 — 738 — Stock-based compensation 3,579 — 5,880 — 4,518 — ESOP deferred stock-based compensation 10,250 — 12,144 — 7,891 — Loss related to BaySaver step acquisition 490 — — — — — Restatement costs (b) 27,970 — — — — — Impairment on investment in unconsolidated affiliate — 4,000 — — — — Transaction costs (c) — — 1,448 — 1,560 — Segment Adjusted EBITDA $ 162,875 $ 24,465 $ 128,973 $ 14,904 $ 132,504 $ 18,829 (a) Includes our proportional share of interest, income taxes, depreciation and amortization related to our South American Joint Venture and our Tigre-ADS USA Joint Venture, which are accounted for under the equity method of accounting. In addition, these amounts include our proportional share of interest, income taxes, depreciation and amortization related to our BaySaver Joint Venture prior to our step acquisition of BaySaver on July 17, 2015, which was previously accounted for under the equity method of accounting. Fiscal year 2014 includes our proportional share of an asset impairment of $1,022 recorded by our South American Joint Venture. (b) Represents expenses recorded related to legal, accounting and other professional fees incurred in connection with the restatement of our prior period financial statements as reflected in the fiscal year 2015 Form 10-K. (c) Represents expenses recorded related to legal, accounting and other professional fees incurred in connection with our debt refinancing, the IPO and secondary public offering and asset acquisitions and dispositions. Geographic Sales and Assets Information Net sales are attributed to the geographic location based on the location of the customer. The table below represents the Net sales and long-lived asset information by geographic location for each of the fiscal years ended March 31: (Amounts in thousands) 2016 2015 2014 Net Sales North America $ 1,274,700 $ 1,161,909 $ 1,046,595 Other 15,978 18,164 21,185 Total $ 1,290,678 $ 1,180,073 $ 1,067,780 (Amounts in thousands) 2016 2015 Long-Lived Assets (a) North America $ 395,716 $ 385,878 Other 10,256 17,081 Total $ 405,972 $ 402,959 (a) For segment reporting purposes, long-lived assets include Investments in unconsolidated affiliates, Central parts and Property, plant and equipment. |
Supplemental Disclosures of Cas
Supplemental Disclosures of Cash Flow Information | 12 Months Ended |
Mar. 31, 2016 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Disclosures of Cash Flow Information | 22. SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION The increase (decrease) in cash due to the changes in working capital accounts for the fiscal years ended March 31, were as follows: (Amounts in thousands) 2016 2015 2014 Changes in working capital: Receivables $ (37,788 ) $ (10,351 ) $ (5,876 ) Inventories 28,330 (7,663 ) (37,595 ) Prepaid expenses and other current assets 646 1,953 (3,298 ) Accounts payable, accrued expenses, and other liabilities 10,186 (998 ) 10,767 Total $ 1,374 $ (17,059 ) $ (36,002 ) Supplemental disclosures of cash flow information for the fiscal years ended March 31 were as follows: (Amounts in thousands) 2016 2015 2014 Supplemental disclosures of cash flow information — cash paid during years: Interest $ 18,352 $ 18,709 $ 17,267 Income taxes 32,175 28,503 23,701 (Amounts in thousands) 2016 2015 2014 Supplemental schedule of noncash investing and financing activities: Redeemable convertible preferred stock dividend $ 132 $ 127 $ 118 Redemption of common stock to exercise stock options — 93 1,187 Receivable recorded to exercise stock options — — 76 Purchases of plant, property, and equipment included in accounts payable 1,165 124 682 Receivable recorded for sale of businesses 150 600 1,241 ESOP distributions in common stock 10,250 6,133 — Inventory contributed for Investment in unconsolidated affiliate — — 1,285 Assets acquired and obligation incurred under capital lease 34,207 24,047 24,902 Lease obligation retired upon disposition of leased assets 134 779 3,708 Reclassification of liability classified stock options upon initial public offering — 1,522 — Reclassification of deferred public offering cost asset upon initial public offering — 456 — |
Revision of Prior Period Financ
Revision of Prior Period Financial Statements | 12 Months Ended |
Mar. 31, 2016 | |
Accounting Changes and Error Corrections [Abstract] | |
Revision of Prior Period Financial Statements | 23. REVISION OF PRIOR PERIOD FINANCIAL STATEMENTS Prior to filing our annual report on Form 10-K for the fiscal year ended March 31, 2016, the Company identified immaterial errors that effected prior periods relating to its accounting for inventory, specifically relating to the capitalization of production variances into inventory. The Company also identified miscellaneous immaterial errors to property, plant and equipment, net and the associated impact on income taxes. The impact of these errors in the prior years was not material, individually or in the aggregate, to the consolidated financial statements in any of those years; however, the aggregate impact of correcting these prior period errors all within the fiscal year ended March 31, 2016 would have been material to the Company’s current year consolidated financial statements. Consequently, the Company has corrected these immaterial errors in the periods to which they relate. The following table presents the revisions to our consolidated statements of operations for the fiscal years ended March 31, 2015 and 2014: For the Year Ended March 31, 2015 2014 (Amounts in thousands) As Reported As Revised As Reported As Revised Net sales $ 1,180,073 $ 1,180,073 $ 1,067,780 $ 1,067,780 Costs of goods sold 973,960 973,860 873,810 875,232 Gross profit 206,113 206,213 193,970 192,548 Income from operations 58,267 58,367 52,885 51,463 Income before income taxes 24,529 24,629 35,255 33,833 Income tax expense 9,443 9,483 19,949 19,422 Net income 12,751 12,811 12,220 11,325 Net income attributable to ADS 8,620 8,680 8,627 7,732 Net loss available to common stockholders (3,106 ) (3,046 ) (5,909 ) (6,804 ) Weighted average common shares outstanding: Basic 51,344 51,344 47,277 47,277 Diluted 51,344 51,344 47,277 47,277 Net loss per share available to common stockholders: Basic (0.06 ) (0.06 ) (0.12 ) (0.14 ) Diluted (0.06 ) (0.06 ) (0.12 ) (0.14 ) Cash dividends declared per share $ 0.08 $ 0.08 $ 1.68 $ 1.68 The following table presents the revisions to our consolidated balance sheet as of March 31, 2015: As Reported As Revised Inventories $ 269,842 $ 260,550 Deferred income taxes and other current assets 18,972 22,504 Total current assets 446,731 440,971 Property, plant and equipment, net 377,067 375,813 Total assets 1,041,699 1,034,685 Accrued income taxes 6,041 6,052 Total current liabilities 197,594 197,605 Deferred tax liabilities 65,088 64,596 Other liabilities 28,602 28,558 Total liabilities 727,102 726,577 Retained deficit (62,621 ) (69,110 ) Total ADS stockholders’ equity (deficit) 190,163 183,674 Total stockholders’ equity (deficit) 206,576 200,087 Total liabilities, mezzanine equity and stockholders’ equity (deficit) 1,041,699 1,034,685 These corrections had no net impact on cash flows from operating activities, cash flows from investing activities or cash flows from financing activities in our consolidated statements of cash flows for the fiscal years ended March 31, 2015 and 2014. For the years ended March 31, 2015 and 2014, the impact of the corrections on the consolidated statements of comprehensive income (loss) was limited to the change in net income of an increase of $60 and a decrease of $895, respectively. The impact of the corrections on the consolidated statement of stockholders’ equity (deficit) and mezzanine equity for the fiscal years ended March 31, 2015 and 2014 include the change in net income of an increase of $60 and a decrease of $895, respectively, and a $5,654 correction to beginning retained earnings as of April 1, 2013. |
Quarterly Financial Information
Quarterly Financial Information (Unaudited) | 12 Months Ended |
Mar. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information (Unaudited) | 24. QUARTERLY FINANCIAL INFORMATION (UNAUDITED) The following tables set forth certain historical unaudited consolidated condensed quarterly financial information for each of the quarters during the years ended March 31, 2016 and March 31, 2015. This unaudited information has been revised to reflect the effect of the revisions described in Note 23. Revision of Prior Period Financial Statements, has been prepared on a basis consistent with our annual financial statements, and includes all adjustments necessary for the fair presentation of the unaudited quarterly data. The results of operations for any quarter are not necessarily indicative of results that we may achieve for any subsequent period. The quarterly results are affected by the seasonal nature of our business with the first two quarters of each year generally having higher revenue and gross profit. During the second quarter of fiscal 2016, we completed the step acquisition of BaySaver and began to consolidate the BaySaver operations as described in Note 3. Acquisitions. As such, BaySaver revenue and gross profit are included in the quarterly information subsequent to the July 17, 2015 acquisition date. Additionally, during the fourth quarter of fiscal 2016, we recorded an impairment of our equity method investment in the South American Joint Venture as described in Note 10. Investment in Unconsolidated Affilates. Fiscal Year 2016 For the Three Months Ended March 31, 2016 December 31, 2015 September 30, 2015 June 30, 2015 (in thousands, except per share amounts) (As (As (As (As (As (As Net sales $ 245,398 $ 312,827 $ 312,827 $ 383,329 $ 383,329 $ 349,124 $ 349,124 Gross profit 49,404 73,323 74,642 83,735 86,529 72,586 74,477 Net (loss) income (14,057 ) 7,787 8,443 14,481 16,171 11,798 12,912 Net (loss) income attributable to ADS (15,091 ) 7,976 8,632 10,899 12,589 10,710 11,824 Net (loss) income per share Basic $ (0.29 ) $ 0.13 $ 0.14 $ 0.18 $ 0.20 $ 0.18 $ 0.20 Diluted $ (0.29 ) $ 0.12 $ 0.13 $ 0.17 $ 0.20 $ 0.18 $ 0.19 Fiscal Year 2015 For the Three Months Ended March 31, 2015 December 31, 2014 September 30, 2014 June 30, 2014 (in thousands, except (As (As (As (As (As (As (As (As Net sales $ 207,054 $ 207,054 $ 279,871 $ 279,871 $ 366,714 $ 366,714 $ 326,434 $ 326,434 Gross profit 26,314 24,684 49,178 49,387 69,763 70,437 60,858 61,705 Net (loss) income (13,734 ) (14,586 ) (1,953 ) (1,923 ) 18,997 19,403 9,441 9,917 Net (loss) income attributable to ADS (13,465 ) (14,317 ) (3,325 ) (3,295 ) 16,844 17,250 8,566 9,042 Net (loss) income per share Basic $ (0.26 ) $ (0.27 ) $ (0.07 ) $ (0.07 ) $ 0.41 $ 0.42 $ (0.21 ) $ (0.20 ) Diluted $ (0.26 ) $ (0.27 ) $ (0.07 ) $ (0.07 ) $ 0.41 $ 0.42 $ (0.21 ) $ (0.20 ) |
Schedule II - Consolidated Valu
Schedule II - Consolidated Valuation and Qualifying Accounts | 12 Months Ended |
Mar. 31, 2016 | |
Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Consolidated Valuation and Qualifying Accounts | SCHEDULE II ADVANCED DRAINAGE SYSTEMS, INC. AND SUBSIDIARIES Consolidated Valuation and Qualifying Accounts for the Fiscal Years Ended March 31, 2016, 2015 and 2014 (in thousands): Allowance for Doubtful Accounts: Year ended March 31, Balance at Charged Charged to (1) Deductions Balance at 2016 $ 5,423 $ 3,542 $ (81 ) $ (928 ) $ 7,956 2015 4,490 1,914 (291 ) (690 ) 5,423 2014 6,145 (71 ) (67 ) (1,517 ) 4,490 (1) Amounts represent the impact of foreign currency translation. |
Background and Summary of Sig34
Background and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation Our consolidated financial statements include the Company, our wholly owned subsidiaries, our majority owned subsidiaries, and variable interest entities (“VIEs”) of which we are the primary beneficiary. We use the equity method of accounting for equity investments where we exercise significant influence but do not hold a controlling financial interest. Such investments are recorded in Other assets in our Consolidated Balance Sheets and the related equity in earnings from these investments are included in Equity in net loss of unconsolidated affiliates in our Consolidated Statements of Operations. All intercompany balances and transactions have been eliminated in consolidation. |
Estimates | Estimates The preparation of our consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingencies and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period. Significant estimates include, but are not limited to, our allowance for doubtful accounts, valuation of inventory, useful lives of our property, plant and equipment and amortizing intangible assets, determination of the proper accounting for leases, valuation of equity method investments, goodwill, intangible assets and other long-lived assets for impairment, accounting for stock-based compensation and our ESOP, valuation of our Redeemable common stock and Redeemable convertible preferred stock, determination of allowances for sales returns, rebates and discounts, determination of the valuation allowance, if any, on deferred tax assets, and reserves for uncertain tax positions. Management’s estimates and assumptions are evaluated on an ongoing basis and are based on historical experience, current conditions and available information. Management believes the accounting estimates are appropriate and reasonably determined; however, due to the inherent uncertainties in making these estimates, actual results could differ from those estimates. |
Receivables and Allowance for Doubtful Accounts | Receivables and Allowance for Doubtful Accounts Receivables include trade receivables, refundable income taxes and other miscellaneous receivables, net of an allowance for doubtful accounts. Receivables at March 31, 2016 and 2015 are as follows: (Amounts in thousands) 2016 2015 Trade receivables $ 158,664 $ 141,528 Refundable income taxes 19,783 1,895 Other miscellaneous receivables 8,436 10,871 Total Receivables $ 186,883 $ 154,294 Credit is extended to customers based on an evaluation of their financial condition and collateral is generally not required. The evaluation of the customer’s financial condition is performed to reduce the risk of loss. Accounts receivable are evaluated for collectability based on numerous factors, including the length of time individual receivables are past due, past transaction history with customers, their credit worthiness and the economic environment. This estimate is periodically adjusted when management becomes aware of a specific customer’s inability to meet its financial obligations (e.g., bankruptcy filing) or as a result of changes in historical collection patterns. |
Inventories | Inventories Inventories are stated at the lower of cost or market value. The Company’s inventories are maintained on the first-in, first-out (“FIFO”) method. Costs include the cost of acquiring materials, including in-bound freight from vendors and freight incurred for the transportation of raw materials, tooling or finished goods between the Company’s manufacturing plants and its distribution centers, direct and indirect labor, factory overhead and certain corporate overhead costs related to the production of inventory. The portion of fixed manufacturing overhead that relates to capacity in excess of our normal capacity is expensed in the period in which it is incurred and is not included in inventory. Market value of inventory is established based on the lower of cost or estimated net realizable value, with consideration given to deterioration, obsolescence, and other factors. The Company periodically evaluates the carrying value of inventories and adjustments are made whenever necessary to reduce the carrying value to net realizable value. |
Property, Plant and Equipment and Depreciation Method | Property, Plant and Equipment and Depreciation Method Property, plant and equipment are recorded at cost less accumulated depreciation, with the exception of assets acquired through acquisitions, which are initially recorded at fair value. Equipment acquired under capital lease is recorded at the lower of fair market value or the present value of the future minimum lease payments. Depreciation is computed for financial reporting purposes using the straight-line method over the estimated useful lives of the related assets or the lease term, if shorter, as follows: Years Buildings 40 — 45 Machinery and equipment 3 — 18 Leasehold improvements Shorter of useful Costs of additions and major improvements are capitalized, whereas maintenance and repairs that do not improve or extend the life of the asset are charged to expense as incurred. When assets are retired or disposed, the cost and related accumulated depreciation are removed from the asset accounts and any resulting gain or loss is reflected in Loss (gain) on disposal of assets or businesses in our Consolidated Statements of Operations. Construction in progress is also recorded at cost and includes capitalized interest, capitalized payroll costs and related costs such as taxes and other fringe benefits. Interest capitalized was $411, $518, and $611 during the fiscal years ended March 31, 2016, 2015, and 2014, respectively. |
Goodwill | Goodwill The Company records acquisitions resulting in the consolidation of an enterprise using the acquisition method of accounting. Under this method, we record the assets acquired, including intangible assets that can be identified, and liabilities assumed based on their estimated fair values at the date of acquisition. The purchase price in excess of the fair value of the identifiable assets acquired and liabilities assumed is recorded as goodwill. Goodwill is reviewed annually for impairment as of March 31 or whenever events or changes in circumstances indicate the carrying value may be greater than fair value. The goodwill impairment analysis is comprised of two steps. The first step requires the comparison of the fair value of the applicable reporting unit to its respective carrying value. If the fair value of the reporting unit exceeds the carrying value of the net assets assigned to that unit, goodwill is not considered impaired and the Company is not required to perform further testing. If the carrying value of the net assets assigned to the reporting unit exceeds the fair value of the reporting unit, then the Company must perform the second step of the impairment test in order to determine the implied fair value of the reporting unit’s goodwill. If the carrying value of a reporting unit’s goodwill exceeds its implied fair value, then we would record an impairment loss equal to the difference. With respect to this testing, a reporting unit is a component of the Company for which discrete financial information is available and regularly reviewed by management. Implied fair value of goodwill is determined by considering both the income and market approach. Determining the fair value of a reporting unit is judgmental in nature and involves the use of significant estimates and assumptions. These estimates and assumptions include revenue growth rates and operating margins used to calculate projected future cash flows, risk-adjusted discount rates, future economic and market conditions, and determination of appropriate market comparables. The fair value estimates are based on assumptions management believes to be reasonable, but are inherently uncertain. The Company did not incur any impairment charges for Goodwill in the fiscal years ended March 31, 2016, 2015, or 2014. |
Intangible Assets - Definite-Lived | Intangible Assets — Definite-Lived Definite-lived intangible assets are amortized using the straight-line method over their estimated useful lives, and are tested for recoverability whenever events or changes in circumstances indicate that carrying amounts of the asset group may not be recoverable. Asset groups are established primarily by determining the lowest level of cash flows available. If the estimated undiscounted future cash flows are less than the carrying amounts of such assets, an impairment loss is recognized to the extent the fair value of the asset less any costs of disposition is less than the carrying amount of the asset. Determining the fair value of these assets is judgmental in nature and involves the use of significant estimates and assumptions. |
Intangible Assets - Indefinite-Lived | Intangible Assets — Indefinite-Lived Indefinite-lived intangible assets are tested for impairment annually as of March 31 or whenever events or changes in circumstances indicate the carrying value may be greater than fair value. Determining the fair value of these assets is judgmental in nature and involves the use of significant estimates and assumptions. The Company bases its fair value estimates on assumptions it believes to be reasonable, but that are inherently uncertain. To estimate the fair value of these indefinite-lived intangible assets, the Company uses an income approach, which utilizes a market derived rate of return to discount anticipated performance. An impairment loss is recognized when the estimated fair value of the intangible asset is less than the carrying value. The Company did not incur any impairment charges for Intangible assets in the fiscal years ended March 31, 2016, 2015 or 2014. |
Other Assets | Other Assets Other assets include investments in unconsolidated affiliates accounted for under the equity method, cash surrender value of officer life insurance on key senior management executives, capitalized software development costs, deposits, deferred financing costs, Central parts, and other miscellaneous assets. The Company capitalizes development costs for internal use software. Capitalization of software development costs begins in the application development stage and ends when the asset is placed into service. The Company amortizes such costs using the straight-line method over estimated useful lives of 2 to 10 years, which is included in General and administrative expense, Selling expense or Cost of goods sold within our Consolidated Statements of Operations depending on the nature of the asset and its intended use. Amortization expense related to deferred financing costs is included in Interest expense within our Consolidated Statements of Operations. Central parts represent spare production equipment items which are used to replace worn or broken production equipment parts and help reduce the risk of prolonged equipment outages. The cost of Central parts is amortized on a straight line basis over estimated useful lives of 8 to 30 years. The Company evaluates its investments in unconsolidated affiliates for impairment whenever events or changes in circumstances indicate that the carrying amount might not be recoverable, and recognizes an impairment loss when a decline in value below carrying value is determined to be other-than-temporary. Under these circumstances, we would adjust the investment down to its estimated fair value, which then becomes its new carrying value. For the fiscal year ended March 31, 2016, the Company recorded an impairment charge of $4,000 related to its investment in the South American Joint Venture. See Note 10. Investment in Unconsolidated Affiliates. Other assets as of the fiscal years ended March 31 consisted of the following: (Amounts in thousands) 2016 2015 Investments in unconsolidated affiliates $ 13,188 $ 25,038 Cash surrender value of officer life insurance 10,739 9,953 Capitalized software development costs, net 7,264 7,276 Deposits 4,553 4,947 Deferred financing costs 3,131 4,543 Central parts 1,040 2,108 Other 8,472 7,302 Total other assets $ 48,387 $ 61,167 The following table sets forth amortization expense related to Other assets in each of the fiscal years ending March 31: (Amounts in thousands) 2016 2015 2014 Capitalized software development costs $ 3,872 $ 3,550 $ 3,270 Deferred financing costs 1,412 1,410 1,591 Central parts 362 55 43 Other 1,898 1,977 1,986 |
Leases | Leases Leases are reviewed for capital or operating classification at their inception. The Company uses the lower of the rate implicit in the lease or its incremental borrowing rate in the assessment of lease classification and assumes the initial lease term includes cancellable and renewal periods that are reasonably assured. For leases classified as capital leases at lease inception, we record a capital lease asset and lease financing obligation equal to the lesser of the present value of the minimum lease payments or the fair market value of the leased asset. The capital lease asset is recorded in Property, plant and equipment, net and amortized to its expected residual value at the end of the lease term using the straight-line method, and the lease financing obligation is amortized using the interest method over the lease term with the rental payments being allocated to principal and interest. For leases classified as operating leases, we record rent expense over the lease term using the straight-line method. |
Foreign Currency Translation | Foreign Currency Translation Assets and liabilities of foreign subsidiaries with a functional currency other than the U.S. dollar are translated into U.S. dollars at the current rate of exchange on the last day of the reporting period. Revenues and expenses are translated at a monthly average exchange rate and equity transactions are translated using either the actual exchange rate on the day of the transaction or a monthly average historical exchange rate. For the fiscal years ended March 31, 2016, 2015 and 2014, the Company’s Accumulated other comprehensive loss (“AOCL”) consisted entirely of foreign currency translation gains and losses. |
Net Sales | Net Sales The Company sells pipe products and related water management products. ADS ships products to customers predominantly by internal fleet and to a lesser extent by third-party carriers. The Company does not provide any additional revenue generating services after product delivery. Sales, net of sales tax and allowances for returns, rebates and discounts are recognized from product sales when persuasive evidence of an arrangement exists, delivery has occurred, the price to the buyer is fixed or determinable and collectability is reasonably assured. ADS does not ship an order until a customer purchase order or sales order has been received that includes the pricing and quantity of the products in the order, which establishes both persuasive evidence of an arrangement and that the price is fixed or determinable. Title to the products and risk of loss generally passes to the customer upon delivery. ADS performs credit check procedures on all new customers, establishes credit limits accordingly, and monitors the creditworthiness of existing customers, which is the basis for concluding that collectability is reasonably assured. |
Shipping Costs | Shipping Costs Shipping costs are incurred to physically move our raw materials, tooling and products between manufacturing and distribution facilities and from our production or distribution facilities to our customers. Shipping costs for the fiscal years ended March 31, 2016, 2015 and 2014 were $120,487, $120,993, and $111,862, respectively, and are included in Cost of goods sold. In certain instances, we bill shipping costs to our customers. Shipping costs billed to customers were $7,026, $9,282, and $8,864 during 2016, 2015 and 2014, respectively, and are included in Net sales. |
Stock-Based Compensation | Stock-Based Compensation ADS has several programs for stock-based payments to employees and directors. Equity-classified awards are measured based on the grant-date estimated fair value of each award, net of estimated forfeitures, and liability-classified awards are re-measured at fair value, net of estimated forfeitures, at each reporting date. Compensation expense is recognized over the employee’s requisite service period, which is generally the vesting period of the grant. The fair value of each stock option granted is estimated using the Black-Scholes option pricing model. Compensation expense is recorded for new awards and existing awards that are modified, repurchased, or forfeited. For details of our stock-based compensation award programs, see Note 18. Stock-Based Compensation. |
Advertising | Advertising We expense advertising costs as incurred. Advertising costs are recorded in Selling expenses in the Consolidated Statements of Operations. The total advertising costs were $3,150, $2,477, and $2,335 for the fiscal years ended March 31, 2016, 2015 and 2014, respectively. |
Self-Insurance | Self-Insurance The Company is self-insured for short term disability and medical coverage it provides for substantially all eligible employees. The Company is self-insured for medical claims up to the individual and aggregate stop-loss coverage limits. Management accrues for claims incurred but not reported based on our estimate of future claims related to events that occurred prior to our fiscal year end if we have not met the aggregate stop-loss coverage limit. Amounts contributed totaled $37,509, $32,002, and $29,484 for the fiscal years ended March 31, 2016, 2015 and 2014, respectively, of which employees contributed $4,511, $4,067, and $4,032, respectively. ADS is also self-insured for various other general insurance programs to the extent of the applicable deductible limits on the Company’s insurance coverage. These programs include primarily automobile, general liability and employment practices coverage with deductibles ranging from $250 to $500 per occurrence or claim incurred. Amounts expensed during the period, including an estimate for claims incurred but not reported at year end, were $2,133, $569, and $447, for the years ended March 31, 2016, 2015 and 2014, respectively. ADS is also self-insured for workers’ compensation insurance with stop-loss coverage for claims that exceed $250 per incident up to the respective state statutory limits. Amounts expensed, including an estimate for claims incurred but not reported, were $3,873, $1,369, and $1,395 for the fiscal years ended March 31, 2016, 2015 and 2014, respectively. |
Income Taxes | Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized and represent the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. They are measured using the enacted tax rates expected to apply to taxable income in the years in which the related temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The deferred income tax provision represents the change during the reporting period in the deferred tax assets and deferred tax liabilities. Penalties and interest recorded on income taxes payable are recorded as part of Income tax expense. The Company determines whether an uncertain tax position of the Company is more likely than not to be sustained upon examination, including resolution of any related appeals or litigation process, based upon the technical merits of the position. For tax positions meeting the more likely than not threshold, the tax amount recognized in the financial statements is the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the relevant taxing authority. |
Fair Values | Fair Values The fair value framework requires the categorization of assets and liabilities into three levels based upon assumptions (inputs) used to price the assets or liabilities. Level 1 provides the most reliable measure of fair value, whereas Level 3 generally requires significant management judgment. The three levels are defined as follows: Level 1 — Unadjusted quoted prices in active markets for identical assets and liabilities. Level 2 — Observable inputs other than those included in Level 1. For example, quoted prices for similar assets or liabilities in active markets or quoted prices for identical assets or liabilities in inactive markets. Level 3 — Unobservable inputs reflecting management’s own assumptions about the inputs used in pricing the asset or liability. Our policy for determining when transfers between levels have occurred is to use the actual date of the event or change in circumstances that caused the transfer. The carrying amounts of current financial assets and liabilities approximate fair value because of the immediate or short-term maturity of these items, or in the case of derivative instruments, because they are recorded at fair value. The carrying and fair value of the Company’s Senior Notes (discussed in Note 12. Debt) were $100,000 and $101,175, respectively, as of March 31, 2016 and $100,000 and $103,590, respectively, at March 31, 2015. The fair value of the Senior Notes was determined based on a comparison of the interest rate and terms of such borrowings to the rates and terms of similar debt available for the period. Management believes the carrying amount on the remaining long-term debt, including the Bank Term Loans, is not materially different from its fair value as the interest rates and terms of the borrowings are similar to currently available borrowings. The categorization of the framework used to evaluate this debt is considered Level 2. See also Note 8. Fair Value Measurement to these financial statements. |
Concentrations of Risk | Concentrations of Risk We have a large, active customer base of approximately twenty thousand customers with two customers each representing more than 10% of annual net sales. Such customers accounted for 21.1%, 20.3%, and 20.5% of fiscal year 2016, 2015 and 2014 net sales, respectively. Our customer base is diversified across the range of end markets that we serve. Financial instruments that potentially subject the Company to a concentration of credit risk consist principally of Receivables. The Company provides its products to customers based on an evaluation of the customers’ financial condition, generally without requiring collateral. Exposure to losses on Receivables is principally dependent on each customer’s financial condition. The Company performs ongoing credit evaluations of its customers. The Company monitors the exposure for credit losses and maintains allowances for anticipated losses. Concentrations of credit risk with respect to Receivables are limited due to the large number of customers comprising the Company’s customer base and their dispersion across many different geographies. One customer accounted for approximately 14% of our Receivables at March 31, 2016. |
Derivatives | Derivatives We recognize derivative instruments as either assets or liabilities and measure those instruments at fair value. We use interest rate swaps, commodity options in the form of collars and swaps, and foreign currency forward contracts to manage our various exposures to interest rate, commodity price, and exchange rate fluctuations. These instruments do not qualify for hedge accounting treatment and therefore, gains and losses from contract settlements and changes in fair value of the derivative instruments are recognized in Derivative losses (gains) and other expense (income), net in the Consolidated Statements of Operations. Our policy is to present all derivative balances on a gross basis. The Company also has forward purchase agreements in place with certain resin suppliers for virgin polyethylene resin. The agreements specify a fixed amount of virgin resin material to be purchased at a fixed price for a given period of time in quantities the Company will use in the normal course of business, and therefore, are not subject to the guidance provided in ASC 810-15. The cost of such resin is recognized in Cost of goods sold in the Consolidated Statements of Operations. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Revenue Recognition Consolidation Debt Issuance Costs Measurement of Inventory Deferred Tax Assets and Liabilities Leases Stock-Based Compensation Measurement of Credit Losses Cash Flow Classification With the exception of pronouncements described above, there have been no new accounting pronouncements that have significance, or potential significance, to our consolidated financial statements. |
Background and Summary of Sig35
Background and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Summary of Receivables | Receivables and Allowance for Doubtful Accounts Receivables include trade receivables, refundable income taxes and other miscellaneous receivables, net of an allowance for doubtful accounts. Receivables at March 31, 2016 and 2015 are as follows: (Amounts in thousands) 2016 2015 Trade receivables $ 158,664 $ 141,528 Refundable income taxes 19,783 1,895 Other miscellaneous receivables 8,436 10,871 Total Receivables $ 186,883 $ 154,294 |
Estimated Useful Lives of Related Assets | Depreciation is computed for financial reporting purposes using the straight-line method over the estimated useful lives of the related assets or the lease term, if shorter, as follows: Years Buildings 40 — 45 Machinery and equipment 3 — 18 Leasehold improvements Shorter of useful |
Other Assets | Other assets as of the fiscal years ended March 31 consisted of the following: (Amounts in thousands) 2016 2015 Investments in unconsolidated affiliates $ 13,188 $ 25,038 Cash surrender value of officer life insurance 10,739 9,953 Capitalized software development costs, net 7,264 7,276 Deposits 4,553 4,947 Deferred financing costs 3,131 4,543 Central parts 1,040 2,108 Other 8,472 7,302 Total other assets $ 48,387 $ 61,167 |
Amortization Expense Related to Other Assets | The following table sets forth amortization expense related to Other assets in each of the fiscal years ending March 31: (Amounts in thousands) 2016 2015 2014 Capitalized software development costs $ 3,872 $ 3,550 $ 3,270 Deferred financing costs 1,412 1,410 1,591 Central parts 362 55 43 Other 1,898 1,977 1,986 |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Schedule of Business Acquisitions by Acquisition, Contingent Consideration | The purchase price was determined as follows: (Amounts in thousands) Acquisition-date fair value of our prior equity interest $ 4,220 Acquisition-date fair value of noncontrolling interest 6,330 Cash paid at acquisition date 3,200 Fair value of contingent consideration 750 Total purchase price $ 14,500 |
BaySaver [Member] | |
Summary of Purchase Price Allocation | The purchase price allocation is as follows: (Amounts in thousands) Cash $ 12 Other current assets 2,262 Property, plant and equipment 164 Goodwill 2,495 Intangible assets 10,800 Other assets 152 Current liabilities (1,385 ) Total purchase price $ 14,500 |
Effect of Acquisitions for Unaudited Pro Forma Consolidated Statements of Operations | This unaudited pro forma information is presented for illustrative purposes only and is not indicative of what actual results would have been if the acquisitions had taken place on April 1, 2014 or of future results. The unaudited pro forma consolidated results are not projections of future results of operations of the combined company nor do they reflect the expected realization of any cost savings or synergies associated with the acquisition. Proforma (Amounts in thousands) 2016 2015 Net sales $ 1,294,277 $ 1,190,749 Net income attributable to ADS 17,992 8,708 |
Ideal Pipe [Member] | |
Summary of Purchase Price Allocation | The purchase price allocation is as follows: (Amounts in thousands) Cash $ 7,443 Other current assets 9,036 Property, plant and equipment 27,258 Goodwill and intangible assets 18,890 Current liabilities (12,721 ) Non-current liabilities (6,078 ) Total purchase price $ 43,828 |
Effect of Acquisitions for Unaudited Pro Forma Consolidated Statements of Operations | This unaudited pro forma information is presented for illustrative purposes only and is not indicative of what actual results would have been if the acquisitions had taken place on April 1, 2013 or of future results. In addition, the unaudited pro forma consolidated results are not projections of future results of operations of the combined company nor do they reflect the expected realization of any cost savings or synergies associated with the acquisition. Proforma (Amounts in thousands) 2015 2014 Net sales $ 1,217,431 $ 1,102,477 Net income attributable to ADS 10,389 8,134 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant, Equipment | Property, plant and equipment, net as of the fiscal years ended March 31 consisted of the following: (Amounts in thousands) 2016 2015 Land, buildings and improvements $ 178,189 $ 177,073 Machinery and equipment 730,791 690,079 Construction in progress 14,902 5,991 Total cost 923,882 873,143 Less accumulated depreciation (532,138 ) (497,330 ) Property, plant and equipment, net $ 391,744 $ 375,813 |
Depreciation Expense Related to Property, Plant and Equipment | The following table sets forth depreciation expense related to Property, plant and equipment in each of the fiscal years ending March 31: (Amounts in thousands) 2016 2015 2014 Depreciation expense (inclusive of leased assets depreciation) $ 55,650 $ 50,136 $ 48,230 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Leases [Abstract] | |
Summary of Leased Assets Included in Property, Plant and Equipment | Leased assets included in Property, plant and equipment consisted of the following: 2016 2015 (Amounts in thousands) Buildings and improvements $ 6,131 $ 7,163 Machinery and equipment 186,258 168,437 Total cost 192,389 175,600 Less accumulated depreciation (102,572 ) (102,263 ) Leased assets in Property, plant and equipment, net $ 89,817 $ 73,337 |
Schedule of Interest and Depreciation Expense Related to Capital Leases | The following sets forth the interest and depreciation expense related to capital leases recorded in each fiscal year ended March 31: 2016 2015 2014 (Amounts in thousands) Lease interest expense $ 3,367 $ 2,249 $ 2,666 Depreciation of leased assets 15,782 13,943 12,644 |
Schedule of Future Minimum Lease Payments under Capital Leases and Present Value | The following is a schedule by year of future minimum lease payments under capital leases and the present value of the net minimum lease payments as of March 31, 2016: (Amounts in thousands) 2017 $ 22,077 2018 19,065 2019 14,961 2020 11,603 2021 8,975 Thereafter 7,317 Total minimum lease payments (a) $ 83,998 Less: amount representing interest (b) 7,958 Present value of net minimum lease payments $ 76,040 Lease obligation — Current 19,231 Lease obligation — Long-term 56,809 Total lease obligation $ 76,040 (a) Excludes contingent rentals which may be paid. Contingent rentals amounted to $137 and $844 for the years ended March 31, 2016 and 2015, respectively. (b) Amount necessary to reduce minimum lease payments to present value calculated at the lower of the rate implicit in the lease or the Company’s incremental borrowing rate at lease inception. |
Summary of Future Minimum Rental Commitments under Operating Leases | Future minimum rental commitments under operating leases as of March 31, 2016, are summarized below (amounts in thousands): 2017 2018 2019 2020 2021 Thereafter Future operating lease payments $ 2,224 $ 1,304 $ 898 $ 480 $ 258 $ 2,172 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | Inventories as of the fiscal years ended March 31 consisted of the following: (Amounts in thousands) 2016 2015 Raw materials $ 46,604 $ 50,198 Finished goods 183,862 210,352 Total Inventories $ 230,466 $ 260,550 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Carrying Amount of Goodwill by Reportable Segment | The carrying amount of goodwill by reportable segment is as follows: (Amounts in thousands) Domestic International Total Balance at April 1, 2014 $ 87,507 $ 510 $ 88,017 Acquisition — 10,660 10,660 Currency translation — 2 2 Balance at March 31, 2015 $ 87,507 $ 11,172 $ 98,679 Acquisition 2,495 — 2,495 Currency translation — (289 ) (289 ) Balance at March 31, 2016 $ 90,002 $ 10,883 $ 100,885 |
Summary of Intangible Assets | Intangible assets as of March 31, 2016 and 2015 consisted of the following: 2016 2015 (Amounts in thousands) Gross Accumulated Net Gross Accumulated Net Definite-lived intangible assets Developed technology $ 44,579 $ (29,371 ) $ 15,208 $ 40,579 $ (26,405 ) $ 14,174 Customer relationships 40,732 (22,646 ) 18,086 43,167 (26,113 ) 17,054 Patents 7,048 (4,167 ) 2,881 6,547 (3,550 ) 2,997 Non-compete and other contractual agreements 1,242 (842 ) 400 1,365 (691 ) 674 Trademarks and tradenames 15,563 (4,195 ) 11,368 14,248 (3,051 ) 11,197 Total definite-lived intangible assets 109,164 (61,221 ) 47,943 105,906 (59,810 ) 46,096 Indefinite-lived intangible assets Trademarks 11,926 — 11,926 11,959 — 11,959 Total Intangible assets $ 121,090 $ (61,221 ) $ 59,869 $ 117,865 $ (59,810 ) $ 58,055 |
Weighted Average Amortization Period for Definite-Lived Intangible assets | The following table presents the weighted average amortization period for definite-lived intangible assets at March 31, 2016: Weighted Average Developed technology 11.0 Customer relationships 8.5 Patents 8.3 Non-compete and other contractual agreements 5.1 Trademarks and tradenames 13.5 |
Future Intangible Asset Amortization Expense | The following table presents the future intangible asset amortization expense based on existing intangible assets at March 31, 2016: Fiscal Year (Amounts in thousands) 2017 2018 2019 2020 2021 Thereafter Total Amortization expense $ 8,359 $ 7,826 $ 7,669 $ 5,984 $ 5,843 $ 12,262 $ 47,943 |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Summary of Assets and Liabilities Carried at Fair Value | Recurring Fair Value Measurements The assets, liabilities and mezzanine equity carried at fair value as of the fiscal years ended March 31 were as follows: March 31, 2016 (Amounts in thousands) Total Level 1 Level 2 Level 3 Assets: Derivative assets — diesel fuel contracts $ 11 $ — $ 11 $ — Total assets at fair value on a recurring basis $ 11 $ — $ 11 $ — Liabilities: Derivative liability — interest rate swaps $ 252 $ — $ 252 $ — Derivative liability — diesel fuel contracts 2,615 — 2,615 — Derivative liability — propylene swaps 8,027 — 8,027 — Contingent consideration for acquisitions 2,858 — — 2,858 Total liabilities at fair value on a recurring basis $ 13,752 $ — $ 10,894 $ 2,858 March 31, 2015 (Amounts in thousands) Total Level 1 Level 2 Level 3 Assets: Derivative assets — currency forward contracts $ 28 $ — $ 28 $ — Total assets at fair value on a recurring basis $ 28 $ — $ 28 $ — Liabilities: Derivative liability — interest rate swaps $ 765 $ — $ 765 $ — Derivative liability — diesel fuel contracts 2,841 — 2,841 — Derivative liability — propylene swaps 5,142 — 5,142 — Contingent consideration for acquisitions 2,444 — — 2,444 Total liabilities at fair value on a recurring basis $ 11,192 $ — $ 8,748 $ 2,444 |
Summary of Quantitative Information about Level 3 Fair Value Measurements | Amounts recorded in the Consolidated Statements of Operations for Level 3 items amounted to $123 and $283 during 2016 and 2015, respectively. Quantitative Information about Level 3 Fair Value Measurements (Amounts in thousands) Liabilities & Mezzanine Equity Fair Value Valuation Unobservable Input Quantifiable Contingent consideration for acquisitions $ 2,858 Discounted Weighted Average Cost of Capital (“WACC”) (a) 9.75%-10% Liabilities & Mezzanine Equity Fair Value Valuation Unobservable Input Quantifiable Contingent consideration for acquisitions $ 2,444 Discounted Weighted Average Cost of Capital (“WACC”) (a) 10% (a) Represents discount rates or rates of return estimates and assumptions that we believe would be used by market participants when valuing these liabilities. |
Summary of Changes in Fair Value of Recurring Fair Value Measurements Using Unobservable Inputs | Changes in the fair value of recurring fair value measurements using significant unobservable inputs (Level 3) for the fiscal years ended March 31, 2016 and 2015 were as follows: (Amounts in thousands) Contingent Redeemable Redeemable Deferred Total Balance at March 31, 2014 $ 2,898 $ 549,119 $ 291,720 $ (197,888 ) $ 645,849 Allocation of ESOP shares to participants — — — 4,391 4,391 Change in fair value 174 65,921 34,903 (23,849 ) 77,149 Payments of contingent consideration liability (628 ) — — — (628 ) Transfer out of Level 3 — (615,040 ) (326,623 ) 217,346 (724,317 ) Balance at March 31, 2015 $ 2,444 $ — $ — $ — $ 2,444 Acquisition 750 — — — 750 Change in fair value 371 — — — 371 Payments of contingent consideration liability (707 ) — — — (707 ) Balance at March 31, 2016 $ 2,858 $ — $ — $ — $ 2,858 |
Investment in Affiliates (Table
Investment in Affiliates (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
BaySaver [Member] | |
Assets and Liabilities of Joint Ventures | The table below includes the assets and liabilities of BaySaver that are consolidated as of March 31, 2016. The balances exclude intercompany transactions that are eliminated upon consolidation. (Amounts in thousands) 2016 Assets Current assets $ 3,121 Property, plant and equipment, net 140 Other noncurrent assets 12,668 Total assets $ 15,929 Liabilities Current liabilities $ 1,696 Total liabilities $ 1,696 |
Tigre-ADS USA [Member] | |
Summarized Financial Data of Joint Ventures | Summarized financial data as of the fiscal years ended March 31 for the Tigre-ADS USA joint venture is as follows: (Amounts in thousands) 2016 2015 Investment in Tigre-ADS USA $ 2,932 $ 3,051 Receivable from Tigre-ADS USA 45 27 |
ADS Mexicana [Member] | |
Assets and Liabilities of Joint Ventures | The table below includes the assets and liabilities of ADS Mexicana that are consolidated as of March 31, 2016 and 2015. The balances exclude intercompany transactions that are eliminated upon consolidation. (Amounts in thousands) 2016 2015 Assets Current assets $ 27,650 $ 24,822 Property, plant and equipment, net 17,461 18,556 Other noncurrent assets 1,742 2,523 Total assets $ 46,853 $ 45,901 Liabilities Current liabilities $ 10,769 $ 11,134 Noncurrent liabilities 5,390 5,259 Total liabilities $ 16,159 $ 16,393 |
South American Joint Venture [Member] | |
Summarized Financial Data of Joint Ventures | Summarized financial data as of the fiscal years ended March 31 for the South American Joint Venture is as follows: (Amounts in thousands) 2016 2015 Investment in South American Joint Venture (a) $ 10,256 $ 17,081 Receivable from South American Joint Venture 3,201 5,607 (a) Includes capital contributions of $4,000 during the fiscal year ended March 31, 2015. |
BaySaver [Member] | |
Summarized Financial Data of Joint Ventures | Summarized financial data for the fiscal year ended March 31, 2015 for the BaySaver joint venture is as follows: (Amounts in thousands) 2015 Investment in BaySaver $ 4,906 Receivable from BaySaver 59 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-term debt as of the fiscal years ended March 31 consisted of the following: (Amounts in thousands) 2016 2015 Bank Term Loans Revolving Credit Facility — ADS $ 166,000 $ 205,100 Revolving Credit Facility — ADS Mexicana — — Term Note 82,500 91,250 Senior Notes payable 100,000 100,000 Industrial revenue bonds 2,715 3,545 ADS Mexicana Scotia bank revolving credit facility — — Total 351,215 399,895 Current maturities (35,870 ) (9,580 ) Long-term debt obligation $ 315,345 $ 390,315 |
Maturities of Long-term Debt (Excluding Interest) | Maturities of long-term debt (excluding interest) as of March 31, 2016 are summarized below: Fiscal Years Ending March 31, (Amounts in thousands) 2017 2018 2019 2020 2021 Thereafter Total Principal maturities $ 35,870 $ 35,905 $ 254,440 $ 25,000 $ — $ — $ 351,215 |
Derivative Transactions (Tables
Derivative Transactions (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Summary of Fair Values for Various Derivatives | A summary of the fair values for the various derivatives at March 31, 2016 and 2015 is presented below: 2016 Assets Liabilities (Amounts in thousands) Receivables Other assets Other accrued Other Interest rate swaps $ — $ — $ (252 ) $ — Foreign exchange forward contracts — — — — Diesel fuel option collars and swaps — 11 (2,609 ) (6 ) Propylene swaps — — (8,027 ) — 2015 Assets Liabilities (Amounts in thousands) Receivables Other assets Other accrued Other Interest rate swaps $ — $ — $ (150 ) $ (615 ) Foreign exchange forward contracts 28 — — — Diesel fuel option collars and swaps — — (1,883 ) (958 ) Propylene swaps — — (4,412 ) (730 ) |
Schedule of Cash Settlements and Losses and (Gains) on Mark-to-Market Adjustments for Changes in Fair Value of Derivative Contracts | The Company recorded losses and (gains) on mark-to-market adjustments for changes in the fair value of derivative contracts as well as losses and (gains) on the settlement of derivative contracts as follows: Unrealized Mark to Market Losses (Gains) (Amounts in thousands) 2016 2015 2014 Interest rate swaps $ (513 ) $ (236 ) $ (81 ) Foreign exchange forward contracts 28 (28 ) — Diesel fuel option collars (237 ) 2,841 55 Propylene swaps 2,885 5,169 (27 ) $ 2,163 $ 7,746 $ (53 ) Realized Losses (Gains) (Amounts in thousands) 2016 2015 2014 Foreign exchange forward contracts $ (150 ) $ 5,636 $ — Diesel fuel option collars 3,142 736 — Propylene swaps 11,742 1,333 (84 ) $ 14,734 $ 7,705 $ (84 ) Total realized and unrealized losses (gains) included in Derivative losses (gains) and other expense (income), net (1) $ 16,897 $ 15,451 $ (137 ) (1) The total balance in Derivative losses (gains) and other expense (income), net in the Consolidated Statements of Operations also includes other income items of ($322), ($1,081), and ($1,040) at March 31, 2016, 2015 and 2014, respectively. |
Mezzanine Equity (Tables)
Mezzanine Equity (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Text Block [Abstract] | |
Schedule of Redeemable Preferred Stock | (Amounts in thousands) 2016 2015 Quarterly cash dividends $ 1,272 $ 507 Annual cash dividends 21 27 Total cash dividends $ 1,293 $ 534 Annual stock dividend 132 127 Annual cash dividend 21 27 Total ESOP required dividends $ 153 $ 154 Allocated shares 7,831 7,914 Required dividend per share 0.0195 0.0195 Required dividends $ 153 $ 154 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Schedule of Estimate Fair Value of Stock Options Granted | We estimate the fair value of stock options using a Black-Scholes option-pricing model, with assumptions as follows: 2016 2015 2014 Expected stock price volatility 37.5 % 40.0 % 44.0 % Risk-free interest rate 2.0 % 2.1 % 2.3 % Weighted-average expected option life (years) 6.5 8.0 8.0 Dividend yield 0.76 % 0.86 % 0.84 % |
Summary of Unvested Restricted Stock Grants | The information about the unvested restricted stock grants as of March 31 is as follows: 2016 2015 2014 Number Weighted Number of Weighted Number of Weighted Unvested at beginning of year 183 $ 12.65 311 $ 12.40 273 $ 11.63 Granted — — — — 155 13.64 Vested (69 ) 12.20 (126 ) 12.01 (104 ) 11.78 Forfeited (2 ) 12.12 (2 ) 11.98 (13 ) 12.12 Unvested at end of year 112 $ 12.97 183 $ 12.65 311 $ 12.40 |
2000 Stock Option Plan [Member] | |
Schedule of Stock Option Activity | The stock option activity for the fiscal years ended March 31 is summarized as follows: 2016 2015 2014 Number Weighted Weighted Number Weighted Weighted Number Weighted Weighted Outstanding at beginning of year 746 $ 10.75 4.1 913 $ 9.48 4.1 1,333 $ 8.10 4.0 Issued — — — 78 15.74 — 25 13.64 — Exercised (215 ) 8.31 — (235 ) 7.50 — (427 ) 5.19 — Forfeited (16 ) 8.81 — (10 ) 10.48 — (18 ) 10.77 — Outstanding at end of year 515 11.82 4.2 746 10.75 4.1 913 9.48 4.1 Vested at end of year 439 11.14 3.5 668 10.16 3.5 485 8.01 2.2 Unvested at end of year 76 15.74 8.4 78 15.74 9.4 428 11.14 6.3 Vested and expected to vest at end of year (a) 440 11.82 4.7 640 10.73 7.6 800 9.36 5.2 Fair value of options granted during the year $ — $ 6.76 $ 6.38 a) Vested and expected to vest at end of year assumes the forfeiture of approximately 15% of options outstanding at the end of each period. |
Schedule of Unvested Stock Option Grants | The following table summarizes information about the unvested stock option grants as of the fiscal years ended March 31: 2016 2015 Number of Weighted Number of Weighted Unvested at beginning of year 78 $ 6.76 428 $ 5.82 Granted — — 78 6.76 Vested — — (428 ) 5.82 Forfeitures (2 ) 6.76 — — Unvested at end of year 76 $ 6.76 78 $ 6.76 |
2013 Stock Option Plan [Member] | |
Schedule of Stock Option Activity | The stock option transactions for the fiscal years ended March 31 are summarized as follows: 2016 2015 2014 Number Weighted Weighted Number Weighted Weighted Number Weighted Weighted Outstanding at beginning of year 1,911 $ 13.64 8.42 1,911 $ 13.64 9.42 — $ — — Issued – equity classified — — — — — — 1,440 13.64 — Issued – liability classified — — — — — — 518 13.64 — Forfeited — — — — — — (47 ) 13.64 — Outstanding at end of year 1,911 13.64 7.42 1,911 13.64 8.42 1,911 13.64 9.42 Vested at end of year 816 13.64 7.42 408 13.64 8.42 — — — Unvested at end of year 1,095 13.64 7.42 1,503 13.64 8.42 1,911 13.64 9.42 Vested and expected to vest at end of year (a) 1,702 13.64 7.42 1,702 13.64 8.42 1,704 13.64 9.42 Fair value of options granted during the year $ — $ — $ 6.22 (a) Vested and expected to vest at end period assumes the forfeiture of approximately 15% of options granted (except those to the CEO). |
Schedule of Unvested Stock Option Grants | The following table summarizes information about the unvested stock option grants as of the fiscal years ended March 31: 2016 2015 Number of Weighted Number of Weighted Unvested at beginning of year 1,503 $ 6.22 1,911 $ 6.22 Vested (408 ) 6.22 (408 ) 6.22 Unvested at end of year 1,095 $ 6.22 1,503 $ 6.22 |
Non Employee Director Compensation Plan [Member] | |
Schedule of Unvested Stock Option Grants | The following table summarizes information about the unvested Non-Employee Director Compensation stock grants as of March 31, 2016 and 2015: 2016 2015 Number of Weighted Number of Weighted Unvested at beginning of year — $ — — $ — Granted — — 48 18.88 Vested — — (48 ) 18.88 Unvested at end of year — $ — — $ — |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Before Income Taxes of Domestic and Foreign Operations | The components of Income before income taxes for the fiscal years ended March 31 are as follows: (Amounts in thousands) 2016 2015 2014 United States $ 35,418 $ 15,325 $ 20,977 Foreign 14,140 9,304 12,856 Total $ 49,558 $ 24,629 $ 33,833 |
Schedule of Income Tax Expense | The components of Income tax expense for the fiscal years ended March 31 consisted of the following: (Amounts in thousands) 2016 2015 2014 Current: Federal $ 6,861 $ 20,461 $ 21,774 State and local 2,184 3,656 3,857 Foreign 3,791 831 1,126 Total current tax expense 12,836 24,948 26,757 Deferred: Federal 7,720 (13,407 ) (5,469 ) State and local 1,057 (2,160 ) (2,765 ) Foreign (758 ) 102 899 Total deferred tax expense (benefit) 8,019 (15,465 ) (7,335 ) Total Income tax expense $ 20,855 $ 9,483 $ 19,422 |
Effective Tax Rate Varied from Statutory Federal Income Tax Rate | For the fiscal years ended March 31, our effective tax rate varied from the statutory Federal income tax rate as a result of the following factors: 2016 2015 2014 Federal statutory rate 35.0 % 35.0 % 35.0 % Redeemable convertible preferred stock dividend (0.9 ) (0.8 ) (10.4 ) ESOP stock appreciation 6.9 16.5 7.6 ESOP compensation for Special Dividend on unallocated shares — — 23.4 Effect of tax rate of foreign subsidiaries 1.0 (1.9 ) (2.8 ) State and local taxes—net of federal income tax benefit 4.7 4.5 0.9 Uncertain tax position change (4.4 ) (7.1 ) 6.2 Qualified production activity credit (1.2 ) (7.6 ) (5.2 ) Cumulative adjustments to deferred taxes — (1.9 ) (0.6 ) Other 1.0 1.8 3.3 Effective rate 42.1 % 38.5 % 57.4 % |
Schedule of Deferred Tax Assets and Liabilities | The tax effect of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at March 31 were comprised of: (Amounts in thousands) 2016 2015 Deferred tax assets: State income taxes $ 2,052 $ 1,683 ESOP loan repayment 1,390 1,421 Receivable and other allowances 2,150 2,534 Derivatives 4,397 3,533 Inventory 1,433 11,271 Non-Qualified stock options 3,506 2,855 Accrued rebates 1,378 1,378 Worker’s compensation 1,390 667 Contingent consideration 533 247 Purchase card accrual 232 232 Foreign NOL’s 1,507 1,504 Other 2,259 1,039 Total deferred tax assets 22,227 28,364 Less: valuation allowance (1,507 ) (1,504 ) Total net deferred tax assets 20,720 26,860 Deferred tax liabilities: Intangible assets 8,882 10,983 Property, plant and equipment 52,115 51,440 Leases 6,059 4,035 Capitalized software costs 2,935 3,159 Goodwill 3,643 2,735 Other 1,867 1,487 Total deferred tax liabilities 75,501 73,839 Net deferred tax liability $ 54,781 $ 46,979 Net deferred tax assets are included in Deferred income taxes and other current assets and Other assets on the Consolidated Balance Sheets. The related balances at March 31 were as follows: (Amounts in thousands) 2016 2015 Net current deferred tax assets $ 8,902 $ 17,617 Net non-current deferred tax liabilities 63,683 64,596 |
Reconciliation of Beginning and Ending Balance of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amounts of unrecognized tax benefits for the years ended March 31, 2016, March 31, 2015 and 2014 is as follows: (Amounts in thousands) Balance as of March 31, 2013 $ 10,668 Tax positions taken in current year 2,954 Decreases in tax positions for prior years (47 ) Increases in tax positions for prior years 825 Settlements — Lapse of statute of limitations (1,545 ) Balance as of March 31, 2014 12,855 Decreases in tax positions for prior years (672 ) Increases in tax positions for prior years 336 Settlements — Lapse of statute of limitations (2,067 ) Balance as of March 31, 2015 $ 10,452 Tax positions taken in current year 917 Decreases in tax positions for prior years (599 ) Increases in tax positions for prior years 358 Settlements — Lapse of statute of limitations (3,130 ) Balance as of March 31, 2016 $ 7,998 |
Net Income (Loss) Per Share (Ta
Net Income (Loss) Per Share (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Summary of Net Income (Loss) Per Share | The following table presents information necessary to calculate net income (loss) per share for the fiscal years ended March 31, 2016, 2015 and 2014, as well as potentially dilutive securities excluded from the weighted average number of diluted common shares outstanding because their inclusion would have been anti-dilutive: (Amounts in thousands, except per share data) 2016 2015 2014 NET INCOME (LOSS) PER SHARE — BASIC: Net income attributable to ADS $ 17,954 $ 8,680 $ 7,732 Adjustment for: Change in fair value of Redeemable convertible preferred stock — (11,054 ) (3,979 ) Accretion of Redeemable noncontrolling interest in subsidiaries (932 ) — — Dividends paid to Redeemable convertible preferred stockholders (1,425 ) (661 ) (10,139 ) Dividends paid to unvested restricted stockholders (24 ) (11 ) (418 ) Net income (loss) available to common stockholders and participating securities 15,573 (3,046 ) (6,804 ) Undistributed income allocated to participating securities (511 ) — — Net income (loss) available to common stockholders — Basic 15,062 (3,046 ) (6,804 ) Weighted average number of common shares outstanding — Basic 53,978 51,344 47,277 Net income (loss) per common share — Basic $ 0.28 $ (0.06 ) $ (0.14 ) NET INCOME (LOSS) PER SHARE — DILUTED: Net income (loss) available to common stockholders — Diluted 15,062 (3,046 ) (6,804 ) Weighted average number of common shares outstanding — Basic 53,978 51,344 47,277 Assumed exercise of stock options 1,074 — — Weighted average number of common shares outstanding — Diluted 55,052 51,344 47,277 Net income (loss) per common share — Diluted $ 0.27 $ (0.06 ) $ (0.14 ) Potentially dilutive securities excluded as anti-dilutive 6,383 4,454 535 |
Business Segment Information (T
Business Segment Information (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Segment Reporting [Abstract] | |
Schedule of Revenue from Reportable Segments by Product Type | The following table sets forth reportable segment information with respect to the amount of Net sales contributed by each class of similar products in each of the fiscal years ended March 31: (Amounts in thousands) 2016 2015 2014 Domestic Pipe $ 812,071 $ 771,214 $ 700,270 Allied Products 301,725 256,719 235,022 Total domestic 1,113,796 1,027,933 935,292 International Pipe 139,731 125,407 107,078 Allied Products 37,151 26,733 25,410 Total international 176,882 152,140 132,488 Total Net sales $ 1,290,678 $ 1,180,073 $ 1,067,780 |
Schedule of Additional Financial Information Attributable to Reportable Segments | The following sets forth certain additional financial information attributable to our reportable segments for the fiscal years ended March 31: (Amounts in thousands) 2016 2015 2014 Gross Profit Domestic $ 249,517 $ 180,570 $ 164,693 International 35,535 25,643 27,855 Total $ 285,052 $ 206,213 $ 192,548 Segment Adjusted EBITDA Domestic $ 162,875 $ 128,973 $ 132,504 International 24,465 14,904 18,829 Total $ 187,340 $ 143,877 $ 151,333 Interest expense Domestic $ 17,908 $ 19,308 $ 18,659 International 552 60 148 Total $ 18,460 $ 19,368 $ 18,807 Income tax expense Domestic $ 17,822 $ 8,550 $ 17,397 International 3,033 933 2,025 Total $ 20,855 $ 9,483 $ 19,422 Depreciation and amortization Domestic $ 62,625 $ 59,397 $ 57,834 International 8,384 6,075 5,840 Total $ 71,009 $ 65,472 $ 63,674 Equity in net (loss) income of unconsolidated affiliates Domestic $ 181 $ 289 $ 417 International (5,415 ) (2,624 ) (3,503 ) Total $ (5,234 ) $ (2,335 ) $ (3,086 ) Capital expenditures Domestic $ 37,242 $ 29,345 $ 37,095 International 7,700 2,735 3,838 Total $ 44,942 $ 32,080 $ 40,933 The following sets forth certain additional financial information attributable to our reportable segments as of March 31: 2016 2015 2014 Investments in unconsolidated affiliates Domestic $ 2,932 $ 7,957 $ 5,202 International 10,256 17,081 18,422 Total $ 13,188 $ 25,038 $ 23,624 Total identifiable assets Domestic $ 949,618 $ 935,557 $ 882,681 International 147,814 168,320 113,114 Eliminations (59,784 ) (69,192 ) (13,308 ) Total $ 1,037,648 $ 1,034,685 $ 982,487 |
Schedule of Reconciliation of Segment Adjusted EBITDA to Net Income | Reconciliation of Segment Adjusted EBITDA to Net income 2016 2015 2014 (Amounts in thousands) Domestic International Domestic International Domestic International Net income $ 17,777 $ 5,692 $ 7,064 $ 5,747 $ 3,997 $ 7,328 Depreciation and amortization 62,625 8,384 59,397 6,075 57,834 5,840 Interest expense 17,908 552 19,308 60 18,659 148 Income tax expense 17,822 3,033 8,550 933 17,397 2,025 Segment EBITDA 116,132 17,661 94,319 12,815 97,887 15,341 Derivative fair value adjustments 2,139 24 7,774 (28 ) (53 ) — Foreign currency transaction losses (gains) — 697 5,636 (232 ) — 845 Loss (gain) on sale of business or disposal of assets 892 (80 ) 257 105 (2,817 ) (46 ) Unconsolidated affiliates interest, taxes, depreciation and amortization (a) 1,052 2,163 1,341 2,244 156 2,689 Special Dividend compensation — — — — 22,624 — Contingent consideration remeasurement 371 — 174 — 738 — Stock-based compensation 3,579 — 5,880 — 4,518 — ESOP deferred stock-based compensation 10,250 — 12,144 — 7,891 — Loss related to BaySaver step acquisition 490 — — — — — Restatement costs (b) 27,970 — — — — — Impairment on investment in unconsolidated affiliate — 4,000 — — — — Transaction costs (c) — — 1,448 — 1,560 — Segment Adjusted EBITDA $ 162,875 $ 24,465 $ 128,973 $ 14,904 $ 132,504 $ 18,829 (a) Includes our proportional share of interest, income taxes, depreciation and amortization related to our South American Joint Venture and our Tigre-ADS USA Joint Venture, which are accounted for under the equity method of accounting. In addition, these amounts include our proportional share of interest, income taxes, depreciation and amortization related to our BaySaver Joint Venture prior to our step acquisition of BaySaver on July 17, 2015, which was previously accounted for under the equity method of accounting. Fiscal year 2014 includes our proportional share of an asset impairment of $1,022 recorded by our South American Joint Venture. (b) Represents expenses recorded related to legal, accounting and other professional fees incurred in connection with the restatement of our prior period financial statements as reflected in the fiscal year 2015 Form 10-K. (c) Represents expenses recorded related to legal, accounting and other professional fees incurred in connection with our debt refinancing, the IPO and secondary public offering and asset acquisitions and dispositions. |
Net Sales and Long-Lived Asset by Geographic Location | Geographic Sales and Assets Information Net sales are attributed to the geographic location based on the location of the customer. The table below represents the Net sales and long-lived asset information by geographic location for each of the fiscal years ended March 31: (Amounts in thousands) 2016 2015 2014 Net Sales North America $ 1,274,700 $ 1,161,909 $ 1,046,595 Other 15,978 18,164 21,185 Total $ 1,290,678 $ 1,180,073 $ 1,067,780 (Amounts in thousands) 2016 2015 Long-Lived Assets (a) North America $ 395,716 $ 385,878 Other 10,256 17,081 Total $ 405,972 $ 402,959 (a) For segment reporting purposes, long-lived assets include Investments in unconsolidated affiliates, Central parts and Property, plant and equipment. |
Supplemental Disclosures of C50
Supplemental Disclosures of Cash Flow Information (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Supplemental Cash Flow Elements [Abstract] | |
Increase (Decrease) in Cash Due to Changes Working Capital | The increase (decrease) in cash due to the changes in working capital accounts for the fiscal years ended March 31, were as follows: (Amounts in thousands) 2016 2015 2014 Changes in working capital: Receivables $ (37,788 ) $ (10,351 ) $ (5,876 ) Inventories 28,330 (7,663 ) (37,595 ) Prepaid expenses and other current assets 646 1,953 (3,298 ) Accounts payable, accrued expenses, and other liabilities 10,186 (998 ) 10,767 Total $ 1,374 $ (17,059 ) $ (36,002 ) |
Supplemental Disclosures Cash Flow Information | Supplemental disclosures of cash flow information for the fiscal years ended March 31 were as follows: (Amounts in thousands) 2016 2015 2014 Supplemental disclosures of cash flow information — cash paid during years: Interest $ 18,352 $ 18,709 $ 17,267 Income taxes 32,175 28,503 23,701 (Amounts in thousands) 2016 2015 2014 Supplemental schedule of noncash investing and financing activities: Redeemable convertible preferred stock dividend $ 132 $ 127 $ 118 Redemption of common stock to exercise stock options — 93 1,187 Receivable recorded to exercise stock options — — 76 Purchases of plant, property, and equipment included in accounts payable 1,165 124 682 Receivable recorded for sale of businesses 150 600 1,241 ESOP distributions in common stock 10,250 6,133 — Inventory contributed for Investment in unconsolidated affiliate — — 1,285 Assets acquired and obligation incurred under capital lease 34,207 24,047 24,902 Lease obligation retired upon disposition of leased assets 134 779 3,708 Reclassification of liability classified stock options upon initial public offering — 1,522 — Reclassification of deferred public offering cost asset upon initial public offering — 456 — |
Revision of Prior Period Fina51
Revision of Prior Period Financial Statements (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Accounting Changes and Error Corrections [Abstract] | |
Schedule of Adjustments to Consolidated Financial Statements | The following table presents the revisions to our consolidated statements of operations for the fiscal years ended March 31, 2015 and 2014: For the Year Ended March 31, 2015 2014 (Amounts in thousands) As Reported As Revised As Reported As Revised Net sales $ 1,180,073 $ 1,180,073 $ 1,067,780 $ 1,067,780 Costs of goods sold 973,960 973,860 873,810 875,232 Gross profit 206,113 206,213 193,970 192,548 Income from operations 58,267 58,367 52,885 51,463 Income before income taxes 24,529 24,629 35,255 33,833 Income tax expense 9,443 9,483 19,949 19,422 Net income 12,751 12,811 12,220 11,325 Net income attributable to ADS 8,620 8,680 8,627 7,732 Net loss available to common stockholders (3,106 ) (3,046 ) (5,909 ) (6,804 ) Weighted average common shares outstanding: Basic 51,344 51,344 47,277 47,277 Diluted 51,344 51,344 47,277 47,277 Net loss per share available to common stockholders: Basic (0.06 ) (0.06 ) (0.12 ) (0.14 ) Diluted (0.06 ) (0.06 ) (0.12 ) (0.14 ) Cash dividends declared per share $ 0.08 $ 0.08 $ 1.68 $ 1.68 The following table presents the revisions to our consolidated balance sheet as of March 31, 2015: As Reported As Revised Inventories $ 269,842 $ 260,550 Deferred income taxes and other current assets 18,972 22,504 Total current assets 446,731 440,971 Property, plant and equipment, net 377,067 375,813 Total assets 1,041,699 1,034,685 Accrued income taxes 6,041 6,052 Total current liabilities 197,594 197,605 Deferred tax liabilities 65,088 64,596 Other liabilities 28,602 28,558 Total liabilities 727,102 726,577 Retained deficit (62,621 ) (69,110 ) Total ADS stockholders’ equity (deficit) 190,163 183,674 Total stockholders’ equity (deficit) 206,576 200,087 Total liabilities, mezzanine equity and stockholders’ equity (deficit) 1,041,699 1,034,685 |
Quarterly Financial Informati52
Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Summary of Quarterly Financial Information | The following tables set forth certain historical unaudited consolidated condensed quarterly financial information for each of the quarters during the years ended March 31, 2016 and March 31, 2015. Fiscal Year 2016 For the Three Months Ended March 31, 2016 December 31, 2015 September 30, 2015 June 30, 2015 (in thousands, except per share amounts) (As (As (As (As (As (As Net sales $ 245,398 $ 312,827 $ 312,827 $ 383,329 $ 383,329 $ 349,124 $ 349,124 Gross profit 49,404 73,323 74,642 83,735 86,529 72,586 74,477 Net (loss) income (14,057 ) 7,787 8,443 14,481 16,171 11,798 12,912 Net (loss) income attributable to ADS (15,091 ) 7,976 8,632 10,899 12,589 10,710 11,824 Net (loss) income per share Basic $ (0.29 ) $ 0.13 $ 0.14 $ 0.18 $ 0.20 $ 0.18 $ 0.20 Diluted $ (0.29 ) $ 0.12 $ 0.13 $ 0.17 $ 0.20 $ 0.18 $ 0.19 Fiscal Year 2015 For the Three Months Ended March 31, 2015 December 31, 2014 September 30, 2014 June 30, 2014 (in thousands, except (As (As (As (As (As (As (As (As Net sales $ 207,054 $ 207,054 $ 279,871 $ 279,871 $ 366,714 $ 366,714 $ 326,434 $ 326,434 Gross profit 26,314 24,684 49,178 49,387 69,763 70,437 60,858 61,705 Net (loss) income (13,734 ) (14,586 ) (1,953 ) (1,923 ) 18,997 19,403 9,441 9,917 Net (loss) income attributable to ADS (13,465 ) (14,317 ) (3,325 ) (3,295 ) 16,844 17,250 8,566 9,042 Net (loss) income per share Basic $ (0.26 ) $ (0.27 ) $ (0.07 ) $ (0.07 ) $ 0.41 $ 0.42 $ (0.21 ) $ (0.20 ) Diluted $ (0.26 ) $ (0.27 ) $ (0.07 ) $ (0.07 ) $ 0.41 $ 0.42 $ (0.21 ) $ (0.20 ) |
Background and Summary of Sig53
Background and Summary of Significant Accounting Policies - Additional Information (Detail) | Mar. 31, 2016USD ($)$ / sharesshares | Dec. 15, 2014USD ($)$ / sharesshares | Dec. 09, 2014USD ($)$ / sharesshares | Aug. 22, 2014$ / sharesshares | Jul. 25, 2014USD ($)$ / sharesshares | Jul. 11, 2014 | Mar. 31, 2016USD ($)SegmentCustomer$ / sharesshares | Mar. 31, 2015USD ($)$ / sharesshares | Mar. 31, 2014USD ($) |
Schedule Of Organization And Summary Of Significant Accounting Policies [Line Items] | |||||||||
Number of reportable segments | Segment | 2 | ||||||||
Net proceeds from initial public offering | $ 79,131,000 | ||||||||
Offering price per share | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | ||||||
Common stock, shares issued | shares | 153,560,000 | 153,560,000 | 153,560,000 | ||||||
Interest capitalized | $ 411,000 | $ 518,000 | $ 611,000 | ||||||
Shipping costs | 120,487,000 | 120,993,000 | 111,862,000 | ||||||
Advertising costs | 3,150,000 | 2,477,000 | 2,335,000 | ||||||
Life, accidental death and dismemberment and medical coverage | $ 37,509,000 | 37,509,000 | 32,002,000 | 29,484,000 | |||||
Self insurance plan employees contribution | 4,511,000 | 4,067,000 | 4,032,000 | ||||||
Total claims expense, self insurance | $ 3,873,000 | 1,369,000 | 1,395,000 | ||||||
Minimum likelihood percentage of tax benefit to be realized upon settlement | 50.00% | 50.00% | |||||||
South American Joint Venture [Member] | |||||||||
Schedule Of Organization And Summary Of Significant Accounting Policies [Line Items] | |||||||||
Other assets, impairment charges | $ 4,000,000 | ||||||||
Sales [Member] | |||||||||
Schedule Of Organization And Summary Of Significant Accounting Policies [Line Items] | |||||||||
Shipping costs | 7,026,000 | 9,282,000 | 8,864,000 | ||||||
Other General Insurance Programs [Member] | |||||||||
Schedule Of Organization And Summary Of Significant Accounting Policies [Line Items] | |||||||||
Total claims expense, self insurance | 2,133,000 | 569,000 | $ 447,000 | ||||||
Senior Notes Payable [Member] | |||||||||
Schedule Of Organization And Summary Of Significant Accounting Policies [Line Items] | |||||||||
Senior notes | $ 100,000,000 | 100,000,000 | 100,000,000 | ||||||
Senior Notes Payable [Member] | Level 2 [Member] | |||||||||
Schedule Of Organization And Summary Of Significant Accounting Policies [Line Items] | |||||||||
Senior notes | 100,000,000 | 100,000,000 | 100,000,000 | ||||||
Senior notes, fair value | $ 101,175,000 | $ 101,175,000 | $ 103,590,000 | ||||||
Sales Revenue, Net [Member] | |||||||||
Schedule Of Organization And Summary Of Significant Accounting Policies [Line Items] | |||||||||
Number of customers in the customer base | Customer | 20,000 | ||||||||
Concentration risk description | We have a large, active customer base of approximately twenty thousand customers with two customers each representing more than 10% of annual net sales. | ||||||||
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | |||||||||
Schedule Of Organization And Summary Of Significant Accounting Policies [Line Items] | |||||||||
Concentration risk percentage | 21.10% | 20.30% | 20.50% | ||||||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | |||||||||
Schedule Of Organization And Summary Of Significant Accounting Policies [Line Items] | |||||||||
Concentration risk percentage | 14.00% | ||||||||
Minimum [Member] | |||||||||
Schedule Of Organization And Summary Of Significant Accounting Policies [Line Items] | |||||||||
Capitalized software development costs estimated useful lives | 2 years | ||||||||
Central parts estimated useful lives | 8 years | ||||||||
Claims per incident | $ 250,000 | ||||||||
Minimum [Member] | Other General Insurance Programs [Member] | |||||||||
Schedule Of Organization And Summary Of Significant Accounting Policies [Line Items] | |||||||||
Claims per occurrence | $ 250,000 | ||||||||
Maximum [Member] | |||||||||
Schedule Of Organization And Summary Of Significant Accounting Policies [Line Items] | |||||||||
Capitalized software development costs estimated useful lives | 10 years | ||||||||
Central parts estimated useful lives | 30 years | ||||||||
Maximum [Member] | Other General Insurance Programs [Member] | |||||||||
Schedule Of Organization And Summary Of Significant Accounting Policies [Line Items] | |||||||||
Claims per occurrence | $ 500,000 | ||||||||
IPO [Member] | |||||||||
Schedule Of Organization And Summary Of Significant Accounting Policies [Line Items] | |||||||||
Common and preferred stock conversion split ratio, description | 4.707-for-one split | ||||||||
Common and preferred stock conversion split ratio | 4.707 | ||||||||
Additional shares issued | shares | 600,000 | 5,289,000 | |||||||
Net proceeds from initial public offering | $ 79,131,000 | ||||||||
Underwriter discounts and commissions on initial public offering | $ 5,501,000 | ||||||||
Share price | $ / shares | $ 16 | $ 16 | |||||||
Other offering expenses | $ 6,935,000 | ||||||||
Indebtedness under the revolving portion of credit facility | $ 72,196,000 | ||||||||
Secondary Public Offering [Member] | |||||||||
Schedule Of Organization And Summary Of Significant Accounting Policies [Line Items] | |||||||||
Additional shares issued | shares | 10,000,000 | ||||||||
Offering price per share | $ / shares | $ 21.25 | $ 21.25 | |||||||
Proceeds from sale of shares | $ 0 | $ 0 | |||||||
Common stock, shares issued | shares | 1,500,000 |
Background and Summary of Sig54
Background and Summary of Significant Accounting Policies - Summary of Receivables (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Mar. 31, 2015 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Receivables | $ 186,883 | $ 154,294 |
Trade Receivables [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Receivables | 158,664 | 141,528 |
Refundable Income Taxes [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Receivables | 19,783 | 1,895 |
Other Miscellaneous Receivables [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Receivables | $ 8,436 | $ 10,871 |
Background and Summary of Sig55
Background and Summary of Significant Accounting Policies - Estimated Useful Lives of Related Assets (Detail) | 12 Months Ended |
Mar. 31, 2016 | |
Buildings [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 40 years |
Buildings [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 45 years |
Machinery and Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 3 years |
Machinery and Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 18 years |
Leasehold Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | Shorter of useful life or life of lease |
Background and Summary of Sig56
Background and Summary of Significant Accounting Policies - Other assets (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Mar. 31, 2015 |
Other Assets, Noncurrent [Abstract] | ||
Investments in unconsolidated affiliates | $ 13,188 | $ 25,038 |
Cash surrender value of officer life insurance | 10,739 | 9,953 |
Capitalized software development costs, net | 7,264 | 7,276 |
Deposits | 4,553 | 4,947 |
Deferred financing costs | 3,131 | 4,543 |
Central parts | 1,040 | 2,108 |
Other | 8,472 | 7,302 |
Total other assets | $ 48,387 | $ 61,167 |
Background and Summary of Sig57
Background and Summary of Significant Accounting Policies - Amortization Expense Related to Other Assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Amortization [Abstract] | |||
Capitalized software development costs | $ 3,872 | $ 3,550 | $ 3,270 |
Deferred financing costs | 1,412 | 1,410 | 1,591 |
Central parts | 362 | 55 | 43 |
Other | $ 1,898 | $ 1,977 | $ 1,986 |
Disposal of Assets or Busines58
Disposal of Assets or Businesses - Additional Information (Detail) - USD ($) | Jun. 28, 2013 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Net loss on disposition of the equipment | $ 812,000 | $ 1,112,000 | $ 2,475,000 | |||
Cash proceeds from sale | 538,000 | 9,302,000 | ||||
NDS Agreement [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Cash proceeds from sale | $ 5,877,000 | |||||
Net book value of assets or businesses | 1,029,000 | |||||
Gain on sale | $ 4,848,000 | |||||
Miscellaneous [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Sales price | $ 750,000 | 750,000 | ||||
Cash proceeds from sale | 150,000 | $ 3,030,000 | ||||
Other consideration in the form of a note receivable | 600,000 | 1,241,000 | ||||
Net book value of assets or businesses | 0 | 3,781,000 | $ 0 | $ 3,781,000 | ||
Gain on sale | $ 750,000 | $ 490,000 |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Detail) - USD ($) $ in Thousands | Jul. 17, 2015 | Jan. 30, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | Jul. 31, 2015 |
Business Acquisition [Line Items] | ||||||
Goodwill | $ 100,885 | $ 98,679 | $ 88,017 | |||
Intangible assets | 109,164 | 105,906 | ||||
Depreciation and amortization | (71,009) | (65,472) | (63,674) | |||
Ideal Pipe [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Purchase price | $ 43,828 | |||||
Goodwill | 10,660 | |||||
Business acquisition, purchase price | 43,828 | |||||
Transaction costs related to the purchase of Ideal Pipe | 5,636 | |||||
Pro Forma [Member] | Ideal Pipe [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Intangible asset amortization expense, net of related income taxes | 749 | 951 | ||||
Interest expense, net of related income taxes | 513 | 521 | ||||
Depreciation and amortization | (7) | |||||
Depreciation and amortization | $ 354 | |||||
BaySaver [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Additionally acquired percentage of ownership in joint ventures | 10.00% | 10.00% | ||||
Purchase price | $ 3,200 | 14,500 | ||||
Percentage of voting interests acquired | 65.00% | |||||
Fair value of contingent consideration | $ 750 | 750 | ||||
Business combination equity interest remeasurement loss | 490 | |||||
Goodwill | 2,495 | |||||
Net sales of acquired entity included in condensed consolidated statements of operations | 10,190 | |||||
Earnings from operations of acquired entity included in condensed consolidated statements of operations | 1,242 | |||||
Business acquisition, purchase price | 14,500 | |||||
BaySaver [Member] | Pro Forma [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Intangible asset amortization expense, net of related income taxes | 94 | 324 | ||||
Interest expense, net of related income taxes | 10 | 34 | ||||
Equity method investments net of related income taxes | 109 | 342 | ||||
Customer Relationships [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Intangible assets | 40,732 | 43,167 | ||||
Customer Relationships [Member] | Ideal Pipe [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Intangible assets | $ 4,881 | |||||
Intangible assets, useful life | 7 years | |||||
Customer Relationships [Member] | BaySaver [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Intangible assets | $ 5,400 | |||||
Intangible assets, useful life | 10 years | |||||
Developed Technology [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Intangible assets | $ 44,579 | 40,579 | ||||
Developed Technology [Member] | BaySaver [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Intangible assets | $ 4,000 | |||||
Intangible assets, useful life | 10 years | |||||
Trademarks and Tradenames [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Intangible assets | 15,563 | $ 14,248 | ||||
Trademarks and Tradenames [Member] | BaySaver [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Intangible assets | $ 1,400 | |||||
Intangible assets, useful life | 10 years | |||||
Trade Names [Member] | Ideal Pipe [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Intangible assets | $ 3,073 | |||||
Intangible assets, useful life | 10 years | |||||
Noncompete Agreements [Member] | Ideal Pipe [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Intangible assets | $ 276 | |||||
Intangible assets, useful life | 3 years |
Acquisition - Schedule of Busin
Acquisition - Schedule of Business Acquisitions by Acquisition, Contingent Consideration (Detail) - BaySaver [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2016 | Jul. 17, 2015 | |
Business Acquisition [Line Items] | ||
Acquisition-date fair value of our prior equity interest | $ 4,220 | |
Acquisition-date fair value of noncontrolling interest | 6,330 | |
Cash paid at acquisition date | 3,200 | |
Fair value of contingent consideration | 750 | $ 750 |
Total purchase price | $ 14,500 |
Acquisitions - Summary of Purch
Acquisitions - Summary of Purchase Price Allocation (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Jul. 17, 2015 | Mar. 31, 2015 | Jan. 30, 2015 | Mar. 31, 2014 |
Business Acquisition [Line Items] | |||||
Goodwill | $ 100,885 | $ 98,679 | $ 88,017 | ||
BaySaver [Member] | |||||
Business Acquisition [Line Items] | |||||
Cash | 12 | ||||
Other current assets | 2,262 | ||||
Property, plant and equipment | 164 | ||||
Goodwill | 2,495 | ||||
Intangible assets | 10,800 | ||||
Other assets | 152 | ||||
Current liabilities | (1,385) | ||||
Total purchase price | $ 14,500 | $ 3,200 | |||
Ideal Pipe [Member] | |||||
Business Acquisition [Line Items] | |||||
Cash | $ 7,443 | ||||
Other current assets | 9,036 | ||||
Property, plant and equipment | 27,258 | ||||
Goodwill | 10,660 | ||||
Goodwill and intangible assets | 18,890 | ||||
Current liabilities | (12,721) | ||||
Non-current liabilities | (6,078) | ||||
Total purchase price | $ 43,828 |
Acquisitions - Effect of Acquis
Acquisitions - Effect of Acquisitions for Unaudited Pro Forma Consolidated Statements of Operations (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
BaySaver [Member] | |||
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | |||
Net sales | $ 1,294,277 | $ 1,190,749 | |
Net income attributable to ADS | $ 17,992 | 8,708 | |
Ideal Pipe [Member] | |||
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | |||
Net sales | 1,217,431 | $ 1,102,477 | |
Net income attributable to ADS | $ 10,389 | $ 8,134 |
Property, Plant, and Equipment
Property, Plant, and Equipment - Schedule of Property, Plant, Equipment and Depreciation Expense on Assets (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Mar. 31, 2015 |
Property, Plant and Equipment [Line Items] | ||
Construction in progress | $ 14,902 | $ 5,991 |
Property, plant and equipment, gross | 923,882 | 873,143 |
Less accumulated depreciation | (532,138) | (497,330) |
Property, plant and equipment, net | 391,744 | 375,813 |
Land, Buildings and Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 178,189 | 177,073 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 730,791 | $ 690,079 |
Property, Plant, and Equipmen64
Property, Plant, and Equipment - Depreciation Expense Related to Property, Plant and Equipment (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation expense (inclusive of leased assets depreciation) | $ 55,650 | $ 50,136 | $ 48,230 |
Leases - Summary of Leased Asse
Leases - Summary of Leased Assets Included in Property, Plant and Equipment (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Mar. 31, 2015 |
Capital Leased Assets [Line Items] | ||
Total cost | $ 192,389 | $ 175,600 |
Less accumulated amortization | (102,572) | (102,263) |
Leased assets in Property, plant and equipment, net | 89,817 | 73,337 |
Buildings and Improvements [Member] | ||
Capital Leased Assets [Line Items] | ||
Total cost | 6,131 | 7,163 |
Machinery and Equipment [Member] | ||
Capital Leased Assets [Line Items] | ||
Total cost | $ 186,258 | $ 168,437 |
Leases - Schedule of Interest a
Leases - Schedule of Interest and Depreciation Expense Related to Capital Leases (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Leases [Abstract] | |||
Lease interest expense | $ 3,367 | $ 2,249 | $ 2,666 |
Depreciation of leased assets | $ 15,782 | $ 13,943 | $ 12,644 |
Leases - Schedule of Future Min
Leases - Schedule of Future Minimum Lease Payments under Capital Leases and Present Value (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Mar. 31, 2015 |
Capital Leases, Future Minimum Payments, Present Value of Net Minimum Payments, Fiscal Year Maturity [Abstract] | ||
2,017 | $ 22,077 | |
2,018 | 19,065 | |
2,019 | 14,961 | |
2,020 | 11,603 | |
2,021 | 8,975 | |
Thereafter | 7,317 | |
Total minimum lease payments | 83,998 | |
Less: amount representing interest | 7,958 | |
Present value of net minimum lease payments | 76,040 | |
Lease obligation - Current | 19,231 | $ 15,731 |
Lease obligation - Long-term | 56,809 | $ 45,503 |
Total lease obligation | $ 76,040 |
Leases - Schedule of Future M68
Leases - Schedule of Future Minimum Lease Payments under Capital Leases and Present Value (Parenthetical) (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Mar. 31, 2015 |
Capital Leases, Future Minimum Payments, Present Value of Net Minimum Payments, Fiscal Year Maturity [Abstract] | ||
Contingent rentals amount | $ 137 | $ 844 |
Leases - Summary of Future Mini
Leases - Summary of Future Minimum Rental Commitments under Operating Leases (Detail) $ in Thousands | Mar. 31, 2016USD ($) |
Leases, Operating [Abstract] | |
Future operating lease payments,2017 | $ 2,224 |
Future operating lease payments, 2018 | 1,304 |
Future operating lease payments, 2019 | 898 |
Future operating lease payments, 2020 | 480 |
Future operating lease payments, 2021 | 258 |
Future operating lease payments, thereafter | $ 2,172 |
Leases - Additional Information
Leases - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Leases [Abstract] | |||
Total rent expense | $ 6,316 | $ 3,953 | $ 3,836 |
Inventories - Schedule of Inven
Inventories - Schedule of Inventories (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Mar. 31, 2015 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 46,604 | $ 50,198 |
Finished goods | 183,862 | 210,352 |
Total Inventories | $ 230,466 | $ 260,550 |
Inventories - Additional Inform
Inventories - Additional Information (Detail) - USD ($) | Mar. 31, 2016 | Mar. 31, 2015 |
Inventory Disclosure [Abstract] | ||
Work-in-process inventories | $ 0 | $ 0 |
General and administrative cost in inventory | 18,041,000 | 17,257,000 |
General and administrative cost remained in inventory | $ 5,332,000 | $ 4,400,000 |
Goodwill and Intangible Asset73
Goodwill and Intangible Assets - Carrying Amount of Goodwill by Reportable Segment (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Goodwill [Line Items] | ||
Beginning balance | $ 98,679 | $ 88,017 |
Acquisition | 2,495 | 10,660 |
Currency translation | (289) | 2 |
Ending balance | 100,885 | 98,679 |
Domestic [Member] | ||
Goodwill [Line Items] | ||
Beginning balance | 87,507 | 87,507 |
Acquisition | 2,495 | |
Ending balance | 90,002 | 87,507 |
International [Member] | ||
Goodwill [Line Items] | ||
Beginning balance | 11,172 | 510 |
Acquisition | 10,660 | |
Currency translation | (289) | 2 |
Ending balance | $ 10,883 | $ 11,172 |
Goodwill and Intangible Asset74
Goodwill and Intangible Assets - Summary of Intangible Assets (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Mar. 31, 2015 |
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Gross Intangible | $ 109,164 | $ 105,906 |
Intangible Assets, Gross | 121,090 | 117,865 |
Accumulated Amortization | (61,221) | (59,810) |
Net Intangible | 47,943 | 46,096 |
Intangible assets, net | 59,869 | 58,055 |
Trademarks [Member] | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Indefinite-Lived Intangible Assets | 11,926 | 11,959 |
Developed Technology [Member] | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Gross Intangible | 44,579 | 40,579 |
Accumulated Amortization | (29,371) | (26,405) |
Net Intangible | 15,208 | 14,174 |
Customer Relationships [Member] | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Gross Intangible | 40,732 | 43,167 |
Accumulated Amortization | (22,646) | (26,113) |
Net Intangible | 18,086 | 17,054 |
Patents [Member] | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Gross Intangible | 7,048 | 6,547 |
Accumulated Amortization | (4,167) | (3,550) |
Net Intangible | 2,881 | 2,997 |
Non-compete and Other Contractual Agreements [Member] | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Gross Intangible | 1,242 | 1,365 |
Accumulated Amortization | (842) | (691) |
Net Intangible | 400 | 674 |
Trademarks and Tradenames [Member] | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Gross Intangible | 15,563 | 14,248 |
Accumulated Amortization | (4,195) | (3,051) |
Net Intangible | $ 11,368 | $ 11,197 |
Goodwill and Intangible Asset75
Goodwill and Intangible Assets - Weighted Average Amortization Period for Definite-Lived Intangible Assets (Detail) | 12 Months Ended |
Mar. 31, 2016 | |
Developed Technology [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Weighted average amortization period | 11 years |
Customer Relationships [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Weighted average amortization period | 8 years 6 months |
Patents [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Weighted average amortization period | 8 years 3 months 18 days |
Non-compete and Other Contractual Agreements [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Weighted average amortization period | 5 years 1 month 6 days |
Trademarks and Tradenames [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Weighted average amortization period | 13 years 6 months |
Goodwill and Intangible Asset76
Goodwill and Intangible Assets - Future Intangible Asset Amortization Expense (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Mar. 31, 2015 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Amortization expense, 2017 | $ 8,359 | |
Amortization expense, 2018 | 7,826 | |
Amortization expense, 2019 | 7,669 | |
Amortization expense, 2020 | 5,984 | |
Amortization expense, 2021 | 5,843 | |
Amortization expense,Thereafter | 12,262 | |
Amortization expense,Total | $ 47,943 | $ 46,096 |
Fair Value Measurement - Summar
Fair Value Measurement - Summary of Assets and Liabilities Carried at Fair Value (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 |
Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total liabilities & mezzanine equity at fair value on a recurring basis | $ 2,858 | $ 2,444 | $ 645,849 |
Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets at fair value on a recurring basis | 11 | 28 | |
Contingent consideration for acquisitions | 2,858 | 2,444 | |
Total liabilities & mezzanine equity at fair value on a recurring basis | 13,752 | 11,192 | |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets at fair value on a recurring basis | 11 | 28 | |
Total liabilities & mezzanine equity at fair value on a recurring basis | 10,894 | 8,748 | |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Contingent consideration for acquisitions | 2,858 | 2,444 | |
Total liabilities & mezzanine equity at fair value on a recurring basis | 2,858 | 2,444 | |
Fair Value, Measurements, Recurring [Member] | Diesel Fuel Contracts [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | 11 | ||
Derivative liability | 2,615 | 2,841 | |
Fair Value, Measurements, Recurring [Member] | Diesel Fuel Contracts [Member] | Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | 11 | ||
Derivative liability | 2,615 | 2,841 | |
Fair Value, Measurements, Recurring [Member] | Interest Rate Swaps [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative liability | 252 | 765 | |
Fair Value, Measurements, Recurring [Member] | Interest Rate Swaps [Member] | Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative liability | 252 | 765 | |
Fair Value, Measurements, Recurring [Member] | Foreign Exchange Forward Contracts [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | 28 | ||
Fair Value, Measurements, Recurring [Member] | Foreign Exchange Forward Contracts [Member] | Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | 28 | ||
Fair Value, Measurements, Recurring [Member] | Propylene Swaps [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative liability | 8,027 | 5,142 | |
Fair Value, Measurements, Recurring [Member] | Propylene Swaps [Member] | Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative liability | $ 8,027 | $ 5,142 |
Fair Value Measurement - Additi
Fair Value Measurement - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets and liabilities, additional transfers | $ 0 | $ 0 |
Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value asset liability measured on recurring basis gain loss included in earnings | $ 123,000 | $ 283,000 |
Level 3 [Member] | South American Joint Venture [Member] | Minimum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Discount the future cash flow rates | 9.30% | |
Level 3 [Member] | South American Joint Venture [Member] | Maximum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Discount the future cash flow rates | 15.50% |
Fair Value Measurement - Summ79
Fair Value Measurement - Summary of Quantitative Information about Level 3 Fair Value Measurements (Detail) - Contingent Consideration for Acquisitions [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Liabilities & Mezzanine Equity | $ 2,858 | $ 2,444 |
Discounted Cash Flow [Member] | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Valuation Technique(s) | Discounted cash flow | |
Discounted Cash Flow [Member] | Weighted Average Cost Of Capital [Member] | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Unobservable Input | Unobservable Input Weighted Average Cost of Capital ("WACC")(a) | |
Quantifiable Input | 10.00% | |
Discounted Cash Flow [Member] | Weighted Average Cost Of Capital [Member] | Minimum [Member] | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Quantifiable Input | 9.75% | |
Discounted Cash Flow [Member] | Weighted Average Cost Of Capital [Member] | Maximum [Member] | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Quantifiable Input | 10.00% |
Fair Value Measurement - Summ80
Fair Value Measurement - Summary of Changes in Fair Value of Recurring Fair Value Measurements Using Unobservable Inputs (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Allocation of ESOP shares to participants | $ 3,577 | $ 3,003 | $ (203) |
Deferred Compensation - Unearned ESOP Shares [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Allocation of ESOP shares to participants | 6,673 | 9,141 | 8,093 |
Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Balance beginning | 2,444 | 645,849 | |
Acquisition | 750 | ||
Allocation of ESOP shares to participants | 4,391 | ||
Change in fair value | 371 | 77,149 | |
Payments of contingent consideration liability | (707) | (628) | |
Transfer out of Level 3 | (724,317) | ||
Balance ending | 2,858 | 2,444 | 645,849 |
Level 3 [Member] | Contingent Consideration [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Balance beginning | 2,444 | 2,898 | |
Acquisition | 750 | ||
Change in fair value | 371 | 174 | |
Payments of contingent consideration liability | (707) | (628) | |
Balance ending | $ 2,858 | 2,444 | 2,898 |
Level 3 [Member] | Redeemable Common Stock [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Balance beginning | 549,119 | ||
Change in fair value | 65,921 | ||
Transfer out of Level 3 | (615,040) | ||
Balance ending | 549,119 | ||
Level 3 [Member] | Redeemable Convertible Preferred Stock [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Balance beginning | 291,720 | ||
Change in fair value | 34,903 | ||
Transfer out of Level 3 | (326,623) | ||
Balance ending | 291,720 | ||
Level 3 [Member] | Deferred Compensation - Unearned ESOP Shares [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Balance beginning | (197,888) | ||
Allocation of ESOP shares to participants | 4,391 | ||
Change in fair value | (23,849) | ||
Transfer out of Level 3 | $ 217,346 | ||
Balance ending | $ (197,888) |
Investment in Consolidated Affi
Investment in Consolidated Affiliates - Additional Information (Detail) $ in Thousands | Mar. 31, 2013 | Apr. 30, 2013USD ($) | Mar. 31, 2016JointVenture | Jul. 31, 2015 | Jul. 17, 2015 | Jul. 31, 2013 |
Investments in and Advances to Affiliates [Line Items] | ||||||
Number of unconsolidated joint venture participated | 2 | |||||
BaySaver [Member] | ||||||
Investments in and Advances to Affiliates [Line Items] | ||||||
Percentage of ownership in joint ventures | 65.00% | |||||
Additionally acquired percentage of ownership in joint ventures | 10.00% | 10.00% | ||||
Subsidiaries [Member] | ||||||
Investments in and Advances to Affiliates [Line Items] | ||||||
Number of unconsolidated joint venture participated | 2 | |||||
Subsidiaries [Member] | ADS Worldwide, Inc [Member] | ||||||
Investments in and Advances to Affiliates [Line Items] | ||||||
Percentage of ownership in joint ventures | 51.00% | |||||
Subsidiaries [Member] | ADS Mexicana [Member] | Variable Interest Entity, Primary Beneficiary [Member] | ||||||
Investments in and Advances to Affiliates [Line Items] | ||||||
Company's ownership percentage | 50.00% | 1.00% | 51.00% | |||
Additional equity interest in its consolidated subsidiary, payment | $ | $ 520 | |||||
Subsidiaries [Member] | BaySaver [Member] | ||||||
Investments in and Advances to Affiliates [Line Items] | ||||||
Percentage of ownership in joint ventures | 65.00% | 55.00% | ||||
Percentage of voting interest | 50.00% | |||||
Additionally acquired percentage of ownership in joint ventures | 10.00% |
Investment in Consolidated Af82
Investment in Consolidated Affiliates - Assets and Liabilities of Joint Ventures (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 |
Assets | |||
Current assets | $ 436,763 | $ 440,971 | |
Property, plant and equipment, net | 391,744 | 375,813 | |
Other noncurrent assets | 48,387 | 61,167 | |
Total assets | 1,037,648 | 1,034,685 | $ 982,487 |
Liabilities | |||
Current liabilities | 241,628 | 197,605 | |
Total liabilities | 708,268 | 726,577 | |
ADS Mexicana [Member] | |||
Assets | |||
Current assets | 27,650 | 24,822 | |
Property, plant and equipment, net | 17,461 | 18,556 | |
Other noncurrent assets | 1,742 | 2,523 | |
Total assets | 46,853 | 45,901 | |
Liabilities | |||
Current liabilities | 10,769 | 11,134 | |
Noncurrent liabilities | 5,390 | 5,259 | |
Total liabilities | 16,159 | $ 16,393 | |
BaySaver [Member] | |||
Assets | |||
Current assets | 3,121 | ||
Property, plant and equipment, net | 140 | ||
Other noncurrent assets | 12,668 | ||
Total assets | 15,929 | ||
Liabilities | |||
Current liabilities | 1,696 | ||
Total liabilities | $ 1,696 |
Investment in Unconsolidated Af
Investment in Unconsolidated Affiliates - Additional Information (Detail) $ in Thousands | 12 Months Ended | |||
Mar. 31, 2016USD ($)JointVenture | Jul. 31, 2015 | Jul. 17, 2015 | Apr. 07, 2014USD ($) | |
Investments in and Advances to Affiliates [Line Items] | ||||
Number of unconsolidated joint venture participated | JointVenture | 2 | |||
South American Joint Venture [Member] | ||||
Investments in and Advances to Affiliates [Line Items] | ||||
Percentage of ownership in joint ventures | 50.00% | |||
Other assets, impairment charges | $ 4,000 | |||
Tigre-ADS USA [Member] | ||||
Investments in and Advances to Affiliates [Line Items] | ||||
Percentage of ownership in joint ventures | 49.00% | 49.00% | ||
Amount paid for acquiring shares | $ 3,566 | |||
BaySaver [Member] | ||||
Investments in and Advances to Affiliates [Line Items] | ||||
Percentage of ownership in joint ventures | 65.00% | |||
Additionally acquired percentage of ownership in joint ventures | 10.00% | 10.00% |
Investment in Unconsolidated 84
Investment in Unconsolidated Affiliates - Summarized Financial Data of Joint Ventures (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 |
Investments in and Advances to Affiliates [Line Items] | |||
Investment in unconsolidated affiliates | $ 13,188 | $ 25,038 | $ 23,624 |
South American Joint Venture [Member] | |||
Investments in and Advances to Affiliates [Line Items] | |||
Investment in unconsolidated affiliates | 10,256 | 17,081 | |
Receivable from unconsolidated joint venture | 3,201 | 5,607 | |
BaySaver [Member] | |||
Investments in and Advances to Affiliates [Line Items] | |||
Investment in unconsolidated affiliates | 4,906 | ||
Receivable from unconsolidated joint venture | 59 | ||
Tigre-ADS USA [Member] | |||
Investments in and Advances to Affiliates [Line Items] | |||
Investment in unconsolidated affiliates | 2,932 | 3,051 | |
Receivable from unconsolidated joint venture | $ 45 | $ 27 |
Investment in Unconsolidated 85
Investment in Unconsolidated Affiliates - Summarized Financial Data of Joint Ventures (Parenthetical) (Detail) $ in Thousands | Mar. 31, 2015USD ($) |
South American Joint Venture [Member] | |
Investments in and Advances to Affiliates [Line Items] | |
Capital contribution | $ 4,000 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) | 1 Months Ended | 12 Months Ended | ||||
Feb. 28, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | Jun. 30, 2015 | Apr. 30, 2015 | |
Related Party Transaction [Line Items] | ||||||
Outstanding letters of credit | $ 10,952,000 | |||||
Pipe Sales Joint Venture Agreement [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Proceeds from sales | 0 | $ 3,783,000 | $ 6,687,000 | |||
Outstanding receivables from related party | 344,000 | 1,005,000 | ||||
South American Joint Venture [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Maximum borrowings permitted under credit facility | 19,000,000 | |||||
Maximum potential payment under guarantee | 11,000,000 | |||||
Outstanding letters of credit | $ 16,681,000 | 13,600,000 | ||||
Debt, expiration date | Jul. 31, 2017 | |||||
Percentage of debt guarantee | 50.00% | |||||
Sales with related parties | $ 1,207,000 | 902,000 | ||||
Percentage of ownership | 50.00% | |||||
South American Joint Venture [Member] | US Dollar Denominated Loans [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Weighted average interest rate | 3.45% | |||||
South American Joint Venture [Member] | Chilean Peso Denominated Loans [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Weighted average interest rate | 7.41% | |||||
BaySaver [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Percentage of ownership | 65.00% | |||||
Borrowings outstanding | 500,000 | |||||
Distributions received from member | $ 975,000 | $ 1,100,000 | ||||
ADS Mexicana [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Amount loaned to related party | $ 5,000,000 | |||||
Interest rate for the loaned amount | 2.35% | |||||
ADS Mexicana [Member] | Credit Facility Arrangement with Scotia Bank [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Interest rate for the loaned amount | 4.81% | |||||
Amount borrowed under revolving credit facility | $ 3,854,000 | $ 3,000,000 | ||||
Consolidated Entity Excluding Variable Interest Entities (VIE) [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Company's ownership percentage | 51.00% | 51.00% | 51.00% | |||
Cash payments for consulting services related to the operations of the business and a noncompete arrangement | $ 242,000 | $ 459,000 | $ 817,000 | |||
Guarantee percentage on credit facility | 100.00% | |||||
Maximum potential guarantee payments | $ 12,000,000 | |||||
Guarantee description | We are the guarantor of 100% of the ADS Mexicana Revolving Credit Facility |
Debt - Long-Term Debt (Detail)
Debt - Long-Term Debt (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Mar. 31, 2015 |
Debt Instrument [Line Items] | ||
Revolving credit facility | $ 10,952 | |
Total | 351,215 | $ 399,895 |
Total | 351,215 | 399,895 |
Current maturities | (35,870) | (9,580) |
Long-term debt obligation | 315,345 | 390,315 |
ADS [Member] | Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Revolving credit facility | 166,000 | 205,100 |
Term Note [Member] | ||
Debt Instrument [Line Items] | ||
Term Note | 82,500 | 91,250 |
Senior Notes Payable [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes | 100,000 | 100,000 |
Industrial Revenue Bonds [Member] | ||
Debt Instrument [Line Items] | ||
Industrial revenue bonds | $ 2,715 | $ 3,545 |
Debt (Bank Term Loans) - Additi
Debt (Bank Term Loans) - Additional Information (Detail) | 12 Months Ended | ||
Mar. 31, 2016USD ($)Derivative | Mar. 31, 2015USD ($) | Mar. 31, 2014 | |
Debt Instrument [Line Items] | |||
Revolving credit facility interest rate | 2.70% | 2.64% | 2.30% |
Outstanding letters of credit | $ 10,952,000 | ||
Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Line of credit facility expiration date | 2018-06 | ||
Borrowing under line of credit facility | $ 148,048,000 | ||
Revolving Credit Facility [Member] | Interest Rate Swaps [Member] | |||
Debt Instrument [Line Items] | |||
Number of interest rate derivative | Derivative | 2 | ||
Revolving Credit Facility [Member] | Forward Stating Interest Rate Swap [Member] | |||
Debt Instrument [Line Items] | |||
Derivative, type of interest rate paid on swap | 30-Day LIBOR interest rate | ||
Derivative instrument notional amount | $ 50,000,000 | ||
Rate of fixed interest swap | 0.86% | ||
Maturity period of interest rate derivative | 3 years | ||
Revolving Credit Facility [Member] | Forward Second Interest Rate Swap [Member] | |||
Debt Instrument [Line Items] | |||
Derivative instrument notional amount | $ 50,000,000 | ||
Rate of fixed interest swap | 1.08% | ||
Maturity period of interest rate derivative | 2 years | ||
ADS Mexicana [Member] | |||
Debt Instrument [Line Items] | |||
Borrowing under line of credit facility | $ 12,000,000 | ||
ADS Mexicana [Member] | Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Revolving credit facility outstanding | 12,000,000 | ||
ADS [Member] | Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Revolving credit facility outstanding | 325,000,000 | ||
Outstanding letters of credit | 166,000,000 | $ 205,100,000 | |
Term Loan Facility [Member] | Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Revolving credit facility outstanding | $ 100,000,000 | ||
Term loan maturity date | 2018-06 | ||
Frequency of periodic payment | Quarterly | ||
Principal payment due | $ 2,500,000 |
Debt (Senior Notes Payable) - A
Debt (Senior Notes Payable) - Additional Information (Detail) - Senior Notes Payable [Member] - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |
Jul. 31, 2013 | Dec. 31, 2009 | Mar. 31, 2016 | |
Debt Instrument [Line Items] | |||
Quarterly interest payable | 5.60% | ||
Senior notes | $ 75,000 | ||
Principal payment | 25,000 | ||
ADS [Member] | |||
Debt Instrument [Line Items] | |||
Senior Notes | $ 25,000 | $ 100,000 | |
Quarterly interest payable | 4.05% | ||
Principal payment | $ 25,000 | ||
Debt instrument leverage fee | The rate is subject to an additional 200 basis point excess leverage fee if calculated leverage ratio exceeds 3 to 1 at the end of a fiscal quarter. |
Debt (Industrial Revenue Bonds)
Debt (Industrial Revenue Bonds) - Additional Information (Detail) - Industrial Revenue Bonds [Member] $ in Thousands | 12 Months Ended | ||
Mar. 31, 2016USD ($)Facility | Mar. 31, 2015Bonds | Mar. 31, 2011Bonds | |
Debt Instrument [Line Items] | |||
Number of production facilities | Facility | 4 | ||
Letter of Credit [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument fee percentage | 3.75% | ||
Nontaxable Municipal Bonds [Member] | |||
Debt Instrument [Line Items] | |||
Number of bonds retired | Bonds | 1 | 2 | |
Average interest rate | 4.27% | ||
Collateral amount | $ | $ 9,706 |
Debt (ADS Mexicana Scotia Bank
Debt (ADS Mexicana Scotia Bank Revolving Credit Facility ) - Additional Information (Detail) - USD ($) | Dec. 11, 2014 | Mar. 31, 2016 |
Debt Instrument [Line Items] | ||
Outstanding letters of credit | $ 10,952,000 | |
ADS Mexicana [Member] | Scotia Bank Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Line of credit maturity date | Dec. 11, 2017 | |
Current borrowing capacity | $ 5,000,000 | |
Outstanding letters of credit | $ 0 |
Debt (Debt Covenants and Divide
Debt (Debt Covenants and Dividend Restrictions) - Additional Information (Detail) | 12 Months Ended | ||
Mar. 31, 2016USD ($) | Mar. 31, 2015USD ($) | Mar. 31, 2014USD ($) | |
Debt Instrument [Line Items] | |||
Maximum capital distributions | $ 16,240,000 | $ 7,869,000 | $ 115,058,000 |
Debt Covenants [Member] | Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Maximum capital distributions | $ 50,000,000 | ||
Leverage ratio | 4 | ||
Debt Covenants [Member] | Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Leverage ratio, minimum | 3 | ||
Fixed charge coverage ratio | 125.00% |
Debt - Maturities of Long-term
Debt - Maturities of Long-term Debt (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Mar. 31, 2015 |
Debt Disclosure [Abstract] | ||
2,017 | $ 35,870 | |
2,018 | 35,905 | |
2,019 | 254,440 | |
2,020 | 25,000 | |
2,021 | 0 | |
Thereafter | 0 | |
Total | $ 351,215 | $ 399,895 |
Debt (Fiscal Year 2016 Amendmen
Debt (Fiscal Year 2016 Amendments and Consents Related to the Bank Loans and Senior Notes) - Additional Information (Detail) | Mar. 31, 2016$ / shares |
Debt Disclosure [Abstract] | |
Cash dividends declared per share | $ 0.0195 |
Debt (Subsequent Event Related
Debt (Subsequent Event Related to the Bank Term Loans and Senior Notes) - Additional Information (Detail) - $ / shares | Sep. 30, 2016 | Jul. 31, 2016 | Jun. 30, 2016 | Mar. 31, 2016 |
Debt Instrument [Line Items] | ||||
Cash dividends declared per share | $ 0.0195 | |||
Subsequent Event [Member] | ||||
Debt Instrument [Line Items] | ||||
Cash dividends declared per share | $ 0.06 | $ 0.06 | ||
Common Stock [Member] | Subsequent Event [Member] | ||||
Debt Instrument [Line Items] | ||||
Cash dividends declared per share | $ 0.06 | |||
Preferred Stock [Member] | Subsequent Event [Member] | ||||
Debt Instrument [Line Items] | ||||
Cash dividends declared per share | $ 0.0195 |
Derivative Transactions - Summa
Derivative Transactions - Summary of Fair Values for Various Derivatives (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Mar. 31, 2015 |
Interest Rate Swaps [Member] | Other Accrued Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
(Liability) | $ (252) | $ (150) |
Interest Rate Swaps [Member] | Other Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
(Liability) | (615) | |
Foreign Exchange Forward Contracts [Member] | Receivables [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset | 28 | |
Diesel Fuel Option Collars and Swaps [Member] | Other Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset | 11 | |
Diesel Fuel Option Collars and Swaps [Member] | Other Accrued Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
(Liability) | (2,609) | (1,883) |
Diesel Fuel Option Collars and Swaps [Member] | Other Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
(Liability) | (6) | (958) |
Propylene Swaps [Member] | Other Accrued Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
(Liability) | $ (8,027) | (4,412) |
Propylene Swaps [Member] | Other Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
(Liability) | $ (730) |
Derivative Transactions - Sched
Derivative Transactions - Schedule of Cash Settlements and Losses and (Gains) on Mark-to-Market Adjustments for Changes in Fair Value of Derivative Contracts (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Derivatives, Fair Value [Line Items] | |||
Total derivative unrealized fair value gains and losses | $ 2,163 | $ 7,746 | $ (53) |
Total realized gains and losses on derivatives | 14,734 | 7,705 | (84) |
Total realized and unrealized losses (gains) included in Derivative losses (gains) and other expense (income), net | 16,897 | 15,451 | (137) |
Interest Rate Swaps [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Total derivative unrealized fair value gains and losses | (513) | (236) | (81) |
Foreign Exchange Forward Contracts [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Total derivative unrealized fair value gains and losses | 28 | (28) | |
Total realized gains and losses on derivatives | (150) | 5,636 | |
Diesel Fuel Option Collars [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Total derivative unrealized fair value gains and losses | (237) | 2,841 | 55 |
Total realized gains and losses on derivatives | 3,142 | 736 | |
Propylene Swaps [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Total derivative unrealized fair value gains and losses | 2,885 | 5,169 | (27) |
Total realized gains and losses on derivatives | $ 11,742 | $ 1,333 | $ (84) |
Derivative Transactions - Sch98
Derivative Transactions - Schedule of Cash Settlements and Losses and (Gains) on Mark-to-Market Adjustments for Changes in Fair Value of Derivative Contracts (Parenthetical) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Derivatives, Fair Value [Line Items] | |||
Derivative losses (gains) and other expense (income), net | $ (16,575) | $ (14,370) | $ 1,177 |
Derivatives Contracts [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative losses (gains) and other expense (income), net | $ (322) | $ (1,081) | $ (1,040) |
Commitments and Contingencies (
Commitments and Contingencies (Purchase Commitments) - Additional Information (Detail) - Inventory [Member] | 12 Months Ended |
Mar. 31, 2016USD ($) | |
Purchase Commitment, Excluding Long-term Commitment [Line Items] | |
Total purchase commitment | $ 18,715,000 |
Purchase contracts period range, start | 1 month |
Purchase contracts period range, end | 12 months |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Detail) - USD ($) $ / shares in Units, shares in Thousands | Jan. 06, 2014 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 |
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | |||||||||||||||
Dividend per share declared | $ 0.050 | $ 0.050 | $ 0.050 | $ 0.050 | $ 0.040 | $ 0.040 | $ 0 | $ 0 | $ 0.029 | $ 0.029 | $ 0.029 | $ 0.20 | $ 0.08 | $ 1.68 | |
Compensation expense related to allocation of ESOP shares | $ 10,250,000 | $ 12,144,000 | $ 7,891,000 | ||||||||||||
ESOP directed to the Plan trustee | $ 2,531,000 | $ 824,000 | $ 2,531,000 | $ 824,000 | |||||||||||
Redeemable Convertible Preferred Stock [Member] | |||||||||||||||
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | |||||||||||||||
Employee stock ownership plan number of shares approved by the board of directors to the plan | 542 | 737 | 542 | 737 | |||||||||||
Employee stock ownership plan allocated as shares | 7,831 | 7,914 | 7,831 | 7,914 | |||||||||||
Special Dividend [Member] | |||||||||||||||
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | |||||||||||||||
Dividend per share declared | $ 1.59 | ||||||||||||||
Dividend, total amount | $ 108,101,000 | ||||||||||||||
Compensation expense related to allocation of ESOP shares | 22,624,000 | ||||||||||||||
Special Dividend [Member] | Cost of Goods Sold [Member] | |||||||||||||||
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | |||||||||||||||
Compensation expense related to allocation of ESOP shares | 13,896,000 | ||||||||||||||
Special Dividend [Member] | Selling Expenses [Member] | |||||||||||||||
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | |||||||||||||||
Compensation expense related to allocation of ESOP shares | 4,550,000 | ||||||||||||||
Special Dividend [Member] | General and Administrative Expense [Member] | |||||||||||||||
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | |||||||||||||||
Compensation expense related to allocation of ESOP shares | 4,178,000 | ||||||||||||||
Dividend Declared [Member] | Redeemable Convertible Preferred Stock [Member] | |||||||||||||||
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | |||||||||||||||
Employee stock ownership plan allocated as shares | 8 | 6 | 8 | 6 | |||||||||||
Profit-Sharing Plan [Member] | |||||||||||||||
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | |||||||||||||||
Contribution to the profit sharing plan | $ 0 | $ 0 | $ 0 | ||||||||||||
Employee Stock Ownership Plan E S O P Plan [Member] | |||||||||||||||
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | |||||||||||||||
Employee stock ownership plan participation description | Employees of ADS who have reached the age of 18 are generally eligible to participate in the Plan on March 31 after six months of service. | ||||||||||||||
Employee stock ownership plan stock ownership description | Upon attainment of age 50 and seven years of participation in the Plan, a participant may elect to diversify specified percentages of the number of shares of ADS stock credited to the participant's ESOP stock account in compliance with applicable law. | ||||||||||||||
Employee Stock Ownership Plan E S O P Plan [Member] | ADS [Member] | |||||||||||||||
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | |||||||||||||||
Debt instrument, term | 30 years |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||
Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | Sep. 30, 2016 | Jun. 30, 2016 | |
Class of Stock [Line Items] | |||||||||||||||||
Common stock dividend per share | $ 0.050 | $ 0.050 | $ 0.050 | $ 0.050 | $ 0.040 | $ 0.040 | $ 0 | $ 0 | $ 0.029 | $ 0.029 | $ 0.029 | $ 0.20 | $ 0.08 | $ 1.68 | |||
Total Cash Dividends Paid on Common Stock | $ 10,815 | $ 4,270 | $ 80,102 | ||||||||||||||
Purchase of common stock | 0 | 80,000 | |||||||||||||||
Price per share purchased | $ 13.64 | ||||||||||||||||
Price of shares purchased subsequent to IPO | $ 17.21 | $ 17.21 | |||||||||||||||
Cash dividend declared | $ 0.0195 | $ 0.0195 | |||||||||||||||
First Quarter [Member] | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Dividend payable date | Jun. 30, 2016 | ||||||||||||||||
Dividend payable, date of record | Jun. 16, 2016 | ||||||||||||||||
Second Quarter [Member] | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Dividend payable date | Sep. 15, 2016 | ||||||||||||||||
Dividend payable, date of record | Sep. 1, 2016 | ||||||||||||||||
Subsequent Event [Member] | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Cash dividend declared | $ 0.06 | $ 0.06 |
Mezzanine Equity (Redeemable Co
Mezzanine Equity (Redeemable Common Stock) - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2014 | |
Temporary Equity [Line Items] | ||
Percentage of minority equity owners | 15.00% | |
Redeemable Common Stock [Member] | ||
Temporary Equity [Line Items] | ||
Classified in permanent equity as a result of the IPO | $ 10,101 | |
IPO [Member] | ||
Temporary Equity [Line Items] | ||
Major share holders equity securities amount | $ 50,000 |
Mezzanine Equity (Redeemable103
Mezzanine Equity (Redeemable Convertible Preferred Stock) - Additional Information (Detail) - Redeemable Convertible Preferred Stock [Member] - $ / shares | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Temporary Equity [Line Items] | ||||||
Preferred stock conversion basis | Convertible at a rate of 0.7692 shares of common stock for each share of Redeemable convertible preferred stock. | |||||
Redeemable convertible preferred stock, per share | $ 0.781 | |||||
Preferred stock, issue price, per share | $ 0.781 | |||||
Preferred stock, number of shares issuable upon conversion | 0.7692 | |||||
Preferred stock, dividend rate, percentage | 2.50% | 2.50% | 2.50% | |||
Annual dividend record date | Mar. 15, 2016 | Mar. 15, 2015 | Mar. 15, 2014 | |||
Dividend per share | $ 0.0221 | $ 0.0221 | $ 0.0221 | |||
Dividend to be paid | Mar. 31, 2017 |
Mezzanine Equity - Schedule of
Mezzanine Equity - Schedule of Dividends Allocation (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Dividends Payable [Line Items] | ||
Required dividend per share | $ 0.0195 | |
Redeemable Convertible Preferred Stock [Member] | ||
Dividends Payable [Line Items] | ||
Total cash dividends | $ 1,293 | $ 534 |
Total cash dividends | 1,293 | 534 |
Total ESOP required dividends | $ 153 | $ 154 |
Allocated shares | 7,831 | 7,914 |
Required dividend per share | $ 0.0195 | $ 0.0195 |
Redeemable Convertible Preferred Stock [Member] | Quarterly Cash Dividends [Member] | ||
Dividends Payable [Line Items] | ||
Total cash dividends | $ 1,272 | $ 507 |
Total cash dividends | 1,272 | 507 |
Redeemable Convertible Preferred Stock [Member] | Annual Cash Dividends [Member] | ||
Dividends Payable [Line Items] | ||
Total cash dividends | 21 | 27 |
Dividend | 132 | 127 |
Total cash dividends | $ 21 | $ 27 |
Mezzanine Equity (Redeemable No
Mezzanine Equity (Redeemable Noncontrolling Interest in Subsidiaries ) - Additional Information (Detail) - BaySaver [Member] | Jul. 31, 2015 | Jul. 17, 2015 |
Temporary Equity [Line Items] | ||
Additionally acquired percentage of ownership in joint ventures | 10.00% | 10.00% |
Percentage of voting interests acquired | 65.00% |
Stock-Based Compensation - (Def
Stock-Based Compensation - (Deferred Compensation - Unearned ESOP Shares) - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Average fair value of shares allocated under ESOP, per share | $ 19.20 | $ 16.61 | $ 10.90 |
Compensation expense related to allocation of ESOP shares | $ 10,250 | $ 12,144 | $ 7,891 |
Redeemable Convertible Preferred Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Fair value of shares allocated under ESOP, per share | $ 16.35 | $ 22.05 | $ 11.16 |
Stock-Based Compensation (Stock
Stock-Based Compensation (Stock Options) - Additional Information (Detail) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Mar. 31, 2016USD ($)Installmentshares | Mar. 31, 2016USD ($)Installmentshares | Mar. 31, 2015USD ($) | Mar. 31, 2014USD ($) | May 31, 2014shares | Aug. 31, 2013shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock-based compensation expense | $ 61 | |||||
Stock-based awards, unrecognized compensation expense | $ 1,648 | 1,648 | $ 3,269 | |||
Liability Classified Awards [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock-based awards, unrecognized compensation expense | 152 | 152 | 0 | |||
Equity Classified Awards [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock-based awards, unrecognized compensation expense | $ 1,496 | $ 1,496 | 3,269 | |||
2013 Stock Option Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock-based awards, number of shares authorized for grant | shares | 1,412,000 | |||||
Stock based awards, shares available for grant | shares | 1,412,000 | 1,412,000 | ||||
2013 Stock Option Plan [Member] | Employee Stock Options [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock-based awards, number of shares authorized for grant | shares | 3,323,000 | |||||
2013 Stock Option Plan [Member] | Employee Stock Options [Member] | Management [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock awards, expiration period | 10 years | |||||
Stock awards, number of annual installments for vesting | Installment | 5 | |||||
2013 Stock Option Plan [Member] | Employee Stock Options [Member] | Chief Executive Officer [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock awards, expiration period | 10 years | |||||
Stock-based awards, vesting period | 4 years | |||||
2000 Stock Option Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock based awards, shares available for grant | shares | 1,123,000 | 1,123,000 | ||||
2000 Stock Option Plan [Member] | Employee Stock Options [Member] | Management [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock awards, expiration period | 10 years | |||||
Stock awards, number of annual installments for vesting | Installment | 3 | |||||
2000 and 2013 Stock Option Plan [Member] | Employee Stock Options [Member] | General and Administrative Expense [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock-based compensation expense | $ 1,808 | $ 4,418 | $ 2,669 |
Stock-Based Compensation - Sche
Stock-Based Compensation - Schedule of Estimate Fair Value of Stock Options Granted (Detail) - Employee Stock Options [Member] | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected stock price volatility | 37.50% | 40.00% | 44.00% |
Risk-free interest rate | 2.00% | 2.10% | 2.30% |
Dividend yield | 0.76% | 0.86% | 0.84% |
Weighted Average [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted-average expected option life (years) | 6 years 6 months | 8 years | 8 years |
Stock-Based Compensation - S109
Stock-Based Compensation - Schedule of Stock Option Activity (Detail) - $ / shares shares in Thousands | 12 Months Ended | |||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |
2000 Stock Option Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of Shares, Outstanding, Beginning Balance | 746 | 913 | 1,333 | |
Number of Shares, Issued | 78 | 25 | ||
Number of Shares, Exercised | (215) | (235) | (427) | |
Number of Shares, Forfeited | (16) | (10) | (18) | |
Number of Shares, Outstanding, Ending Balance | 515 | 746 | 913 | 1,333 |
Number of Shares, Vested at end of year | 439 | 668 | 485 | |
Number of Shares, Unvested at end of year | 76 | 78 | 428 | |
Number of Shares, Vested and expected to vest at end of year | 440 | 640 | 800 | |
Weighted Average Exercise Price, Outstanding, Beginning Balance | $ 10.75 | $ 9.48 | $ 8.10 | |
Weighted Average Exercise Price, Issued | 15.74 | 13.64 | ||
Weighted Average Exercise Price, Exercised | 8.31 | 7.50 | 5.19 | |
Weighted Average Exercise Price, Forfeited | 8.81 | 10.48 | 10.77 | |
Weighted Average Exercise Price, Outstanding, Ending Balance | 11.82 | 10.75 | 9.48 | $ 8.10 |
Weighted Average Exercise Price, Vested at end of period | 11.14 | 10.16 | 8.01 | |
Weighted Average Exercise Price, Unvested at end of year | 15.74 | 15.74 | 11.14 | |
Weighted Average Exercise Price, Vested and expected to vest at end of year | $ 11.82 | 10.73 | 9.36 | |
Weighted Average Exercise Price, Fair value of options granted during the year | $ 6.76 | $ 6.38 | ||
Weighted Average Remaining Contractual Term, Outstanding | 4 years 2 months 12 days | 4 years 1 month 6 days | 4 years 1 month 6 days | 4 years |
Weighted Average Remaining Contractual Term, Vested at end of year | 3 years 6 months | 3 years 6 months | 2 years 2 months 12 days | |
Weighted Average Remaining Contractual Term, Unvested at end of year | 8 years 4 months 24 days | 9 years 4 months 24 days | 6 years 3 months 18 days | |
Weighted Average Remaining Contractual Term, Vested and expected to vest at end of year | 4 years 8 months 12 days | 7 years 7 months 6 days | 5 years 2 months 12 days | |
Weighted Average Remaining Contractual Term, Outstanding | 4 years 2 months 12 days | 4 years 1 month 6 days | 4 years 1 month 6 days | 4 years |
2013 Stock Option Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of Shares, Outstanding, Beginning Balance | 1,911 | 1,911 | ||
Number of Shares, Forfeited | (47) | |||
Number of Shares, Outstanding, Ending Balance | 1,911 | 1,911 | 1,911 | |
Number of Shares, Vested at end of year | 816 | 408 | ||
Number of Shares, Unvested at end of year | 1,095 | 1,503 | 1,911 | |
Number of Shares, Vested and expected to vest at end of year | 1,702 | 1,702 | 1,704 | |
Weighted Average Exercise Price, Outstanding, Beginning Balance | $ 13.64 | $ 13.64 | ||
Number of Shares, Fair value of options granted during the year | 0 | 0 | $ 0 | |
Weighted Average Exercise Price, Forfeited | 13.64 | |||
Weighted Average Exercise Price, Outstanding, Ending Balance | 13.64 | 13.64 | 13.64 | |
Weighted Average Exercise Price, Vested at end of period | 13.64 | 13.64 | ||
Weighted Average Exercise Price, Unvested at end of year | 13.64 | 13.64 | 13.64 | |
Weighted Average Exercise Price, Vested and expected to vest at end of year | $ 13.64 | $ 13.64 | 13.64 | |
Weighted Average Exercise Price, Fair value of options granted during the year | $ 6.22 | |||
Weighted Average Remaining Contractual Term, Outstanding | 7 years 5 months 1 day | 8 years 5 months 1 day | 9 years 5 months 1 day | 0 years |
Weighted Average Remaining Contractual Term, Vested at end of year | 7 years 5 months 1 day | 8 years 5 months 1 day | 0 years | |
Weighted Average Remaining Contractual Term, Unvested at end of year | 7 years 5 months 1 day | 8 years 5 months 1 day | 9 years 5 months 1 day | |
Weighted Average Remaining Contractual Term, Vested and expected to vest at end of year | 7 years 5 months 1 day | 8 years 5 months 1 day | 9 years 5 months 1 day | |
Weighted Average Remaining Contractual Term, Outstanding | 7 years 5 months 1 day | 8 years 5 months 1 day | 9 years 5 months 1 day | 0 years |
2013 Stock Option Plan [Member] | Equity Classified [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of Shares, Issued | 1,440 | |||
Weighted Average Exercise Price, Issued | $ 13.64 | |||
2013 Stock Option Plan [Member] | Liability Classified [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of Shares, Issued | 518 | |||
Weighted Average Exercise Price, Issued | $ 13.64 |
Stock-Based Compensation - S110
Stock-Based Compensation - Schedule of Stock Option Activity (Parenthetical) (Detail) | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
2000 Stock Option Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percentage of forfeiture rate on option granted | 15.00% | 15.00% | 15.00% |
2013 Stock Option Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percentage of forfeiture rate on option granted | 15.00% | 15.00% | 15.00% |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Unvested Stock Option Grants (Detail) - $ / shares | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
2000 Stock Option Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Shares, Unvested at beginning of year | 78,000 | 428,000 | |
Number of Shares, Granted | 78,000 | 25,000 | |
Number of Shares, Vested | (428,000) | ||
Number of Shares, Forfeitures | (2,000) | ||
Number of Shares, Unvested at end of year | 76,000 | 78,000 | 428,000 |
Weighted Average Grant Date Fair Value, Unvested at beginning of year | $ 6.76 | $ 5.82 | |
Weighted Average Grant Date Fair Value, Granted | 6.76 | $ 6.38 | |
Weighted Average Grant Date Fair Value, Vested | 5.82 | ||
Weighted Average Grant Date Fair Value, Forfeitures | 6.76 | ||
Weighted Average Grant Date Fair Value, Unvested at end of year | $ 6.76 | $ 6.76 | $ 5.82 |
2013 Stock Option Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Shares, Unvested at beginning of year | 1,503,000 | 1,911,000 | |
Number of Shares, Vested | (408,000) | (408,000) | |
Number of Shares, Unvested at end of year | 1,095,000 | 1,503,000 | 1,911,000 |
Weighted Average Grant Date Fair Value, Unvested at beginning of year | $ 6.22 | $ 6.22 | |
Weighted Average Grant Date Fair Value, Granted | $ 6.22 | ||
Weighted Average Grant Date Fair Value, Vested | 6.22 | 6.22 | |
Weighted Average Grant Date Fair Value, Unvested at end of year | $ 6.22 | $ 6.22 | $ 6.22 |
Non Employee Director Compensation Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Shares, Granted | 0 | 48,000 | |
Number of Shares, Vested | (48,000) | ||
Weighted Average Grant Date Fair Value, Granted | $ 18.88 | ||
Weighted Average Grant Date Fair Value, Vested | $ 18.88 |
Stock-Based Compensation (Restr
Stock-Based Compensation (Restricted Stock) - Additional Information (Detail) - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation expense | $ 61 | ||
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based awards, vesting period | 5 years | ||
Share-based compensation expense | $ 1,771 | $ 562 | $ 1,849 |
Stock based awards, shares available for grant | 336 | ||
Unrecognized compensation expense | $ 816 | $ 2,301 | |
Unrecognized compensation cost, weighted average service period for recognition | 1 year 7 months 6 days | 2 years 2 months 12 days | |
Restricted Stock [Member] | Vesting Immediately [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation expense | $ 0 | $ 0 | $ 385 |
Stock-Based Compensation - S113
Stock-Based Compensation - Summary of Unvested Restricted Stock Grants (Detail) - Restricted Stock [Member] - $ / shares shares in Thousands | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Shares, Unvested at beginning of year | 183 | 311 | 273 |
Number of Shares, Granted | 155 | ||
Number of Shares, Vested | (69) | (126) | (104) |
Number of Shares, Forfeited | (2) | (2) | (13) |
Number of Shares, Unvested at end of year | 112 | 183 | 311 |
Weighted Average Grant Date Fair Value, Unvested at beginning of year | $ 12.65 | $ 12.40 | $ 11.63 |
Weighted Average Grant Date Fair Value, Granted | 13.64 | ||
Weighted Average Grant Date Fair Value, Vested | 12.20 | 12.01 | 11.78 |
Weighted Average Grant Date Fair Value, Forfeited | 12.12 | 11.98 | 12.12 |
Weighted Average Grant Date Fair Value, Unvested at end of year | $ 12.97 | $ 12.65 | $ 12.40 |
Stock-Based Compensation (Award
Stock-Based Compensation (Awards to Be Issued) - Additional Information (Detail) $ in Thousands | 12 Months Ended |
Mar. 31, 2016USD ($) | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Restricted stock and options with a fair value at the date of issuance | $ 487 |
Stock-based compensation expense | $ 61 |
Stock-Based Compensation (Non-E
Stock-Based Compensation (Non-Employee Director Compensation) - Additional Information (Detail) | Sep. 06, 2014Directors$ / sharesshares | Mar. 31, 2016USD ($)shares | Mar. 31, 2015USD ($)shares | Jun. 18, 2014shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | $ | $ 61,000 | |||
Non Employee Director Compensation Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based awards, number of shares authorized for grant | 282,000 | |||
Stock-based awards, vesting period from the date of issuance | 1 year | |||
Number of Shares, Granted | 48,000 | |||
Number of directors to whom shares were granted | Directors | 7 | |||
Fair market value of the granted shares | $ / shares | $ 18.88 | |||
Vesting date | Feb. 27, 2015 | |||
Stock-based compensation expense | $ | $ 0 | $ 900,000 | ||
Shares available for grant | 234,000 | 234,000 | ||
Unrecognized compensation expense | $ | $ 0 | $ 0 | ||
Number of Shares, Granted | 0 | 48,000 |
Income Taxes - Income Before In
Income Taxes - Income Before Income Tax (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||
United States | $ 35,418 | $ 15,325 | $ 20,977 |
Foreign | 14,140 | 9,304 | 12,856 |
Income before income taxes | $ 49,558 | $ 24,629 | $ 33,833 |
Income Taxes - Schedule of Inco
Income Taxes - Schedule of Income Tax Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Current: | |||
Federal | $ 6,861 | $ 20,461 | $ 21,774 |
State and local | 2,184 | 3,656 | 3,857 |
Foreign | 3,791 | 831 | 1,126 |
Total current tax expense | 12,836 | 24,948 | 26,757 |
Deferred: | |||
Federal | 7,720 | (13,407) | (5,469) |
State and local | 1,057 | (2,160) | (2,765) |
Foreign | (758) | 102 | 899 |
Total deferred tax expense (benefit) | 8,019 | (15,465) | (7,335) |
Total Income tax expense | $ 20,855 | $ 9,483 | $ 19,422 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Effective Tax Rate and Statutory Federal Income Tax Rate (Detail) | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||
Federal statutory rate | 35.00% | 35.00% | 35.00% |
Redeemable convertible preferred stock dividend | (0.90%) | (0.80%) | (10.40%) |
ESOP stock appreciation | 6.90% | 16.50% | 7.60% |
ESOP compensation for Special Dividend on unallocated shares | 23.40% | ||
Effect of tax rate of foreign subsidiaries | 1.00% | (1.90%) | (2.80%) |
State and local taxes-net of federal income tax benefit | 4.70% | 4.50% | 0.90% |
Uncertain tax position change | (4.40%) | (7.10%) | 6.20% |
Qualified production activity credit | (1.20%) | (7.60%) | (5.20%) |
Cumulative adjustments to deferred taxes | (1.90%) | (0.60%) | |
Other | 1.00% | 1.80% | 3.30% |
Effective rate | 42.10% | 38.50% | 57.40% |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |
Income Tax Disclosure [Abstract] | ||||
ESOP compensation for Special Dividend on unallocated shares | 23.40% | |||
ESOP stock appreciation | 6.90% | 16.50% | 7.60% | |
Increase in effective tax rate | 3.60% | |||
Undistributed earnings of foreign subsidiaries | $ 30,228 | |||
Unrecognized tax benefit that would decrease income tax expense | 7,998 | $ 10,452 | $ 12,855 | $ 10,668 |
Decrease in unrecognized tax benefit related to income tax expense | 7,998 | |||
Accrued interest and penalties related to unrecognized tax benefits | $ 2,689 | $ 460 |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets and Deferred Tax Liabilities (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Mar. 31, 2015 |
Deferred tax assets: | ||
State income taxes | $ 2,052 | $ 1,683 |
ESOP loan repayment | 1,390 | 1,421 |
Receivable and other allowances | 2,150 | 2,534 |
Derivatives | 4,397 | 3,533 |
Inventory | 1,433 | 11,271 |
Non-Qualified stock options | 3,506 | 2,855 |
Accrued rebates | 1,378 | 1,378 |
Worker's compensation | 1,390 | 667 |
Contingent consideration | 533 | 247 |
Purchase card accrual | 232 | 232 |
Foreign NOL's | 1,507 | 1,504 |
Other | 2,259 | 1,039 |
Total deferred tax assets | 22,227 | 28,364 |
Less: valuation allowance | (1,507) | (1,504) |
Total net deferred tax assets | 20,720 | 26,860 |
Deferred tax liabilities: | ||
Intangible assets | 8,882 | 10,983 |
Property, plant and equipment | 52,115 | 51,440 |
Leases | 6,059 | 4,035 |
Capitalized software costs | 2,935 | 3,159 |
Goodwill | 3,643 | 2,735 |
Other | 1,867 | 1,487 |
Total deferred tax liabilities | 75,501 | 73,839 |
Net deferred tax liability | $ 54,781 | $ 46,979 |
Income Taxes - Net Deferred Tax
Income Taxes - Net Deferred Tax Assets (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Mar. 31, 2015 |
Income Tax Disclosure [Abstract] | ||
Net current deferred tax assets | $ 8,902 | $ 17,617 |
Net non-current deferred tax liabilities | $ 63,683 | $ 64,596 |
Income Taxes - Unrecognized Tax
Income Taxes - Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||
Balance as beginning of year | $ 10,452 | $ 12,855 | $ 10,668 |
Tax positions taken in current year | 917 | 2,954 | |
Decreases in tax positions for prior years | (599) | (672) | (47) |
Increases in tax positions for prior years | 358 | 336 | 825 |
Settlements | 0 | 0 | 0 |
Lapse of statute of limitations | (3,130) | (2,067) | (1,545) |
Balance at end of year | $ 7,998 | $ 10,452 | $ 12,855 |
Net Income (Loss) Per Share - S
Net Income (Loss) Per Share - Summary of Net Income (Loss) Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
NET INCOME (LOSS) PER SHARE - BASIC: | |||||||||||
Net income attributable to ADS | $ (15,091) | $ 8,632 | $ 12,589 | $ 11,824 | $ (14,317) | $ (3,295) | $ 17,250 | $ 9,042 | $ 17,954 | $ 8,680 | $ 7,732 |
Change in fair value of Redeemable convertible preferred stock | (11,054) | (3,979) | |||||||||
Accretion of Redeemable noncontrolling interest in subsidiaries | (932) | ||||||||||
Dividends paid to Redeemable convertible preferred stockholders | (1,425) | (661) | (10,139) | ||||||||
Dividends paid to unvested restricted stockholders | (24) | (11) | (418) | ||||||||
Net income (loss) available to common stockholders and participating securities | 15,573 | (3,046) | (6,804) | ||||||||
Undistributed income allocated to participating securities | (511) | ||||||||||
Net income (loss) available to common stockholders - Basic | $ 15,062 | $ (3,046) | $ (6,804) | ||||||||
Weighted average number of common shares outstanding - Basic | 53,978 | 51,344 | 47,277 | ||||||||
Net income (loss) per common share - Basic | $ (0.29) | $ 0.14 | $ 0.20 | $ 0.20 | $ (0.27) | $ (0.07) | $ 0.42 | $ (0.20) | $ 0.28 | $ (0.06) | $ (0.14) |
NET INCOME (LOSS) PER SHARE - DILUTED: | |||||||||||
Net income (loss) available to common stockholders - Diluted | $ 15,062 | $ (3,046) | $ (6,804) | ||||||||
Weighted average number of common shares outstanding - Basic | 53,978 | 51,344 | 47,277 | ||||||||
Assumed exercise of stock options | 1,074 | ||||||||||
Weighted average number of common shares outstanding - Diluted | 55,052 | 51,344 | 47,277 | ||||||||
Net income (loss) per common share - Diluted | $ (0.29) | $ 0.13 | $ 0.20 | $ 0.19 | $ (0.27) | $ (0.07) | $ 0.42 | $ (0.20) | $ 0.27 | $ (0.06) | $ (0.14) |
Potentially dilutive securities excluded as anti-dilutive | 6,383 | 4,454 | 535 |
Business Segment Information -
Business Segment Information - Additional Information (Detail) | 12 Months Ended |
Mar. 31, 2016Segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 2 |
Number of operating segments | 2 |
Business Segment Information125
Business Segment Information - Schedule of Revenue from Reportable Segments by Product Type (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Segment Reporting Information [Line Items] | |||||||||||
Total Net sales | $ 245,398 | $ 312,827 | $ 383,329 | $ 349,124 | $ 207,054 | $ 279,871 | $ 366,714 | $ 326,434 | $ 1,290,678 | $ 1,180,073 | $ 1,067,780 |
Domestic [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total Net sales | 1,113,796 | 1,027,933 | 935,292 | ||||||||
Domestic [Member] | Pipe [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total Net sales | 812,071 | 771,214 | 700,270 | ||||||||
Domestic [Member] | Allied Products [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total Net sales | 301,725 | 256,719 | 235,022 | ||||||||
International Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total Net sales | 176,882 | 152,140 | 132,488 | ||||||||
International Segment [Member] | Pipe [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total Net sales | 139,731 | 125,407 | 107,078 | ||||||||
International Segment [Member] | Allied Products [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total Net sales | $ 37,151 | $ 26,733 | $ 25,410 |
Business Segment Information126
Business Segment Information - Schedule of Additional Financial Information Attributable to Reportable Segments (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Segment Reporting Information [Line Items] | |||||||||||
Gross profit | $ 49,404 | $ 74,642 | $ 86,529 | $ 74,477 | $ 24,684 | $ 49,387 | $ 70,437 | $ 61,705 | $ 285,052 | $ 206,213 | $ 192,548 |
Segment Adjusted EBITDA | 187,340 | 143,877 | 151,333 | ||||||||
Interest expense | 18,460 | 19,368 | 18,807 | ||||||||
Income tax expense | 20,855 | 9,483 | 19,422 | ||||||||
Depreciation and amortization | 71,009 | 65,472 | 63,674 | ||||||||
Equity in net (loss) income of unconsolidated affiliates | (5,234) | (2,335) | (3,086) | ||||||||
Capital expenditures | 44,942 | 32,080 | 40,933 | ||||||||
Investments in unconsolidated affiliates | 13,188 | 25,038 | 13,188 | 25,038 | 23,624 | ||||||
Total identifiable assets | 1,037,648 | 1,034,685 | 1,037,648 | 1,034,685 | 982,487 | ||||||
Intersegment Eliminations [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total identifiable assets | (59,784) | (69,192) | (59,784) | (69,192) | (13,308) | ||||||
Domestic [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Gross profit | 249,517 | 180,570 | 164,693 | ||||||||
Segment Adjusted EBITDA | 162,875 | 128,973 | 132,504 | ||||||||
Interest expense | 17,908 | 19,308 | 18,659 | ||||||||
Income tax expense | 17,822 | 8,550 | 17,397 | ||||||||
Depreciation and amortization | 62,625 | 59,397 | 57,834 | ||||||||
Equity in net (loss) income of unconsolidated affiliates | 181 | 289 | 417 | ||||||||
Capital expenditures | 37,242 | 29,345 | 37,095 | ||||||||
Investments in unconsolidated affiliates | 2,932 | 7,957 | 2,932 | 7,957 | 5,202 | ||||||
Domestic [Member] | Operating Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total identifiable assets | 949,618 | 935,557 | 949,618 | 935,557 | 882,681 | ||||||
International Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Gross profit | 35,535 | 25,643 | 27,855 | ||||||||
Segment Adjusted EBITDA | 24,465 | 14,904 | 18,829 | ||||||||
Interest expense | 552 | 60 | 148 | ||||||||
Income tax expense | 3,033 | 933 | 2,025 | ||||||||
Depreciation and amortization | 8,384 | 6,075 | 5,840 | ||||||||
Equity in net (loss) income of unconsolidated affiliates | (5,415) | (2,624) | (3,503) | ||||||||
Capital expenditures | 7,700 | 2,735 | 3,838 | ||||||||
Investments in unconsolidated affiliates | 10,256 | 17,081 | 10,256 | 17,081 | 18,422 | ||||||
International Segment [Member] | Operating Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total identifiable assets | $ 147,814 | $ 168,320 | $ 147,814 | $ 168,320 | $ 113,114 |
Business Segment Information127
Business Segment Information - Schedule of Reconciliation of Segment Adjusted EBITDA to Net Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||
Net income attributable to ADS | $ (15,091) | $ 8,632 | $ 12,589 | $ 11,824 | $ (14,317) | $ (3,295) | $ 17,250 | $ 9,042 | $ 17,954 | $ 8,680 | $ 7,732 |
Interest expense | 18,460 | 19,368 | 18,807 | ||||||||
Income tax expense | 20,855 | 9,483 | 19,422 | ||||||||
Derivative fair value adjustments | 2,163 | 7,746 | (53) | ||||||||
Loss (gain) on sale of business or disposal of assets | 812 | 362 | (2,863) | ||||||||
Stock-based compensation | 61 | ||||||||||
ESOP deferred stock-based compensation | 10,250 | 12,144 | 7,891 | ||||||||
Domestic [Member] | |||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||
Net income attributable to ADS | 17,777 | 7,064 | 3,997 | ||||||||
Depreciation and amortization | 62,625 | 59,397 | 57,834 | ||||||||
Interest expense | 17,908 | 19,308 | 18,659 | ||||||||
Income tax expense | 17,822 | 8,550 | 17,397 | ||||||||
Segment EBITDA | 116,132 | 94,319 | 97,887 | ||||||||
Derivative fair value adjustments | 2,139 | 7,774 | (53) | ||||||||
Foreign currency transaction losses (gains) | 5,636 | ||||||||||
Loss (gain) on sale of business or disposal of assets | 892 | 257 | (2,817) | ||||||||
Unconsolidated affiliates interest, taxes, depreciation and amortization | 1,052 | 1,341 | 156 | ||||||||
Special Dividend compensation | 22,624 | ||||||||||
Contingent consideration remeasurement | 371 | 174 | 738 | ||||||||
Stock-based compensation | 3,579 | 5,880 | 4,518 | ||||||||
ESOP deferred stock-based compensation | 10,250 | 12,144 | 7,891 | ||||||||
Loss related to BaySaver step acquisition | 490 | ||||||||||
Restatement costs | 27,970 | ||||||||||
Transaction costs | 1,448 | 1,560 | |||||||||
Segment Adjusted EBITDA | 162,875 | 128,973 | 132,504 | ||||||||
International Segment [Member] | |||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||
Net income attributable to ADS | 5,692 | 5,747 | 7,328 | ||||||||
Depreciation and amortization | 8,384 | 6,075 | 5,840 | ||||||||
Interest expense | 552 | 60 | 148 | ||||||||
Income tax expense | 3,033 | 933 | 2,025 | ||||||||
Segment EBITDA | 17,661 | 12,815 | 15,341 | ||||||||
Derivative fair value adjustments | 24 | (28) | |||||||||
Foreign currency transaction losses (gains) | 697 | (232) | 845 | ||||||||
Loss (gain) on sale of business or disposal of assets | (80) | 105 | (46) | ||||||||
Unconsolidated affiliates interest, taxes, depreciation and amortization | 2,163 | 2,244 | 2,689 | ||||||||
Impairment on investment in unconsolidated affiliate | 4,000 | ||||||||||
Segment Adjusted EBITDA | $ 24,465 | $ 14,904 | $ 18,829 |
Business Segment Information128
Business Segment Information - Schedule of Reconciliation of Segment Adjusted EBITDA to Net Income (Parenthetical) (Detail) $ in Thousands | 12 Months Ended |
Mar. 31, 2016USD ($) | |
South American Joint Venture [Member] | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |
Asset impairment charges | $ 1,022 |
Business Segment Information129
Business Segment Information - Net Sales and Long-Lived Asset by Geographic Location (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | $ 245,398 | $ 312,827 | $ 383,329 | $ 349,124 | $ 207,054 | $ 279,871 | $ 366,714 | $ 326,434 | $ 1,290,678 | $ 1,180,073 | $ 1,067,780 |
Long-lived Assets | 405,972 | 402,959 | 405,972 | 402,959 | |||||||
North America [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 1,274,700 | 1,161,909 | 1,046,595 | ||||||||
Long-lived Assets | 395,716 | 385,878 | 395,716 | 385,878 | |||||||
Other Countries [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 15,978 | 18,164 | $ 21,185 | ||||||||
Long-lived Assets | $ 10,256 | $ 17,081 | $ 10,256 | $ 17,081 |
Supplemental Disclosures of 130
Supplemental Disclosures of Cash Flow Information - Increase (Decrease) in Cash Due to Changes Working Capital (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Supplemental Cash Flow Elements [Abstract] | |||
Receivables | $ (37,788) | $ (10,351) | $ (5,876) |
Inventories | 28,330 | (7,663) | (37,595) |
Prepaid expenses and other current assets | 646 | 1,953 | (3,298) |
Accounts payable, accrued expenses, and other liabilities | 10,186 | (998) | 10,767 |
Total | $ 1,374 | $ (17,059) | $ (36,002) |
Supplemental Disclosures of 131
Supplemental Disclosures of Cash Flow Information - Supplemental Disclosures Cash Flow Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Other Significant Noncash Transactions [Line Items] | |||
Interest | $ 18,352 | $ 18,709 | $ 17,267 |
Income taxes | 32,175 | 28,503 | 23,701 |
Redeemable convertible preferred stock dividend | 132 | 127 | 118 |
Redemption of common stock to exercise stock options | 93 | 1,187 | |
Receivable recorded to exercise stock options | 76 | ||
Purchases of plant, property, and equipment included in accounts payable | 1,165 | 124 | 682 |
ESOP distributions in common stock | 10,250 | 6,133 | |
Inventory contributed for Investment in unconsolidated affiliate | 230,466 | 260,550 | |
Assets acquired and obligation incurred under capital lease | 34,207 | 24,047 | 24,902 |
Lease obligation retired upon disposition of leased assets | 134 | 779 | 3,708 |
Reclassification of liability classified stock options upon initial public offering | 1,522 | ||
Reclassification of deferred public offering cost asset upon initial public offering | 456 | ||
Miscellaneous [Member] | |||
Other Significant Noncash Transactions [Line Items] | |||
Receivable recorded for sale of businesses | $ 150 | $ 600 | 1,241 |
Investments in Majority-owned Subsidiaries [Member] | |||
Other Significant Noncash Transactions [Line Items] | |||
Inventory contributed for Investment in unconsolidated affiliate | $ 1,285 |
Revision of Prior Period Fin132
Revision of Prior Period Financial Statements - Schedule of Consolidated Statements of Operations (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||
Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||||
Net sales | $ 245,398 | $ 312,827 | $ 383,329 | $ 349,124 | $ 207,054 | $ 279,871 | $ 366,714 | $ 326,434 | $ 1,290,678 | $ 1,180,073 | $ 1,067,780 | |||
Costs of goods sold | 1,005,626 | 973,860 | 875,232 | |||||||||||
Gross profit | 49,404 | 74,642 | 86,529 | 74,477 | 24,684 | 49,387 | 70,437 | 61,705 | 285,052 | 206,213 | 192,548 | |||
Income from operations | 84,593 | 58,367 | 51,463 | |||||||||||
Income before income taxes | 49,558 | 24,629 | 33,833 | |||||||||||
Income tax expense | 20,855 | 9,483 | 19,422 | |||||||||||
Net income | (14,057) | 8,443 | 16,171 | 12,912 | (14,586) | (1,923) | 19,403 | 9,917 | 23,469 | 12,811 | 11,325 | |||
Net income attributable to ADS | $ (15,091) | $ 8,632 | $ 12,589 | $ 11,824 | $ (14,317) | $ (3,295) | $ 17,250 | $ 9,042 | 17,954 | 8,680 | 7,732 | |||
Net loss available to common stockholders | $ 15,573 | $ (3,046) | $ (6,804) | |||||||||||
Weighted average common shares outstanding: | ||||||||||||||
Basic | 53,978 | 51,344 | 47,277 | |||||||||||
Diluted | 55,052 | 51,344 | 47,277 | |||||||||||
Net income (loss) per share available to common stockholders: | ||||||||||||||
Basic | $ (0.29) | $ 0.14 | $ 0.20 | $ 0.20 | $ (0.27) | $ (0.07) | $ 0.42 | $ (0.20) | $ 0.28 | $ (0.06) | $ (0.14) | |||
Diluted | (0.29) | 0.13 | 0.20 | 0.19 | (0.27) | (0.07) | 0.42 | (0.20) | 0.27 | (0.06) | (0.14) | |||
Cash dividends declared per share | $ 0.050 | $ 0.050 | $ 0.050 | $ 0.050 | $ 0.040 | $ 0.040 | $ 0 | $ 0 | $ 0.029 | $ 0.029 | $ 0.029 | $ 0.20 | $ 0.08 | $ 1.68 |
As Reported [Member] | ||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||||
Net sales | $ 312,827 | $ 383,329 | $ 349,124 | $ 207,054 | $ 279,871 | $ 366,714 | $ 326,434 | $ 1,180,073 | $ 1,067,780 | |||||
Costs of goods sold | 973,960 | 873,810 | ||||||||||||
Gross profit | 73,323 | 83,735 | 72,586 | 26,314 | 49,178 | 69,763 | 60,858 | 206,113 | 193,970 | |||||
Income from operations | 58,267 | 52,885 | ||||||||||||
Income before income taxes | 24,529 | 35,255 | ||||||||||||
Income tax expense | 9,443 | 19,949 | ||||||||||||
Net income | 7,787 | 14,481 | 11,798 | (13,734) | (1,953) | 18,997 | 9,441 | 12,751 | 12,220 | |||||
Net income attributable to ADS | $ 7,976 | $ 10,899 | $ 10,710 | $ (13,465) | $ (3,325) | $ 16,844 | $ 8,566 | 8,620 | 8,627 | |||||
Net loss available to common stockholders | $ (3,106) | $ (5,909) | ||||||||||||
Weighted average common shares outstanding: | ||||||||||||||
Basic | 51,344 | 47,277 | ||||||||||||
Diluted | 51,344 | 47,277 | ||||||||||||
Net income (loss) per share available to common stockholders: | ||||||||||||||
Basic | $ 0.13 | $ 0.18 | $ 0.18 | $ (0.26) | $ (0.07) | $ 0.41 | $ (0.21) | $ (0.06) | $ (0.12) | |||||
Diluted | $ 0.12 | $ 0.17 | $ 0.18 | $ (0.26) | $ (0.07) | $ 0.41 | $ (0.21) | (0.06) | (0.12) | |||||
Cash dividends declared per share | $ 0.08 | $ 1.68 |
Revision of Prior Period Fin133
Revision of Prior Period Financial Statements - Schedule of Consolidated Balance Sheet (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||
Inventories | $ 230,466 | $ 260,550 | |
Deferred income taxes and other current assets | 12,859 | 22,504 | |
Total current assets | 436,763 | 440,971 | |
Property, plant and equipment, net | 391,744 | 375,813 | |
Total assets | 1,037,648 | 1,034,685 | $ 982,487 |
Accrued income taxes | 1,822 | 6,052 | |
Total current liabilities | 241,628 | 197,605 | |
Deferred tax liabilities | 63,683 | 64,596 | |
Other liabilities | 30,803 | 28,558 | |
Total liabilities | 708,268 | 726,577 | |
Retained deficit | (63,396) | (69,110) | |
Total ADS stockholders' equity (deficit) | 202,600 | 183,674 | |
Total stockholders' equity (deficit) | 217,633 | 200,087 | |
Total liabilities, mezzanine equity and stockholders' equity (deficit) | $ 1,037,648 | 1,034,685 | |
As Reported [Member] | |||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||
Inventories | 269,842 | ||
Deferred income taxes and other current assets | 18,972 | ||
Total current assets | 446,731 | ||
Property, plant and equipment, net | 377,067 | ||
Total assets | 1,041,699 | ||
Accrued income taxes | 6,041 | ||
Total current liabilities | 197,594 | ||
Deferred tax liabilities | 65,088 | ||
Other liabilities | 28,602 | ||
Total liabilities | 727,102 | ||
Retained deficit | (62,621) | ||
Total ADS stockholders' equity (deficit) | 190,163 | ||
Total stockholders' equity (deficit) | 206,576 | ||
Total liabilities, mezzanine equity and stockholders' equity (deficit) | $ 1,041,699 |
Revision of Prior Period Fin134
Revision of Prior Period Financial Statements - Additional Information (Detail) - Restatement Adjustment [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Apr. 01, 2013 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||
Change in net income | $ 60 | $ (895) | |
Change in stockholders' equity (deficit) and mezzanine equity | $ 60 | $ (895) | |
Retained earnings | $ 5,654 |
Quarterly Financial Informat135
Quarterly Financial Information - Summary of Quarterly Financial Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Quarterly Financial Information [Line Items] | |||||||||||
Net sales | $ 245,398 | $ 312,827 | $ 383,329 | $ 349,124 | $ 207,054 | $ 279,871 | $ 366,714 | $ 326,434 | $ 1,290,678 | $ 1,180,073 | $ 1,067,780 |
Gross profit | 49,404 | 74,642 | 86,529 | 74,477 | 24,684 | 49,387 | 70,437 | 61,705 | 285,052 | 206,213 | 192,548 |
Net (loss) income | (14,057) | 8,443 | 16,171 | 12,912 | (14,586) | (1,923) | 19,403 | 9,917 | 23,469 | 12,811 | 11,325 |
Net (loss) income attributable to ADS | $ (15,091) | $ 8,632 | $ 12,589 | $ 11,824 | $ (14,317) | $ (3,295) | $ 17,250 | $ 9,042 | $ 17,954 | $ 8,680 | $ 7,732 |
Net (loss) income per share | |||||||||||
Basic | $ (0.29) | $ 0.14 | $ 0.20 | $ 0.20 | $ (0.27) | $ (0.07) | $ 0.42 | $ (0.20) | $ 0.28 | $ (0.06) | $ (0.14) |
Diluted | $ (0.29) | $ 0.13 | $ 0.20 | $ 0.19 | $ (0.27) | $ (0.07) | $ 0.42 | $ (0.20) | $ 0.27 | $ (0.06) | $ (0.14) |
As Reported [Member] | |||||||||||
Quarterly Financial Information [Line Items] | |||||||||||
Net sales | $ 312,827 | $ 383,329 | $ 349,124 | $ 207,054 | $ 279,871 | $ 366,714 | $ 326,434 | $ 1,180,073 | $ 1,067,780 | ||
Gross profit | 73,323 | 83,735 | 72,586 | 26,314 | 49,178 | 69,763 | 60,858 | 206,113 | 193,970 | ||
Net (loss) income | 7,787 | 14,481 | 11,798 | (13,734) | (1,953) | 18,997 | 9,441 | 12,751 | 12,220 | ||
Net (loss) income attributable to ADS | $ 7,976 | $ 10,899 | $ 10,710 | $ (13,465) | $ (3,325) | $ 16,844 | $ 8,566 | $ 8,620 | $ 8,627 | ||
Net (loss) income per share | |||||||||||
Basic | $ 0.13 | $ 0.18 | $ 0.18 | $ (0.26) | $ (0.07) | $ 0.41 | $ (0.21) | $ (0.06) | $ (0.12) | ||
Diluted | $ 0.12 | $ 0.17 | $ 0.18 | $ (0.26) | $ (0.07) | $ 0.41 | $ (0.21) | $ (0.06) | $ (0.12) |
Schedule II - Consolidated V136
Schedule II - Consolidated Valuation and Qualifying Accounts (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Valuation and Qualifying Accounts [Abstract] | |||
Balance at beginning of period | $ 5,423 | $ 4,490 | $ 6,145 |
Charged to costs and expenses | 3,542 | 1,914 | (71) |
Charged to other accounts | (81) | (291) | (67) |
Deductions | (928) | (690) | (1,517) |
Balance at end of period | $ 7,956 | $ 5,423 | $ 4,490 |