Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Sep. 30, 2020 | Oct. 29, 2020 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2020 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 | |
Entity Registrant Name | ADVANCED DRAINAGE SYSTEMS, INC. | |
Entity Central Index Key | 0001604028 | |
Current Fiscal Year End Date | --03-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 70,476,774 | |
Entity Shell Company | false | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity File Number | 001-36557 | |
Entity Tax Identification Number | 51-0105665 | |
Entity Address, Address Line One | 4640 Trueman Boulevard | |
Entity Address, City or Town | Hilliard | |
Entity Address, State or Province | OH | |
Entity Address, Postal Zip Code | 43026 | |
City Area Code | 614 | |
Local Phone Number | 658-0050 | |
Entity Incorporation, State or Country Code | DE | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Title of each class | Common Stock, $0.01 par value per share | |
Trading Symbol(s) | WMS | |
Name of each exchange on which registered | NYSE |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2020 | Mar. 31, 2020 |
Current assets: | ||
Cash | $ 203,883 | $ 174,233 |
Receivables (less allowance for doubtful accounts of $6,114 and $5,035, respectively) | 260,180 | 200,028 |
Inventories | 223,268 | 282,398 |
Other current assets | 13,248 | 9,552 |
Total current assets | 700,579 | 666,211 |
Property, plant and equipment, net | 481,947 | 481,380 |
Other assets: | ||
Goodwill | 598,416 | 597,819 |
Intangible assets, net | 519,660 | 555,338 |
Other assets | 72,770 | 69,140 |
Total assets | 2,373,372 | 2,369,888 |
Current liabilities: | ||
Current maturities of debt obligations | 7,000 | 7,955 |
Current maturities of finance lease obligations | 19,319 | 20,382 |
Accounts payable | 114,030 | 106,710 |
Other accrued liabilities | 119,084 | 101,116 |
Accrued income taxes | 23,058 | 2,050 |
Total current liabilities | 282,491 | 238,213 |
Long-term debt obligations (less unamortized debt issuance costs of $2,222 and $2,419, respectively) | 885,528 | 1,089,368 |
Long-term finance lease obligations | 37,016 | 44,501 |
Deferred tax liabilities | 172,183 | 175,616 |
Other liabilities | 40,551 | 37,608 |
Total liabilities | 1,417,769 | 1,585,306 |
Commitments and contingencies (see Note 12) | ||
Mezzanine equity: | ||
Redeemable convertible preferred stock: $0.01 par value; 47,070 shares authorized; 44,170 shares issued; 21,030 and 21,562 shares outstanding, respectively | 262,872 | 269,529 |
Deferred compensation – unearned ESOP shares | (16,779) | (22,432) |
Total mezzanine equity | 246,093 | 247,097 |
Stockholders’ equity: | ||
Common stock; $0.01 par value: 1,000,000 shares authorized; 71,002 and 69,810 shares issued, respectively; 70,502 and 69,319 shares outstanding, respectively | 11,562 | 11,555 |
Paid-in capital | 859,254 | 827,573 |
Common stock in treasury, at cost | (10,859) | (10,461) |
Accumulated other comprehensive loss | (30,426) | (35,325) |
Retained deficit | (133,011) | (267,619) |
Total ADS stockholders’ equity | 696,520 | 525,723 |
Noncontrolling interest in subsidiaries | 12,990 | 11,762 |
Total stockholders’ equity | 709,510 | 537,485 |
Total liabilities, mezzanine equity and stockholders’ equity | $ 2,373,372 | $ 2,369,888 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2020 | Mar. 31, 2020 |
Allowance for doubtful accounts | $ 6,114 | $ 5,035 |
Unamortized debt issuance costs | $ 2,222 | $ 2,419 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 1,000,000,000 | 1,000,000,000 |
Common stock, shares issued | 71,002,000 | 69,810,000 |
Common stock, shares outstanding | 70,502,000 | 69,319,000 |
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 | 21,030,000 | 21,562,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Net sales | $ 544,187 | $ 495,905 | $ 1,052,826 | $ 909,613 |
Cost of goods sold | 338,330 | 349,381 | 658,466 | 656,637 |
Cost of goods sold - ESOP special dividend compensation | 168,610 | |||
Gross profit | 205,857 | 146,524 | 394,360 | 84,366 |
Operating expenses: | ||||
Selling | 30,586 | 29,971 | 58,746 | 56,336 |
General and administrative | 35,115 | 48,030 | 68,731 | 79,463 |
Loss on disposal of assets and costs from exit and disposal activities | 627 | 2,004 | 2,274 | 2,711 |
Intangible amortization | 17,955 | 9,300 | 35,937 | 10,842 |
Income (loss) from operations | 121,574 | 57,219 | 228,672 | (143,128) |
Other expense: | ||||
Interest expense | 9,360 | 52,332 | 19,330 | 57,596 |
Derivative gains (loss) and other income (expense), net | (151) | 175 | (718) | 79 |
Income (loss) before income taxes | 112,365 | 4,712 | 210,060 | (200,803) |
Income tax expense (benefit) | 31,827 | (3,547) | 59,027 | 18,823 |
Equity in net income of unconsolidated affiliates | (67) | (203) | (240) | (637) |
Net income (loss) | 80,605 | 8,462 | 151,273 | (218,989) |
Less: net income (loss) attributable to noncontrolling interest | 369 | 873 | 571 | (222) |
Net income (loss) attributable to ADS | $ 80,236 | $ 7,589 | $ 150,702 | $ (218,767) |
Weighted average common shares outstanding: | ||||
Basic | 69,843 | 60,222 | 69,612 | 58,906 |
Diluted | 70,755 | 60,876 | 70,459 | 58,906 |
Net income (loss) per share: | ||||
Basic | $ 0.95 | $ 0.10 | $ 1.78 | $ (3.86) |
Diluted | $ 0.93 | $ 0.10 | $ 1.76 | $ (3.86) |
ESOP special dividend compensation [Member] | ||||
Operating expenses: | ||||
Selling, general and administrative - ESOP special dividend compensation | $ 78,142 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net income (loss) | $ 80,605 | $ 8,462 | $ 151,273 | $ (218,989) |
Currency translation gain (loss) | 2,406 | (2,310) | 5,556 | (746) |
Comprehensive income (loss) | 83,011 | 6,152 | 156,829 | (219,735) |
Less: other comprehensive income (loss) attributable to noncontrolling interest | 338 | (353) | 657 | (186) |
Less: net income (loss) attributable to noncontrolling interest | 369 | 873 | 571 | (222) |
Total comprehensive income (loss) attributable to ADS | $ 82,304 | $ 5,632 | $ 155,601 | $ (219,327) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Cash Flows from Operating Activities | ||
Net income (loss) | $ 151,273 | $ (218,989) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Depreciation and amortization | 71,559 | 43,260 |
Deferred income taxes | (3,446) | 1,127 |
Loss on disposal of assets and costs from exit and disposal activities | 2,274 | 2,711 |
ESOP and stock-based compensation | 27,088 | 16,082 |
ESOP special dividend compensation | 246,752 | |
Amortization of deferred financing charges | 197 | 34,285 |
Inventory step up related to Infiltrator Water Technologies acquisition | 5,773 | |
Fair market value adjustments to derivatives | (1,455) | 996 |
Equity in net income of unconsolidated affiliates | (240) | (637) |
Other operating activities | (236) | (3,635) |
Changes in working capital: | ||
Receivables | (60,106) | (44,883) |
Inventories | 60,663 | 57,316 |
Prepaid expenses and other current assets | (3,666) | (2,917) |
Accounts payable, accrued expenses, and other liabilities | 42,263 | 34,470 |
Net cash provided by operating activities | 286,168 | 171,711 |
Cash Flows from Investing Activities | ||
Capital expenditures | (28,959) | (25,622) |
Acquisition of Infiltrator Water Technologies, net of cash acquired | (1,088,617) | |
Other investing activities | 455 | (116) |
Net cash used in investing activities | (28,504) | (1,114,355) |
Cash Flows from Financing Activities | ||
Proceeds from Term Loan Facility | 1,300,000 | |
Payments on Term Loan Facility | (1,300,000) | |
Proceeds from syndication of Term Loan Facility | 700,000 | |
Payments on syndicated Term Loan Facility | (103,500) | |
Proceeds from Senior Notes | 350,000 | |
Proceeds from Credit Agreement | 177,900 | |
Payments on Credit Agreement | (100,000) | (177,900) |
Debt issuance costs | (34,606) | |
Payments on Prudential Senior Notes | (100,000) | |
Payments on finance lease obligations | (10,677) | (12,375) |
Proceeds from common stock offering, net of offering costs | 293,648 | |
Cash dividends paid | (15,402) | (76,324) |
Proceeds from exercise of stock options | 3,275 | 2,430 |
Other financing activities | (1,489) | (236) |
Net cash (used in) provided by financing activities | (227,793) | 988,137 |
Effect of exchange rate changes on cash | (221) | (177) |
Net change in cash | 29,650 | 45,316 |
Cash at beginning of period | 174,233 | 8,891 |
Cash at end of period | 203,883 | 54,207 |
SUPPLEMENTAL CASH FLOW INFORMATION | ||
Cash paid for income taxes | 39,213 | 7,199 |
Cash paid for interest | 20,923 | 17,771 |
Non-cash operating, investing and financing activities: | ||
Acquisition of property, plant and equipment under finance lease and incurred lease obligations | 2,719 | 1,469 |
Balance in accounts payable for the acquisition of property, plant and equipment | $ 4,100 | 3,669 |
PNC Credit Agreement [Member] | ||
Cash Flows from Financing Activities | ||
Proceeds from Credit Agreement | 253,900 | |
Payments on Credit Agreement | $ (388,300) |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Cumulative Effect, Period of Adoption, Adjustment [Member] | Common Stock [Member] | Paid-In Capital [Member] | Common Stock in Treasury [Member] | Accumulated Other Comprehensive Loss [Member] | Retained (Deficit) Earnings [Member] | Retained (Deficit) Earnings [Member]Cumulative Effect, Period of Adoption, Adjustment [Member] | Total ADS Stockholders' Equity [Member] | Total ADS Stockholders' Equity [Member]Cumulative Effect, Period of Adoption, Adjustment [Member] | Non-controlling Interest in Subsidiaries [Member] |
Beginning Balance, Value at Mar. 31, 2019 | $ 398,313 | $ 11,436 | $ 391,039 | $ (9,863) | $ (25,867) | $ 17,582 | $ 384,327 | $ 13,986 | |||
Beginning Balance, Shares at Mar. 31, 2019 | 57,964 | 474 | |||||||||
Net income (loss) | (218,989) | (218,767) | (218,767) | (222) | |||||||
Other comprehensive income | (746) | (560) | (560) | (186) | |||||||
Redeemable convertible preferred stock dividends | (8,195) | (8,195) | (8,195) | ||||||||
Common stock dividends | (68,345) | (68,345) | (68,345) | ||||||||
Allocation of ESOP shares to participants for compensation | 4,882 | 4,882 | 4,882 | ||||||||
'ESOP special dividend compensation | 101,189 | 101,189 | 101,189 | ||||||||
Exercise of common stock options | 2,225 | $ 2 | 2,430 | $ (207) | 2,225 | ||||||
Exercise of common stock options, Shares | 168 | 7 | |||||||||
Restricted stock awards | (91) | $ 1 | $ (92) | (91) | |||||||
Restricted stock awards, Shares | 88 | 3 | |||||||||
Stock-based compensation expense | 5,012 | 5,012 | 5,012 | ||||||||
ESOP distribution in common stock | 2,853 | $ 2 | 2,851 | 2,853 | |||||||
ESOP distribution in common stock, Shares | 176 | ||||||||||
Common Stock Offering | 293,648 | $ 104 | 293,544 | 293,648 | |||||||
Common Stock Offering, Shares | 10,350 | ||||||||||
Ending Balance, Value at Sep. 30, 2019 | 511,756 | $ 11,545 | 800,947 | $ (10,162) | (26,427) | (277,725) | 498,178 | 13,578 | |||
Ending Balance, Shares at Sep. 30, 2019 | 68,746 | 484 | |||||||||
Beginning Balance, Value at Jun. 30, 2019 | 212,184 | $ 11,439 | 501,046 | $ (10,162) | (24,470) | (278,727) | 199,126 | 13,058 | |||
Beginning Balance, Shares at Jun. 30, 2019 | 58,283 | 484 | |||||||||
Net income (loss) | 8,462 | 7,589 | 7,589 | 873 | |||||||
Other comprehensive income | (2,310) | (1,957) | (1,957) | (353) | |||||||
Redeemable convertible preferred stock dividends | (1,349) | (1,349) | (1,349) | ||||||||
Common stock dividends | (5,238) | (5,238) | (5,238) | ||||||||
Allocation of ESOP shares to participants for compensation | 2,392 | 2,392 | 2,392 | ||||||||
Exercise of common stock options | 764 | $ 1 | 763 | 764 | |||||||
Exercise of common stock options, Shares | 54 | ||||||||||
Restricted stock awards | 1 | $ 1 | 1 | ||||||||
Restricted stock awards, Shares | 57 | ||||||||||
Stock-based compensation expense | 3,171 | 3,171 | 3,171 | ||||||||
ESOP distribution in common stock | 31 | 31 | 31 | ||||||||
ESOP distribution in common stock, Shares | 2 | ||||||||||
Common Stock Offering | 293,648 | $ 104 | 293,544 | 293,648 | |||||||
Common Stock Offering, Shares | 10,350 | ||||||||||
Ending Balance, Value at Sep. 30, 2019 | 511,756 | $ 11,545 | 800,947 | $ (10,162) | (26,427) | (277,725) | 498,178 | 13,578 | |||
Ending Balance, Shares at Sep. 30, 2019 | 68,746 | 484 | |||||||||
Beginning Balance, Value at Mar. 31, 2020 | $ 537,485 | $ (779) | $ 11,555 | 827,573 | $ (10,461) | (35,325) | (267,619) | $ (779) | 525,723 | $ (779) | 11,762 |
Beginning Balance, Shares at Mar. 31, 2020 | 69,810 | 491 | |||||||||
Accounting Standards Update [Extensible List] | us-gaap:AccountingStandardsUpdate201613Member | ||||||||||
Net income (loss) | $ 151,273 | 150,702 | 150,702 | 571 | |||||||
Other comprehensive income | 5,556 | 4,899 | 4,899 | 657 | |||||||
Redeemable convertible preferred stock dividends | (2,695) | (2,695) | (2,695) | ||||||||
Common stock dividends | (12,620) | (12,620) | (12,620) | ||||||||
Allocation of ESOP shares to participants for compensation | 10,340 | 10,340 | 10,340 | ||||||||
Exercise of common stock options | 3,277 | $ 2 | 3,275 | 3,277 | |||||||
Exercise of common stock options, Shares | 152 | ||||||||||
Restricted stock awards | (397) | $ 1 | $ (398) | (397) | |||||||
Restricted stock awards, Shares | 130 | 9 | |||||||||
Stock-based compensation expense | 11,095 | 11,095 | 11,095 | ||||||||
ESOP distribution in common stock | 6,657 | $ 4 | 6,653 | 6,657 | |||||||
ESOP distribution in common stock, Shares | 410 | ||||||||||
Other | 318 | 318 | 318 | ||||||||
Ending Balance, Value at Sep. 30, 2020 | 709,510 | $ 11,562 | 859,254 | $ (10,859) | (30,426) | (133,011) | 696,520 | 12,990 | |||
Ending Balance, Shares at Sep. 30, 2020 | 70,502 | 500 | |||||||||
Beginning Balance, Value at Jun. 30, 2020 | 614,589 | $ 11,557 | 839,765 | $ (10,853) | (32,494) | (205,669) | 602,306 | 12,283 | |||
Beginning Balance, Shares at Jun. 30, 2020 | 69,973 | 500 | |||||||||
Net income (loss) | 80,605 | 80,236 | 80,236 | 369 | |||||||
Other comprehensive income | 2,406 | 2,068 | 2,068 | 338 | |||||||
Redeemable convertible preferred stock dividends | (1,329) | (1,329) | (1,329) | ||||||||
Common stock dividends | (6,249) | (6,249) | (6,249) | ||||||||
Allocation of ESOP shares to participants for compensation | 6,304 | 6,304 | 6,304 | ||||||||
Exercise of common stock options | 1,037 | $ 1 | 1,036 | 1,037 | |||||||
Exercise of common stock options, Shares | 59 | ||||||||||
Restricted stock awards | (6) | $ (6) | (6) | ||||||||
Restricted stock awards, Shares | 60 | ||||||||||
Stock-based compensation expense | 5,496 | 5,496 | 5,496 | ||||||||
ESOP distribution in common stock | 6,657 | $ 4 | 6,653 | 6,657 | |||||||
ESOP distribution in common stock, Shares | 410 | ||||||||||
Ending Balance, Value at Sep. 30, 2020 | $ 709,510 | $ 11,562 | $ 859,254 | $ (10,859) | $ (30,426) | $ (133,011) | $ 696,520 | $ 12,990 | |||
Ending Balance, Shares at Sep. 30, 2020 | 70,502 | 500 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Mezzanine Equity - USD ($) shares in Thousands, $ in Thousands | Total | Redeemable Convertible Preferred Stock [Member] | Deferred Compensation - Unearned ESOP Shares [Member] | Total Mezzanine Equity [Member] |
Beginning Balance, Value at Mar. 31, 2019 | $ 282,638 | $ (180,316) | $ 102,322 | |
Beginning Balance, Shares at Mar. 31, 2019 | 22,611 | 14,452 | ||
Other comprehensive income | $ (746) | |||
Redeemable convertible preferred stock dividends | (8,195) | |||
Common stock dividends | (68,345) | |||
Allocation of ESOP shares to participants for compensation | 4,882 | $ 6,188 | 6,188 | |
Allocation of ESOP shares to participants for Compensation, Shares | (495) | |||
'ESOP special dividend compensation | $ 145,563 | 145,563 | ||
ESOP special dividend compensation, Shares | (11,645) | |||
Exercise of common stock options | 2,225 | |||
Restricted stock awards | (91) | |||
Stock-based compensation expense | 5,012 | |||
ESOP distribution in common stock | $ (2,853) | (2,853) | ||
ESOP distribution in common stock, Shares | (228) | |||
Ending Balance, Value at Sep. 30, 2019 | $ 279,785 | $ (28,565) | 251,220 | |
Ending Balance, Shares at Sep. 30, 2019 | 22,383 | 2,312 | ||
Beginning Balance, Value at Jun. 30, 2019 | $ 279,816 | $ (31,659) | 248,157 | |
Beginning Balance, Shares at Jun. 30, 2019 | 22,385 | 2,559 | ||
Other comprehensive income | (2,310) | |||
Redeemable convertible preferred stock dividends | (1,349) | |||
Common stock dividends | (5,238) | |||
Allocation of ESOP shares to participants for compensation | 2,392 | $ 3,094 | 3,094 | |
Allocation of ESOP shares to participants for Compensation, Shares | (247) | |||
Exercise of common stock options | 764 | |||
Restricted stock awards | 1 | |||
Stock-based compensation expense | 3,171 | |||
ESOP distribution in common stock | $ (31) | (31) | ||
ESOP distribution in common stock, Shares | (2) | |||
Ending Balance, Value at Sep. 30, 2019 | $ 279,785 | $ (28,565) | 251,220 | |
Ending Balance, Shares at Sep. 30, 2019 | 22,383 | 2,312 | ||
Retained deficit | (267,619) | |||
Beginning Balance, Value at Mar. 31, 2020 | 247,097 | $ 269,529 | $ (22,432) | 247,097 |
Beginning Balance, Shares at Mar. 31, 2020 | 21,562 | 1,850 | ||
Other comprehensive income | 5,556 | |||
Redeemable convertible preferred stock dividends | (2,695) | |||
Common stock dividends | (12,620) | |||
Allocation of ESOP shares to participants for compensation | 10,340 | $ 5,653 | 5,653 | |
Allocation of ESOP shares to participants for Compensation, Shares | (452) | |||
Exercise of common stock options | 3,277 | |||
Restricted stock awards | (397) | |||
Stock-based compensation expense | 11,095 | |||
ESOP distribution in common stock | $ (6,657) | (6,657) | ||
ESOP distribution in common stock, Shares | (532) | |||
Other | 318 | |||
Ending Balance, Value at Sep. 30, 2020 | 246,093 | $ 262,872 | $ (16,779) | 246,093 |
Ending Balance, Shares at Sep. 30, 2020 | 21,030 | 1,398 | ||
Beginning Balance, Value at Jun. 30, 2020 | $ 269,529 | $ (19,605) | 249,924 | |
Beginning Balance, Shares at Jun. 30, 2020 | 21,562 | 1,624 | ||
Other comprehensive income | 2,406 | |||
Redeemable convertible preferred stock dividends | (1,329) | |||
Common stock dividends | (6,249) | |||
Allocation of ESOP shares to participants for compensation | 6,304 | $ 2,826 | 2,826 | |
Allocation of ESOP shares to participants for Compensation, Shares | (226) | |||
Exercise of common stock options | 1,037 | |||
Restricted stock awards | (6) | |||
Stock-based compensation expense | 5,496 | |||
ESOP distribution in common stock | $ (6,657) | (6,657) | ||
ESOP distribution in common stock, Shares | (532) | |||
Ending Balance, Value at Sep. 30, 2020 | 246,093 | $ 262,872 | $ (16,779) | $ 246,093 |
Ending Balance, Shares at Sep. 30, 2020 | 21,030 | 1,398 | ||
Retained deficit | $ (133,011) |
Condensed Consolidated Statem_6
Condensed Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Statement Of Stockholders Equity [Abstract] | ||||
Common stock dividends per share | $ 0.09 | $ 0.09 | $ 0.18 | $ 1.18 |
Background and Summary of Signi
Background and Summary of Significant Accounting Policies | 6 Months Ended |
Sep. 30, 2020 | |
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” or the “Company”), incorporated in Delaware, designs, manufactures and markets innovative water management solutions in the stormwater and on-site septic waste water industries, providing superior drainage solutions for use in the construction and agriculture marketplace. ADS’s products are used across a broad range of end markets and applications, including non-residential, infrastructure and agriculture applications. On July 31, 2019, the Company completed the Acquisition of Infiltrator Water Technologies. Infiltrator Water Technologies is a leading national provider of plastic leach field chambers and systems, septic tanks and accessories, primarily for use in residential applications. Infiltrator Water Technologies’ products are used in on-site septic wastewater treatment systems in the United States and Canada. See “Note 3. Acquisitions” for additional information on the Acquisition. The Company is managed and reports results of operations in three reportable segments: Pipe, Infiltrator Water Technologies and International. The Company also reports the results of its Allied Products and all other business segments as Allied Products and Other. Historically, sales of the Company’s products have been higher in the first and second quarters of each fiscal year due to favorable weather and longer daylight conditions accelerating construction activity during these periods. Seasonal variations in operating results may also be impacted by inclement weather conditions, such as cold or wet weather, which can delay projects. Basis of Presentation - The Company prepares its Condensed Consolidated Financial Statements in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The Condensed Consolidated Balance Sheet as of March 31, 2020 was derived from audited financial statements included in the Annual Report on Form 10-K for the year ended March 31, 2020 (“Fiscal 2020 Form 10-K”). The accompanying unaudited Condensed Consolidated Financial Statements contain all adjustments, of a normal recurring nature, necessary to present fairly its financial position as of September 30, 2020 and the results of operations for the three and six months ended September 30, 2020 and cash flows for the six months ended September 30, 2020. The interim Condensed Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements, including the notes thereto, filed in the Company’s Fiscal 2020 Form 10-K. Principles of Consolidation - The Condensed Consolidated Financial Statements include the Company, its wholly-owned subsidiaries, its majority-owned subsidiaries and variable interest entities (“VIEs”) of which the Company is the primary beneficiary. The Company uses the equity method of accounting for equity investments where it exercises significant influence but does not hold a controlling financial interest. Such investments are recorded in Other assets in the Condensed Consolidated Balance Sheets and the related equity earnings from these investments are included in Equity in net income of unconsolidated affiliates in the Condensed Consolidated Statements of Operations. All intercompany balances and transactions have been eliminated in consolidation. Recent Accounting Guidance Recently Adopted Accounting Guidance Standard Adoption Accounting Standards Update 2016-13 – Financial Instruments-Credit Losses ( ASU 2016-13 ) In June 2016, the Financial Accounting Standards Board (the “FASB”) issued an Accounting Standards Update (“ASU”) which provides amended guidance on the measurement of credit losses on financial instruments, including trade receivables. This standard requires the use of an impairment model referred to as the current expected credit loss model. The Company adopted this standard effective April 1, 2020 using a modified retrospective approach t hrough a cumulative-effect adjustment to Retained deficit as of the beginning of the first reporting period in which the guidance is effective Accounting Policy - The Company extends credit to customers based on an evaluation of their financial condition and collateral is generally not required. The Company records an allowance for credit losses at the time accounts receivable are recorded based on the Company’s historical write-off activity, an evaluation of the current economic environment and the Company’s expectations of future economic conditions. Recent Accounting Guidance Not Yet Adopted Standard Description Effective Date Effect on financial statements or other significant matters ASU 2020-06, FASB Simplifies Issuer’s Accounting for Convertible Instruments and Contracts on an Entity’s Own Equity In August 2020, the FASB issued an ASU which simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts on an entity’s own equity The amendments are effective after December 15, 2023 and an entity may elect to early adopt beginning after December 15, 2020. The Company is currently evaluating the impact of this standard on the Consolidated Financial Statements. ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Statements In March 2020, the FASB issued an ASU that provides optional expedients and exceptions related to financial reporting impacts related to the expected market transition from LIBOR to another reference rates. The amendments are effective on March 12, 2020, and an entity may elect to adopt prospectively through December 31, 2022. The Company is currently evaluating the impact of this standard on the Consolidated Financial Statements. ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes In December 2019, the FASB issued an ASU to simplify the accounting for income taxes by removing certain exceptions to the general principles in ASC 740, Income Taxes The amendments in this ASU are effective for fiscal years beginning after December 15, 2020, and early adoption is permitted. The Company is currently evaluating the impact of this standard on the Consolidated Financial Statements. Except for the pronouncements described above, there have been no new accounting pronouncements issued or adopted since the filing of the Fiscal 2020 Form 10-K that have significance, or potential significance, to the Condensed Consolidated Financial Statements. |
Loss on Disposal of Assets and
Loss on Disposal of Assets and Costs from Exit and Disposal Activities | 6 Months Ended |
Sep. 30, 2020 | |
Discontinued Operations And Disposal Groups [Abstract] | |
Loss on Disposal of Assets and Costs from Exit and Disposal Activities | 2. In fiscal 2021, the Company undertook certain restructuring activities (the “2021 Restructuring Plan”), which followed the Company’s initiation of a restructuring plan in fiscal 2018 (the “2018 Restructuring Plan”). Actions taken under the 2021 Restructuring Plan included reducing headcount and eliminating nonessential costs designed to improve the Company’s cost structure. The Company does not currently have an estimate of additional costs or an expected end date for the restructuring actions. The following table summarizes the activity included in Loss on disposal of assets and costs from exit and disposal activities recorded during the periods presented. Three Months Ended September 30, Six Months Ended September 30, 2020 2019 2020 2019 (In thousands) (In thousands) Headcount reduction $ 498 $ — $ 1,601 $ — Total 2021 Restructuring Plan activities $ 498 $ — $ 1,601 $ — Loss on other disposals and partial disposals of property, plant and equipment 129 444 673 1,151 Acquisition related severance and other costs — 1,560 — 1,560 Total loss on disposal of assets and costs from exit and disposal activities $ 627 $ 2,004 $ 2,274 $ 2,711 The restructuring activities are classified as operating expenses and not allocated to a segment. A reconciliation of the beginning and ending amounts of restructuring liability related to the 2021 and 2018 Restructuring Plans as of the September 30, 2020 and 2019 is as follows: Six Months Ended September 30, 2020 2019 (In thousands) Balance at the beginning of the period $ 574 $ 1,696 Expenses 1,601 — Payments (1,046 ) (842 ) Balance at the end of the period $ 1,129 $ 854 As of September 30, 2020, the Company had $0.1 million of long-term severance liability related to the restructuring activities recorded in other liabilities in the Condensed Consolidated Balance Sheet. The current portion of the restructuring liability is recorded in Other accrued liabilities in the Condensed Consolidated Balance Sheet. |
Acquisitions
Acquisitions | 6 Months Ended |
Sep. 30, 2020 | |
Business Combinations [Abstract] | |
Acquisitions | 3. ACQUISITIONS Acquisition of Infiltrator Water Technologies - On July 31, 2019 (the “Closing Date”), the Company completed its Acquisition of Infiltrator Water Technologies pursuant to an Agreement and Plan of Merger (the “Merger Agreement”) dated July 31, 2019. Infiltrator Water Technologies manufactures and sells wastewater systems for homes and provides drainage chambers for septic and storm water management. The total fair value of consideration transferred was $1,147.2 million. The following table summarizes the consideration transferred and the purchase price allocation of the assets acquired and liabilities assumed. The Company finalized the valuations of assets acquired and liabilities assumed during the second quarter of Fiscal 2021. (Amounts in thousands) Initial Amount Adjustments to Purchase Price Adjustments to Property, Plant and Equipment Adjustments to Right-of-use Assets Adjustments to Intangible Assets Tax Adjustments Updated Amount Cash $ 57,375 $ — $ — $ — $ — $ — $ 57,375 Total current asset, excluding cash 75,847 — — — — — 75,847 Property, plant and equipment, net 98,860 — (6,575 ) — — — 92,285 Goodwill 567,034 704 6,575 — (100,000 ) 21,528 495,841 Intangible assets, net 475,000 — — — 100,000 — 575,000 Other assets 14,366 — — 2,909 — — 17,275 Total current liabilities (22,756 ) — — (213 ) — 931 (22,038 ) Deferred tax liabilities (109,926 ) — — — — (22,459 ) (132,385 ) Other liabilities (9,274 ) — — (2,696 ) — — (11,970 ) Total fair value of consideration transferred $ 1,146,526 $ 704 $ — $ — $ — $ — $ 1,147,230 The fair value of consideration transferred includes $6.0 million of Infiltrator Water Technologies payable to the Company and $6.6 million of Infiltrator Water Technologies receivable due from the Company. The goodwill of $495.8 million represents the excess of consideration transferred over the fair value of assets acquired and liabilities assumed and is attributable to expected revenue synergies, as well as operating efficiencies and cost savings. The goodwill is not deductible for tax purposes and is assigned to the Infiltrator Water Technologies segment. Of the $132.4 million of the purchase price allocated to deferred tax liabilities, $82.3 million related to the step up of GAAP basis for fair market valuations, while the remaining $50.1 million were acquired deferred tax liabilities. Of the total $82.3 million, $80.2 million was attributed to intangible assets. See “Note 13. Income Taxes” for additional information. The purchase price excludes transaction costs. During the fiscal year ended March 31, 2020, the Company incurred $22.9 million of transaction costs related to the Acquisition such as legal, accounting, valuation and other professional services. The Company did not incur any transaction costs during the three and six months ended September 30, 2020. The Company estimates approximately $7.3 million of transaction costs are not deductible for tax purposes. These costs are included in general and administrative expenses in the Consolidated Statements of Operations and Consolidated Statements of Comprehensive Income. The identifiable intangible assets recorded in connection with the closing of the Acquisition are based on valuations including customer relationships, patents and developed technology, and tradename and trademarks totaling $575.0 million. Customer relationships are amortized using an accelerated method over an estimated useful life of 20 years. Patents and developed technology and tradename and trademarks are on a straight-line basis over the respective useful lives of 10 and 20 years. (Amounts in thousands) Preliminary fair value Estimated useful lives Customer relationships $ 360,000 20 years Patents and developed technology 150,000 10 years Tradename and trademarks 65,000 20 years Total identifiable intangible assets $ 575,000 The unaudited pro forma information for the three and six months ended September 30, 2019 presented below includes the effects of the Acquisition as if it had been consummated as of April 1, 2019, with adjustments to give effect to pro forma events that are directly attributable to the Acquisition. related to the amortization of acquired intangible assets, increases in interest expense due to additional borrowings incurred to finance the Acquisition, transaction costs, the elimination of transactions between the Company and Infiltrator Water Technologies and the estimated tax impacts thereof. The unaudited pro forma information does not reflect any operating efficiency or potential cost savings that could result from the consolidation of Infiltrator Water Technologies. Accordingly, the unaudited pro forma information is presented for informational purposes only and is not necessarily indicative of the actual results of the combined company if the Acquisition had occurred at the beginning of the period presented, nor is it indicative of the future results of operations. Three Months Ended Six Months Ended (Amounts in thousands) September 30, 2019 September 30, 2019 Net sales $ 512,072 $ 996,016 Net income (loss) attributable to ADS 45,494 (170,777 ) |
Revenue Recognition
Revenue Recognition | 6 Months Ended |
Sep. 30, 2020 | |
Revenue From Contract With Customer [Abstract] | |
Revenue Recognition | 4 . REVENUE RECOGNITION Revenue Disaggregation - The Company disaggregates net sales by Domestic, International and Infiltrator Water Technologies and further disaggregates Domestic and International by product type, consistent with its reportable segment disclosure. This disaggregation level best depicts how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors. Refer to “Note 15. Business Segments Information” for the Company’s disaggregation of Net sales by reportable segment. Contract Balances - The Company recognizes a contract asset representing the Company’s right to recover products upon the receipt of returned products and a contract liability for the customer refund. The following table presents the balance of the Company’s contract asset and liability as of the periods presented: September 30, 2020 March 31, 2020 (In thousands) Contract asset - product returns $ 879 $ 594 Refund liability 2,223 1,458 |
Leases
Leases | 6 Months Ended |
Sep. 30, 2020 | |
Leases [Abstract] | |
Leases | 5 . LEASES Nature of the Company’s Leases - The Company has operating and finance leases for plants, yards, corporate offices, tractors, trailers and other equipment. The Company’s leases have remaining terms of less than one year to 30 years. A portion of the Company’s yard leases include an option to extend the leases for up to five years. The Company has included renewal options which are reasonably certain to be exercised in its right-of-use assets and lease liabilities. The Company’s lease payments are generally fixed. Certain equipment 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 finance leases and a corresponding finance lease obligation was recorded. Therefore, no contingent obligation is needed. The Company records at the lease commencement date , a lease liability, which is the lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis; and a right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. The Company will utilize its collateralized incremental borrowing rate commensurate to the lease term as the discount rate for its leases , unless the Company can specifically determine the lessor’s implicit rate. The incremental borrowing rate for each lease is determined based on the Company’s credit rating, adjusted for the impacts of collateral , and the lease term . |
Inventories
Inventories | 6 Months Ended |
Sep. 30, 2020 | |
Inventory Disclosure [Abstract] | |
Inventories | 6 . Inventories as of the periods presented consisted of the following: September 30, 2020 March 31, 2020 (In thousands) Raw materials $ 61,132 $ 66,524 Finished goods 162,136 215,874 Total inventories $ 223,268 $ 282,398 There were no work-in-process inventories as of the periods presented. |
Fair Value Measurement
Fair Value Measurement | 6 Months Ended |
Sep. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement | 7 . When applying fair value principles in the valuation of assets and liabilities, the Company is 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 periods presented. The fair value estimates take into consideration the credit risk of both the Company and its counterparties. When active market quotes are not available for financial assets and liabilities, the Company uses 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 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 and liabilities carried at fair value as of the periods presented were as follows: September 30, 2020 Total Level 1 Level 2 Level 3 (In thousands) Assets: Derivative assets – diesel fuel contracts $ 74 $ — $ 74 $ — Total assets at fair value on a recurring basis $ 74 $ — $ 74 $ — Liabilities: Derivative liabilities – diesel fuel contracts $ 811 $ — $ 811 $ — Total liabilities at fair value on a recurring basis $ 811 $ — $ 811 $ — March 31, 2020 Total Level 1 Level 2 Level 3 (In thousands) Assets: Derivative assets – diesel fuel contracts $ 36 $ — $ 36 $ — Total assets at fair value on a recurring basis $ 36 $ — $ 36 $ — Liabilities: Derivative liabilities - diesel fuel contracts $ 2,228 $ — $ 2,228 $ — Total liabilities at fair value on a recurring basis $ 2,228 $ — $ 2,228 $ — For the six months ended September 30, 2020 and 2019, respectively, there were no transfers in or out of Levels 1, 2 or 3. Valuation of Debt - 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 following table presents the carrying and fair value of the Company’s Senior Notes (as defined below and further discussed in “Note 11. Debt”) for the periods presented: September 30, 2020 March 31, 2020 Fair Value Carrying Value Fair Value Carrying Value (In thousands) (In thousands) Senior Notes $ 366,240 $ 350,000 $ 314,951 $ 350,000 |
Derivative Transactions
Derivative Transactions | 6 Months Ended |
Sep. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Derivative Transactions | 8 . DERIVATIVE TRANSACTIONS The Company uses commodity options in the form of collars and swaps and has previously used interest rate swaps and foreign currency forward contracts to manage its various exposures to interest rate, commodity price fluctuations and foreign currency exchange rate fluctuations. Interest rate swap gains and losses resulting from the difference between the spot rate and applicable base rate is recorded in the Condensed Consolidated Statements of Operations in Interest expense. For collars, commodity swaps and foreign currency forward contracts, contract settlement gains and losses are recorded in the Condensed Consolidated Statements of Operations in Derivative gains and other 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 Condensed Consolidated Statements of Operations in Derivative gains and other income, net. The Company recorded net (gains) and net losses on mark-to-market adjustments for changes in the fair value of derivatives contracts as well as net (gains) and net losses on the settlement of derivative contracts as follows: Three Months Ended September 30, Six Months Ended September 30, 2020 2019 2020 2019 (In thousands) (In thousands) Diesel fuel option collars $ (373 ) $ 7 $ (1,455 ) $ 76 Interest rate swaps — — — 1,726 Foreign exchange forward contracts — — — (7 ) Total net unrealized mark-to-market (gains) loss $ (373 ) $ 7 $ (1,455 ) $ 1,795 Diesel fuel option collars 477 150 1,317 157 Foreign exchange forward contracts — 102 — 102 Interest rate swaps — 710 — 544 Total net realized loss $ 477 $ 962 $ 1,317 $ 803 A summary of the fair value of derivatives is included in “Note 7. Fair Value Measurement.” |
Net Income Per Share and Stockh
Net Income Per Share and Stockholders' Equity | 6 Months Ended |
Sep. 30, 2020 | |
Net Income Per Share And Stockholders Equity [Abstract] | |
Net Income Per Share and Stockholders' Equity | 9 . NET INCOME PER SHARE AND STOCKHOLDERS’ EQUITY The Company is required to apply the two-class method to compute both basic and diluted net income 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 following table presents information necessary to calculate net income per share for the periods presented, 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: Three Months Ended September 30, Six Months Ended September 30, (In thousands, except per share data) 2020 2019 2020 2019 NET INCOME PER SHARE—BASIC: Net income (loss) attributable to ADS $ 80,236 $ 7,589 $ 150,702 $ (218,767 ) Adjustments for: Dividends to redeemable convertible preferred stockholders (1,329 ) (1,355 ) (2,695 ) (8,196 ) Dividends paid to unvested restricted stockholders — (4 ) (2 ) (330 ) Net income (loss) available to common stockholders and participating securities 78,907 6,230 148,005 (227,293 ) Undistributed income allocated to participating securities (12,760 ) (204 ) (24,025 ) — Net income (loss) available to common stockholders – Basic $ 66,147 $ 6,026 $ 123,980 $ (227,293 ) Weighted average number of common shares outstanding – Basic 69,843 60,222 69,612 58,906 Net income (loss) per common share – Basic $ 0.95 $ 0.10 $ 1.78 $ (3.86 ) NET INCOME PER SHARE—DILUTED: Net income (loss) available to common stockholders – Diluted $ 66,147 $ 6,026 $ 123,980 $ (227,293 ) Weighted average number of common shares outstanding – Basic 69,843 60,222 69,612 58,906 Assumed exercise of stock options 716 576 662 — Restricted stock 196 78 185 — Weighted average number of common shares outstanding – Diluted 70,755 60,876 70,459 58,906 Net income (loss) per common share – Diluted $ 0.93 $ 0.10 $ 1.76 $ (3.86 ) Potentially dilutive securities excluded as anti-dilutive 14,892 15,084 15,279 13,269 Special Dividend and the Employees Stock Ownership Plan (“ESOP”) - During the three months ended June 30, 2019, the Board of Directors approved a special cash dividend of $1.00 per share and quarterly dividends of $0.09 per share. The special and quarterly dividend were paid to all stockholders on June 14, 2019 to stockholders of record at the close of business on June 3, 2019. The total dividend payment was $81.6 million. The dividends received by the unallocated redeemable convertible preferred stock held in the ESOP trust was used to pay $12.0 million of the ESOP loan back to the Company resulting in approximately 11.6 million shares of the Company’s redeemable convertible preferred stock being allocated to ESOP participants. The Company recognized $246.8 million in stock-based compensation expense based on the fair value on the date the Board of Directors approved the special dividend. The Board of Director’s approval committed the ESOP to use those proceeds to pay down the ESOP loan. The special dividend compensation expense was recognized in Cost of goods sold - ESOP special dividend compensation and Selling, general and administrative expenses - ESOP special dividend compensation on the Company’s Consolidated Statements of Operations. |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Sep. 30, 2020 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 10 . ADS Mexicana - ADS conducts business in Mexico and Central America through its joint venture ADS Mexicana, S.A. de C.V. (together with its affiliate ADS Corporativo, S.A. de C.V., “ADS Mexicana”). ADS owns 51 % of the outstanding stock of ADS Mexicana and consolidates ADS Mexicana for financial reporting purposes . On June 22, 2018, the Company and ADS Mexicana entered into an Intercompany Revolving Credit Promissory Note (the “Intercompany Note”) with a borrowing capacity of $12.0 million. The Intercompany Note matures on June 22, 2022. The Intercompany Note indemnifies the ADS Mexicana joint venture partner for 49% of any unpaid borrowing. The interest rates under the Intercompany Note are determined by certain base rates or London Interbank Offered Rate (“LIBOR”) plus an applicable margin based on the Leverage Ratio. As of September 30, 2020 and March 31, 2020, there were no borrowings outstanding under the Intercompany Note. South American Joint Venture - The Tuberias Tigre - ADS Limitada joint venture (the “South American Joint Venture”) manufactures and sells HDPE corrugated pipe in certain South American markets. ADS owns 50% of the South American Joint Venture. The Company has concluded that it is appropriate to account for this investment using the equity method, whereby the Company’s share of the income or loss of the joint venture is reported in the Condensed Consolidated Statements of Operations under Equity in net loss (income) of unconsolidated affiliates and the Company’s investment in the joint venture is included in Other assets in the Condensed Consolidated Balance Sheets. ADS is the guarantor of 50% of the South American Joint Venture’s credit facility, and the debt guarantee is shared equally with the joint venture partner. The debt guarantee was renewed in the six months ended September 30, 2020. The Company’s maximum potential obligation under this guarantee is $11.0 million as of September 30, 2020. The maximum borrowings permitted under the South American Joint Venture’s credit facility are $22.0 million. 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 December 31, 2023. ADS does not anticipate any required contributions related to the balance of this credit facility. As of September 30, 2020 and March 31, 2020, the outstanding principal balances of the credit facility including letters of credit were $10.1 million and $9.3 million, respectively. As of September 30, 2020, there were no U.S. dollar denominated loans. The weighted average interest rate as of September 30, 2020 was 3.5% on Chilean peso denominated loans. ADS and the South American Joint Venture have shared services arrangements in order to execute the joint venture services. In addition, the South American Joint Venture has entered into agreements for pipe and other product sales to ADS and its other related parties. ADS also sells pipe products to the South American Joint Venture. Tigre USA - Tigre USA was a joint venture that ADS no longer has an ownership interest in, but the owner is the partner for the South American Joint Venture. ADS purchases Tigre USA manufactured products for use in the production of ADS products. The following tables summarizes the purchases by ADS from related parties and sales by ADS to related parties for the periods presented: Three Months Ended September 30, Six Months Ended September 30, 2020 2019 2020 2019 (In thousands) (In thousands) Purchases from South American Joint Venture $ 218 $ 71 $ 268 $ 508 Sales to South American Joint Venture 194 141 279 394 Purchases from Tigre USA 502 640 1,035 1,171 |
Debt
Debt | 6 Months Ended |
Sep. 30, 2020 | |
Debt Disclosure [Abstract] | |
Debt | 1 1 . Long-term debt as of the periods presented consisted of the following: September 30, 2020 March 31, 2020 (In thousands) Term Loan Facility $ 544,750 $ 648,250 Senior Notes 350,000 350,000 Revolving Credit Facility — 100,000 Equipment financing — 1,492 Total 894,750 1,099,742 Unamortized debt issuance costs (2,222 ) (2,419 ) Current maturities (7,000 ) (7,955 ) Long-term debt obligation $ 885,528 $ 1,089,368 Senior Secured Credit Facilities – In July 2019, the Company entered into the credit agreement (the “Base Credit Agreement”) by and among the Company, as borrower, Barclays Bank PLC, as administrative agent, the several lenders from time to time party thereto. In September 2019, the Company amended the Base Credit Agreement (as amended the “Senior Secured Credit Facility”). The Senior Secured Credit Facility provides for a term loan facility in an initial aggregate principal amount of $700 million (the “Term Loan Facility”), a revolving credit facility in an initial aggregate principal amount of up to $350 million (the “Revolving Credit Facility”), a letter of credit sub-facility in the initial aggregate available amount of up to $50 million, as a sublimit of such Revolving Credit Facility (the “L/C Facility”) and a swing line sub-facility in the aggregate available amount of up to $50 million, as a sublimit of the Revolving Credit Facility (together with the Term Loan Facility, the Revolving Credit Facility and the L/C Facility, the “Senior Secured Credit Facility”). During the six months ended September 30, 2020, the Company repaid $103.5 million of the Term Loan Facility and repaid $100.0 million of the Revolving Credit Facility. Letters of credit outstanding at September 30, 2020 and March 31, 2020 amount to $11.0 million and $8.5 million, respectively, and reduced the availability of the Revolving Credit Facility. Senior Notes – On September 23, 2019, the Company issued $350.0 million aggregate principal amount of 5.0% senior notes due 2027 (the “Senior Notes”) pursuant to an Indenture, dated September 23, 2019 (the “Indenture”), among the Company, the guarantors party thereto (the “Guarantors”) and U.S. Bank National Association, as Trustee (the “Trustee”). The Senior Notes are guaranteed by each of the Company’s present and future direct and indirect wholly owned domestic subsidiaries that is a guarantor under the Company's Senior Secured Credit Facility. The Senior Notes were offered and sold either to persons reasonably believed to be “qualified institutional buyers” pursuant to Rule 144A under the Securities Act of 1933 (the “Securities Act”) or to persons outside the United States under Regulation S of the Securities Act. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Sep. 30, 2020 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 1 2 . COMMITMENTS AND CONTINGENCIES Purchase Commitments The Company has historically secured supplies of resin raw material by agreeing to purchase quantities during a future given period at a fixed price. These purchase contracts typically ranged from 1 to 12 months and occur in the ordinary course of business. The Company also enters into equipment purchase contracts with manufacturers. The Company does not have any outstanding purchase commitments as of September 30, 2020. Litigation and Other Proceedings – The Company is involved from time to time in various legal proceedings that arise in the ordinary course of 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. The Company does not believe that such litigation, claims, and administrative proceedings will have a material adverse impact on the Company’s financial position or results of operations. The Company records a liability when a loss is considered probable, and the amount can be reasonably estimated. Other Commitments and Contingencies – In March 2019, the Company initiated an internal investigation process, under the guidelines of the Company’s Code of Business Conduct and Ethics, into its consolidated joint venture affiliate ADS Mexicana’s senior management’s ethical and business conduct, as well as compliance of certain products with, along with considerations into, Mexican laws and regulations over the previous 12 months. The Company has recorded an accrual for the current estimate of probable losses resulting from the investigation, which is not material to the Condensed Consolidated Financial Statements. However, due to the inherent uncertainties in determining the use, installation application and location of ADS Mexicana products sold, along with the consideration of Mexican laws and regulations related to warranty and product liability obligations, the Company is unable to determine the maximum potential future losses that may occur, which could be material to the Condensed Consolidated Financial Statements. |
Income Taxes
Income Taxes | 6 Months Ended |
Sep. 30, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 1 3 . INCOME TAXES The Company’s effective tax rate will vary based on a variety of factors, including overall profitability, the geographical mix of income before taxes and related tax rates in jurisdictions where it operates and other one-time charges, as well as the occurrence of discrete events. For the three months ended 30, 2020 and 2019, the Company utilized an effective tax rate of For the six months ended September 28.1 As discussed in “Note 3. Acquisitions”, t |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Sep. 30, 2020 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | 1 4 . ADS has several programs for stock-based payments to employees and non-employee members of its Board of Directors, including stock options and restricted stock. Equity-classified restricted stock awards are measured based on the grant-date estimated fair value of each award. The Company accounts for all restricted stock granted to Directors as equity-classified awards. The Company recognized stock-based compensation expense in the following line items of the Condensed Consolidated Statements of Operations for the periods presented: Three Months Ended September 30, Six Months Ended September 30, 2020 2019 2020 2019 (In thousands) (In thousands) Component of income before income taxes: Cost of goods sold $ 565 $ 189 $ 966 $ 301 Selling expenses 296 179 491 235 General and administrative expenses 4,635 2,803 9,638 4,476 Total stock-based compensation expense $ 5,496 $ 3,171 $ 11,095 $ 5,012 The following table summarizes stock-based compensation expense by award type for the periods presented: Three Months Ended September 30, Six Months Ended September 30, 2020 2019 2020 2019 (In thousands) (In thousands) Stock-based compensation expense: Equity-classified Stock Options $ 750 $ 700 $ 1,631 $ 1,251 Restricted Stock 1,344 957 2,761 1,599 Performance Units 3,070 1,201 6,054 1,573 Non-Employee Directors 332 313 649 589 Total stock-based compensation expense $ 5,496 $ 3,171 $ 11,095 $ 5,012 2017 Omnibus Plan On May 24, 2017, the Board of Directors approved the 2017 Omnibus Incentive Plan (the “2017 Incentive Plan”) which was approved by the Company’s stockholders on July 17, 2017. The 2017 Incentive Plan provides for the issuance of a maximum of 3.5 million shares of the Company’s common stock for awards made thereunder, which awards may consist of stock options, restricted stock, restricted stock units, stock appreciation rights, phantom stock, cash-based awards, performance awards (which may take the form of performance cash, performance units or performance shares) or other stock-based awards. Restricted Stock - During the three and six months ended September 30, 2020, the Company granted 0.1 million and 0.1 million shares of restricted stock with a grant date fair value of $1.6 million and $5.7 million, respectively. Performance Units – During the three and six months ended September 30, 2020, the Company granted 0.1 million shares at a grant date fair value of $5.2 million performance share units or performance units. Options - During the three and six months ended September 30, 2020, the Company granted less than 0.1 million and 0.3 million nonqualified stock options under the 2017 Incentive Plan. The grant date fair value of the nonqualified stock options was $0.1 million and $3.4 million, respectively. The Company estimates the fair value of stock options using a Black-Scholes option-pricing model. The following table summarizes the assumptions used to estimate the fair value of stock-options during the periods presented: Six Months Ended September 30, Common stock price $41.97 - $54.95 Expected stock price volatility 35.5% - 36.3% Risk-free interest rate 0.4% Weighted-average expected option life (years) 6.0 Dividend yield 0.7% - 0.9% |
Business Segments Information
Business Segments Information | 6 Months Ended |
Sep. 30, 2020 | |
Segment Reporting [Abstract] | |
Business Segments Information | 1 5 . The Company operates its business in three distinct reportable segments: “Pipe”, “International” and “Infiltrator Water Technologies.” “Allied Products & Other” represents the Company’s Allied Products and all other business segments. “Pipe” and “Allied Products & Other” were previously included as Domestic. The Chief Operating Decision Maker (the “CODM”) evaluates segment reporting based on Net Sales and Segment Adjusted Gross Profit. The Company calculated Segment Adjusted Gross Profit as net sales less costs of goods sold, depreciation and amortization, stock-based compensation and non-cash charges. A measure of assets is not applicable, as segment assets are not regularly reviewed by the CODM for evaluating performance or allocating resources. Pipe – The Pipe segment manufactures and markets high performance thermoplastic corrugated pipe throughout the United States. The Company maintains and serves these markets through product distribution relationships with many of the largest national and independent waterworks distributors, buying groups and co-ops, major national retailers as well as an extensive network of hundreds of small to medium-sized distributors across the United States. Products include single wall pipe, N-12 HDPE pipe sold into the Storm sewer, Infrastructure and Agriculture markets, High Performance polypropylene pipe sold into the Storm sewer, Infrastructure and sanitary sewer markets. Products are designed primarily for storm water management in the construction and infrastructure marketplace across a broad range of end markets and applications, including non-residential, residential, agriculture and infrastructure. Products are manufactured using HDPE and polypropylene plastic material. Infiltrator Water Technologies – Infiltrator Water Technologies is a leading national provider of plastic leach field chambers and systems, septic tanks and accessories, primarily for use in residential applications. Infiltrator Water Technologies products are used in on-site septic wastewater treatment systems in the United States and Canada. International – The International segment manufactures and markets pipe and allied products in certain regions outside of the United States, including Company owned facilities in Canada, subsidiaries that distribute to Europe and the Middle East, exports and through the Company’s joint ventures with local partners in Mexico and South America. The Company’s Mexican joint venture, ADS Mexicana, primarily serves the Mexican and Central American markets, while its South American Joint Venture, Tigre-ADS, is the primary channel to serve the South American markets. The Company’s International product lines include single wall pipe, N-12 HDPE pipe, high performance PP pipe and certain geographies also sell our broad line of Allied Products. Allied Products & Other – Allied Products and Other manufactures and markets products throughout the United States. Products include StormTech, Nyloplast, ARC Septic Chambers, Inserta Tee, BaySaver filters and water quality structures, Fittings, and FleXstorm. The Company maintains and serves 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 United States. The Company also sells through a broad variety of buying groups and co-ops in the United States. The following table sets forth reportable segment information with respect to the amount of Net sales contributed by each class of similar products for the periods presented: Three Months Ended September 30, 2020 September 30, 2019 Net Sales Intersegment Net Sales Net Sales from External Customers Net Sales Intersegment Net Sales Net Sales from External Customers Pipe $ 292,133 $ (1,637 ) $ 290,496 $ 281,405 $ (342 ) $ 281,063 Infiltrator Water Technologies 105,986 (18,692 ) 87,294 64,889 (12,189 ) 52,700 International International - Pipe 35,592 (896 ) 34,696 34,617 — 34,617 International - Allied Products & Other 13,706 — 13,706 13,167 — 13,167 Total International 49,298 (896 ) 48,402 47,784 — 47,784 Allied Products & Other 117,995 — 117,995 114,358 — 114,358 Intersegment Eliminations (21,225 ) 21,225 — (12,531 ) 12,531 — Total Consolidated $ 544,187 $ — $ 544,187 $ 495,905 $ — $ 495,905 Six Months Ended September 30, 2020 September 31, 2019 Net Sales Intersegment Net Sales Net Sales from External Customers Net Sales Intersegment Net Sales Net Sales from External Customers Pipe $ 565,785 $ (3,482 ) $ 562,303 $ 543,586 $ (342 ) $ 543,244 Infiltrator Water Technologies 208,139 (36,760 ) 171,379 64,889 (12,189 ) 52,700 International International - Pipe 62,542 (896 ) 61,646 63,902 — 63,902 International - Allied Products & Other 22,585 — 22,585 23,216 — 23,216 Total International 85,127 (896 ) 84,231 87,118 — 87,118 Allied Products & Other 234,913 — 234,913 226,551 — 226,551 Intersegment Eliminations (41,138 ) 41,138 — (12,531 ) 12,531 — Total Consolidated $ 1,052,826 $ — $ 1,052,826 $ 909,613 $ — $ 909,613 The following sets forth certain financial information attributable to the reportable segments for the periods presented: Three Months Ended September 30, Six Months Ended September 30, 2020 2019 2020 2019 (In thousands) (In thousands) Segment adjusted gross profit Pipe $ 100,496 $ 74,246 $ 191,095 $ 131,739 Infiltrator Water Technologies 53,105 30,144 101,033 30,144 International 14,582 10,841 25,990 20,068 Allied Products & Other 60,380 57,621 120,848 114,808 Intersegment Eliminations 372 (978 ) 14 (978 ) Total $ 228,935 $ 171,874 $ 438,980 $ 295,781 Depreciation and amortization Pipe $ 11,543 $ 11,557 $ 22,903 $ 23,104 Infiltrator Water Technologies 3,005 1,859 6,138 1,859 International 1,302 1,590 2,600 3,097 Allied Products & Other (a) 19,928 11,560 39,918 15,200 Total $ 35,778 $ 26,566 $ 71,559 $ 43,260 Capital expenditures Pipe $ 3,911 $ 9,383 $ 8,142 $ 16,357 Infiltrator Water Technologies 13,781 3,883 17,979 3,883 International 297 623 747 1,877 Allied Products & Other (a) 675 2,010 2,091 3,505 Total $ 18,664 $ 15,899 $ 28,959 $ 25,622 (a) Includes depreciation, amortization and capital expenditures not allocated to a reportable segment. The amortization expense of Infiltrator Water Technologies intangible assets acquired is included in Allied Products & Other. Reconciliation of Gross Profit to Segment Adjusted Gross profit Three Months Ended September 30, Six Months Ended September 30, 2020 2019 2020 2019 (In thousands) (In thousands) Reconciliation of Segment Adjusted Gross Profit: Total Gross Profit $ 205,857 $ 146,524 $ 394,360 $ 84,366 Depreciation and amortization 16,463 15,708 32,886 29,392 ESOP and stock-based compensation expense 6,598 3,869 11,537 7,640 ESOP special dividend compensation — — — 168,610 COVID-19 related costs (a) 17 — 197 — Inventory step up related to Infiltrator Water Technologies acquisition — 5,773 — 5,773 Total Segment Adjusted Gross Profit $ 228,935 $ 171,874 $ 438,980 $ 295,781 (a) Includes expenses directly related to our response to the COVID-19 pandemic, including adjustments to our pandemic pay program and expenses associated with our third-party crisis management vendor. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Sep. 30, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | 1 6 . SUBSEQUENT EVENTS Common Stock Dividend - During the third quarter of fiscal 2021, the Company declared a quarterly cash dividend of $0.09 per share of common stock. The dividend is payable on December 15, 2020 to stockholders of record at the close of business on December 1, 2020. |
Background and Summary of Sig_2
Background and Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation - The Company prepares its Condensed Consolidated Financial Statements in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The Condensed Consolidated Balance Sheet as of March 31, 2020 was derived from audited financial statements included in the Annual Report on Form 10-K for the year ended March 31, 2020 (“Fiscal 2020 Form 10-K”). The accompanying unaudited Condensed Consolidated Financial Statements contain all adjustments, of a normal recurring nature, necessary to present fairly its financial position as of September 30, 2020 and the results of operations for the three and six months ended September 30, 2020 and cash flows for the six months ended September 30, 2020. The interim Condensed Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements, including the notes thereto, filed in the Company’s Fiscal 2020 Form 10-K. |
Principles of Consolidation | Principles of Consolidation - The Condensed Consolidated Financial Statements include the Company, its wholly-owned subsidiaries, its majority-owned subsidiaries and variable interest entities (“VIEs”) of which the Company is the primary beneficiary. The Company uses the equity method of accounting for equity investments where it exercises significant influence but does not hold a controlling financial interest. Such investments are recorded in Other assets in the Condensed Consolidated Balance Sheets and the related equity earnings from these investments are included in Equity in net income of unconsolidated affiliates in the Condensed Consolidated Statements of Operations. All intercompany balances and transactions have been eliminated in consolidation. |
Recent Accounting Guidance | Recent Accounting Guidance Recently Adopted Accounting Guidance Standard Adoption Accounting Standards Update 2016-13 – Financial Instruments-Credit Losses ( ASU 2016-13 ) In June 2016, the Financial Accounting Standards Board (the “FASB”) issued an Accounting Standards Update (“ASU”) which provides amended guidance on the measurement of credit losses on financial instruments, including trade receivables. This standard requires the use of an impairment model referred to as the current expected credit loss model. The Company adopted this standard effective April 1, 2020 using a modified retrospective approach t hrough a cumulative-effect adjustment to Retained deficit as of the beginning of the first reporting period in which the guidance is effective Accounting Policy - The Company extends credit to customers based on an evaluation of their financial condition and collateral is generally not required. The Company records an allowance for credit losses at the time accounts receivable are recorded based on the Company’s historical write-off activity, an evaluation of the current economic environment and the Company’s expectations of future economic conditions. Recent Accounting Guidance Not Yet Adopted Standard Description Effective Date Effect on financial statements or other significant matters ASU 2020-06, FASB Simplifies Issuer’s Accounting for Convertible Instruments and Contracts on an Entity’s Own Equity In August 2020, the FASB issued an ASU which simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts on an entity’s own equity The amendments are effective after December 15, 2023 and an entity may elect to early adopt beginning after December 15, 2020. The Company is currently evaluating the impact of this standard on the Consolidated Financial Statements. ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Statements In March 2020, the FASB issued an ASU that provides optional expedients and exceptions related to financial reporting impacts related to the expected market transition from LIBOR to another reference rates. The amendments are effective on March 12, 2020, and an entity may elect to adopt prospectively through December 31, 2022. The Company is currently evaluating the impact of this standard on the Consolidated Financial Statements. ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes In December 2019, the FASB issued an ASU to simplify the accounting for income taxes by removing certain exceptions to the general principles in ASC 740, Income Taxes The amendments in this ASU are effective for fiscal years beginning after December 15, 2020, and early adoption is permitted. The Company is currently evaluating the impact of this standard on the Consolidated Financial Statements. Except for the pronouncements described above, there have been no new accounting pronouncements issued or adopted since the filing of the Fiscal 2020 Form 10-K that have significance, or potential significance, to the Condensed Consolidated Financial Statements. |
Leases | Nature of the Company’s Leases - The Company has operating and finance leases for plants, yards, corporate offices, tractors, trailers and other equipment. The Company’s leases have remaining terms of less than one year to 30 years. A portion of the Company’s yard leases include an option to extend the leases for up to five years. The Company has included renewal options which are reasonably certain to be exercised in its right-of-use assets and lease liabilities. The Company’s lease payments are generally fixed. Certain equipment 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 finance leases and a corresponding finance lease obligation was recorded. Therefore, no contingent obligation is needed. The Company records at the lease commencement date , a lease liability, which is the lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis; and a right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. The Company will utilize its collateralized incremental borrowing rate commensurate to the lease term as the discount rate for its leases , unless the Company can specifically determine the lessor’s implicit rate. The incremental borrowing rate for each lease is determined based on the Company’s credit rating, adjusted for the impacts of collateral , and the lease term . |
Loss on Disposal of Assets an_2
Loss on Disposal of Assets and Costs from Exit and Disposal Activities (Tables) | 6 Months Ended |
Sep. 30, 2020 | |
Discontinued Operations And Disposal Groups [Abstract] | |
Summary of Loss on Disposal of Assets and Costs from Exit and Disposal Activities | The following table summarizes the activity included in Loss on disposal of assets and costs from exit and disposal activities recorded during the periods presented. Three Months Ended September 30, Six Months Ended September 30, 2020 2019 2020 2019 (In thousands) (In thousands) Headcount reduction $ 498 $ — $ 1,601 $ — Total 2021 Restructuring Plan activities $ 498 $ — $ 1,601 $ — Loss on other disposals and partial disposals of property, plant and equipment 129 444 673 1,151 Acquisition related severance and other costs — 1,560 — 1,560 Total loss on disposal of assets and costs from exit and disposal activities $ 627 $ 2,004 $ 2,274 $ 2,711 |
Summary of Reconciliation of Restructuring Liability | A reconciliation of the beginning and ending amounts of restructuring liability related to the 2021 and 2018 Restructuring Plans as of the September 30, 2020 and 2019 is as follows: Six Months Ended September 30, 2020 2019 (In thousands) Balance at the beginning of the period $ 574 $ 1,696 Expenses 1,601 — Payments (1,046 ) (842 ) Balance at the end of the period $ 1,129 $ 854 |
Acquisitions (Tables)
Acquisitions (Tables) - IWT [Member] | 6 Months Ended |
Sep. 30, 2020 | |
Business Acquisition [Line Items] | |
Summary of Consideration Transferred and Preliminary Purchase Price Allocation of Assets Acquired and Liabilities Assumed | The following table summarizes the consideration transferred and the purchase price allocation of the assets acquired and liabilities assumed. (Amounts in thousands) Initial Amount Adjustments to Purchase Price Adjustments to Property, Plant and Equipment Adjustments to Right-of-use Assets Adjustments to Intangible Assets Tax Adjustments Updated Amount Cash $ 57,375 $ — $ — $ — $ — $ — $ 57,375 Total current asset, excluding cash 75,847 — — — — — 75,847 Property, plant and equipment, net 98,860 — (6,575 ) — — — 92,285 Goodwill 567,034 704 6,575 — (100,000 ) 21,528 495,841 Intangible assets, net 475,000 — — — 100,000 — 575,000 Other assets 14,366 — — 2,909 — — 17,275 Total current liabilities (22,756 ) — — (213 ) — 931 (22,038 ) Deferred tax liabilities (109,926 ) — — — — (22,459 ) (132,385 ) Other liabilities (9,274 ) — — (2,696 ) — — (11,970 ) Total fair value of consideration transferred $ 1,146,526 $ 704 $ — $ — $ — $ — $ 1,147,230 |
Summary of Identifiable Intangible Assets | The identifiable intangible assets recorded in connection with the closing of the Acquisition are based on valuations including customer relationships, patents and developed technology, and tradename and trademarks totaling $575.0 million. Customer relationships are amortized using an accelerated method over an estimated useful life of 20 years. Patents and developed technology and tradename and trademarks are on a straight-line basis over the respective useful lives of 10 and 20 years. (Amounts in thousands) Preliminary fair value Estimated useful lives Customer relationships $ 360,000 20 years Patents and developed technology 150,000 10 years Tradename and trademarks 65,000 20 years Total identifiable intangible assets $ 575,000 |
Summary of Unaudited Pro Forma Information | The unaudited pro forma information for the three and six months ended September 30, 2019 presented below includes the effects of the Acquisition as if it had been consummated as of April 1, 2019, with adjustments to give effect to pro forma events that are directly attributable to the Acquisition. Three Months Ended Six Months Ended (Amounts in thousands) September 30, 2019 September 30, 2019 Net sales $ 512,072 $ 996,016 Net income (loss) attributable to ADS 45,494 (170,777 ) |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 6 Months Ended |
Sep. 30, 2020 | |
Revenue From Contract With Customer [Abstract] | |
Schedule of Contract Asset and Liability | The following table presents the balance of the Company’s contract asset and liability as of the periods presented: September 30, 2020 March 31, 2020 (In thousands) Contract asset - product returns $ 879 $ 594 Refund liability 2,223 1,458 |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Sep. 30, 2020 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | Inventories as of the periods presented consisted of the following: September 30, 2020 March 31, 2020 (In thousands) Raw materials $ 61,132 $ 66,524 Finished goods 162,136 215,874 Total inventories $ 223,268 $ 282,398 |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 6 Months Ended |
Sep. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Summary of Assets and Liabilities Carried at Fair Value | The assets and liabilities carried at fair value as of the periods presented were as follows: September 30, 2020 Total Level 1 Level 2 Level 3 (In thousands) Assets: Derivative assets – diesel fuel contracts $ 74 $ — $ 74 $ — Total assets at fair value on a recurring basis $ 74 $ — $ 74 $ — Liabilities: Derivative liabilities – diesel fuel contracts $ 811 $ — $ 811 $ — Total liabilities at fair value on a recurring basis $ 811 $ — $ 811 $ — March 31, 2020 Total Level 1 Level 2 Level 3 (In thousands) Assets: Derivative assets – diesel fuel contracts $ 36 $ — $ 36 $ — Total assets at fair value on a recurring basis $ 36 $ — $ 36 $ — Liabilities: Derivative liabilities - diesel fuel contracts $ 2,228 $ — $ 2,228 $ — Total liabilities at fair value on a recurring basis $ 2,228 $ — $ 2,228 $ — |
Summary of Carrying And Fair Value of Senior Notes | The following table presents the carrying and fair value of the Company’s Senior Notes (as defined below and further discussed in “Note 11. Debt”) for the periods presented: September 30, 2020 March 31, 2020 Fair Value Carrying Value Fair Value Carrying Value (In thousands) (In thousands) Senior Notes $ 366,240 $ 350,000 $ 314,951 $ 350,000 |
Derivative Transactions (Tables
Derivative Transactions (Tables) | 6 Months Ended |
Sep. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Schedule of Cash Settlements and Net (Gains) and Net Losses on Mark-to-Market Adjustments for Changes in Fair Value of Derivative Contracts | The Company recorded net (gains) and net losses on mark-to-market adjustments for changes in the fair value of derivatives contracts as well as net (gains) and net losses on the settlement of derivative contracts as follows: Three Months Ended September 30, Six Months Ended September 30, 2020 2019 2020 2019 (In thousands) (In thousands) Diesel fuel option collars $ (373 ) $ 7 $ (1,455 ) $ 76 Interest rate swaps — — — 1,726 Foreign exchange forward contracts — — — (7 ) Total net unrealized mark-to-market (gains) loss $ (373 ) $ 7 $ (1,455 ) $ 1,795 Diesel fuel option collars 477 150 1,317 157 Foreign exchange forward contracts — 102 — 102 Interest rate swaps — 710 — 544 Total net realized loss $ 477 $ 962 $ 1,317 $ 803 |
Net Income Per Share and Stoc_2
Net Income Per Share and Stockholders' Equity (Tables) | 6 Months Ended |
Sep. 30, 2020 | |
Net Income Per Share And Stockholders Equity [Abstract] | |
Summary of Net Income Per Share | The following table presents information necessary to calculate net income per share for the periods presented, 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: Three Months Ended September 30, Six Months Ended September 30, (In thousands, except per share data) 2020 2019 2020 2019 NET INCOME PER SHARE—BASIC: Net income (loss) attributable to ADS $ 80,236 $ 7,589 $ 150,702 $ (218,767 ) Adjustments for: Dividends to redeemable convertible preferred stockholders (1,329 ) (1,355 ) (2,695 ) (8,196 ) Dividends paid to unvested restricted stockholders — (4 ) (2 ) (330 ) Net income (loss) available to common stockholders and participating securities 78,907 6,230 148,005 (227,293 ) Undistributed income allocated to participating securities (12,760 ) (204 ) (24,025 ) — Net income (loss) available to common stockholders – Basic $ 66,147 $ 6,026 $ 123,980 $ (227,293 ) Weighted average number of common shares outstanding – Basic 69,843 60,222 69,612 58,906 Net income (loss) per common share – Basic $ 0.95 $ 0.10 $ 1.78 $ (3.86 ) NET INCOME PER SHARE—DILUTED: Net income (loss) available to common stockholders – Diluted $ 66,147 $ 6,026 $ 123,980 $ (227,293 ) Weighted average number of common shares outstanding – Basic 69,843 60,222 69,612 58,906 Assumed exercise of stock options 716 576 662 — Restricted stock 196 78 185 — Weighted average number of common shares outstanding – Diluted 70,755 60,876 70,459 58,906 Net income (loss) per common share – Diluted $ 0.93 $ 0.10 $ 1.76 $ (3.86 ) Potentially dilutive securities excluded as anti-dilutive 14,892 15,084 15,279 13,269 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 6 Months Ended |
Sep. 30, 2020 | |
Related Party Transactions [Abstract] | |
Summary of Purchases and Sales by ADS with Related Parties | The following tables summarizes the purchases by ADS from related parties and sales by ADS to related parties for the periods presented: Three Months Ended September 30, Six Months Ended September 30, 2020 2019 2020 2019 (In thousands) (In thousands) Purchases from South American Joint Venture $ 218 $ 71 $ 268 $ 508 Sales to South American Joint Venture 194 141 279 394 Purchases from Tigre USA 502 640 1,035 1,171 |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Sep. 30, 2020 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-term debt as of the periods presented consisted of the following: September 30, 2020 March 31, 2020 (In thousands) Term Loan Facility $ 544,750 $ 648,250 Senior Notes 350,000 350,000 Revolving Credit Facility — 100,000 Equipment financing — 1,492 Total 894,750 1,099,742 Unamortized debt issuance costs (2,222 ) (2,419 ) Current maturities (7,000 ) (7,955 ) Long-term debt obligation $ 885,528 $ 1,089,368 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Sep. 30, 2020 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of Stock-based Compensation Expense | The Company recognized stock-based compensation expense in the following line items of the Condensed Consolidated Statements of Operations for the periods presented: Three Months Ended September 30, Six Months Ended September 30, 2020 2019 2020 2019 (In thousands) (In thousands) Component of income before income taxes: Cost of goods sold $ 565 $ 189 $ 966 $ 301 Selling expenses 296 179 491 235 General and administrative expenses 4,635 2,803 9,638 4,476 Total stock-based compensation expense $ 5,496 $ 3,171 $ 11,095 $ 5,012 The following table summarizes stock-based compensation expense by award type for the periods presented: Three Months Ended September 30, Six Months Ended September 30, 2020 2019 2020 2019 (In thousands) (In thousands) Stock-based compensation expense: Equity-classified Stock Options $ 750 $ 700 $ 1,631 $ 1,251 Restricted Stock 1,344 957 2,761 1,599 Performance Units 3,070 1,201 6,054 1,573 Non-Employee Directors 332 313 649 589 Total stock-based compensation expense $ 5,496 $ 3,171 $ 11,095 $ 5,012 |
Summary of Assumption Used to Estimate Fair Value of Stock Options | The following table summarizes the assumptions used to estimate the fair value of stock-options during the periods presented: Six Months Ended September 30, Common stock price $41.97 - $54.95 Expected stock price volatility 35.5% - 36.3% Risk-free interest rate 0.4% Weighted-average expected option life (years) 6.0 Dividend yield 0.7% - 0.9% |
Business Segments Information (
Business Segments Information (Tables) | 6 Months Ended |
Sep. 30, 2020 | |
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 for the periods presented: Three Months Ended September 30, 2020 September 30, 2019 Net Sales Intersegment Net Sales Net Sales from External Customers Net Sales Intersegment Net Sales Net Sales from External Customers Pipe $ 292,133 $ (1,637 ) $ 290,496 $ 281,405 $ (342 ) $ 281,063 Infiltrator Water Technologies 105,986 (18,692 ) 87,294 64,889 (12,189 ) 52,700 International International - Pipe 35,592 (896 ) 34,696 34,617 — 34,617 International - Allied Products & Other 13,706 — 13,706 13,167 — 13,167 Total International 49,298 (896 ) 48,402 47,784 — 47,784 Allied Products & Other 117,995 — 117,995 114,358 — 114,358 Intersegment Eliminations (21,225 ) 21,225 — (12,531 ) 12,531 — Total Consolidated $ 544,187 $ — $ 544,187 $ 495,905 $ — $ 495,905 Six Months Ended September 30, 2020 September 31, 2019 Net Sales Intersegment Net Sales Net Sales from External Customers Net Sales Intersegment Net Sales Net Sales from External Customers Pipe $ 565,785 $ (3,482 ) $ 562,303 $ 543,586 $ (342 ) $ 543,244 Infiltrator Water Technologies 208,139 (36,760 ) 171,379 64,889 (12,189 ) 52,700 International International - Pipe 62,542 (896 ) 61,646 63,902 — 63,902 International - Allied Products & Other 22,585 — 22,585 23,216 — 23,216 Total International 85,127 (896 ) 84,231 87,118 — 87,118 Allied Products & Other 234,913 — 234,913 226,551 — 226,551 Intersegment Eliminations (41,138 ) 41,138 — (12,531 ) 12,531 — Total Consolidated $ 1,052,826 $ — $ 1,052,826 $ 909,613 $ — $ 909,613 |
Schedule of Financial Information Attributable to Reportable Segments | The following sets forth certain financial information attributable to the reportable segments for the periods presented: Three Months Ended September 30, Six Months Ended September 30, 2020 2019 2020 2019 (In thousands) (In thousands) Segment adjusted gross profit Pipe $ 100,496 $ 74,246 $ 191,095 $ 131,739 Infiltrator Water Technologies 53,105 30,144 101,033 30,144 International 14,582 10,841 25,990 20,068 Allied Products & Other 60,380 57,621 120,848 114,808 Intersegment Eliminations 372 (978 ) 14 (978 ) Total $ 228,935 $ 171,874 $ 438,980 $ 295,781 Depreciation and amortization Pipe $ 11,543 $ 11,557 $ 22,903 $ 23,104 Infiltrator Water Technologies 3,005 1,859 6,138 1,859 International 1,302 1,590 2,600 3,097 Allied Products & Other (a) 19,928 11,560 39,918 15,200 Total $ 35,778 $ 26,566 $ 71,559 $ 43,260 Capital expenditures Pipe $ 3,911 $ 9,383 $ 8,142 $ 16,357 Infiltrator Water Technologies 13,781 3,883 17,979 3,883 International 297 623 747 1,877 Allied Products & Other (a) 675 2,010 2,091 3,505 Total $ 18,664 $ 15,899 $ 28,959 $ 25,622 (a) Includes depreciation, amortization and capital expenditures not allocated to a reportable segment. The amortization expense of Infiltrator Water Technologies intangible assets acquired is included in Allied Products & Other. |
Reconciliation of Gross Profit to Segment Adjusted Gross Profit | Reconciliation of Gross Profit to Segment Adjusted Gross profit Three Months Ended September 30, Six Months Ended September 30, 2020 2019 2020 2019 (In thousands) (In thousands) Reconciliation of Segment Adjusted Gross Profit: Total Gross Profit $ 205,857 $ 146,524 $ 394,360 $ 84,366 Depreciation and amortization 16,463 15,708 32,886 29,392 ESOP and stock-based compensation expense 6,598 3,869 11,537 7,640 ESOP special dividend compensation — — — 168,610 COVID-19 related costs (a) 17 — 197 — Inventory step up related to Infiltrator Water Technologies acquisition — 5,773 — 5,773 Total Segment Adjusted Gross Profit $ 228,935 $ 171,874 $ 438,980 $ 295,781 (a) Includes expenses directly related to our response to the COVID-19 pandemic, including adjustments to our pandemic pay program and expenses associated with our third-party crisis management vendor. |
Background and Summary of Sig_3
Background and Summary of Significant Accounting Policies - Additional Information (Detail) $ in Thousands | Jul. 31, 2019 | Sep. 30, 2020USD ($)Segment | Jun. 30, 2020USD ($) | Apr. 01, 2020USD ($) | Mar. 31, 2020USD ($) | Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) |
Schedule Of Organization And Summary Of Significant Accounting Policies [Line Items] | ||||||||
Number of reportable segments | Segment | 3 | |||||||
Change in Accounting Principle, Accounting Standards Update, Adopted | true | |||||||
Change in Accounting Principle, Accounting Standards Update, Adoption Date | Apr. 1, 2020 | |||||||
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect | false | |||||||
Accounting Standards Update [Extensible List] | us-gaap:AccountingStandardsUpdate201613Member | |||||||
Adjustment to Retained deficit at the date of adoption | $ 709,510 | $ 614,589 | $ 537,485 | $ 511,756 | $ 212,184 | $ 398,313 | ||
Retained Deficit [Member] | ||||||||
Schedule Of Organization And Summary Of Significant Accounting Policies [Line Items] | ||||||||
Adjustment to Retained deficit at the date of adoption | $ (133,011) | $ (205,669) | (267,619) | $ (277,725) | $ (278,727) | $ 17,582 | ||
Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||||||
Schedule Of Organization And Summary Of Significant Accounting Policies [Line Items] | ||||||||
Adjustment to Retained deficit at the date of adoption | (779) | |||||||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Retained Deficit [Member] | ||||||||
Schedule Of Organization And Summary Of Significant Accounting Policies [Line Items] | ||||||||
Adjustment to Retained deficit at the date of adoption | $ 800 | $ (779) | ||||||
IWT [Member] | ||||||||
Schedule Of Organization And Summary Of Significant Accounting Policies [Line Items] | ||||||||
Agreement and Plan of Merger date | Jul. 31, 2019 | Jul. 31, 2019 |
Loss on Disposal of Assets an_3
Loss on Disposal of Assets and Costs from Exit and Disposal Activities - Summary of Loss on Disposal of Assets and Costs from Exit and Disposal Activities (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Discontinued Operations And Disposal Groups [Abstract] | ||||
Headcount reduction | $ 498 | $ 1,601 | ||
Total 2021 Restructuring Plan activities | 498 | 1,601 | ||
Loss on other disposals and partial disposals of property, plant and equipment | 129 | $ 444 | 673 | $ 1,151 |
Acquisition related severance and other costs | 1,560 | 1,560 | ||
Total loss on disposal of assets and costs from exit and disposal activities | $ 627 | $ 2,004 | $ 2,274 | $ 2,711 |
Loss on Disposal of Assets an_4
Loss on Disposal of Assets and Costs from Exit and Disposal Activities - Summary of Reconciliation of Restructuring Liability (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2020 | Sep. 30, 2019 | |
Discontinued Operations And Disposal Groups [Abstract] | |||
Balance at the beginning of the period | $ 574 | $ 1,696 | |
Expenses | $ 498 | 1,601 | |
Payments | (1,046) | (842) | |
Balance at the end of the period | $ 1,129 | $ 1,129 | $ 854 |
Loss on Disposal of Assets an_5
Loss on Disposal of Assets and Costs from Exit and Disposal Activities - Additional Information (Detail) $ in Millions | Sep. 30, 2020USD ($) |
Other Liabilities [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Severance liability related to restructuring plan | $ 0.1 |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Detail) - USD ($) $ in Thousands | Jul. 31, 2019 | Sep. 30, 2020 | Mar. 31, 2020 |
Business Acquisition [Line Items] | |||
Goodwill | $ 598,416 | $ 597,819 | |
IWT [Member] | |||
Business Acquisition [Line Items] | |||
Agreement and Plan of Merger date | Jul. 31, 2019 | Jul. 31, 2019 | |
Total fair value of consideration transferred | $ 1,147,200 | ||
Amount payable to acquire | 6,000 | ||
Amount receivable from acquire | 6,600 | ||
Goodwill | 495,800 | ||
Deferred tax liabilities | 132,400 | ||
Step up of GAAP basis for fair market valuations | 82,300 | ||
Deferred tax liabilities, acquired | 50,100 | ||
Transaction costs related to Acquisition | $ 22,900 | ||
Estimates transaction cost including tax | $ 7,300 | ||
Intangible assets | $ 575,000 | ||
IWT [Member] | Customer Relationships [Member] | |||
Business Acquisition [Line Items] | |||
Intangible asset, useful life | 20 years | ||
IWT [Member] | Patents and Developed Technology [Member] | |||
Business Acquisition [Line Items] | |||
Intangible asset, useful life | 10 years | ||
IWT [Member] | Tradename and Trademarks [Member] | |||
Business Acquisition [Line Items] | |||
Intangible asset, useful life | 20 years | ||
IWT [Member] | Finite-Lived Intangible Assets | |||
Business Acquisition [Line Items] | |||
Step up of GAAP basis for fair market valuations | $ 80,200 |
Acquisitions - Summary of Consi
Acquisitions - Summary of Consideration Transferred and Preliminary Purchase Price Allocation of Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Thousands | 14 Months Ended | ||
Sep. 30, 2020 | Mar. 31, 2020 | Jul. 31, 2019 | |
Business Acquisition [Line Items] | |||
Goodwill | $ 598,416 | $ 597,819 | |
IWT [Member] | |||
Business Acquisition [Line Items] | |||
Cash | 57,375 | $ 57,375 | |
Total current asset, excluding cash | 75,847 | 75,847 | |
Property, plant and equipment, net | 92,285 | 98,860 | |
Goodwill | 495,841 | 567,034 | |
Intangible assets, net | 575,000 | 475,000 | |
Other assets | 17,275 | 14,366 | |
Total current liabilities | (22,038) | (22,756) | |
Deferred tax liabilities | (132,385) | (109,926) | |
Other liabilities | (11,970) | (9,274) | |
Total fair value of consideration transferred | 1,147,230 | $ 1,146,526 | |
Adjustments to Property, Plant and Equipment | (6,575) | ||
Goodwill, Increase to Purchase Price | 704 | ||
Goodwill, Tax Adjustments | 21,528 | ||
Adjustments to Intangible Assets | 100,000 | ||
Adjustments to Right-of-use Assets, Other assets | 2,909 | ||
Adjustments to Right-of-use Assets, Total current liabilities | (213) | ||
Total current liabilities, Tax Adjustments | 931 | ||
Adjustments to Right-of-use Assets, Other liabilities | (2,696) | ||
Tax Adjustments | (22,459) | ||
Increase to Purchase price | $ 704 |
Acquisitions - Summary of Ident
Acquisitions - Summary of Identifiable Intangible Assets (Detail) - IWT [Member] $ in Thousands | Jul. 31, 2019USD ($) |
Business Acquisition [Line Items] | |
Total identifiable intangible assets, Preliminary fair value | $ 575,000 |
Customer Relationships [Member] | |
Business Acquisition [Line Items] | |
Total identifiable intangible assets, Preliminary fair value | $ 360,000 |
Intangible asset, useful life | 20 years |
Patents and Developed Technology [Member] | |
Business Acquisition [Line Items] | |
Total identifiable intangible assets, Preliminary fair value | $ 150,000 |
Intangible asset, useful life | 10 years |
Tradename and Trademarks [Member] | |
Business Acquisition [Line Items] | |
Total identifiable intangible assets, Preliminary fair value | $ 65,000 |
Intangible asset, useful life | 20 years |
Acquisitions - Summary of Unaud
Acquisitions - Summary of Unaudited Pro Forma Information (Detail) - IWT [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Sep. 30, 2019 | Sep. 30, 2019 | |
Business Acquisition Pro Forma Information Nonrecurring Adjustment [Line Items] | ||
Net sales | $ 512,072 | $ 996,016 |
Net income (loss) attributable to ADS | $ 45,494 | $ (170,777) |
Revenue Recognition - Schedule
Revenue Recognition - Schedule of Contract Asset and Liability (Detail) - USD ($) $ in Thousands | Sep. 30, 2020 | Mar. 31, 2020 |
Contract With Customer Asset And Liability [Abstract] | ||
Contract asset - product returns | $ 879 | $ 594 |
Refund liability | $ 2,223 | $ 1,458 |
Leases - Additional Information
Leases - Additional Information (Detail) | 6 Months Ended |
Sep. 30, 2020 | |
Minimum [Member] | |
Lessee Lease Description [Line Items] | |
Leases remaining term | 1 year |
Maximum [Member] | |
Lessee Lease Description [Line Items] | |
Leases remaining term | 30 years |
Maximum [Member] | Yard [Member] | |
Lessee Lease Description [Line Items] | |
Leases options to extend | 5 years |
Inventories - Schedule of Inven
Inventories - Schedule of Inventories (Detail) - USD ($) $ in Thousands | Sep. 30, 2020 | Mar. 31, 2020 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 61,132 | $ 66,524 |
Finished goods | 162,136 | 215,874 |
Total inventories | $ 223,268 | $ 282,398 |
Inventories - Additional Inform
Inventories - Additional Information (Detail) - USD ($) | Sep. 30, 2020 | Mar. 31, 2020 |
Inventory Disclosure [Abstract] | ||
Work-in-process inventories | $ 0 | $ 0 |
Fair Value Measurement - Summar
Fair Value Measurement - Summary of Assets and Liabilities Carried at Fair Value (Detail) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands | Sep. 30, 2020 | Mar. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value on a recurring basis | $ 74 | $ 36 |
Total liabilities at fair value on a recurring basis | 811 | 2,228 |
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 | 74 | 36 |
Total liabilities at fair value on a recurring basis | 811 | 2,228 |
Diesel Fuel Contracts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 74 | 36 |
Derivative liabilities | 811 | 2,228 |
Diesel Fuel Contracts [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 74 | 36 |
Derivative liabilities | $ 811 | $ 2,228 |
Fair Value Measurement - Additi
Fair Value Measurement - Additional Information (Detail) - USD ($) | 6 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Fair Value Disclosures [Abstract] | ||
Fair value of assets and liabilities, additional transfers | $ 0 | $ 0 |
Fair Value Measurement - Summ_2
Fair Value Measurement - Summary of Carrying And Fair Value of Senior Notes (Detail) - USD ($) $ in Thousands | Sep. 30, 2020 | Mar. 31, 2020 |
Fair Value [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Senior Notes | $ 366,240 | $ 314,951 |
Carrying Value [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Senior Notes | $ 350,000 | $ 350,000 |
Derivative Transactions - Sched
Derivative Transactions - Schedule of Cash Settlements and Net (Gains) and Net Losses on Mark-to-Market Adjustments for Changes in Fair Value of Derivative Contracts (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Derivatives, Fair Value [Line Items] | ||||
Total net unrealized mark-to-market (gains) loss | $ (373) | $ 7 | $ (1,455) | $ 1,795 |
Total net realized loss | 477 | 962 | 1,317 | 803 |
Diesel Fuel Option Collars [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Total net unrealized mark-to-market (gains) loss | (373) | 7 | (1,455) | 76 |
Total net realized loss | $ 477 | 150 | $ 1,317 | 157 |
Interest Rate Swaps [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Total net unrealized mark-to-market (gains) loss | 1,726 | |||
Total net realized loss | 710 | 544 | ||
Foreign Exchange Forward Contracts [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Total net unrealized mark-to-market (gains) loss | (7) | |||
Total net realized loss | $ 102 | $ 102 |
Net Income Per Share and Stoc_3
Net Income Per Share and Stockholders' Equity - Summary of Net Income Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
NET INCOME PER SHARE—BASIC: | ||||
Net income (loss) attributable to ADS | $ 80,236 | $ 7,589 | $ 150,702 | $ (218,767) |
Dividends to redeemable convertible preferred stockholders | (1,329) | (1,355) | (2,695) | (8,196) |
Dividends paid to unvested restricted stockholders | (4) | (2) | (330) | |
Net income (loss) available to common stockholders and participating securities | 78,907 | 6,230 | 148,005 | (227,293) |
Undistributed income allocated to participating securities | (12,760) | (204) | (24,025) | |
Net income (loss) available to common stockholders – Basic | $ 66,147 | $ 6,026 | $ 123,980 | $ (227,293) |
Weighted average number of common shares outstanding – Basic | 69,843 | 60,222 | 69,612 | 58,906 |
Net income (loss) per common share – Basic | $ 0.95 | $ 0.10 | $ 1.78 | $ (3.86) |
NET INCOME PER SHARE—DILUTED: | ||||
Net income (loss) available to common stockholders – Diluted | $ 66,147 | $ 6,026 | $ 123,980 | $ (227,293) |
Weighted average number of common shares outstanding – Basic | 69,843 | 60,222 | 69,612 | 58,906 |
Weighted average number of common shares outstanding – Diluted | 70,755 | 60,876 | 70,459 | 58,906 |
Net income (loss) per common share – Diluted | $ 0.93 | $ 0.10 | $ 1.76 | $ (3.86) |
Potentially dilutive securities excluded as anti-dilutive | 14,892 | 15,084 | 15,279 | 13,269 |
Exercise of Stock Options [Member] | ||||
NET INCOME PER SHARE—DILUTED: | ||||
Dilutive securities | 716 | 576 | 662 | |
Restricted Stock [Member] | ||||
NET INCOME PER SHARE—DILUTED: | ||||
Dilutive securities | 196 | 78 | 185 |
Net Income Per Share and Stoc_4
Net Income Per Share and Stockholders' Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions | Jun. 14, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Jun. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 |
Equity Class Of Treasury Stock [Line Items] | ||||||
Cash dividend declared | $ 0.09 | |||||
Dividend payment | $ 81,600 | |||||
Additional stock-based compensation expense | $ 5,496 | $ 3,171 | $ 11,095 | $ 5,012 | ||
Cost of Goods Sold - ESOP special dividend compensation and Selling, General and Administrative Expenses [Member] | ||||||
Equity Class Of Treasury Stock [Line Items] | ||||||
Additional stock-based compensation expense | $ 246,800 | |||||
ESOP [Member] | ||||||
Equity Class Of Treasury Stock [Line Items] | ||||||
Number of redeemable convertible preferred stock allocated to ESOP participants | 11.6 | |||||
Amount of dividend from unallocated redeemable convertible preferred stock held in the ESOP trust to repay ESOP loan | $ 12,000 | |||||
Special Dividend [Member] | ||||||
Equity Class Of Treasury Stock [Line Items] | ||||||
Cash dividend declared | $ 1 | |||||
Dividend payable date | Jun. 14, 2019 | |||||
Dividend payable, date of record | Jun. 3, 2019 | |||||
Special Dividend [Member] | ESOP [Member] | ||||||
Equity Class Of Treasury Stock [Line Items] | ||||||
Additional stock-based compensation expense | $ 246,800 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) | 6 Months Ended | |
Sep. 30, 2020 | Mar. 31, 2020 | |
South American Joint Venture [Member] | ||
Related Party Transaction [Line Items] | ||
Maximum borrowings permitted under credit facility | $ 22,000,000 | |
Debt, expiration date | Dec. 31, 2023 | |
Percentage of debt guarantee | 50.00% | |
Company's ownership percentage | 50.00% | |
Maximum potential payment under guarantee | $ 11,000,000 | |
Outstanding principal balance including letters of credit | 10,100,000 | $ 9,300,000 |
South American Joint Venture [Member] | US Dollar Denominated Loans [Member] | ||
Related Party Transaction [Line Items] | ||
Outstanding principal balance including letters of credit | $ 0 | |
South American Joint Venture [Member] | Chilean Peso Denominated Loans [Member] | ||
Related Party Transaction [Line Items] | ||
Weighted average interest rate | 3.50% | |
Consolidated Entity Excluding Variable Interest Entities (VIE) [Member] | ||
Related Party Transaction [Line Items] | ||
Maximum borrowings permitted under credit facility | $ 12,000,000 | |
Revolving credit facility maturity date | Jun. 22, 2018 | |
Debt, expiration date | Jun. 22, 2022 | |
Outstanding principal balance including letters of credit | $ 0 | $ 0 |
ADS Mexicana [Member] | Consolidated Entity Excluding Variable Interest Entities (VIE) [Member] | ||
Related Party Transaction [Line Items] | ||
Percentage of ownership in joint venture | 49.00% | |
Consolidated Entity Excluding Variable Interest Entities (VIE) [Member] | ADS Mexicana [Member] | ||
Related Party Transaction [Line Items] | ||
Company's ownership percentage | 51.00% |
Related Party Transactions - Su
Related Party Transactions - Summary of Purchases and Sales by ADS with Related Parties (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
South American Joint Venture [Member] | ||||
Related Party Transaction [Line Items] | ||||
Purchases from related party | $ 218 | $ 71 | $ 268 | $ 508 |
Sales to related party | 194 | 141 | 279 | 394 |
Tigre USA [Member] | ||||
Related Party Transaction [Line Items] | ||||
Purchases from related party | $ 502 | $ 640 | $ 1,035 | $ 1,171 |
Debt - Long-Term Debt (Detail)
Debt - Long-Term Debt (Detail) - USD ($) $ in Thousands | Sep. 30, 2020 | Mar. 31, 2020 |
Debt Instrument [Line Items] | ||
Long-term debt , Gross | $ 894,750 | $ 1,099,742 |
Unamortized debt issuance costs | (2,222) | (2,419) |
Current maturities | (7,000) | (7,955) |
Long-term debt obligation | 885,528 | 1,089,368 |
Term Loan Facility [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt , Gross | 544,750 | 648,250 |
Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt , Gross | $ 350,000 | 350,000 |
Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt , Gross | 100,000 | |
Equipment Financing [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt , Gross | $ 1,492 |
Debt (Senior Secured Credit Fac
Debt (Senior Secured Credit Facility) - Additional Information (Detail) - USD ($) | 6 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Mar. 31, 2020 | |
Debt Instrument [Line Items] | |||
Repayment of borrowings | $ 100,000,000 | $ 177,900,000 | |
Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Maximum borrowings permitted under credit facility | 350,000,000 | ||
Repayment of borrowings | 100,000,000 | ||
Outstanding letters of credit | 11,000,000 | $ 8,500,000 | |
Letter of Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Maximum borrowings permitted under credit facility | 50,000,000 | ||
Sublimit of Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Maximum borrowings permitted under credit facility | 50,000,000 | ||
Term Loan Facility [Member] | |||
Debt Instrument [Line Items] | |||
Aggregate principal amount | $ 700,000,000 | ||
Repayment of borrowings | $ 103,500,000 |
Debt (Senior Notes) - Additiona
Debt (Senior Notes) - Additional Information (Detail) - 5.0% Senior Notes due 2027 [Member] $ in Millions | Sep. 23, 2019USD ($) |
Debt Instrument [Line Items] | |
Aggregate principal amount | $ 350 |
Debt instrument, interest rate | 5.00% |
Commitments and Contingencies (
Commitments and Contingencies (Purchase Commitments) - Additional Information (Detail) - Inventory [Member] | 6 Months Ended |
Sep. 30, 2020USD ($) | |
Purchase Commitment, Excluding Long-term Commitment [Line Items] | |
Purchase contracts period range, start | 1 month |
Purchase contracts period range, end | 12 months |
Total purchase commitment | $ 0 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands, shares in Millions | Jul. 31, 2019 | Jun. 14, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 |
Income Taxes [Line Items] | ||||||
Effective income tax rate | 28.30% | (75.30%) | 28.10% | (9.40%) | ||
Discrete income tax expense | $ 60,700 | |||||
Additional stock-based compensation expense | $ 5,496 | $ 3,171 | $ 11,095 | $ 5,012 | ||
IWT [Member] | ||||||
Income Taxes [Line Items] | ||||||
Non-deductible transaction costs | 1,100 | |||||
Total purchase price | $ 132,400 | |||||
Purchase price related to step up of GAAP basis for fair market valuations | 82,300 | |||||
Deferred tax liabilities acquired | 50,100 | |||||
Business combination, acquired federal net operating loss | 24,000 | |||||
IWT [Member] | Intangible Assets [Member] | ||||||
Income Taxes [Line Items] | ||||||
Purchase price related to step up of GAAP basis for fair market valuations | $ 80,200 | |||||
Employee Stock Ownership Plan (ESOP) [Member] | ||||||
Income Taxes [Line Items] | ||||||
Non-deductible stock appreciation and deductible dividends | $ 242,900 | |||||
Effective tax rate reduced by discrete event | 30.30% | |||||
Employee Stock Ownership Plan (ESOP) [Member] | Special Dividend [Member] | ||||||
Income Taxes [Line Items] | ||||||
Shares allocated from the ESOP from discrete event | 11.6 | |||||
Additional stock-based compensation expense | $ 246,800 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Stock-based Compensation Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Total stock-based compensation expense | $ 5,496 | $ 3,171 | $ 11,095 | $ 5,012 |
Equity-Classified Stock Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Total stock-based compensation expense | 750 | 700 | 1,631 | 1,251 |
Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Total stock-based compensation expense | 1,344 | 957 | 2,761 | 1,599 |
Performance Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Total stock-based compensation expense | 3,070 | 1,201 | 6,054 | 1,573 |
Non-Employee Director [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Total stock-based compensation expense | 332 | 313 | 649 | 589 |
Cost of Goods Sold [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Total stock-based compensation expense | 565 | 189 | 966 | 301 |
Selling Expenses [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Total stock-based compensation expense | 296 | 179 | 491 | 235 |
General and Administrative Expenses [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Total stock-based compensation expense | $ 4,635 | $ 2,803 | $ 9,638 | $ 4,476 |
Stock-Based Compensation (2017
Stock-Based Compensation (2017 Omnibus Plan) - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | May 24, 2017 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Restricted stock awards | $ (6) | $ 1 | $ (397) | $ (91) | |
2017 Omnibus Plan [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Restricted stock awards, Shares | 100,000 | 100,000 | |||
Restricted stock awards | $ 1,600 | $ 5,700 | |||
Number of stock options granted, Value | $ 100 | $ 3,400 | |||
2017 Omnibus Plan [Member] | Performance Shares [Member] | IWT [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Number of performance units granted | 100,000 | 100,000 | |||
Number of performance units granted, Value | $ 5,200 | $ 5,200 | |||
2017 Omnibus Plan [Member] | Maximum [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Common stock approved for issuance | 3,500,000 | ||||
Number of nonqualified stock options granted | 100,000 | 300,000 |
Stock-Based Compensation - Su_2
Stock-Based Compensation - Summary of Assumption Used to Estimate Fair Value of Stock Options (Detail) | 6 Months Ended |
Sep. 30, 2020$ / shares | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |
Expected stock price volatility, minimum | 35.50% |
Expected stock price volatility, maximum | 36.30% |
Risk-free interest rate | 0.40% |
Weighted-average expected option life (years) | 6 years |
Minimum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |
Common stock price | $ 41.97 |
Dividend yield | 0.70% |
Maximum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |
Common stock price | $ 54.95 |
Dividend yield | 0.90% |
Business Segments Information -
Business Segments Information - Additional Information (Detail) | 6 Months Ended |
Sep. 30, 2020Segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 3 |
Business Segments Information_2
Business Segments Information - Schedule of Revenue from Reportable Segments by Product Type (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Segment Reporting Information [Line Items] | ||||
Net Sales | $ 544,187 | $ 495,905 | $ 1,052,826 | $ 909,613 |
Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Sales | 544,187 | 495,905 | 1,052,826 | 909,613 |
Intersegment Eliminations [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Sales | (21,225) | (12,531) | (41,138) | (12,531) |
Pipe Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Sales | 290,496 | 281,063 | 562,303 | 543,244 |
Pipe Segment [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Sales | 292,133 | 281,405 | 565,785 | 543,586 |
Pipe Segment [Member] | Intersegment Eliminations [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Sales | (1,637) | (342) | (3,482) | (342) |
Infiltrator Water Technologies Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Sales | 87,294 | 52,700 | 171,379 | 52,700 |
Infiltrator Water Technologies Segment [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Sales | 105,986 | 64,889 | 208,139 | 64,889 |
Infiltrator Water Technologies Segment [Member] | Intersegment Eliminations [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Sales | (18,692) | (12,189) | (36,760) | (12,189) |
International Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Sales | 48,402 | 47,784 | 84,231 | 87,118 |
International Segment [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Sales | 49,298 | 47,784 | 85,127 | 87,118 |
International Segment [Member] | Intersegment Eliminations [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Sales | (896) | (896) | ||
International Segment [Member] | Pipe [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Sales | 34,696 | 34,617 | 61,646 | 63,902 |
International Segment [Member] | Pipe [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Sales | 35,592 | 34,617 | 62,542 | 63,902 |
International Segment [Member] | Pipe [Member] | Intersegment Eliminations [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Sales | (896) | (896) | ||
International Segment [Member] | Allied Products and Other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Sales | 13,706 | 13,167 | 22,585 | 23,216 |
International Segment [Member] | Allied Products and Other [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Sales | 13,706 | 13,167 | 22,585 | 23,216 |
Allied Products and Other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Sales | 117,995 | 114,358 | 234,913 | 226,551 |
Allied Products and Other [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Sales | $ 117,995 | $ 114,358 | $ 234,913 | $ 226,551 |
Business Segments Information_3
Business Segments Information - Schedule of Financial Information Attributable to Reportable Segments (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Segment Reporting Information [Line Items] | ||||
Segment adjusted gross profit | $ 228,935 | $ 171,874 | $ 438,980 | $ 295,781 |
Depreciation and amortization | 35,778 | 26,566 | 71,559 | 43,260 |
Capital expenditures | 18,664 | 15,899 | 28,959 | 25,622 |
Operating Segments [Member] | Pipe Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Segment adjusted gross profit | 100,496 | 74,246 | 191,095 | 131,739 |
Depreciation and amortization | 11,543 | 11,557 | 22,903 | 23,104 |
Capital expenditures | 3,911 | 9,383 | 8,142 | 16,357 |
Operating Segments [Member] | Infiltrator Water Technologies Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Segment adjusted gross profit | 53,105 | 30,144 | 101,033 | 30,144 |
Depreciation and amortization | 3,005 | 1,859 | 6,138 | 1,859 |
Capital expenditures | 13,781 | 3,883 | 17,979 | 3,883 |
Operating Segments [Member] | International Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Segment adjusted gross profit | 14,582 | 10,841 | 25,990 | 20,068 |
Depreciation and amortization | 1,302 | 1,590 | 2,600 | 3,097 |
Capital expenditures | 297 | 623 | 747 | 1,877 |
Operating Segments [Member] | Allied Products and Other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Segment adjusted gross profit | 60,380 | 57,621 | 120,848 | 114,808 |
Depreciation and amortization | 19,928 | 11,560 | 39,918 | 15,200 |
Capital expenditures | 675 | 2,010 | 2,091 | 3,505 |
Intersegment Eliminations [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Segment adjusted gross profit | $ 372 | $ (978) | $ 14 | $ (978) |
Business Segments Information_4
Business Segments Information - Reconciliation of Gross Profit to Segment Adjusted Gross Profit (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Gross profit | $ 205,857 | $ 146,524 | $ 394,360 | $ 84,366 |
Depreciation and amortization | 16,463 | 15,708 | 32,886 | 29,392 |
ESOP and stock-based compensation expense | 6,598 | 3,869 | 11,537 | 7,640 |
ESOP special dividend compensation | 168,610 | |||
COVID-19 related costs | 17 | 197 | ||
Inventory step up | 5,773 | |||
Total Segment Adjusted Gross Profit | $ 228,935 | 171,874 | $ 438,980 | 295,781 |
Infiltrator Water Technologies [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Inventory step up | $ 5,773 | $ 5,773 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - $ / shares | 3 Months Ended | 6 Months Ended | |||
Dec. 31, 2020 | Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Subsequent Event [Line Items] | |||||
Cash dividend declared | $ 0.09 | $ 0.09 | $ 0.18 | $ 1.18 | |
Scenario Forecast [Member] | |||||
Subsequent Event [Line Items] | |||||
Cash dividend declared | $ 0.09 | ||||
Dividend payable date | Dec. 15, 2020 | ||||
Dividend payable, date of record | Dec. 1, 2020 |