Advanced Drainage Systems (WMS) 10-Q 4 Aug 22 2023 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Jun. 30, 2022	Jul. 27, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2022
Document Transition Report	false
Entity File Number	001-36557
Entity Registrant Name	ADVANCED DRAINAGE SYSTEMS, INC.
Entity Incorporation, State or Country Code	DE
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
Title of each class	Common Stock, $0.01 par value per share
Trading Symbol(s)	WMS
Name of each exchange on which registered	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		83,571,171
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001604028
Current Fiscal Year End Date	--03-31

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2022	Mar. 31, 2022
Current assets:
Cash	$ 463,696	$ 20,125
Receivables (less allowance for doubtful accounts of $7,868 and $8,198, respectively)	427,620	341,753
Inventories	489,492	494,324
Other current assets	20,532	15,696
Total current assets	1,401,340	871,898
Property, plant and equipment, net	636,042	619,383
Other assets:
Goodwill	619,626	610,293
Intangible assets, net	449,115	431,385
Other assets	119,240	116,799
Total assets	3,225,363	2,649,758
Current liabilities:
Current maturities of debt obligations	18,113	19,451
Current maturities of finance lease obligations	5,227	5,089
Accounts payable	274,606	224,986
Other accrued liabilities	148,605	134,877
Accrued income taxes	58,207	6,838
Total current liabilities	504,758	391,241
Long-term debt obligations (less unamortized debt issuance costs of $12,879 and $1,648, respectively)	1,279,176	908,705
Long-term finance lease obligations	11,429	11,393
Deferred tax liabilities	166,741	168,435
Other liabilities	66,472	64,939
Total liabilities	2,028,576	1,544,713
Commitments and contingencies (see Note 9)
Mezzanine equity:
Redeemable common stock: $0.01 par value; 11,619 and 0 shares outstanding, respectively	188,828	0
Redeemable convertible preferred stock: $0.01 par value; 0 and 47,070 shares authorized, respectively; 0 and 44,170 shares issued; 0 and 15,630 shares outstanding, respectively	0	195,384
Total mezzanine equity	188,828	195,384
Stockholders’ equity:
Common stock; $0.01 par value: 1,000,000 shares authorized; 76,607 and 75,529 shares issued, respectively; 72,386 and 72,309 shares outstanding, respectively	11,623	11,612
Paid-in capital	1,079,701	1,065,628
Common stock in treasury, at cost	(408,861)	(318,691)
Accumulated other comprehensive loss	(28,289)	(24,386)
Retained earnings	335,822	158,876
Total ADS stockholders’ equity	989,996	893,039
Noncontrolling interest in subsidiaries	17,963	16,622
Total stockholders’ equity	1,007,959	909,661
Total liabilities, mezzanine equity and stockholders’ equity	$ 3,225,363	$ 2,649,758

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2022	Mar. 31, 2022
Allowance for doubtful accounts	$ 7,868	$ 8,198
Unamortized debt issuance costs	$ 12,879	$ 1,648
Common stock, par value per share	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	1,000,000,000	1,000,000,000
Common stock, shares issued (in shares)	76,607,000	75,529,000
Common stock, shares outstanding (in shares)	72,386,000	72,309,000
Redeemable Common Stock
Mezzanine equity, par value per share	$ 0.01	$ 0.01
Mezzanine equity, shares outstanding (in shares)	11,619,000	0
Redeemable Convertible Preferred Stock
Mezzanine equity, par value per share	$ 0.01	$ 0.01
Mezzanine equity, shares outstanding (in shares)	0	15,630,000
Mezzanine equity, shares authorized (in shares)	0	47,070,000
Mezzanine equity, shares issued (in shares)	0	44,170,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Income Statement [Abstract]
Net sales	$ 914,186	$ 669,300
Cost of goods sold	562,079	468,179
Gross profit	352,107	201,121
Operating expenses:
Selling, general and administrative	86,520	76,221
Loss (gain) on disposal of assets and costs from exit and disposal activities	303	(11)
Intangible amortization	13,677	15,645
Income from operations	251,607	109,266
Other expense:
Interest expense	11,072	7,907
Derivative gains and other income, net	(1,902)	(2,014)
Income before income taxes	242,437	103,373
Income tax expense	55,065	26,455
Equity in net income of unconsolidated affiliates	(1,110)	(205)
Net income	188,482	77,123
Less: net income attributable to noncontrolling interest	1,336	1,136
Net income attributable to ADS	$ 187,146	$ 75,987
Weighted average common shares outstanding:
Basic (in shares)	83,144	71,534
Diluted (in shares)	84,389	73,124
Net income per share:
Basic (in dollars per share)	$ 2.25	$ 0.89
Diluted (in dollars per share)	$ 2.22	$ 0.87

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 188,482	$ 77,123
Currency translation (loss) gain	(3,898)	2,041
Comprehensive income	184,584	79,164
Less: other comprehensive income attributable to noncontrolling interest	5	615
Less: net income attributable to noncontrolling interest	1,336	1,136
Total comprehensive income attributable to ADS	$ 183,243	$ 77,413

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash Flows from Operating Activities
Net income	$ 188,482	$ 77,123
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	35,578	34,656
Deferred income taxes	(1,272)	64
Loss (gain) on disposal of assets and costs from exit and disposal activities	303	(11)
ESOP and stock-based compensation	6,273	20,806
Amortization of deferred financing charges	344	95
Fair market value adjustments to derivatives	(90)	(675)
Equity in net income of unconsolidated affiliates	(1,110)	(205)
Other operating activities	(3,535)	450
Changes in working capital:
Receivables	(79,616)	(67,388)
Inventories	8,039	(28,985)
Prepaid expenses and other current assets	(4,840)	(7,442)
Accounts payable, accrued expenses, and other liabilities	101,209	75,860
Net cash provided by operating activities	249,765	104,348
Cash Flows from Investing Activities
Capital expenditures	(36,189)	(25,546)
Acquisition, net of cash acquired	(47,492)	0
Other investing activities	13	53
Net cash used in investing activities	(83,668)	(25,493)
Cash Flows from Financing Activities
Payments on syndicated Term Loan Facility	(1,750)	(1,750)
Proceeds from Senior Notes due 2030	500,000	0
Debt issuance costs	(11,575)	0
Payments on Equipment Financing	(3,548)	0
Payments on finance lease obligations	(1,721)	(5,379)
Repurchase of common stock	(57,699)	(102,013)
Cash dividends paid	(10,170)	(9,451)
Dividends paid to noncontrolling interest holder	0	(957)
Proceeds from exercise of stock options	1,249	1,336
Payment of withholding taxes on vesting of restricted stock units	(22,809)	(12,976)
Other financing activities	0	(131)
Net cash provided by (used in) financing activities	277,677	(131,321)
Effect of exchange rate changes on cash	(203)	290
Net change in cash	443,571	(52,176)
Cash at beginning of period	20,125	195,009
Cash at end of period	463,696	142,833
SUPPLEMENTAL CASH FLOW INFORMATION
Cash paid for income taxes	5,055	2,605
Cash paid for interest	4,714	3,714
Non-cash operating, investing and financing activities:
Repurchase of common stock pending settlement	9,662	13,365
Acquisition of property, plant and equipment under finance lease and incurred lease obligations	1,754	9,382
Balance in accounts payable for the acquisition of property, plant and equipment	16,881	6,578
Revolving Credit Agreement
Cash Flows from Financing Activities
Proceeds from Revolving Credit Agreement	26,200	0
Payments on Revolving Credit Agreement	(140,500)	0
Amended Revolving Credit Facility
Cash Flows from Financing Activities
Proceeds from Revolving Credit Agreement	97,000	0
Payments on Revolving Credit Agreement	$ (97,000)	$ 0

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Stockholders' Equity and Mezzanine Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Total Mezzanine Equity	Total Mezzanine Equity ESOP share conversion	Total Mezzanine Equity KSOP redeemable common stock conversion	Redeemable Convertible Preferred Stock	Redeemable Convertible Preferred Stock ESOP share conversion	Deferred Compensation Unearned ESOP Shares	Redeemable Common Stock	Redeemable Common Stock ESOP share conversion	Redeemable Common Stock KSOP redeemable common stock conversion	Total ADS Stockholders’ Equity	Common Stock	Paid -In Capital	Common Stock in Treasury	Accumulated Other Compre-hensive Loss	Retained (Deficit) Earnings	Non- controlling Interest in Subsidiaries
Beginning balance, common stock (in shares) at Mar. 31, 2021												72,071
Beginning balance, treasury stock (in shares) at Mar. 31, 2021														501
Beginning balance at Mar. 31, 2021	$ 833,515										$ 819,784	$ 11,578	$ 918,587	$ (10,959)	$ (24,220)	$ (75,202)	$ 13,731
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	77,123										75,987					75,987	1,136
Other comprehensive (loss) income	2,041										1,426				1,426		615
Redeemable convertible preferred stock dividends	(1,550)										(1,550)					(1,550)
Common stock dividends	(7,901)										(7,901)					(7,901)
Dividends paid to noncontrolling interest holder	(957)																(957)
Share repurchases (in shares)														1,056
Share repurchases	(115,378)										(115,378)			$ (115,378)
Allocation of ESOP shares to participants for compensation	12,064	$ 2,091					$ 2,091				12,064		12,064
Exercise of common stock options (in shares)												48
Exercise of common stock options	1,336										1,336		1,336
Restricted stock awards (in shares)												99		29
Restricted stock awards	(3,230)										(3,230)	$ 1		$ (3,231)
Performance-based restricted stock units (in shares)												245		92
Performance-based restricted stock units	(9,743)										(9,743)	$ 2		$ (9,745)
Stock-based compensation expense	6,651										6,651		6,651
ESOP distribution in common stock (in shares)												764
ESOP distribution in common stock	12,412										12,412	$ 8	12,404
Other	(79)										(79)		(79)
Ending balance, common stock (in shares) at Jun. 30, 2021												73,227
Ending balance, treasury stock (in shares) at Jun. 30, 2021														1,678
Ending balance at Jun. 30, 2021	806,304										791,779	$ 11,589	950,963	$ (139,313)	(22,794)	(8,666)	14,525
Mezzanine equity, beginning balance (in shares) at Mar. 31, 2021					19,275		966
Mezzanine equity, beginning balance at Mar. 31, 2021		229,911			$ 240,944		$ (11,033)
Increase (Decrease) in Temporary Equity [Roll Forward]
Allocation of ESOP shares to participants for compensation (in shares)							(167)
Allocation of ESOP shares to participants for compensation	$ 12,064	2,091					$ 2,091				12,064		12,064
ESOP distribution in common stock, temporary equity (in shares)					(993)
ESOP distribution in common stock		(12,412)			$ (12,412)
Mezzanine equity, ending balance (in shares) at Jun. 30, 2021					18,282		799
Mezzanine equity, ending balance at Jun. 30, 2021		219,590			$ 228,532		$ (8,942)
Beginning balance, common stock (in shares) at Mar. 31, 2022	72,309											75,529
Beginning balance, treasury stock (in shares) at Mar. 31, 2022														3,220
Beginning balance at Mar. 31, 2022	$ 909,661										893,039	$ 11,612	1,065,628	$ (318,691)	(24,386)	158,876	16,622
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	188,482										187,146					187,146	1,336
Other comprehensive (loss) income	(3,898)										(3,903)				(3,903)		5
Common stock dividends	$ (10,200)										(10,200)					(10,200)
Share repurchases (in shares)	800													772
Share repurchases	$ (67,361)										(67,361)			$ (67,361)
KSOP redeemable common stock conversion (in shares)												403
KSOP redeemable common stock conversion	6,556										6,556	$ 4	6,552
Exercise of common stock options (in shares)												67
Exercise of common stock options	1,249										1,249	$ 1	1,248
Restricted stock awards (in shares)												81		24
Restricted stock awards	(2,457)										(2,457)	$ 1		$ (2,458)
Performance-based restricted stock units (in shares)												527		205
Performance-based restricted stock units	(20,346)										(20,346)	$ 5		$ (20,351)
Stock-based compensation expense	$ 6,273										6,273		6,273
Ending balance, common stock (in shares) at Jun. 30, 2022	72,386											76,607
Ending balance, treasury stock (in shares) at Jun. 30, 2022														4,221
Ending balance at Jun. 30, 2022	$ 1,007,959										$ 989,996	$ 11,623	$ 1,079,701	$ (408,861)	$ (28,289)	$ 335,822	$ 17,963
Mezzanine equity, beginning balance (in shares) at Mar. 31, 2022					15,630			0
Mezzanine equity, beginning balance at Mar. 31, 2022	195,384	195,384			$ 195,384			$ 0
Increase (Decrease) in Temporary Equity [Roll Forward]
Temporary equity, conversion of convertible securities (in shares)						(15,630)			12,022	(403)
Temporary equity, conversion of convertible securities			$ 0	$ (6,556)		$ (195,384)			$ 195,384	$ (6,556)
Mezzanine equity, ending balance (in shares) at Jun. 30, 2022					0			11,619
Mezzanine equity, ending balance at Jun. 30, 2022	$ 188,828	$ 188,828			$ 0			$ 188,828

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Stockholders' Equity and Mezzanine Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Statement of Stockholders' Equity [Abstract]
Common stock dividends per share	$ 0.12	$ 0.11

Background and Summary of Signi

Background and Summary of Significant Accounting Policies	3 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Background and Summary of Significant Accounting Policies	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 onsite 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. The Company is managed and reports results of operations in three reportable segments: Pipe, Infiltrator Water Technologies Ultimate Holdings, Inc ("Infiltrator") 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, 2022 was derived from audited financial statements included in the Annual Report on Form 10-K for the year ended March 31, 2022 (“Fiscal 2022 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 June 30, 2022 and the results of operations for the three months ended June 30, 2022 and cash flows for the three months ended June 30, 2022. 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 2022 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 There have been no new accounting pronouncements issued or adopted since the filing of the Fiscal 2022 Form 10-K that have significance, or potential significance, to the Condensed Consolidated Financial Statements.

Acquisitions

Acquisitions	3 Months Ended
	Jun. 30, 2022
Business Combination and Asset Acquisition [Abstract]
Acquisitions	ACQUISITIONS Acquisition of Cultec - On April 29, 2022, the Company completed its acquisition of Cultec, Inc. (“Cultec”). Cultec was a family-owned technology leader in the stormwater and onsite septic wastewater industries. The acquisition of Cultec expands the Company’s portfolio of innovative water management solutions in the stormwater and onsite septic wastewater industries. The total fair value of consideration transferred was $47.5 million. The following table summarizes the consideration transferred and the preliminary purchase price allocation of assets acquired and liabilities assumed. The purchase price allocation for assets acquired and liabilities assumed is preliminary and will be finalized when valuations are complete and final assessments of the fair value of acquired assets and assumed liabilities are completed. Such finalization may result in material changes from the preliminary purchase price allocation. The Company's estimates and assumptions are subject to change during the measurement period (up to one year from the closing date), as the Company continues to finalize the valuations of assets acquired and liabilities assumed. (Amounts in thousands) Initial Amount Accounts receivable $ 5,957 Inventory 4,469 Intangible assets 31,400 Goodwill 9,660 Property, plant and equipment 1,986 Accounts payable (5,539) Accrued expenses (75) Other liabilities (366) Total fair value of consideration transferred $ 47,492 The preliminary goodwill of $9.7 million represents the excess of consideration transferred over the preliminary fair value of assets acquired and liabilities assumed and is attributable to expected operating efficiencies. The goodwill is deductible for income tax purposes and is assigned to Allied Products & Other. The preliminary purchase price excludes transaction costs. During the three months ended June 30, 2022, the Company incurred $1.5 million of transaction costs related to the acquisition such as legal, accounting, valuation and other professional services. These costs are included in selling, 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 of Cultec are based on preliminary valuations including customer relationships, patents and developed technology and tradename and trademarks totaling $31.4 million. (Amounts in thousands) Preliminary fair value Customer relationships $ 2,800 Patents and developed technology 16,200 Tradename and trademarks 12,400 Total identifiable intangible assets $ 31,400 The Company has excluded certain disclosures required under ASC 805, Business Combinations as they are not material to the financial statements.

Revenue Recognition

Revenue Recognition	3 Months Ended
	Jun. 30, 2022
Revenue from Contract with Customer [Abstract]
Revenue Recognition	REVENUE RECOGNITION Revenue Disaggregation - The Company disaggregates net sales by Domestic, International and Infiltrator 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 12. 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: June 30, March 31, (In thousands) Contract asset - product returns $ 1,061 $ 978 Refund liability 2,940 2,356

Leases

Leases	3 Months Ended
	Jun. 30, 2022
Leases [Abstract]
Leases	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

Inventories

Inventories	3 Months Ended
	Jun. 30, 2022
Inventory Disclosure [Abstract]
Inventories	INVENTORIES Inventories as of the periods presented consisted of the following: June 30, March 31, (In thousands) Raw materials $ 148,527 $ 156,050 Finished goods 340,965 338,274 Total inventories $ 489,492 $ 494,324

Net Income Per Share and Stockh

Net Income Per Share and Stockholders' Equity	3 Months Ended
	Jun. 30, 2022
Net Income Per Share And Stockholders Equity [Abstract]
Net Income Per Share and Stockholders' Equity	NET INCOME PER SHARE AND STOCKHOLDERS' EQUITY Employee Stock Ownership Plan ("ESOP") - As previously disclosed in the Fiscal 2022 Form 10-K, in April 2022 all currently outstanding 15.6 million shares of Preferred Stock held by the ESOP were converted into 12.0 million shares of the Company’s redeemable common stock at the Conversion rate of 0.7692. The Company’s 401(k) retirement plan (“KSOP”) holds these shares of common stock. When participants sell or forfeit these shares, the shares are no longer subject to the put option of the Internal Revenue Code and are no longer required to be classified in mezzanine equity. Net Income per Share - For the three months ended June 30, 2021, the Company was required to apply the two-class method to compute both basic and diluted net income per share. Holders of redeemable convertible preferred stock participated in dividends on an as-converted basis when declared on common stock. As a result, redeemable convertible preferred stock met the definition of participating securities. 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 Company was not required to apply the two-class method to compute net income per share for the three months ended June 30, 2022 as the redeemable common stock and common stock have the same rights to earnings 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 (In thousands, except per share data) 2022 2021 NET INCOME PER SHARE—BASIC: Net income attributable to ADS $ 187,146 $ 75,987 Adjustments for: Dividends to participating securities — (1,635) Net income available to common stockholders and participating securities 187,146 74,352 Undistributed income allocated to participating securities — (10,933) Net income available to common stockholders – Basic $ 187,146 $ 63,419 Weighted average number of common shares outstanding – Basic 83,144 71,534 Net income per common share – Basic $ 2.25 $ 0.89 NET INCOME PER SHARE—DILUTED: Net income available to common stockholders – Diluted $ 187,146 $ 63,419 Weighted average number of common shares outstanding – Basic 83,144 71,534 Assumed restricted stock - nonparticipating 147 282 Assumed exercise of stock options 757 941 Assumed performance units 341 367 Weighted average number of common shares outstanding – Diluted 84,389 73,124 Net income per common share – Diluted $ 2.22 $ 0.87 Potentially dilutive securities excluded as anti-dilutive 24 14,102 Stockholders’ Equity – During the three months ended June 30, 2022, the Company repurchased 0.8 million shares of common stock at a cost of $67.4 million. The repurchases were made under the Board of Directors’ authorization in February 2022 to repurchase up to an additional $1.0 billion of ADS Common Stock in accordance with applicable securities laws. As of June 30, 2022, approximately $932.6 million of common stock may be repurchased under the authorization. The repurchase program does not obligate the Company to acquire any particular amount of common stock and may be suspended or terminated at any time at the Company’s discretion.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Jun. 30, 2022
Related Party Transactions [Abstract]
Related Party Transactions	RELATED PARTY TRANSACTIONS ADS Mexicana - ADS conducts business in Mexico and Central America through its joint venture ADS Mexicana, 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 6, 2022, the Company and ADS Mexicana amended the Intercompany Revolving Credit Promissory Note (the “Intercompany Note”) with a borrowing capacity of $9.5 million. The Intercompany Note matures on June 8, 2027. 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 Secured Overnight Financing Rate (“SOFR”) plus an applicable margin based on the Leverage Ratio. As of June 30, 2022 and March 31, 2022, there were no borrowings and $1.5 million borrowings, respectively, 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. ADS is the guarantor of 50% of the South American Joint Venture’s credit arrangement, and the debt guarantee is shared equally with the joint venture partner. The Company’s maximum potential obligation under this guarantee is $11.0 million as of June 30, 2022. The maximum borrowings permitted under the South American Joint Venture’s credit facility are $22.0 million. The Company does not anticipate any required contributions related to the balance of this credit arrangement. As of June 30, 2022 and March 31, 2022, the outstanding principal balances of the credit facility including letters of credit were $8.6 million and $9.9

Debt

Debt	3 Months Ended
	Jun. 30, 2022
Debt Disclosure [Abstract]
Debt	DEBT Long-term debt as of the periods presented consisted of the following: June 30, March 31, (In thousands) Term Loan Facility $ 432,500 $ 434,250 Senior Notes due 2027 350,000 350,000 Senior Notes due 2030 500,000 — Revolving Credit Facility — 114,300 Equipment Financing 27,668 31,254 Total 1,310,168 929,804 Unamortized debt issuance costs (12,879) (1,648) Current maturities (18,113) (19,451) Long-term debt obligations $ 1,279,176 $ 908,705 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”). In May 2022, the Company entered into a Second Amendment (the "Second Amendment") to the Company's Base Credit Agreement with Barclays Bank PLC, as administrative agent under the Term Loan Facility, PNC Bank, National Association, as new administrative agent under the Revolving Credit Facility. Among other things, the Second Amendment (i) amended the Base Credit Agreement by increasing the Revolving Credit Facility (the "Amended Revolving Credit Facility") from $350 million to $600 million (including an increase of the sub-limit for the swing-line sub-facility from $50 million to $60 million), (ii) extended the maturity date of the Revolving Credit Facility to May 26, 2027, (iii) revised the “applicable margin” to provide an additional step-down to 175 basis points (for Term Benchmark based loans) and 75 basis points (for base rate loans) in the event the consolidated senior secured net leverage ratio is less than 2.00 to 1.00 , and (iv) reset the “incremental amount” and the investment basket in non-guarantors and joint ventures. The Second Amendment also revises the reference interest rate from LIBOR to SOFR for both the Amended Revolving Credit Facility and the Term Loan Facility. Letters of credit outstanding at June 30, 2022 and March 31, 2022 amount to $5.2 million and $9.2 million, respectively, and reduced the availability of the Revolving Credit Facility. Senior Notes due 2027 – On September 23, 2019, the Company issued $350.0 million aggregate principal amount of 5.0% Senior Notes due 2027 (the “2027 Notes”) pursuant to an Indenture, dated September 23, 2019 (the “2027 Indenture”), among the Company, the guarantors party thereto (the “Guarantors”) and U.S. Bank National Association, as Trustee (the “Trustee”). The 2027 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 2027 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. Senior Notes due 2030 – On June 9, 2022, the Company issued $500.0 million aggregate pri ncipal amount of 6.375% Senior Notes due 2030 (the “2030 Notes”) pursuant to an Indenture, dated June 9, 2022 (the "2030 Indenture"), amount the Company, the Guarantors and the Trustee. The 2030 Notes were offered and sold either to persons reasonably believed to be “qualified institutional buyers” pursuant to Rule 144A under the Securities Act or to persons outside the United States under Regulation S of the Securities Act. Interest on the 2030 Notes will be payable semi-annually in cash in arrears on January 15 and July 15 of each year, commencing on January 15, 2023, at a rate of 6.375% per annum. The Senior Notes will mature on July 15, 2030. The Company used a portion of the net proceeds from the offering of the 2030 Notes to repay in full the outstanding borrowings under its Revolving Credit Facility and will use the remainder for general corporate purposes. The deferred financing costs associated with the 2030 Notes totaled $9.0 million and are recorded as a direct reduction from the carrying amount of the related debt. The Company may redeem the Notes, in whole or in part, at any time on or after July 15, 2025 at certain specified redemption prices set forth in the Indenture. In addition, at any time prior to July 15, 2025, the Company may redeem the Notes, in whole or in part, at a redemption price equal to 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date plus an applicable “make-whole” premium. At any time prior to July 15, 2025, the Company may also redeem up to 40% of the aggregate principal amount of Notes issued under the Indenture with net cash proceeds of certain equity offerings at a redemption price equal to 106.375% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. The 2030 Indenture contains customary events of default, including, among other things, payment default, failure to comply with covenants or agreements contained in the 2030 Indenture or the 2030 Notes and certain provisions related to bankruptcy events. The 2030 Indenture also contains customary negative covenants. Equipment Financing – In November 2021, the Company purchased material handling equipment, trucks and trailers previously leased under a master lease agreement and classified as finance leases. The purchase was funded with debt through the Master Lease Agreement and Interim Funding Schedule with Fifth Third. The assets acquired are titled to the Company and included in Property, plant and equipment, net on the Company's Condensed Consolidated Balance Sheet. The equipment financing has a term of between 12 and 84 months, based on the life of the equipment, and bears a weighted average interest of 1.4%. The current portion of the equipment financing is $11.1 million and the long-term portion is $16.6 million at June 30, 2022. 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. The following table presents the carrying and fair value of the Company’s 2027 Notes, 2030 Notes and Equipment Financing for the periods presented: June 30, 2022 March 31, 2022 Fair Value Carrying Value Fair Value Carrying Value (In thousands) Senior Notes due 2027 $ 324,198 $ 350,000 $ 349,902 $ 350,000 Senior Notes due 2030 489,580 500,000 — — Equipment Financing 26,784 27,668 29,302 31,254 Total fair value $ 840,562 $ 877,668 $ 379,204 $ 381,254 The fair values of the 2027 Notes and 2030 Notes was determined based on a quoted market data for the Company’s 2027 Notes and 2030 Notes, respectively. The fair value of the Equipment Financing was determined based on a comparison of the interest rate and terms of such borrowings to the rates and terms of similar debt available for the period. The categorization of the framework used to evaluate the 2027 Notes, 2030 Notes and Equipment Financing are considered Level 2. The Company believes the carrying amount on the remaining long-term debt, including the Term Loan Facility and Revolving Credit Facility, is not materially different from its fair value as the interest rates and terms of the borrowings are similar to currently available borrowings.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	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 June 30, 2022. 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

Income Taxes

Income Taxes	3 Months Ended
	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Income Taxes	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 June 30, 2022 and 2021, the Company utilized an effective tax rate of 22.7% and 25.6%, respectively, to calculate its provision for income taxes. Several items increased the effective rate including s tate and local income taxes for the three months ended June 30, 2022 and 2021. The Company’s ESOP also increased the effective rate for the three months ended June 30, 2021, which no longer impacts the effective tax rate after the repayment of the ESOP loan and the allocation of the remaining unallocated shares of Preferred Stock in the prior year. Additionally, discrete income tax benefits related to the stock-based compensation windfall decreased the rate for the three months ended June 30, 2022 and 2021.

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Jun. 30, 2022
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	STOCK-BASED COMPENSATION ADS has several programs for stock-based payments to employees and non-employee members of its Board of Directors, including stock options, performance-based restricted stock units 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 2022 2021 (In thousands) Component of income before income taxes: Cost of goods sold $ 674 $ 634 Selling, general and administrative expenses 5,599 6,017 Total stock-based compensation expense $ 6,273 $ 6,651 The following table summarizes stock-based compensation expense by award type for the periods presented: Three Months Ended 2022 2021 (In thousands) Stock-based compensation expense: Stock Options $ 1,279 $ 753 Restricted Stock 1,761 1,359 Performance-based Restricted Stock Units 2,740 4,188 Non-Employee Directors 493 351 Total stock-based compensation expense $ 6,273 $ 6,651 2017 Omnibus Incentive 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 5.0 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 months ended June 30, 2022, the Company granted 0.1 million shares of restricted stock with a grant date fair value of $8.5 million. Performance-based Restricted Stock Units (" Performance Units") – During the three months ended June 30, 2022, the Company granted 0.1 million performance share units at a grant date fair value of $6.6 million. Options – During the three months ended June 30, 2022, The Company granted 0.1 million nonqualified stock options under the 2017 Incentive Plan with a grant date fair value of $5.5 million. 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: Three Months Ended Common stock price $99.29 Expected stock price volatility 41.1% Risk-free interest rate 2.9% Weighted-average expected option life (years) 6 Dividend yield 0.48%

Business Segments Information

Business Segments Information	3 Months Ended
	Jun. 30, 2022
Segment Reporting [Abstract]
Business Segments Information	BUSINESS SEGMENTS INFORMATION The Company operates its business in three distinct reportable segments: “Pipe”, “International” and “Infiltrator.” “Allied Products & Other” represents the Company’s Allied Products and all other business segments. 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 – Infiltrator is a leading national provider of plastic leach field chambers and systems, septic tanks and accessories, primarily for use in residential applications. Infiltrator products are used in onsite 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, Cultec 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 Company aggregates operating segments within the Allied Products & Other segment disclosure. None of the operating segments within the Allied Products & Other businesses segment disclosure exceeds the quantitative thresholds for separate segment reporting. 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 June 30, 2022 June 30, 2021 (In thousands) Net Sales Intersegment Net Sales Net Sales from External Customers Net Sales Intersegment Net Sales Net Sales from External Customers Pipe $ 524,857 $ (9,874) $ 514,983 $ 374,010 $ (1,903) $ 372,107 Infiltrator 166,290 (28,906) 137,384 126,742 (19,037) 107,705 International International - Pipe 53,419 (5,859) 47,560 50,838 (2,914) 47,924 International - Allied Products & Other 18,095 — 18,095 14,528 — 14,528 Total International 71,514 (5,859) 65,655 65,366 (2,914) 62,452 Allied Products & Other 198,909 (2,745) 196,164 127,036 — 127,036 Intersegment Eliminations (47,384) 47,384 — (23,854) 23,854 — Total Consolidated $ 914,186 $ — $ 914,186 $ 669,300 $ — $ 669,300 The following sets forth certain financial information attributable to the reportable segments for the periods presented: Three Months Ended 2022 2021 (In thousands) Segment Adjusted Gross Profit Pipe $ 168,579 $ 84,143 Infiltrator 75,794 59,402 International 20,484 21,378 Allied Products & Other 109,041 63,299 Intersegment Eliminations (815) (14) Total $ 373,083 $ 228,208 Depreciation and Amortization Pipe $ 12,865 $ 12,035 Infiltrator 4,867 3,436 International 1,371 1,458 Allied Products & Other (a) 16,475 17,727 Total $ 35,578 $ 34,656 Capital Expenditures Pipe $ 20,274 $ 9,830 Infiltrator 12,532 13,026 International 913 250 Allied Products & Other (a) 2,470 2,440 Total $ 36,189 $ 25,546 (a) Includes depreciation, amortization and capital expenditures not allocated to a reportable segment. The amortization expense of Infiltrator intangible assets acquired is included in Allied Products & Other. Reconciliation of Gross Profit to Segment Adjusted Gross Profit Three Months Ended 2022 2021 (In thousands) Reconciliation of Segment Adjusted Gross Profit: Total Gross Profit $ 352,107 $ 201,121 Depreciation and Amortization 20,302 17,532 ESOP and stock-based compensation expense 674 9,555 Total Segment Adjusted Gross Profit $ 373,083 $ 228,208

Subsequent Events

Subsequent Events	3 Months Ended
	Jun. 30, 2022
Subsequent Events [Abstract]
Subsequent Events	SUBSEQUENT EVENTS Common Stock Dividend - During the second quarter of fiscal 2023, the Company declared a quarterly cash dividend of $0.12 per share of common stock. The dividend is payable on September 15, 2022 to stockholders of record at the close of business on September 1, 2022. Share Repurchase Program - During the second quarter of fiscal 2023, 0.6 million shares of common stock at a cost of $57.7 million were repurchased under the Board of Directors' authorization in February 2022. Employee Stock Purchase Plan - On July 21, 2022, the Company’s stockholders adopted and approved the Advanced Drainage Systems, Inc. Employee Stock Purchase Plan (the “ESPP”). By approving the ESPP, the Company’s stockholders set aside a fixed reserve of 400,000 shares of common stock that will be available to eligible employees of ADS and Participating Subsidiaries to purchase based on the terms and conditions of the ESPP.

Background and Summary of Sig_2

Background and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation -
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 There have been no new accounting pronouncements issued or adopted since the filing of the Fiscal 2022 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

Acquisitions (Tables)

Acquisitions (Tables)	3 Months Ended
	Jun. 30, 2022
Business Combination and Asset Acquisition [Abstract]
Summary of Consideration Transferred and Preliminary Purchase Price Allocation of Assets Acquired and Liabilities Assumed	The following table summarizes the consideration transferred and the preliminary purchase price allocation of assets acquired and liabilities assumed. The purchase price allocation for assets acquired and liabilities assumed is preliminary and will be finalized when valuations are complete and final assessments of the fair value of acquired assets and assumed liabilities are completed. Such finalization may result in material changes from the preliminary purchase price allocation. The Company's estimates and assumptions are subject to change during the measurement period (up to one year from the closing date), as the Company continues to finalize the valuations of assets acquired and liabilities assumed. (Amounts in thousands) Initial Amount Accounts receivable $ 5,957 Inventory 4,469 Intangible assets 31,400 Goodwill 9,660 Property, plant and equipment 1,986 Accounts payable (5,539) Accrued expenses (75) Other liabilities (366) Total fair value of consideration transferred $ 47,492
Summary of Identifiable Intangible Assets	The identifiable intangible assets recorded in connection with the closing of the acquisition of Cultec are based on preliminary valuations including customer relationships, patents and developed technology and tradename and trademarks totaling $31.4 million. (Amounts in thousands) Preliminary fair value Customer relationships $ 2,800 Patents and developed technology 16,200 Tradename and trademarks 12,400 Total identifiable intangible assets $ 31,400

Revenue Recognition (Tables)

Revenue Recognition (Tables)	3 Months Ended
	Jun. 30, 2022
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: June 30, March 31, (In thousands) Contract asset - product returns $ 1,061 $ 978 Refund liability 2,940 2,356

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Jun. 30, 2022
Inventory Disclosure [Abstract]
Schedule of Inventories	Inventories as of the periods presented consisted of the following: June 30, March 31, (In thousands) Raw materials $ 148,527 $ 156,050 Finished goods 340,965 338,274 Total inventories $ 489,492 $ 494,324

Net Income Per Share and Stoc_2

Net Income Per Share and Stockholders' Equity (Tables)	3 Months Ended
	Jun. 30, 2022
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 (In thousands, except per share data) 2022 2021 NET INCOME PER SHARE—BASIC: Net income attributable to ADS $ 187,146 $ 75,987 Adjustments for: Dividends to participating securities — (1,635) Net income available to common stockholders and participating securities 187,146 74,352 Undistributed income allocated to participating securities — (10,933) Net income available to common stockholders – Basic $ 187,146 $ 63,419 Weighted average number of common shares outstanding – Basic 83,144 71,534 Net income per common share – Basic $ 2.25 $ 0.89 NET INCOME PER SHARE—DILUTED: Net income available to common stockholders – Diluted $ 187,146 $ 63,419 Weighted average number of common shares outstanding – Basic 83,144 71,534 Assumed restricted stock - nonparticipating 147 282 Assumed exercise of stock options 757 941 Assumed performance units 341 367 Weighted average number of common shares outstanding – Diluted 84,389 73,124 Net income per common share – Diluted $ 2.22 $ 0.87 Potentially dilutive securities excluded as anti-dilutive 24 14,102

Debt (Tables)

Debt (Tables)	3 Months Ended
	Jun. 30, 2022
Debt Disclosure [Abstract]
Long-Term Debt	Long-term debt as of the periods presented consisted of the following: June 30, March 31, (In thousands) Term Loan Facility $ 432,500 $ 434,250 Senior Notes due 2027 350,000 350,000 Senior Notes due 2030 500,000 — Revolving Credit Facility — 114,300 Equipment Financing 27,668 31,254 Total 1,310,168 929,804 Unamortized debt issuance costs (12,879) (1,648) Current maturities (18,113) (19,451) Long-term debt obligations $ 1,279,176 $ 908,705
Summary of Carrying And Fair Value of Senior Notes	The following table presents the carrying and fair value of the Company’s 2027 Notes, 2030 Notes and Equipment Financing for the periods presented: June 30, 2022 March 31, 2022 Fair Value Carrying Value Fair Value Carrying Value (In thousands) Senior Notes due 2027 $ 324,198 $ 350,000 $ 349,902 $ 350,000 Senior Notes due 2030 489,580 500,000 — — Equipment Financing 26,784 27,668 29,302 31,254 Total fair value $ 840,562 $ 877,668 $ 379,204 $ 381,254

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Jun. 30, 2022
Share-Based Payment Arrangement [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 2022 2021 (In thousands) Component of income before income taxes: Cost of goods sold $ 674 $ 634 Selling, general and administrative expenses 5,599 6,017 Total stock-based compensation expense $ 6,273 $ 6,651 The following table summarizes stock-based compensation expense by award type for the periods presented: Three Months Ended 2022 2021 (In thousands) Stock-based compensation expense: Stock Options $ 1,279 $ 753 Restricted Stock 1,761 1,359 Performance-based Restricted Stock Units 2,740 4,188 Non-Employee Directors 493 351 Total stock-based compensation expense $ 6,273 $ 6,651
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: Three Months Ended Common stock price $99.29 Expected stock price volatility 41.1% Risk-free interest rate 2.9% Weighted-average expected option life (years) 6 Dividend yield 0.48%

Business Segments Information (

Business Segments Information (Tables)	3 Months Ended
	Jun. 30, 2022
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 June 30, 2022 June 30, 2021 (In thousands) Net Sales Intersegment Net Sales Net Sales from External Customers Net Sales Intersegment Net Sales Net Sales from External Customers Pipe $ 524,857 $ (9,874) $ 514,983 $ 374,010 $ (1,903) $ 372,107 Infiltrator 166,290 (28,906) 137,384 126,742 (19,037) 107,705 International International - Pipe 53,419 (5,859) 47,560 50,838 (2,914) 47,924 International - Allied Products & Other 18,095 — 18,095 14,528 — 14,528 Total International 71,514 (5,859) 65,655 65,366 (2,914) 62,452 Allied Products & Other 198,909 (2,745) 196,164 127,036 — 127,036 Intersegment Eliminations (47,384) 47,384 — (23,854) 23,854 — Total Consolidated $ 914,186 $ — $ 914,186 $ 669,300 $ — $ 669,300
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 2022 2021 (In thousands) Segment Adjusted Gross Profit Pipe $ 168,579 $ 84,143 Infiltrator 75,794 59,402 International 20,484 21,378 Allied Products & Other 109,041 63,299 Intersegment Eliminations (815) (14) Total $ 373,083 $ 228,208 Depreciation and Amortization Pipe $ 12,865 $ 12,035 Infiltrator 4,867 3,436 International 1,371 1,458 Allied Products & Other (a) 16,475 17,727 Total $ 35,578 $ 34,656 Capital Expenditures Pipe $ 20,274 $ 9,830 Infiltrator 12,532 13,026 International 913 250 Allied Products & Other (a) 2,470 2,440 Total $ 36,189 $ 25,546 (a) Includes depreciation, amortization and capital expenditures not allocated to a reportable segment. The amortization expense of Infiltrator 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 2022 2021 (In thousands) Reconciliation of Segment Adjusted Gross Profit: Total Gross Profit $ 352,107 $ 201,121 Depreciation and Amortization 20,302 17,532 ESOP and stock-based compensation expense 674 9,555 Total Segment Adjusted Gross Profit $ 373,083 $ 228,208

Background and Summary of Sig_3

Background and Summary of Significant Accounting Policies (Detail)	3 Months Ended
	Jun. 30, 2022 segment
Accounting Policies [Abstract]
Number of reportable segments	3

Acquisitions - Additional Infor

Acquisitions - Additional Information (Detail) - USD ($) $ in Thousands		3 Months Ended
	Apr. 29, 2022	Jun. 30, 2022	Mar. 31, 2022
Business Acquisition [Line Items]
Goodwill		$ 619,626	$ 610,293
Cultec
Business Acquisition [Line Items]
Total fair value of consideration transferred	$ 47,500
Goodwill	9,660
Transaction costs related to Acquisition		$ 1,500
Intangible assets	$ 31,400

Acquisitions - Summary of Consi

Acquisitions - Summary of Consideration Transferred and Preliminary Purchase Price Allocation of Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Thousands	Jun. 30, 2022	Apr. 29, 2022	Mar. 31, 2022
Business Acquisition [Line Items]
Goodwill	$ 619,626		$ 610,293
Cultec
Business Acquisition [Line Items]
Accounts receivable		$ 5,957
Inventory		4,469
Intangible assets		31,400
Goodwill		9,660
Property, plant and equipment		1,986
Accounts payable		(5,539)
Accrued expenses		(75)
Other liabilities		(366)
Total fair value of consideration transferred		$ 47,492

Acquisitions - Summary of Ident

Acquisitions - Summary of Identifiable Intangible Assets (Detail) - Cultec $ in Thousands	Apr. 29, 2022 USD ($)
Business Acquisition [Line Items]
Total identifiable intangible assets	$ 31,400
Customer relationships
Business Acquisition [Line Items]
Total identifiable intangible assets	2,800
Patents and developed technology
Business Acquisition [Line Items]
Total identifiable intangible assets	16,200
Tradename and trademarks
Business Acquisition [Line Items]
Total identifiable intangible assets	$ 12,400

Revenue Recognition - Schedule

Revenue Recognition - Schedule of Contract Asset and Liability (Detail) - USD ($) $ in Thousands	Jun. 30, 2022	Mar. 31, 2022
Revenue from Contract with Customer [Abstract]
Contract asset - product returns	$ 1,061	$ 978
Refund liability	$ 2,940	$ 2,356

Leases (Detail)

Leases (Detail)	3 Months Ended
	Jun. 30, 2022
Minimum
Lessee Lease Description [Line Items]
Remaining lease term	1 year
Maximum
Lessee Lease Description [Line Items]
Remaining lease term	28 years
Maximum | Yard
Lessee Lease Description [Line Items]
Lease renewal term	5 years

Inventories - Schedule of Inven

Inventories - Schedule of Inventories (Detail) - USD ($) $ in Thousands	Jun. 30, 2022	Mar. 31, 2022
Inventory Disclosure [Abstract]
Raw materials	$ 148,527	$ 156,050
Finished goods	340,965	338,274
Total inventories	$ 489,492	$ 494,324

Net Income Per Share and Stoc_3

Net Income Per Share and Stockholders' Equity - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended		3 Months Ended
	Apr. 30, 2022	Feb. 28, 2022	Jun. 30, 2022	Jun. 30, 2021
Equity Class Of Treasury Stock [Line Items]
Share repurchases (in shares)			800,000
Stock repurchased during period			$ 67,361	$ 115,378
Stock repurchase program, additional amount authorized		$ 1,000,000
Stock repurchase program, authorized amount			$ 932,600
Employee Stock Ownership Plan E S O P Plan
Equity Class Of Treasury Stock [Line Items]
Conversion rate	0.7692
Employee Stock Ownership Plan E S O P Plan | Redeemable Convertible Preferred Stock
Equity Class Of Treasury Stock [Line Items]
Temporary equity, conversion of convertible securities (in shares)	(15,600,000)
Employee Stock Ownership Plan E S O P Plan | Redeemable Common Stock
Equity Class Of Treasury Stock [Line Items]
Temporary equity, conversion of convertible securities (in shares)	12,000,000

Net Income Per Share and Stoc_4

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
	Jun. 30, 2022	Jun. 30, 2021
NET INCOME PER SHARE—BASIC:
Net income attributable to ADS	$ 187,146	$ 75,987
Adjustments for:
Dividends to participating securities	0	(1,635)
Net income available to common stockholders and participating securities	187,146	74,352
Undistributed income allocated to participating securities	0	(10,933)
Net income available to common stockholders – Basic	$ 187,146	$ 63,419
Weighted average number of common shares outstanding – Basic (in shares)	83,144	71,534
Net income per common share - Basic (in dollars per share)	$ 2.25	$ 0.89
NET INCOME PER SHARE—DILUTED:
Net income available to common stockholders – Diluted	$ 187,146	$ 63,419
Weighted average number of common shares outstanding – Basic (in shares)	83,144	71,534
Weighted average number of common shares outstanding – Diluted (in shares)	84,389	73,124
Net income per common share - Diluted (in dollars per share)	$ 2.22	$ 0.87
Potentially dilutive securities excluded as anti-dilutive (in shares)	24	14,102
Assumed restricted stock - nonparticipating
NET INCOME PER SHARE—DILUTED:
Dilutive securities (in shares)	147	282
Assumed exercise of stock options
NET INCOME PER SHARE—DILUTED:
Dilutive securities (in shares)	757	941
Assumed performance units
NET INCOME PER SHARE—DILUTED:
Dilutive securities (in shares)	341	367

Related Party Transactions (Det

Related Party Transactions (Detail) - USD ($)	3 Months Ended
	Jun. 30, 2022	Jun. 06, 2022	Mar. 31, 2022
South American Joint Venture
Related Party Transaction [Line Items]
Maximum borrowings permitted under credit facility	$ 22,000,000
Company's ownership percentage	50%
Percentage of debt guarantee	50%
Maximum potential payment under guarantee	$ 11,000,000
Outstanding principal balance including letters of credit	8,600,000		$ 9,900,000
South American Joint Venture | US Dollar Denominated Loans
Related Party Transaction [Line Items]
Outstanding principal balance including letters of credit	$ 0
South American Joint Venture | Chilean Peso Denominated Loans
Related Party Transaction [Line Items]
Weighted average interest rate	5.80%
Consolidated Entity, Excluding Consolidated VIE
Related Party Transaction [Line Items]
Maximum borrowings permitted under credit facility		$ 9,500,000
Maximum borrowings permitted under credit facility	$ 0		$ 1,500,000
Consolidated Entity, Excluding Consolidated VIE | ADS Mexicana
Related Party Transaction [Line Items]
Company's ownership percentage	51%
Percentage of ownership in joint venture		49%

Debt - Long-Term Debt (Detail)

Debt - Long-Term Debt (Detail) - USD ($) $ in Thousands	Jun. 30, 2022	Mar. 31, 2022
Debt Instrument [Line Items]
Long-term debt , gross	$ 1,310,168	$ 929,804
Unamortized debt issuance costs	(12,879)	(1,648)
Current maturities	(18,113)	(19,451)
Long-term debt obligations	1,279,176	908,705
Revolving Credit Facility
Debt Instrument [Line Items]
Long-term debt , gross	0	114,300
Term Loan Facility
Debt Instrument [Line Items]
Long-term debt , gross	432,500	434,250
Senior Notes | Senior Notes due 2027
Debt Instrument [Line Items]
Long-term debt , gross	350,000	350,000
Senior Notes | Senior Notes due 2030
Debt Instrument [Line Items]
Long-term debt , gross	500,000	0
Equipment Financing
Debt Instrument [Line Items]
Long-term debt , gross	27,668	$ 31,254
Current maturities	(11,100)
Long-term debt obligations	$ 16,600

Debt - Senior Secured Credit Fa

Debt - Senior Secured Credit Facility (Detail) $ in Millions	1 Months Ended
	May 31, 2022 USD ($)	Jun. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)	Sep. 30, 2019 USD ($)
Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowings permitted under credit facility	$ 600			$ 350
Leverage ratio, maximum for variable rate step-down	2
Outstanding letters of credit		$ 5.2	$ 9.2
Revolving Credit Facility | Term Benchmark Based Loans Rate
Debt Instrument [Line Items]
Basis spread on variable rate	1.75%
Revolving Credit Facility | Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate	0.75%
Letter of Credit Facility
Debt Instrument [Line Items]
Maximum borrowings permitted under credit facility				50
Sublimit of Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowings permitted under credit facility	$ 60			50
Term Loan Facility
Debt Instrument [Line Items]
Aggregate principal amount				$ 700

Debt - Senior Notes (Detail)

Debt - Senior Notes (Detail) - USD ($) $ in Millions	Jun. 09, 2022	Sep. 23, 2019
Senior Notes due 2027
Debt Instrument [Line Items]
Aggregate principal amount		$ 350
Debt instrument, interest rate		5%
Senior Notes due 2030
Debt Instrument [Line Items]
Aggregate principal amount	$ 500
Debt instrument, interest rate	6.375%
Deferred financing costs	$ 9
Senior Notes due 2030 | Debt Instrument, Redemption, Period One
Debt Instrument [Line Items]
Debt instrument redemption price, percentage of principal amount redeemed, excluding make whole premium	100%
Debt instrument, redemption price, percentage of principal amount redeemed	106.375%
Senior Notes due 2030 | Debt Instrument, Redemption, Period One | Maximum
Debt Instrument [Line Items]
Debt instrument, redemption price, percentage	40%

Debt - Equipment Financing (Det

Debt - Equipment Financing (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2022	Mar. 31, 2022
Debt Instrument [Line Items]
Current maturities of debt obligations	$ 18,113	$ 19,451
Long-term debt obligations	$ 1,279,176	$ 908,705
Equipment Financing
Debt Instrument [Line Items]
Weighted average interest rate of equipment financing	1.40%
Current maturities of debt obligations	$ 11,100
Long-term debt obligations	$ 16,600
Minimum | Equipment Financing
Debt Instrument [Line Items]
Equipment financing term	12 months
Maximum | Equipment Financing
Debt Instrument [Line Items]
Equipment financing term	84 months

Debt - Valuation of Debt (Detai

Debt - Valuation of Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Mar. 31, 2022
Fair Value
Debt Instrument [Line Items]
Fair value of senior notes and equipment financing	$ 840,562	$ 379,204
Fair Value | Equipment Financing
Debt Instrument [Line Items]
Fair value of senior notes and equipment financing	26,784	29,302
Carrying Value
Debt Instrument [Line Items]
Fair value of senior notes and equipment financing	877,668	381,254
Carrying Value | Equipment Financing
Debt Instrument [Line Items]
Fair value of senior notes and equipment financing	27,668	31,254
Senior Notes due 2027 | Fair Value | Senior Notes
Debt Instrument [Line Items]
Fair value of senior notes and equipment financing	324,198	349,902
Senior Notes due 2027 | Carrying Value | Senior Notes
Debt Instrument [Line Items]
Fair value of senior notes and equipment financing	350,000	350,000
Senior Notes due 2030 | Fair Value | Senior Notes
Debt Instrument [Line Items]
Fair value of senior notes and equipment financing	489,580	0
Senior Notes due 2030 | Carrying Value | Senior Notes
Debt Instrument [Line Items]
Fair value of senior notes and equipment financing	$ 500,000	$ 0

Commitments and Contingencies (

Commitments and Contingencies (Detail) - Inventory	3 Months Ended
	Jun. 30, 2022 USD ($)
Purchase Commitment, Excluding Long-term Commitment [Line Items]
Total purchase commitment	$ 0
Minimum
Purchase Commitment, Excluding Long-term Commitment [Line Items]
Purchase commitment contract period	1 month
Maximum
Purchase Commitment, Excluding Long-term Commitment [Line Items]
Purchase commitment contract period	12 months

Income Taxes (Detail)

Income Taxes (Detail)	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Effective income tax rate	22.70%	25.60%

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Stock-based Compensation Expense (Detail) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Additional stock-based compensation expense	$ 6,273	$ 6,651
Non-Employee Directors
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Additional stock-based compensation expense	493	351
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Additional stock-based compensation expense	1,279	753
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Additional stock-based compensation expense	1,761	1,359
Performance-based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Additional stock-based compensation expense	2,740	4,188
Cost of goods sold
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Additional stock-based compensation expense	674	634
Selling, general and administrative expenses
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Additional stock-based compensation expense	$ 5,599	$ 6,017

Stock-Based Compensation (2017

Stock-Based Compensation (2017 Omnibus Plan) - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	May 24, 2017
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock awards	$ (2,457)	$ (3,230)
2017 Omnibus Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock awards (in shares)	100,000
Restricted stock awards	$ 8,500
2017 Omnibus Plan | Performance-based Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of performance units granted (in shares)	100,000
Number of performance units granted, value	$ 6,600
2017 Omnibus Plan | Assumed exercise of stock options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of stock options granted (in shares)	100,000
Number of stock options granted, value	$ 5,500
2017 Omnibus Plan | Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock approved for issuance (in shares)			5,000,000

Stock-Based Compensation - Su_2

Stock-Based Compensation - Summary of Assumption Used to Estimate Fair Value of Stock Options (Detail)	3 Months Ended
	Jun. 30, 2022 $ / shares
Share-Based Payment Arrangement [Abstract]
Common stock price (in dollars per share)	$ 99.29
Expected stock price volatility	41.10%
Risk-free interest rate	2.90%
Weighted-average expected option life (years)	6 years
Dividend yield	0.48%

Business Segments Information -

Business Segments Information - Additional Information (Detail)	3 Months Ended
	Jun. 30, 2022 segment
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
	Jun. 30, 2022	Jun. 30, 2021
Segment Reporting Information [Line Items]
Net Sales	$ 914,186	$ 669,300
Operating Segments
Segment Reporting Information [Line Items]
Net Sales	(47,384)	(23,854)
Intersegment Eliminations
Segment Reporting Information [Line Items]
Net Sales	47,384	23,854
Pipe
Segment Reporting Information [Line Items]
Net Sales	514,983	372,107
Pipe | Operating Segments
Segment Reporting Information [Line Items]
Net Sales	524,857	374,010
Pipe | Intersegment Eliminations
Segment Reporting Information [Line Items]
Net Sales	(9,874)	(1,903)
Infiltrator
Segment Reporting Information [Line Items]
Net Sales	137,384	107,705
Infiltrator | Operating Segments
Segment Reporting Information [Line Items]
Net Sales	166,290	126,742
Infiltrator | Intersegment Eliminations
Segment Reporting Information [Line Items]
Net Sales	(28,906)	(19,037)
International
Segment Reporting Information [Line Items]
Net Sales	65,655	62,452
International | Operating Segments
Segment Reporting Information [Line Items]
Net Sales	71,514	65,366
International | Intersegment Eliminations
Segment Reporting Information [Line Items]
Net Sales	(5,859)	(2,914)
International | International - Pipe
Segment Reporting Information [Line Items]
Net Sales	47,560	47,924
International | International - Pipe | Operating Segments
Segment Reporting Information [Line Items]
Net Sales	53,419	50,838
International | International - Pipe | Intersegment Eliminations
Segment Reporting Information [Line Items]
Net Sales	(5,859)	(2,914)
International | International - Allied Products & Other
Segment Reporting Information [Line Items]
Net Sales	18,095	14,528
International | International - Allied Products & Other | Operating Segments
Segment Reporting Information [Line Items]
Net Sales	18,095	14,528
Allied Products & Other
Segment Reporting Information [Line Items]
Net Sales	196,164	127,036
Allied Products & Other | Operating Segments
Segment Reporting Information [Line Items]
Net Sales	198,909	127,036
Allied Products & Other | Intersegment Eliminations
Segment Reporting Information [Line Items]
Net Sales	$ (2,745)	$ 0

Business Segments Information_3

Business Segments Information - Schedule of Financial Information Attributable to Reportable Segments (Detail) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Segment Reporting Information [Line Items]
Segment Adjusted Gross Profit	$ 373,083	$ 228,208
Depreciation and Amortization	35,578	34,656
Capital Expenditures	36,189	25,546
Operating Segments | Pipe
Segment Reporting Information [Line Items]
Segment Adjusted Gross Profit	168,579	84,143
Depreciation and Amortization	12,865	12,035
Capital Expenditures	20,274	9,830
Operating Segments | Infiltrator
Segment Reporting Information [Line Items]
Segment Adjusted Gross Profit	75,794	59,402
Depreciation and Amortization	4,867	3,436
Capital Expenditures	12,532	13,026
Operating Segments | International
Segment Reporting Information [Line Items]
Segment Adjusted Gross Profit	20,484	21,378
Depreciation and Amortization	1,371	1,458
Capital Expenditures	913	250
Operating Segments | Allied Products & Other
Segment Reporting Information [Line Items]
Segment Adjusted Gross Profit	109,041	63,299
Depreciation and Amortization	16,475	17,727
Capital Expenditures	2,470	2,440
Intersegment Eliminations
Segment Reporting Information [Line Items]
Segment Adjusted Gross Profit	$ (815)	$ (14)

Business Segments Information_4

Business Segments Information - Reconciliation of Gross Profit to Segment Adjusted Gross Profit (Detail) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Gross profit	$ 352,107	$ 201,121
Total Segment Adjusted Gross Profit	373,083	228,208
Segment Reconciling Items
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Depreciation and Amortization	20,302	17,532
ESOP and stock-based compensation expense	$ 674	$ 9,555

Subsequent Events (Detail)

Subsequent Events (Detail) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended
	Aug. 04, 2022	Jun. 30, 2022	Jun. 30, 2021	Jul. 21, 2022
Subsequent Event [Line Items]
Common stock dividends per share (in dollars per share)		$ 0.12	$ 0.11
Share repurchases (in shares)		800,000
Stock repurchased during period		$ 67,361	$ 115,378
Subsequent Event
Subsequent Event [Line Items]
Common stock dividends per share (in dollars per share)	$ 0.12
Share repurchases (in shares)	600,000
Stock repurchased during period	$ 57,700
Subsequent Event | Employee Stock
Subsequent Event [Line Items]
Common stock approved for issuance (in shares)				400,000