Advanced Drainage Systems (WMS) 10-Q 2 Nov 23 2023 Q3 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Sep. 30, 2023	Oct. 25, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
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		77,907,836
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001604028
Current Fiscal Year End Date	--03-31

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2023	Mar. 31, 2023
Current assets:
Cash	$ 470,409	$ 217,128
Receivables (less allowance for doubtful accounts of $6,678 and $8,227, respectively)	352,562	306,945
Inventories	385,090	463,994
Other current assets	23,855	29,422
Total current assets	1,231,916	1,017,489
Property, plant and equipment, net	773,993	733,059
Other assets:
Goodwill	620,165	620,193
Intangible assets, net	382,050	407,627
Other assets	129,850	122,757
Total assets	3,137,974	2,901,125
Current liabilities:
Current maturities of debt obligations	12,950	14,693
Current maturities of finance lease obligations	11,698	8,541
Accounts payable	223,536	210,111
Other accrued liabilities	158,784	142,400
Accrued income taxes	20,899	3,057
Total current liabilities	427,867	378,802
Long-term debt obligations (less unamortized debt issuance costs of $10,782 and $11,804, respectively)	1,264,197	1,269,391
Long-term finance lease obligations	31,729	32,272
Deferred tax liabilities	159,060	159,056
Other liabilities	72,942	66,744
Total liabilities	1,955,795	1,906,265
Commitments and contingencies (see Note 9)
Mezzanine equity:
Redeemable common stock: $0.01 par value; 8,206 and 9,429 shares outstanding, respectively	133,349	153,220
Total mezzanine equity	133,349	153,220
Stockholders’ equity:
Common stock; $0.01 par value: 1,000,000 shares authorized; 80,635 and 79,057 shares issued, respectively; 70,018 and 69,518 shares outstanding, respectively	11,663	11,647
Paid-in capital	1,173,574	1,134,864
Common stock in treasury, at cost	(1,039,717)	(920,999)
Accumulated other comprehensive loss	(29,658)	(27,580)
Retained earnings	913,551	626,215
Total ADS stockholders’ equity	1,029,413	824,147
Noncontrolling interest in subsidiaries	19,417	17,493
Total stockholders’ equity	1,048,830	841,640
Total liabilities, mezzanine equity and stockholders’ equity	$ 3,137,974	$ 2,901,125

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2023	Mar. 31, 2023
Allowance for doubtful accounts	$ 6,678	$ 8,227
Unamortized debt issuance costs	$ 10,782	$ 11,804
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)	80,635,000	79,057,000
Common stock, shares outstanding (in shares)	70,018,000	69,518,000
Redeemable Common Stock
Mezzanine equity, par value per share	$ 0.01	$ 0.01
Mezzanine equity, shares outstanding (in shares)	8,206,000	9,429,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Statement [Abstract]
Net sales	$ 780,220,000	$ 884,209,000	$ 1,558,266,000	$ 1,798,395,000
Cost of goods sold	477,543,000	564,246,000	924,129,000	1,126,325,000
Gross profit	302,677,000	319,963,000	634,137,000	672,070,000
Operating expenses:
Selling, general and administrative	91,725,000	88,639,000	178,236,000	175,159,000
Loss (gain) on disposal of assets and costs from exit and disposal activities	123,000	(102,000)	(13,181,000)	201,000
Intangible amortization	12,792,000	13,841,000	25,594,000	27,518,000
Income from operations	198,037,000	217,585,000	443,488,000	469,192,000
Other expense:
Interest expense	21,941,000	18,261,000	43,653,000	29,333,000
Derivative (gain) loss and other (income) expense, net	(7,506,000)	395,000	(11,055,000)	(1,507,000)
Income before income taxes	183,602,000	198,929,000	410,890,000	441,366,000
Income tax expense	47,476,000	47,508,000	102,534,000	102,573,000
Equity in net income of unconsolidated affiliates	(901,000)	(1,956,000)	(2,576,000)	(3,066,000)
Net income	137,027,000	153,377,000	310,932,000	341,859,000
Less: net income attributable to noncontrolling interest	1,225,000	1,370,000	1,478,000	2,706,000
Net income attributable to ADS	$ 135,802,000	$ 152,007,000	$ 309,454,000	$ 339,153,000
Weighted average common shares outstanding:
Basic (in shares)	78,606	83,466	78,756	83,306
Diluted (in shares)	79,307	84,498	79,475	84,485
Net income per share:
Basic (in dollars per share)	$ 1.73	$ 1.82	$ 3.93	$ 4.07
Diluted (in dollars per share)	$ 1.71	$ 1.80	$ 3.89	$ 4.01

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 137,027,000	$ 153,377,000	$ 310,932,000	$ 341,859,000
Currency translation loss	(4,864,000)	(5,763,000)	(1,632,000)	(9,661,000)
Comprehensive income	132,163,000	147,614,000	309,300,000	332,198,000
Less: other comprehensive (income) loss attributable to noncontrolling interest	(605,000)	(277,000)	446,000	(272,000)
Less: net income attributable to noncontrolling interest	1,225,000	1,370,000	1,478,000	2,706,000
Total comprehensive income attributable to ADS	$ 131,543,000	$ 146,521,000	$ 307,376,000	$ 329,764,000

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash Flows from Operating Activities
Net income	$ 310,932,000	$ 341,859,000
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	73,961,000	71,500,000
Deferred income taxes	519,000	(3,117,000)
(Gain) loss on disposal of assets and costs from exit and disposal activities	(13,181,000)	201,000
Stock-based compensation	16,234,000	13,733,000
Amortization of deferred financing charges	1,022,000	398,000
Fair market value adjustments to derivatives	(1,889,000)	2,183,000
Equity in net income of unconsolidated affiliates	(2,576,000)	(3,066,000)
Other operating activities	756,000	(713,000)
Changes in working capital:
Receivables	(43,530,000)	(43,680,000)
Inventories	79,215,000	15,799,000
Prepaid expenses and other current assets	(2,228,000)	(7,776,000)
Accounts payable, accrued expenses, and other liabilities	39,629,000	49,703,000
Net cash provided by operating activities	458,864,000	437,024,000
Cash Flows from Investing Activities
Capital expenditures	(82,625,000)	(75,545,000)
Proceeds from Sale of Productive Assets	19,979,000	0
Acquisition, net of cash acquired	0	(48,010,000)
Other investing activities	446,000	46,000
Net cash used in investing activities	(62,200,000)	(123,509,000)
Cash Flows from Financing Activities
Payments on syndicated Term Loan Facility	(3,500,000)	(3,500,000)
Proceeds from Senior Notes due 2030	0	500,000,000
Debt issuance costs	0	(11,575,000)
Payments on Equipment Financing	(4,458,000)	(7,104,000)
Payments on finance lease obligations	(5,452,000)	(3,153,000)
Repurchase of common stock	(101,564,000)	(192,602,000)
Cash dividends paid	(22,224,000)	(20,367,000)
Dividends paid to noncontrolling interest holder	0	(1,727,000)
Proceeds from exercise of stock options	2,623,000	4,660,000
Payment of withholding taxes on vesting of restricted stock units	(8,811,000)	(25,512,000)
Net cash (used in) provided by financing activities	(143,386,000)	124,820,000
Effect of exchange rate changes on cash	3,000	(1,103,000)
Net change in cash	253,281,000	437,232,000
Cash at beginning of period	217,128,000	20,125,000
Cash at end of period	470,409,000	457,357,000
SUPPLEMENTAL CASH FLOW INFORMATION
Cash paid for income taxes	78,300,000	101,470,000
Cash paid for interest	33,464,000	18,276,000
Non-cash operating, investing and financing activities:
Repurchase of common stock pending settlement	7,500,000	2,561,000
Excise tax accrual, share repurchase	843,000	0
Acquisition of property, plant and equipment under finance lease and incurred lease obligations	9,827,000	6,681,000
Balance in accounts payable for the acquisition of property, plant and equipment	25,199,000	15,631,000
Revolving Credit Agreement
Cash Flows from Financing Activities
Proceeds from Revolving Credit Agreement	0	26,200,000
Payments on Revolving Credit Agreement	0	(140,500,000)
Amended Revolving Credit Facility
Cash Flows from Financing Activities
Proceeds from Revolving Credit Agreement	0	97,000,000
Payments on Revolving Credit Agreement	$ 0	$ (97,000,000)

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Stockholders' Equity and Mezzanine Equity (Unaudited) - USD ($) shares in Thousands	Total	Total Mezzanine Equity	Total Mezzanine Equity KSOP redeemable common stock conversion	Total Mezzanine Equity ESOP share conversion	Redeemable Common Stock	Redeemable Common Stock KSOP redeemable common stock conversion	Redeemable Common Stock ESOP share conversion	Redeemable Convertible Preferred Stock	Redeemable Convertible Preferred Stock ESOP share conversion	Total ADS Stockholders’ Equity	Common Stock	Paid -In Capital	Common Stock in Treasury	Accumulated Other Compre-hensive Loss	Retained Earnings	Non- controlling Interest in Subsidiaries
Beginning balance, common stock (in shares) at Mar. 31, 2022											75,529
Beginning balance, treasury stock (in shares) at Mar. 31, 2022													3,220
Beginning balance at Mar. 31, 2022	$ 909,661,000									$ 893,039,000	$ 11,612,000	$ 1,065,628,000	$ (318,691,000)	$ (24,386,000)	$ 158,876,000	$ 16,622,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Performance-based restricted stock units (in shares)											527		205
Performance-based restricted stock units	(20,346,000)									(20,346,000)	$ 5,000		$ (20,351,000)
Ending balance, common stock (in shares) at Jun. 30, 2022											76,607
Ending balance, treasury stock (in shares) at Jun. 30, 2022													4,221
Ending balance at Jun. 30, 2022	1,007,959,000									989,996,000	$ 11,623,000	1,079,701,000	$ (408,861,000)	(28,289,000)	335,822,000	17,963,000
Mezzanine equity, beginning balance (in shares) at Mar. 31, 2022					0			15,630
Mezzanine equity, beginning balance at Mar. 31, 2022		$ 195,384,000			$ 0			$ 195,384,000
Mezzanine equity, ending balance (in shares) at Jun. 30, 2022					11,619			0
Mezzanine equity, ending balance at Jun. 30, 2022		188,828,000			$ 188,828,000			$ 0
Beginning balance, common stock (in shares) at Mar. 31, 2022											75,529
Beginning balance, treasury stock (in shares) at Mar. 31, 2022													3,220
Beginning balance at Mar. 31, 2022	909,661,000									893,039,000	$ 11,612,000	1,065,628,000	$ (318,691,000)	(24,386,000)	158,876,000	16,622,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	341,859,000									339,153,000					339,153,000	2,706,000
Other comprehensive loss	(9,661,000)									(9,389,000)				(9,389,000)		(272,000)
Common stock dividends	(20,239,000)									(20,239,000)					(20,239,000)
Share repurchases (in shares)													1,865
Share repurchases	(195,163,000)									(195,163,000)			$ (195,163,000)
Dividends paid to noncontrolling interest holder	1,727,000															(1,727,000)
KSOP redeemable common stock conversion (in shares)											2,182
KSOP redeemable common stock conversion	35,456,000									35,456,000	$ 22,000	35,434,000
Exercise of common stock options (in shares)											183
Exercise of common stock options	4,660,000									4,660,000	$ 2,000	4,658,000
Restricted stock awards (in shares)											98		24
Restricted stock awards	(2,491,000)									(2,491,000)	$ 1,000		$ (2,492,000)
Stock-based compensation expense	13,733,000									13,733,000		13,733,000
Ending balance, common stock (in shares) at Sep. 30, 2022											78,519
Ending balance, treasury stock (in shares) at Sep. 30, 2022													5,314
Ending balance at Sep. 30, 2022	1,055,742,000									1,038,413,000	$ 11,642,000	1,119,453,000	$ (536,697,000)	(33,775,000)	477,790,000	17,329,000
Mezzanine equity, beginning balance (in shares) at Mar. 31, 2022					0			15,630
Mezzanine equity, beginning balance at Mar. 31, 2022		195,384,000			$ 0			$ 195,384,000
Increase (Decrease) in Temporary Equity [Roll Forward]
Conversion of convertible securities (in shares)						(2,182)	12,022		(15,630)
Temporary equity, conversion of convertible securities			$ (35,456,000)	$ 0		$ (35,456,000)	$ 195,384,000		$ (195,384,000)
Mezzanine equity, ending balance (in shares) at Sep. 30, 2022					9,840			0
Mezzanine equity, ending balance at Sep. 30, 2022		159,928,000			$ 159,928,000			$ 0
Beginning balance, common stock (in shares) at Jun. 30, 2022											76,607
Beginning balance, treasury stock (in shares) at Jun. 30, 2022													4,221
Beginning balance at Jun. 30, 2022	1,007,959,000									989,996,000	$ 11,623,000	1,079,701,000	$ (408,861,000)	(28,289,000)	335,822,000	17,963,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	153,377,000									152,007,000					152,007,000	1,370,000
Other comprehensive loss	(5,763,000)									(5,486,000)				(5,486,000)		(277,000)
Common stock dividends	(10,039,000)									(10,039,000)					(10,039,000)
Share repurchases (in shares)													1,093
Share repurchases	(127,802,000)									(127,802,000)			$ (127,802,000)
Dividends paid to noncontrolling interest holder	1,727,000															(1,727,000)
KSOP redeemable common stock conversion (in shares)											1,779
KSOP redeemable common stock conversion	28,900,000									28,900,000	$ 18,000	28,882,000
Exercise of common stock options (in shares)											116
Exercise of common stock options	3,411,000									3,411,000	$ 1,000	3,410,000
Restricted stock awards (in shares)											17		0
Restricted stock awards	(34,000)									(34,000)	$ 0		$ (34,000)
Stock-based compensation expense	7,460,000									7,460,000		7,460,000
Ending balance, common stock (in shares) at Sep. 30, 2022											78,519
Ending balance, treasury stock (in shares) at Sep. 30, 2022													5,314
Ending balance at Sep. 30, 2022	$ 1,055,742,000									1,038,413,000	$ 11,642,000	1,119,453,000	$ (536,697,000)	(33,775,000)	477,790,000	17,329,000
Mezzanine equity, beginning balance (in shares) at Jun. 30, 2022					11,619			0
Mezzanine equity, beginning balance at Jun. 30, 2022		188,828,000			$ 188,828,000			$ 0
Increase (Decrease) in Temporary Equity [Roll Forward]
Conversion of convertible securities (in shares)						(1,779)
Temporary equity, conversion of convertible securities			(28,900,000)			$ (28,900,000)
Mezzanine equity, ending balance (in shares) at Sep. 30, 2022					9,840			0
Mezzanine equity, ending balance at Sep. 30, 2022		159,928,000			$ 159,928,000			$ 0
Beginning balance, common stock (in shares) at Mar. 31, 2023	69,518										79,057
Beginning balance, treasury stock (in shares) at Mar. 31, 2023													9,539
Beginning balance at Mar. 31, 2023	$ 841,640,000									824,147,000	$ 11,647,000	1,134,864,000	$ (920,999,000)	(27,580,000)	626,215,000	17,493,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	310,932,000									309,454,000					309,454,000	1,478,000
Other comprehensive loss	(1,632,000)									(2,078,000)				(2,078,000)		446,000
Common stock dividends	(22,118,000)									(22,118,000)					(22,118,000)
Share repurchases (in shares)													981
Share repurchases	(109,907,000)									(109,907,000)			$ (109,907,000)
KSOP redeemable common stock conversion (in shares)											1,223
KSOP redeemable common stock conversion	19,871,000									19,871,000	$ 12,000	19,859,000
Exercise of common stock options (in shares)											56
Exercise of common stock options	2,623,000									2,623,000	$ 1,000	2,622,000
Restricted stock awards (in shares)											99		25
Restricted stock awards	(2,414,000)									(2,414,000)	$ 1,000		$ (2,415,000)
Stock-based compensation expense	16,234,000									16,234,000		16,234,000
Performance-based restricted stock units (in shares)											200		72
Performance-based restricted stock units	(6,394,000)									(6,394,000)	$ 2,000		$ (6,396,000)
Other	$ (5,000)									(5,000)		(5,000)
Ending balance, common stock (in shares) at Sep. 30, 2023	70,018										80,635
Ending balance, treasury stock (in shares) at Sep. 30, 2023													10,617
Ending balance at Sep. 30, 2023	$ 1,048,830,000									1,029,413,000	$ 11,663,000	1,173,574,000	$ (1,039,717,000)	(29,658,000)	913,551,000	19,417,000
Mezzanine equity, beginning balance (in shares) at Mar. 31, 2023					9,429
Mezzanine equity, beginning balance at Mar. 31, 2023	153,220,000	153,220,000			$ 153,220,000
Increase (Decrease) in Temporary Equity [Roll Forward]
Conversion of convertible securities (in shares)						(1,223)
Temporary equity, conversion of convertible securities			(19,871,000)			$ (19,871,000)
Mezzanine equity, ending balance (in shares) at Sep. 30, 2023					8,206
Mezzanine equity, ending balance at Sep. 30, 2023	133,349,000	133,349,000			$ 133,349,000
Beginning balance, common stock (in shares) at Jun. 30, 2023											79,651
Beginning balance, treasury stock (in shares) at Jun. 30, 2023													10,110
Beginning balance at Jun. 30, 2023	963,469,000									944,672,000	$ 11,654,000	1,147,449,000	$ (977,812,000)	(25,399,000)	788,780,000	18,797,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	137,027,000									135,802,000					135,802,000	1,225,000
Other comprehensive loss	(4,864,000)									(4,259,000)				(4,259,000)		(605,000)
Common stock dividends	(11,031,000)									(11,031,000)					(11,031,000)
Share repurchases (in shares)													507
Share repurchases	(61,836,000)									(61,836,000)			$ (61,836,000)
KSOP redeemable common stock conversion (in shares)											926
KSOP redeemable common stock conversion	15,048,000									15,048,000	$ 9,000	15,039,000
Exercise of common stock options (in shares)											35
Exercise of common stock options	1,756,000									1,756,000	$ 0	1,756,000
Restricted stock awards (in shares)											23		0
Restricted stock awards	(69,000)									(69,000)	$ 0		$ (69,000)
Stock-based compensation expense	9,331,000									9,331,000		9,331,000
Other	$ (1,000)									(1,000)		(1,000)
Ending balance, common stock (in shares) at Sep. 30, 2023	70,018										80,635
Ending balance, treasury stock (in shares) at Sep. 30, 2023													10,617
Ending balance at Sep. 30, 2023	$ 1,048,830,000									$ 1,029,413,000	$ 11,663,000	$ 1,173,574,000	$ (1,039,717,000)	$ (29,658,000)	$ 913,551,000	$ 19,417,000
Mezzanine equity, beginning balance (in shares) at Jun. 30, 2023					9,132
Mezzanine equity, beginning balance at Jun. 30, 2023		148,397,000			$ 148,397,000
Increase (Decrease) in Temporary Equity [Roll Forward]
Conversion of convertible securities (in shares)						(926)
Temporary equity, conversion of convertible securities			$ (15,048,000)			$ (15,048,000)
Mezzanine equity, ending balance (in shares) at Sep. 30, 2023					8,206
Mezzanine equity, ending balance at Sep. 30, 2023	$ 133,349,000	$ 133,349,000			$ 133,349,000

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Stockholders' Equity and Mezzanine Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Stockholders' Equity [Abstract]
Common stock dividends per share (in dollars per share)	$ 0.14	$ 0.12	$ 0.28	$ 0.24

Background and Summary of Signi

Background and Summary of Significant Accounting Policies	6 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Background and Summary of Significant Accounting Policies	BACKGROUND AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Description of Business - Advanced Drainage Systems, Inc., incorporated in Delaware, and its subsidiaries (collectively referred to as “ADS” or the “Company”) designs, manufactures and markets innovative water management solutions in the stormwater and onsite septic wastewater 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, 2023 was derived from audited financial statements included in the Annual Report on Form 10-K for the year ended March 31, 2023 (“Fiscal 2023 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, 2023 and the results of operations for the three and six months ended September 30, 2023 and cash flows for the six months ended September 30, 2023. 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 2023 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 2023 Form 10-K that have significance, or potential significance, to the Condensed Consolidated Financial Statements.

Discontinued Operations and Dis

Discontinued Operations and Disposal Groups	6 Months Ended
	Sep. 30, 2023
Discontinued Operations and Disposal Groups [Abstract]
Loss on Disposal of Assets and Costs from Exit and Disposal Activities	GAIN ON DISPOSAL OF ASSETS AND COSTS FROM EXIT AND DISPOSAL ACTIVITIESOn April 14, 2023, the Company completed its divestiture of substantially all of the assets of Spartan Concrete, Inc. to a third party purchaser for consideration of $20.0 million. The Company recognized a gain on the sale of $14.9 million in the Condensed Consolidated Statements of Operations. Prior to the divestiture, the Company recorded the results of operations in Allied & Other.

Revenue Recognition

Revenue Recognition	6 Months Ended
	Sep. 30, 2023
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: (In thousands) September 30, 2023 March 31, 2023 Contract asset - product returns $ 1,364 $ 933 Refund liability 4,650 2,664

Leases

Leases	6 Months Ended
	Sep. 30, 2023
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 14 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.

Inventories

Inventories	6 Months Ended
	Sep. 30, 2023
Inventory Disclosure [Abstract]
Inventories	INVENTORIES Inventories as of the periods presented consisted of the following: (In thousands) September 30, 2023 March 31, 2023 Raw materials $ 98,267 $ 108,206 Finished goods 286,823 355,788 Total inventories $ 385,090 $ 463,994

Net Income Per Share and Stockh

Net Income Per Share and Stockholders' Equity	6 Months Ended
	Sep. 30, 2023
Net Income Per Share And Stockholders Equity [Abstract]
Net Income Per Share and Stockholders' Equity	NET INCOME PER SHARE AND STOCKHOLDERS' EQUITY 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 (In thousands, except per share data) 2023 2022 2023 2022 NET INCOME PER SHARE—BASIC: Net income available to common stockholders – Basic $ 135,802 $ 152,007 $ 309,454 $ 339,153 Weighted average number of common shares outstanding – Basic 78,606 83,466 78,756 83,306 Net income per common share – Basic $ 1.73 $ 1.82 $ 3.93 $ 4.07 NET INCOME PER SHARE—DILUTED: Net income available to common stockholders – Diluted $ 135,802 $ 152,007 $ 309,454 $ 339,153 Weighted average number of common shares outstanding – Basic 78,606 83,466 78,756 83,306 Assumed restricted stock 62 139 54 142 Assumed exercise of stock options 618 717 600 740 Assumed performance units 21 176 65 297 Weighted average number of common shares outstanding – Diluted 79,307 84,498 79,475 84,485 Net income per common share – Diluted $ 1.71 $ 1.80 $ 3.89 $ 4.01 Potentially dilutive securities excluded as anti-dilutive 23 18 62 36

Related Party Transactions

Related Party Transactions	6 Months Ended
	Sep. 30, 2023
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 borrowings. 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 both September 30, 2023 and March 31, 2023, 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. 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 September 30, 2023. 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 September 30, 2023 and March 31, 2023, the outstanding principal balances of the South American Joint Venture’s credit facility including letters of credit were $1.4 million and $5.5 million, respectively. As of September 30, 2023, there were no U.S. dollar denominated loans. The weighted average interest rate as of September 30, 2023 was 10.9% on Chilean peso denominated loans.

Debt

Debt	6 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Debt	DEBT Long-term debt as of the periods presented consisted of the following: (In thousands) September 30, 2023 March 31, 2023 Term Loan Facility $ 423,750 $ 427,250 Senior Notes due 2027 350,000 350,000 Senior Notes due 2030 500,000 500,000 Revolving Credit Facility — — Equipment Financing 14,179 18,638 Total 1,287,929 1,295,888 Less: Unamortized debt issuance costs 10,782 11,804 Less: Current maturities 12,950 14,693 Long-term debt obligations $ 1,264,197 $ 1,269,391 Senior Secured Credit Facilities – 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 revised 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 September 30, 2023 and March 31, 2023 amounted to $11.2 million and $9.7 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”). 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"), among the Company, the Guarantors and the Trustee. Equipment Financing – The assets under the Equipment Financing 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 an initial term of between 12 and 84 months, based on the life of the equipment, and bears a weighted average interest of 1.6% as of September 30, 2023 . The current portion of the equipment financing is $6.0 million, and the long-term portion is $8.2 million at September 30, 2023. 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: September 30, 2023 March 31, 2023 (In thousands) Fair Value Carrying Value Fair Value Carrying Value Senior Notes due 2027 $ 328,395 $ 350,000 $ 333,970 $ 350,000 Senior Notes due 2030 480,010 500,000 496,605 500,000 Equipment Financing 13,599 14,179 17,921 18,638 Total fair value $ 822,004 $ 864,179 $ 848,496 $ 868,638 The fair values of the 2027 Notes and 2030 Notes were determined based on 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 of 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	6 Months Ended
	Sep. 30, 2023
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 does not have any outstanding purchase commitments with fixed price and quantity as of September 30, 2023. The Company also enters into equipment purchase contracts with manufacturers. 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.

Income Taxes

Income Taxes	6 Months Ended
	Sep. 30, 2023
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 September 30, 2023 and 2022, the Company utilized an effective tax rate of 25.9% and 23.9%, respectively, to calculate its provision for income taxes. For the six months ended September 30, 2023 and 2022, the Company utilized an effective tax rate of 25.0% and 23.2%, respectively, to calculate its provision for income taxes. S tate and local income taxes increased the effective rate for the three and six months ended September 30, 2023 and 2022. Additionally, discrete income tax benefit related to the stock-based compensation windfall decreased the effective tax rate for the three and six months ended September 30, 2022 .

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	STOCK-BASED COMPENSATIONADS 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. 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 (In thousands) 2023 2022 2023 2022 Component of income before income taxes: Cost of goods sold $ 1,344 $ 758 $ 2,157 $ 1,432 Selling, general and administrative expenses 7,987 6,702 14,077 12,301 Total stock-based compensation expense $ 9,331 $ 7,460 $ 16,234 $ 13,733 The following table summarizes stock-based compensation expense by award type for the periods presented: Three Months Ended September 30, Six Months Ended (In thousands) 2023 2022 2023 2022 Stock-based compensation expense: Stock Options $ 1,307 $ 1,002 $ 2,741 $ 2,281 Restricted Stock 2,054 1,965 4,081 3,726 Performance-based Restricted Stock Units 5,035 4,052 7,919 6,792 Employee Stock Purchase Plan 381 — 381 — Non-Employee Directors 554 441 1,112 934 Total stock-based compensation expense $ 9,331 $ 7,460 $ 16,234 $ 13,733 2017 Omnibus Incentive Plan - 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 and six months ended September 30, 2023, the Company granted less than 0.1 million and 0.1 million shares, respectively, of restricted stock with a grant date fair value of $2.2 million and $13.2 million, respectively. Performance-based Restricted Stock Units (“ Performance Units”) – During the six months ended September 30, 2023, the Company granted 0.1 million performance share units at a grant date fair value of $8.7 million. Options – During the six months ended September 30, 2023, the Company granted 0.2 million nonqualified stock options under the 2017 Incentive Plan with a grant date fair value of $7.5 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 period presented: Six Months Ended September 30, 2023 Common stock price $96.51 Expected stock price volatility 45.6% Risk-free interest rate 3.8% Weighted-average expected option life (years) 6 Dividend yield 0.58% Employee Stock Purchase Plan (“ESPP”) - In July 2022, the Company’s shareholders approved the Advanced Drainage Systems, Inc. Employee Stock Purchase Plan, which provides for a maximum of 0.4 million shares of the Company’s common stock. Eligible employees may purchase the Company's common stock at 85% of the lower of the fair market value of the Company's common stock on the first day or the last day of the offering period. The first offering period commenced July 1, 2023 and will end December 31, 2023.

Business Segments Information

Business Segments Information	6 Months Ended
	Sep. 30, 2023
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. 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, 2023 September 30, 2022 (In thousands) Net Sales Intersegment Net Sales Net Sales from External Customers Net Sales Intersegment Net Sales Net Sales from External Customers Pipe $ 430,389 $ (9,563) $ 420,826 $ 500,978 $ (10,770) $ 490,208 Infiltrator 133,731 (17,553) 116,178 150,735 (22,450) 128,285 International International - Pipe 52,405 (1,020) 51,385 56,461 (7,339) 49,122 International - Allied Products & Other 17,027 (26) 17,001 17,002 — 17,002 Total International 69,432 (1,046) 68,386 73,463 (7,339) 66,124 Allied Products & Other 183,304 (8,474) 174,830 202,200 (2,608) 199,592 Intersegment Eliminations (36,636) 36,636 — (43,167) 43,167 — Total Consolidated $ 780,220 $ — $ 780,220 $ 884,209 $ — $ 884,209 Six Months Ended September 30, 2023 September 30, 2022 (In thousands) Net Sales Intersegment Net Sales Net Sales from External Customers Net Sales Intersegment Net Sales Net Sales from External Customers Pipe $ 858,961 $ (17,707) $ 841,254 $ 1,025,835 $ (20,644) $ 1,005,191 Infiltrator 275,217 (36,131) 239,086 317,025 (51,356) 265,669 International International - Pipe 89,583 (1,548) 88,035 109,880 (13,198) 96,682 International - Allied Products & Other 32,625 (26) 32,599 35,097 — 35,097 Total International 122,208 (1,574) 120,634 144,977 (13,198) 131,779 Allied Products & Other 366,749 (9,457) 357,292 401,109 (5,353) 395,756 Intersegment Eliminations (64,869) 64,869 — (90,551) 90,551 — Total Consolidated $ 1,558,266 $ — $ 1,558,266 $ 1,798,395 $ — $ 1,798,395 The following sets forth certain financial information attributable to the reportable segments for the periods presented: Three Months Ended September 30, Six Months Ended (In thousands) 2023 2022 2023 2022 Segment Adjusted Gross Profit Pipe $ 125,856 $ 146,153 $ 286,505 $ 314,732 Infiltrator 73,663 71,278 147,927 147,072 International 21,339 17,630 37,368 38,114 Allied Products & Other 106,239 106,030 212,424 215,071 Intersegment Eliminations (454) 430 (2,509) (385) Total $ 326,643 $ 341,521 $ 681,715 $ 714,604 Depreciation and Amortization Pipe $ 13,663 $ 13,135 $ 28,391 $ 26,000 Infiltrator 5,534 5,027 10,892 9,894 International 1,236 1,283 2,474 2,654 Allied Products & Other (a) 16,288 16,477 32,204 32,952 Total $ 36,721 $ 35,922 $ 73,961 $ 71,500 Capital Expenditures Pipe $ 23,809 $ 27,023 $ 53,413 $ 47,297 Infiltrator 6,042 8,514 11,496 21,046 International 1,786 1,114 2,935 2,027 Allied Products & Other (a) 8,910 2,705 14,781 5,175 Total $ 40,547 $ 39,356 $ 82,625 $ 75,545 (a) Includes depreciation, amortization and capital expenditures not allocated to a reportable segment. The amortization expense of Infiltrator intangible assets is included in Allied Products & Other. Three Months Ended September 30, Six Months Ended (In thousands) 2023 2022 2023 2022 Reconciliation of Segment Adjusted Gross Profit: Total Gross Profit $ 302,677 $ 319,963 $ 634,137 $ 672,070 Depreciation and Amortization 22,622 20,800 45,421 41,102 Stock-based compensation expense 1,344 758 2,157 1,432 Total Segment Adjusted Gross Profit $ 326,643 $ 341,521 $ 681,715 $ 714,604

Subsequent Events

Subsequent Events	6 Months Ended
	Sep. 30, 2023
Subsequent Events [Abstract]
Subsequent Events	SUBSEQUENT EVENTS Common Stock Dividend - During the third quarter of fiscal 2024, the Company declared a quarterly cash dividend of $0.14 per share of common stock. The dividend is payable on December 15, 2023 to stockholders of record at the close of business on December 1, 2023. Share Repurchase Program - During the third quarter of fiscal 2024, 0.3 million shares of common stock at a cost of $38.7 million were repurchased under the Board of Directors' authorization in February 2022.

Background and Summary of Sig_2

Background and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Sep. 30, 2023
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 2023 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 14 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.

Revenue Recognition (Tables)

Revenue Recognition (Tables)	6 Months Ended
	Sep. 30, 2023
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: (In thousands) September 30, 2023 March 31, 2023 Contract asset - product returns $ 1,364 $ 933 Refund liability 4,650 2,664

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Sep. 30, 2023
Inventory Disclosure [Abstract]
Schedule of Inventories	Inventories as of the periods presented consisted of the following: (In thousands) September 30, 2023 March 31, 2023 Raw materials $ 98,267 $ 108,206 Finished goods 286,823 355,788 Total inventories $ 385,090 $ 463,994

Net Income Per Share and Stoc_2

Net Income Per Share and Stockholders' Equity (Tables)	6 Months Ended
	Sep. 30, 2023
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 (In thousands, except per share data) 2023 2022 2023 2022 NET INCOME PER SHARE—BASIC: Net income available to common stockholders – Basic $ 135,802 $ 152,007 $ 309,454 $ 339,153 Weighted average number of common shares outstanding – Basic 78,606 83,466 78,756 83,306 Net income per common share – Basic $ 1.73 $ 1.82 $ 3.93 $ 4.07 NET INCOME PER SHARE—DILUTED: Net income available to common stockholders – Diluted $ 135,802 $ 152,007 $ 309,454 $ 339,153 Weighted average number of common shares outstanding – Basic 78,606 83,466 78,756 83,306 Assumed restricted stock 62 139 54 142 Assumed exercise of stock options 618 717 600 740 Assumed performance units 21 176 65 297 Weighted average number of common shares outstanding – Diluted 79,307 84,498 79,475 84,485 Net income per common share – Diluted $ 1.71 $ 1.80 $ 3.89 $ 4.01 Potentially dilutive securities excluded as anti-dilutive 23 18 62 36

Debt (Tables)

Debt (Tables)	6 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Long-Term Debt	Long-term debt as of the periods presented consisted of the following: (In thousands) September 30, 2023 March 31, 2023 Term Loan Facility $ 423,750 $ 427,250 Senior Notes due 2027 350,000 350,000 Senior Notes due 2030 500,000 500,000 Revolving Credit Facility — — Equipment Financing 14,179 18,638 Total 1,287,929 1,295,888 Less: Unamortized debt issuance costs 10,782 11,804 Less: Current maturities 12,950 14,693 Long-term debt obligations $ 1,264,197 $ 1,269,391
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: September 30, 2023 March 31, 2023 (In thousands) Fair Value Carrying Value Fair Value Carrying Value Senior Notes due 2027 $ 328,395 $ 350,000 $ 333,970 $ 350,000 Senior Notes due 2030 480,010 500,000 496,605 500,000 Equipment Financing 13,599 14,179 17,921 18,638 Total fair value $ 822,004 $ 864,179 $ 848,496 $ 868,638

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Sep. 30, 2023
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 September 30, Six Months Ended (In thousands) 2023 2022 2023 2022 Component of income before income taxes: Cost of goods sold $ 1,344 $ 758 $ 2,157 $ 1,432 Selling, general and administrative expenses 7,987 6,702 14,077 12,301 Total stock-based compensation expense $ 9,331 $ 7,460 $ 16,234 $ 13,733 The following table summarizes stock-based compensation expense by award type for the periods presented: Three Months Ended September 30, Six Months Ended (In thousands) 2023 2022 2023 2022 Stock-based compensation expense: Stock Options $ 1,307 $ 1,002 $ 2,741 $ 2,281 Restricted Stock 2,054 1,965 4,081 3,726 Performance-based Restricted Stock Units 5,035 4,052 7,919 6,792 Employee Stock Purchase Plan 381 — 381 — Non-Employee Directors 554 441 1,112 934 Total stock-based compensation expense $ 9,331 $ 7,460 $ 16,234 $ 13,733
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 period presented: Six Months Ended September 30, 2023 Common stock price $96.51 Expected stock price volatility 45.6% Risk-free interest rate 3.8% Weighted-average expected option life (years) 6 Dividend yield 0.58%

Business Segments Information (

Business Segments Information (Tables)	6 Months Ended
	Sep. 30, 2023
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, 2023 September 30, 2022 (In thousands) Net Sales Intersegment Net Sales Net Sales from External Customers Net Sales Intersegment Net Sales Net Sales from External Customers Pipe $ 430,389 $ (9,563) $ 420,826 $ 500,978 $ (10,770) $ 490,208 Infiltrator 133,731 (17,553) 116,178 150,735 (22,450) 128,285 International International - Pipe 52,405 (1,020) 51,385 56,461 (7,339) 49,122 International - Allied Products & Other 17,027 (26) 17,001 17,002 — 17,002 Total International 69,432 (1,046) 68,386 73,463 (7,339) 66,124 Allied Products & Other 183,304 (8,474) 174,830 202,200 (2,608) 199,592 Intersegment Eliminations (36,636) 36,636 — (43,167) 43,167 — Total Consolidated $ 780,220 $ — $ 780,220 $ 884,209 $ — $ 884,209 Six Months Ended September 30, 2023 September 30, 2022 (In thousands) Net Sales Intersegment Net Sales Net Sales from External Customers Net Sales Intersegment Net Sales Net Sales from External Customers Pipe $ 858,961 $ (17,707) $ 841,254 $ 1,025,835 $ (20,644) $ 1,005,191 Infiltrator 275,217 (36,131) 239,086 317,025 (51,356) 265,669 International International - Pipe 89,583 (1,548) 88,035 109,880 (13,198) 96,682 International - Allied Products & Other 32,625 (26) 32,599 35,097 — 35,097 Total International 122,208 (1,574) 120,634 144,977 (13,198) 131,779 Allied Products & Other 366,749 (9,457) 357,292 401,109 (5,353) 395,756 Intersegment Eliminations (64,869) 64,869 — (90,551) 90,551 — Total Consolidated $ 1,558,266 $ — $ 1,558,266 $ 1,798,395 $ — $ 1,798,395
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 (In thousands) 2023 2022 2023 2022 Segment Adjusted Gross Profit Pipe $ 125,856 $ 146,153 $ 286,505 $ 314,732 Infiltrator 73,663 71,278 147,927 147,072 International 21,339 17,630 37,368 38,114 Allied Products & Other 106,239 106,030 212,424 215,071 Intersegment Eliminations (454) 430 (2,509) (385) Total $ 326,643 $ 341,521 $ 681,715 $ 714,604 Depreciation and Amortization Pipe $ 13,663 $ 13,135 $ 28,391 $ 26,000 Infiltrator 5,534 5,027 10,892 9,894 International 1,236 1,283 2,474 2,654 Allied Products & Other (a) 16,288 16,477 32,204 32,952 Total $ 36,721 $ 35,922 $ 73,961 $ 71,500 Capital Expenditures Pipe $ 23,809 $ 27,023 $ 53,413 $ 47,297 Infiltrator 6,042 8,514 11,496 21,046 International 1,786 1,114 2,935 2,027 Allied Products & Other (a) 8,910 2,705 14,781 5,175 Total $ 40,547 $ 39,356 $ 82,625 $ 75,545 (a) Includes depreciation, amortization and capital expenditures not allocated to a reportable segment. The amortization expense of Infiltrator intangible assets is included in Allied Products & Other.
Reconciliation of Gross Profit to Segment Adjusted Gross Profit	Three Months Ended September 30, Six Months Ended (In thousands) 2023 2022 2023 2022 Reconciliation of Segment Adjusted Gross Profit: Total Gross Profit $ 302,677 $ 319,963 $ 634,137 $ 672,070 Depreciation and Amortization 22,622 20,800 45,421 41,102 Stock-based compensation expense 1,344 758 2,157 1,432 Total Segment Adjusted Gross Profit $ 326,643 $ 341,521 $ 681,715 $ 714,604

Background and Summary of Sig_3

Background and Summary of Significant Accounting Policies (Detail)	6 Months Ended
	Sep. 30, 2023 segment
Accounting Policies [Abstract]
Number of reportable segments	3

Discontinued Operations and D_2

Discontinued Operations and Disposal Groups (Details) - USD ($)		6 Months Ended
	Apr. 14, 2023	Sep. 30, 2023	Sep. 30, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from Sale of Productive Assets		$ 19,979,000	$ 0
Spartan Concrete, Inc.
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (Loss) on Disposition of Other Assets	$ 14,900,000
Proceeds from Sale of Productive Assets	$ 20,000,000

Revenue Recognition - Schedule

Revenue Recognition - Schedule of Contract Asset and Liability (Detail) - USD ($) $ in Thousands	Sep. 30, 2023	Mar. 31, 2023
Revenue from Contract with Customer [Abstract]
Contract asset - product returns	$ 1,364	$ 933
Refund liability	$ 4,650	$ 2,664

Leases (Detail)

Leases (Detail)	6 Months Ended
	Sep. 30, 2023
Minimum
Lessee Lease Description [Line Items]
Remaining lease term	1 year
Maximum
Lessee Lease Description [Line Items]
Remaining lease term	14 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	Sep. 30, 2023	Mar. 31, 2023
Inventory Disclosure [Abstract]
Raw materials	$ 98,267	$ 108,206
Finished goods	286,823	355,788
Total inventories	$ 385,090	$ 463,994

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, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
NET INCOME PER SHARE—BASIC:
Net income available to common stockholders – Basic	$ 135,802	$ 152,007	$ 309,454	$ 339,153
Weighted average number of common shares outstanding – Basic (in shares)	78,606	83,466	78,756	83,306
Net income per common share - Basic (in dollars per share)	$ 1.73	$ 1.82	$ 3.93	$ 4.07
NET INCOME PER SHARE—DILUTED:
Net income available to common stockholders – Diluted	$ 135,802	$ 152,007	$ 309,454	$ 339,153
Weighted average number of common shares outstanding – Basic (in shares)	78,606	83,466	78,756	83,306
Weighted average number of common shares outstanding – Diluted (in shares)	79,307	84,498	79,475	84,485
Net income per common share - Diluted (in dollars per share)	$ 1.71	$ 1.80	$ 3.89	$ 4.01
Potentially dilutive securities excluded as anti-dilutive (in shares)	23	18	62	36
Assumed restricted stock
NET INCOME PER SHARE—DILUTED:
Dilutive securities (in shares)	62	139	54	142
Assumed exercise of stock options
NET INCOME PER SHARE—DILUTED:
Dilutive securities (in shares)	618	717	600	740
Assumed performance units
NET INCOME PER SHARE—DILUTED:
Dilutive securities (in shares)	21	176	65	297

Related Party Transactions (Det

Related Party Transactions (Detail) - USD ($)	6 Months Ended
	Sep. 30, 2023	Mar. 31, 2023	Jun. 06, 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	1,400,000	$ 5,500,000
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	10.90%
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
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	Sep. 30, 2023	Mar. 31, 2023
Debt Instrument [Line Items]
Long-term debt , gross	$ 1,287,929	$ 1,295,888
Less: Unamortized debt issuance costs	10,782	11,804
Less: Current maturities	12,950	14,693
Long-term debt obligations	1,264,197	1,269,391
Revolving Credit Facility
Debt Instrument [Line Items]
Long-term debt , gross	0	0
Term Loan Facility
Debt Instrument [Line Items]
Long-term debt , gross	423,750	427,250
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	500,000
Equipment Financing
Debt Instrument [Line Items]
Long-term debt , gross	14,179	$ 18,638
Less: Current maturities	6,000
Long-term debt obligations	$ 8,200

Debt - Senior Secured Credit Fa

Debt - Senior Secured Credit Facility (Detail) $ in Millions	1 Months Ended
	May 31, 2022 USD ($)	Sep. 30, 2023 USD ($)	Mar. 31, 2023 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		$ 11.2	$ 9.7
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%
Sublimit of Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowings permitted under credit facility	$ 60			$ 50

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%

Debt - Equipment Financing (Det

Debt - Equipment Financing (Details) - USD ($) $ in Thousands	6 Months Ended
	Sep. 30, 2023	Mar. 31, 2023
Debt Instrument [Line Items]
Current maturities of debt obligations	$ 12,950	$ 14,693
Long-term debt obligations	$ 1,264,197	$ 1,269,391
Equipment Financing
Debt Instrument [Line Items]
Weighted average interest rate of equipment financing	1.60%
Current maturities of debt obligations	$ 6,000
Long-term debt obligations	$ 8,200
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	Sep. 30, 2023	Mar. 31, 2023
Fair Value
Debt Instrument [Line Items]
Fair value of senior notes and equipment financing	$ 822,004	$ 848,496
Fair Value | Equipment Financing
Debt Instrument [Line Items]
Fair value of senior notes and equipment financing	13,599	17,921
Carrying Value
Debt Instrument [Line Items]
Fair value of senior notes and equipment financing	864,179	868,638
Carrying Value | Equipment Financing
Debt Instrument [Line Items]
Fair value of senior notes and equipment financing	14,179	18,638
Senior Notes due 2027 | Fair Value | Senior Notes
Debt Instrument [Line Items]
Fair value of senior notes and equipment financing	328,395	333,970
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	480,010	496,605
Senior Notes due 2030 | Carrying Value | Senior Notes
Debt Instrument [Line Items]
Fair value of senior notes and equipment financing	$ 500,000	$ 500,000

Commitments and Contingencies (

Commitments and Contingencies (Detail) - Inventory	6 Months Ended
	Sep. 30, 2023 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		6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Effective income tax rate	25.90%	23.90%	25%	23.20%

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, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Additional stock-based compensation expense	$ 9,331	$ 7,460	$ 16,234	$ 13,733
Non-Employee Directors
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Additional stock-based compensation expense	554	441	1,112	934
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Additional stock-based compensation expense	1,307	1,002	2,741	2,281
Assumed performance units
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Additional stock-based compensation expense	2,054	1,965	4,081	3,726
Performance-based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Additional stock-based compensation expense	5,035	4,052	7,919	6,792
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Additional stock-based compensation expense	381	0	381	0
Cost of goods sold
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Additional stock-based compensation expense	1,344	758	2,157	1,432
Selling, general and administrative expenses
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Additional stock-based compensation expense	$ 7,987	$ 6,702	$ 14,077	$ 12,301

Stock-Based Compensation (2017

Stock-Based Compensation (2017 Omnibus Plan) - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	May 24, 2017
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock awards	$ (69)	$ (34)	$ (2,414)	$ (2,491)
Employee Stock Purchase Plan Maximum Shares in Offering Period [Domain]	400,000		400,000
Employee Stock Purchase Plan Purchase Discount			85%
2017 Omnibus Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock awards (in shares)	100,000		100,000
Restricted stock awards	$ 2,200		$ 13,200
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			$ 8,700
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)			200,000
Number of stock options granted, value			$ 7,500
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)	6 Months Ended
	Sep. 30, 2023 $ / shares
Share-Based Payment Arrangement [Abstract]
Common stock price (in dollars per share)	$ 96.51
Expected stock price volatility	45.60%
Risk-free interest rate	3.80%
Weighted-average expected option life (years)	6 years
Dividend yield	0.58%

Business Segments Information -

Business Segments Information - Additional Information (Detail)	6 Months Ended
	Sep. 30, 2023 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		6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Segment Reporting Information [Line Items]
Net Sales	$ 780,220	$ 884,209	$ 1,558,266	$ 1,798,395
Operating Segments
Segment Reporting Information [Line Items]
Net Sales	(36,636)	(43,167)	(64,869)	(90,551)
Intersegment Eliminations
Segment Reporting Information [Line Items]
Net Sales	36,636	43,167	64,869	90,551
Pipe
Segment Reporting Information [Line Items]
Net Sales	420,826	490,208	841,254	1,005,191
Pipe | Operating Segments
Segment Reporting Information [Line Items]
Net Sales	430,389	500,978	858,961	1,025,835
Pipe | Intersegment Eliminations
Segment Reporting Information [Line Items]
Net Sales	(9,563)	(10,770)	(17,707)	(20,644)
Infiltrator
Segment Reporting Information [Line Items]
Net Sales	116,178	128,285	239,086	265,669
Infiltrator | Operating Segments
Segment Reporting Information [Line Items]
Net Sales	133,731	150,735	275,217	317,025
Infiltrator | Intersegment Eliminations
Segment Reporting Information [Line Items]
Net Sales	(17,553)	(22,450)	(36,131)	(51,356)
International
Segment Reporting Information [Line Items]
Net Sales	68,386	66,124	120,634	131,779
International | Operating Segments
Segment Reporting Information [Line Items]
Net Sales	69,432	73,463	122,208	144,977
International | Intersegment Eliminations
Segment Reporting Information [Line Items]
Net Sales	(1,046)	(7,339)	(1,574)	(13,198)
International | International - Pipe
Segment Reporting Information [Line Items]
Net Sales	51,385	49,122	88,035	96,682
International | International - Pipe | Operating Segments
Segment Reporting Information [Line Items]
Net Sales	52,405	56,461	89,583	109,880
International | International - Pipe | Intersegment Eliminations
Segment Reporting Information [Line Items]
Net Sales	(1,020)	(7,339)	(1,548)	(13,198)
International | International - Allied Products & Other
Segment Reporting Information [Line Items]
Net Sales	17,001	17,002	32,599	35,097
International | International - Allied Products & Other | Operating Segments
Segment Reporting Information [Line Items]
Net Sales	17,027	17,002	32,625	35,097
International | International - Allied Products & Other | Intersegment Eliminations
Segment Reporting Information [Line Items]
Net Sales	(26)		(26)
Allied Products & Other
Segment Reporting Information [Line Items]
Net Sales	174,830	199,592	357,292	395,756
Allied Products & Other | Operating Segments
Segment Reporting Information [Line Items]
Net Sales	183,304	202,200	366,749	401,109
Allied Products & Other | Intersegment Eliminations
Segment Reporting Information [Line Items]
Net Sales	$ (8,474)	$ (2,608)	$ (9,457)	$ (5,353)

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, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Segment Reporting Information [Line Items]
Segment Adjusted Gross Profit	$ 326,643	$ 341,521	$ 681,715	$ 714,604
Depreciation and Amortization	36,721	35,922	73,961	71,500
Capital Expenditures	40,547	39,356	82,625	75,545
Net sales	780,220	884,209	1,558,266	1,798,395
Pipe
Segment Reporting Information [Line Items]
Net sales	420,826	490,208	841,254	1,005,191
Infiltrator
Segment Reporting Information [Line Items]
Net sales	116,178	128,285	239,086	265,669
International
Segment Reporting Information [Line Items]
Net sales	68,386	66,124	120,634	131,779
International | International - Pipe
Segment Reporting Information [Line Items]
Net sales	51,385	49,122	88,035	96,682
International | International - Allied Products & Other
Segment Reporting Information [Line Items]
Net sales	17,001	17,002	32,599	35,097
Allied Products & Other
Segment Reporting Information [Line Items]
Net sales	174,830	199,592	357,292	395,756
Operating Segments
Segment Reporting Information [Line Items]
Net sales	(36,636)	(43,167)	(64,869)	(90,551)
Operating Segments | Pipe
Segment Reporting Information [Line Items]
Segment Adjusted Gross Profit	125,856	146,153	286,505	314,732
Depreciation and Amortization	13,663	13,135	28,391	26,000
Capital Expenditures	23,809	27,023	53,413	47,297
Net sales	430,389	500,978	858,961	1,025,835
Operating Segments | Infiltrator
Segment Reporting Information [Line Items]
Segment Adjusted Gross Profit	73,663	71,278	147,927	147,072
Depreciation and Amortization	5,534	5,027	10,892	9,894
Capital Expenditures	6,042	8,514	11,496	21,046
Net sales	133,731	150,735	275,217	317,025
Operating Segments | International
Segment Reporting Information [Line Items]
Segment Adjusted Gross Profit	21,339	17,630	37,368	38,114
Depreciation and Amortization	1,236	1,283	2,474	2,654
Capital Expenditures	1,786	1,114	2,935	2,027
Net sales	69,432	73,463	122,208	144,977
Operating Segments | International | International - Pipe
Segment Reporting Information [Line Items]
Net sales	52,405	56,461	89,583	109,880
Operating Segments | International | International - Allied Products & Other
Segment Reporting Information [Line Items]
Net sales	17,027	17,002	32,625	35,097
Operating Segments | Allied Products & Other
Segment Reporting Information [Line Items]
Segment Adjusted Gross Profit	106,239	106,030	212,424	215,071
Depreciation and Amortization	16,288	16,477	32,204	32,952
Capital Expenditures	8,910	2,705	14,781	5,175
Net sales	183,304	202,200	366,749	401,109
Intersegment Eliminations
Segment Reporting Information [Line Items]
Segment Adjusted Gross Profit	(454)	430	(2,509)	(385)
Net sales	36,636	43,167	64,869	90,551
Intersegment Eliminations | Pipe
Segment Reporting Information [Line Items]
Net sales	(9,563)	(10,770)	(17,707)	(20,644)
Intersegment Eliminations | Infiltrator
Segment Reporting Information [Line Items]
Net sales	(17,553)	(22,450)	(36,131)	(51,356)
Intersegment Eliminations | International
Segment Reporting Information [Line Items]
Net sales	(1,046)	(7,339)	(1,574)	(13,198)
Intersegment Eliminations | International | International - Pipe
Segment Reporting Information [Line Items]
Net sales	(1,020)	(7,339)	(1,548)	(13,198)
Intersegment Eliminations | International | International - Allied Products & Other
Segment Reporting Information [Line Items]
Net sales	(26)		(26)
Intersegment Eliminations | Allied Products & Other
Segment Reporting Information [Line Items]
Net sales	$ (8,474)	$ (2,608)	$ (9,457)	$ (5,353)

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, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Gross profit	$ 302,677	$ 319,963	$ 634,137	$ 672,070
Total Segment Adjusted Gross Profit	326,643	341,521	681,715	714,604
Segment Reconciling Items
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Depreciation and Amortization	22,622	20,800	45,421	41,102
Stock-based compensation expense	$ 1,344	$ 758	$ 2,157	$ 1,432

Subsequent Events (Detail)

Subsequent Events (Detail) - USD ($)	1 Months Ended	3 Months Ended		6 Months Ended
	Nov. 02, 2023	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Subsequent Event [Line Items]
Common stock dividends per share (in dollars per share)		$ 0.14	$ 0.12	$ 0.28	$ 0.24
Stock repurchased during period		$ 61,836,000	$ 127,802,000	$ 109,907,000	$ 195,163,000
Subsequent Event
Subsequent Event [Line Items]
Common stock dividends per share (in dollars per share)	$ 0.14
Share repurchases (in shares)	300,000
Stock repurchased during period	$ 38,700,000