Advanced Drainage Systems (WMS) 10-Q 8 Feb 24 2023 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Dec. 31, 2023	Jan. 31, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Dec. 31, 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		77,616,828
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	Dec. 31, 2023	Mar. 31, 2023
Current assets:
Cash	$ 560,744	$ 217,128
Receivables (less allowance for doubtful accounts of $6,058 and $8,227, respectively)	240,810	306,945
Inventories	405,409	463,994
Other current assets	31,459	29,422
Total current assets	1,238,422	1,017,489
Property, plant and equipment, net	810,887	733,059
Other assets:
Goodwill	617,397	620,193
Intangible assets, net	365,631	407,627
Other assets	129,622	122,757
Total assets	3,161,959	2,901,125
Current liabilities:
Current maturities of debt obligations	12,275	14,693
Current maturities of finance lease obligations	12,844	8,541
Accounts payable	207,902	210,111
Other accrued liabilities	162,275	142,400
Accrued income taxes	13,829	3,057
Total current liabilities	409,125	378,802
Long-term debt obligations (less unamortized debt issuance costs of $10,270 and $11,804, respectively)	1,261,742	1,269,391
Long-term finance lease obligations	37,947	32,272
Deferred tax liabilities	159,296	159,056
Other liabilities	71,980	66,744
Total liabilities	1,940,090	1,906,265
Commitments and contingencies (see Note 9)
Mezzanine equity:
Redeemable common stock: $0.01 par value; 7,488 and 9,429 shares outstanding, respectively	121,686	153,220
Total mezzanine equity	121,686	153,220
Stockholders’ equity:
Common stock; $0.01 par value: 1,000,000 shares authorized; 81,415 and 79,057 shares issued, respectively; 70,200 and 69,518 shares outstanding, respectively	11,670	11,647
Paid-in capital	1,195,893	1,134,864
Common stock in treasury, at cost	(1,110,670)	(920,999)
Accumulated other comprehensive loss	(26,601)	(27,580)
Retained earnings	1,008,270	626,215
Total ADS stockholders’ equity	1,078,562	824,147
Noncontrolling interest in subsidiaries	21,621	17,493
Total stockholders’ equity	1,100,183	841,640
Total liabilities, mezzanine equity and stockholders’ equity	$ 3,161,959	$ 2,901,125

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2023	Mar. 31, 2023
Allowance for doubtful accounts	$ 6,058	$ 8,227
Unamortized debt issuance costs	$ 10,270	$ 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)	81,415,000	79,057,000
Common stock, shares outstanding (in shares)	70,200,000	69,518,000
Redeemable Common Stock
Mezzanine equity, par value per share	$ 0.01	$ 0.01
Mezzanine equity, shares outstanding (in shares)	7,488,000	9,429,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Income Statement [Abstract]
Net sales	$ 662,367,000	$ 655,167,000	$ 2,220,633,000	$ 2,453,562,000
Cost of goods sold	402,518,000	431,250,000	1,326,647,000	1,557,575,000
Gross profit	259,849,000	223,917,000	893,986,000	895,987,000
Operating expenses:
Selling, general and administrative	91,289,000	85,936,000	269,525,000	261,095,000
Loss (gain) on disposal of assets and costs from exit and disposal activities	2,512,000	(348,000)	(10,669,000)	(147,000)
Intangible amortization	12,782,000	13,842,000	38,376,000	41,360,000
Income from operations	153,266,000	124,487,000	596,754,000	593,679,000
Other expense:
Interest expense	22,331,000	20,001,000	65,984,000	49,334,000
Derivative gain and other income, net	(4,772,000)	(4,125,000)	(15,827,000)	(5,632,000)
Income before income taxes	135,707,000	108,611,000	546,597,000	549,977,000
Income tax expense	30,131,000	26,068,000	132,665,000	128,641,000
Equity in net income of unconsolidated affiliates	(1,304,000)	(639,000)	(3,880,000)	(3,705,000)
Net income	106,880,000	83,182,000	417,812,000	425,041,000
Less: net income attributable to noncontrolling interest	1,241,000	1,142,000	2,719,000	3,848,000
Net income attributable to ADS	$ 105,639,000	$ 82,040,000	$ 415,093,000	$ 421,193,000
Weighted average common shares outstanding:
Basic (in shares)	77,857	82,067	78,455	82,891
Diluted (in shares)	78,586	82,987	79,188	83,980
Net income per share:
Basic (in dollars per share)	$ 1.36	$ 1	$ 5.29	$ 5.08
Diluted (in dollars per share)	$ 1.34	$ 0.99	$ 5.24	$ 5.02

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 106,880,000	$ 83,182,000	$ 417,812,000	$ 425,041,000
Currency translation gain (loss)	4,020,000	4,973,000	2,388,000	(4,688,000)
Comprehensive income	110,900,000	88,155,000	420,200,000	420,353,000
Less: other comprehensive income attributable to noncontrolling interest	963,000	1,069,000	1,409,000	797,000
Less: net income attributable to noncontrolling interest	1,241,000	1,142,000	2,719,000	3,848,000
Total comprehensive income attributable to ADS	$ 108,696,000	$ 85,944,000	$ 416,072,000	$ 415,708,000

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited)	9 Months Ended
	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Cash Flows from Operating Activities
Net income	$ 417,812,000	$ 425,041,000
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	112,014,000	107,346,000
Deferred income taxes	335,000	(4,165,000)
Gain on disposal of assets and costs from exit and disposal activities	(10,669,000)	(147,000)
Stock-based compensation	23,636,000	19,912,000
Amortization of deferred financing charges	1,533,000	909,000
Fair market value adjustments to derivatives	(162,000)	2,309,000
Equity in net income of unconsolidated affiliates	(3,880,000)	(3,705,000)
Other operating activities	5,720,000	2,732,000
Changes in working capital:
Receivables	67,230,000	99,958,000
Inventories	59,752,000	34,871,000
Prepaid expenses and other current assets	(534,000)	(4,532,000)
Accounts payable, accrued expenses, and other liabilities	27,475,000	(20,091,000)
Net cash provided by operating activities	700,262,000	660,438,000
Cash Flows from Investing Activities
Capital expenditures	(136,385,000)	(126,858,000)
Proceeds from disposition of assets	19,979,000	0
Acquisition, net of cash acquired	0	(48,010,000)
Other investing activities	527,000	46,000
Net cash used in investing activities	(115,879,000)	(174,822,000)
Cash Flows from Financing Activities
Payments on syndicated Term Loan Facility	(5,250,000)	(5,250,000)
Proceeds from Senior Notes due 2030	0	500,000,000
Debt issuance costs	0	(11,575,000)
Payments on Equipment Financing	(6,361,000)	(10,213,000)
Payments on finance lease obligations	(8,624,000)	(4,954,000)
Repurchase of common stock	(178,187,000)	(375,027,000)
Cash dividends paid	(33,111,000)	(30,111,000)
Dividends paid to noncontrolling interest holder	0	(3,652,000)
Proceeds from exercise of stock options	3,956,000	5,145,000
Payment of withholding taxes on vesting of restricted stock units	(8,859,000)	(28,653,000)
Net cash used in financing activities	(236,436,000)	(78,590,000)
Effect of exchange rate changes on cash	1,271,000	(461,000)
Net change in cash	349,218,000	406,565,000
Cash and restricted cash at beginning of period	217,128,000	20,125,000
Cash and restricted cash at end of period	566,346,000	426,690,000
Cash	560,744,000
Restricted cash (included in Other assets in the Condensed Consolidated Balance Sheets)	5,602,000
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 ($)	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											75,529,000
Beginning balance, treasury stock (in shares) at Mar. 31, 2022													3,220,000
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	425,041,000									421,193,000					421,193,000	3,848,000
Other comprehensive income	(4,688,000)									(5,485,000)				(5,485,000)		797,000
Common stock dividends	(30,058,000)									(30,058,000)					(30,058,000)
Share repurchases (in shares)													3,756,000
Share repurchases	(375,027,000)									(375,027,000)			$ (375,027,000)
Dividends paid to noncontrolling interest holder	3,652,000															(3,652,000)
KSOP redeemable common stock conversion (in shares)											2,353,000
KSOP redeemable common stock conversion	38,256,000									38,256,000	$ 24,000	38,232,000
Exercise of common stock options (in shares)											200,000
Exercise of common stock options	5,145,000									5,145,000	$ 2,000	5,143,000
Restricted stock awards (in shares)											176,000		59,000
Restricted stock awards	(5,631,000)									(5,631,000)	$ 2,000		$ (5,633,000)
Stock-based compensation expense	19,912,000									19,912,000		19,912,000
Ending balance, common stock (in shares) at Dec. 31, 2022											78,785,000
Ending balance, treasury stock (in shares) at Dec. 31, 2022													7,240,000
Ending balance at Dec. 31, 2022	958,613,000									940,998,000	$ 11,645,000	1,128,915,000	$ (719,702,000)	(29,871,000)	550,011,000	17,615,000
Mezzanine equity, beginning balance (in shares) at Mar. 31, 2022					0			15,630,000
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)						(2,353,000)	12,022,000		(15,630,000)
Temporary equity, conversion of convertible securities			$ (38,256,000)	$ 0		$ (38,256,000)	$ 195,384,000		$ (195,384,000)
Mezzanine equity, ending balance (in shares) at Dec. 31, 2022					9,669,000			0
Mezzanine equity, ending balance at Dec. 31, 2022		157,128,000			$ 157,128,000			$ 0
Beginning balance, common stock (in shares) at Sep. 30, 2022											78,519,000
Beginning balance, treasury stock (in shares) at Sep. 30, 2022													5,314,000
Beginning 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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	83,182,000									82,040,000					82,040,000	1,142,000
Other comprehensive income	4,973,000									3,904,000				3,904,000		1,069,000
Common stock dividends	(9,819,000)									(9,819,000)					(9,819,000)
Share repurchases (in shares)													1,891,000
Share repurchases	(179,864,000)									(179,864,000)			$ (179,864,000)
Dividends paid to noncontrolling interest holder	1,925,000															(1,925,000)
KSOP redeemable common stock conversion (in shares)											171,000
KSOP redeemable common stock conversion	2,800,000									2,800,000	$ 2,000	2,798,000
Exercise of common stock options (in shares)											17,000
Exercise of common stock options	485,000									485,000	$ 0	485,000
Restricted stock awards (in shares)											78,000		35,000
Restricted stock awards	(3,140,000)									(3,140,000)	$ 1,000		$ (3,141,000)
Stock-based compensation expense	6,179,000									6,179,000		6,179,000
Ending balance, common stock (in shares) at Dec. 31, 2022											78,785,000
Ending balance, treasury stock (in shares) at Dec. 31, 2022													7,240,000
Ending balance at Dec. 31, 2022	$ 958,613,000									940,998,000	$ 11,645,000	1,128,915,000	$ (719,702,000)	(29,871,000)	550,011,000	17,615,000
Mezzanine equity, beginning balance (in shares) at Sep. 30, 2022					9,840,000			0
Mezzanine equity, beginning balance at Sep. 30, 2022		159,928,000			$ 159,928,000			$ 0
Increase (Decrease) in Temporary Equity [Roll Forward]
Conversion of convertible securities (in shares)						(171,000)
Temporary equity, conversion of convertible securities			(2,800,000)			$ (2,800,000)
Mezzanine equity, ending balance (in shares) at Dec. 31, 2022					9,669,000			0
Mezzanine equity, ending balance at Dec. 31, 2022		157,128,000			$ 157,128,000			$ 0
Beginning balance, common stock (in shares) at Mar. 31, 2023	69,518,000										79,057,000
Beginning balance, treasury stock (in shares) at Mar. 31, 2023													9,539,000
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	417,812,000									415,093,000					415,093,000	2,719,000
Other comprehensive income	2,388,000									979,000				979,000		1,409,000
Common stock dividends	(33,038,000)									(33,038,000)					(33,038,000)
Share repurchases (in shares)													1,579,000
Share repurchases	(180,812,000)									(180,812,000)			$ (180,812,000)
KSOP redeemable common stock conversion (in shares)											1,941,000
KSOP redeemable common stock conversion	31,534,000									31,534,000	$ 19,000	31,515,000
Exercise of common stock options (in shares)											97,000
Exercise of common stock options	3,956,000									3,956,000	$ 1,000	3,955,000
Restricted stock awards (in shares)											100,000		25,000
Restricted stock awards	(2,462,000)									(2,462,000)	$ 1,000		$ (2,463,000)
Stock-based compensation expense	23,636,000									23,636,000		23,636,000
Stock Issued During Period, Shares, Employee Stock Purchase Plans											20,000
Stock Issued During Period, Value, Employee Stock Purchase Plan	1,927,000									1,927,000		1,927,000
Performance-based restricted stock units (in shares)											200,000		72,000
Performance-based restricted stock units	(6,394,000)									(6,394,000)	$ 2,000		$ (6,396,000)
Other	$ (4,000)									(4,000)		(4,000)
Ending balance, common stock (in shares) at Dec. 31, 2023	70,200,000										81,415,000
Ending balance, treasury stock (in shares) at Dec. 31, 2023													11,215,000
Ending balance at Dec. 31, 2023	$ 1,100,183,000									1,078,562,000	$ 11,670,000	1,195,893,000	$ (1,110,670,000)	(26,601,000)	1,008,270,000	21,621,000
Mezzanine equity, beginning balance (in shares) at Mar. 31, 2023					9,429,000
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)						(1,941,000)
Temporary equity, conversion of convertible securities			(31,534,000)			$ (31,534,000)
Mezzanine equity, ending balance (in shares) at Dec. 31, 2023					7,488,000
Mezzanine equity, ending balance at Dec. 31, 2023	121,686,000	121,686,000			$ 121,686,000
Beginning balance, common stock (in shares) at Sep. 30, 2023											80,635,000
Beginning balance, treasury stock (in shares) at Sep. 30, 2023													10,617,000
Beginning 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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	106,880,000									105,639,000					105,639,000	1,241,000
Other comprehensive income	4,020,000									3,057,000				3,057,000		963,000
Common stock dividends	(10,920,000)									(10,920,000)					(10,920,000)
Share repurchases (in shares)													598,000
Share repurchases	(70,905,000)									(70,905,000)			$ (70,905,000)
KSOP redeemable common stock conversion (in shares)											718,000
KSOP redeemable common stock conversion	11,663,000									11,663,000	$ 7,000	11,656,000
Exercise of common stock options (in shares)											41,000
Exercise of common stock options	1,333,000									1,333,000	$ 0	1,333,000
Restricted stock awards (in shares)											1,000		0
Restricted stock awards	(48,000)									(48,000)	$ 0		$ (48,000)
Stock-based compensation expense	7,402,000									7,402,000		7,402,000
Stock Issued During Period, Shares, Employee Stock Purchase Plans											20,000
Stock Issued During Period, Value, Employee Stock Purchase Plan										1,927,000		1,927,000
Other	$ 1,000									1,000		1,000
Ending balance, common stock (in shares) at Dec. 31, 2023	70,200,000										81,415,000
Ending balance, treasury stock (in shares) at Dec. 31, 2023													11,215,000
Ending balance at Dec. 31, 2023	$ 1,100,183,000									$ 1,078,562,000	$ 11,670,000	$ 1,195,893,000	$ (1,110,670,000)	$ (26,601,000)	$ 1,008,270,000	$ 21,621,000
Mezzanine equity, beginning balance (in shares) at Sep. 30, 2023					8,206,000
Mezzanine equity, beginning balance at Sep. 30, 2023		133,349,000			$ 133,349,000
Increase (Decrease) in Temporary Equity [Roll Forward]
Conversion of convertible securities (in shares)						(718,000)
Temporary equity, conversion of convertible securities			$ (11,663,000)			$ (11,663,000)
Mezzanine equity, ending balance (in shares) at Dec. 31, 2023					7,488,000
Mezzanine equity, ending balance at Dec. 31, 2023	$ 121,686,000	$ 121,686,000			$ 121,686,000

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Stockholders' Equity and Mezzanine Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Statement of Stockholders' Equity [Abstract]
Common stock dividends per share (in dollars per share)	$ 0.14	$ 0.12	$ 0.42	$ 0.36

Background and Summary of Signi

Background and Summary of Significant Accounting Policies	9 Months Ended
	Dec. 31, 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 December 31, 2023 and the results of operations for the three and nine months ended December 31, 2023 and cash flows for the nine months ended December 31, 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 Improvements to Reportable Segment Disclosures - In November 2023, the Financial Accounting Standards Board (“FASB”) issued an accounting standards update (“ASU”) to amend ASC 280, Segment Reporting to enhance segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. In addition, the amendments enhance interim disclosure requirements, clarify circumstances in which an entity can disclose multiple segment measures of profit or loss, provide new segment disclosure requirements for entities with a single reportable segment, and contain other disclosure requirements. The amendments are effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. The amendments must be applied retrospectively to all periods presented in the financial statements. The Company is currently evaluating the impact of this standard on the Consolidated Financial Statements. I mprovements to Income Tax Disclosures - In December 2023, the FASB issued an ASU to amend ASC 740, Income Taxes to enhance the transparency and usefulness of income tax disclosures, primarily related to the rate reconciliation and income taxes paid information. The amendments may be applied prospectively or retrospectively and are effective for fiscal years beginning after December 15, 2024. The Company is currently evaluating the impact of this standard on the Consolidated Financial Statements.

Discontinued Operations and Dis

Discontinued Operations and Disposal Groups	9 Months Ended
	Dec. 31, 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 ACTIVITIES On 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	9 Months Ended
	Dec. 31, 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) December 31, 2023 March 31, 2023 Contract asset - product returns $ 1,546 $ 933 Refund liability 4,628 2,664

Leases

Leases	9 Months Ended
	Dec. 31, 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	9 Months Ended
	Dec. 31, 2023
Inventory Disclosure [Abstract]
Inventories	INVENTORIES Inventories as of the periods presented consisted of the following: (In thousands) December 31, 2023 March 31, 2023 Raw materials $ 106,097 $ 108,206 Finished goods 299,312 355,788 Total inventories $ 405,409 $ 463,994

Net Income Per Share and Stockh

Net Income Per Share and Stockholders' Equity	9 Months Ended
	Dec. 31, 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 December 31, Nine Months Ended (In thousands, except per share data) 2023 2022 2023 2022 NET INCOME PER SHARE—BASIC: Net income available to common stockholders – Basic $ 105,639 $ 82,040 $ 415,093 $ 421,193 Weighted average number of common shares outstanding – Basic 77,857 82,067 78,455 82,891 Net income per common share – Basic $ 1.36 $ 1.00 $ 5.29 $ 5.08 NET INCOME PER SHARE—DILUTED: Net income available to common stockholders – Diluted $ 105,639 $ 82,040 $ 415,093 $ 421,193 Weighted average number of common shares outstanding – Basic 77,857 82,067 78,455 82,891 Assumed restricted stock 75 114 60 131 Assumed exercise of stock options 595 626 597 702 Assumed performance units 59 180 76 256 Weighted average number of common shares outstanding – Diluted 78,586 82,987 79,188 83,980 Net income per common share – Diluted $ 1.34 $ 0.99 $ 5.24 $ 5.02 Potentially dilutive securities excluded as anti-dilutive 19 42 46 45

Related Party Transactions

Related Party Transactions	9 Months Ended
	Dec. 31, 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 December 31, 2023 and March 31, 2023, there were no borrowings outstanding under the Intercompany Note. South American Joint Venture -

Debt

Debt	9 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
Debt	DEBT Long-term debt as of the periods presented consisted of the following: (In thousands) December 31, 2023 March 31, 2023 Term Loan Facility $ 422,000 $ 427,250 Senior Notes due 2027 350,000 350,000 Senior Notes due 2030 500,000 500,000 Revolving Credit Facility — — Equipment Financing 12,287 18,638 Total 1,284,287 1,295,888 Less: Unamortized debt issuance costs 10,270 11,804 Less: Current maturities 12,275 14,693 Long-term debt obligations $ 1,261,742 $ 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 December 31, 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 December 31, 2023 . The current portion of the equipment financing is $5.3 million, and the long-term portion is $7.0 million at December 31, 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: December 31, 2023 March 31, 2023 (In thousands) Fair Value Carrying Value Fair Value Carrying Value Senior Notes due 2027 $ 340,883 $ 350,000 $ 333,970 $ 350,000 Senior Notes due 2030 506,075 500,000 496,605 500,000 Equipment Financing 11,940 12,287 17,921 18,638 Total fair value $ 858,898 $ 862,287 $ 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	9 Months Ended
	Dec. 31, 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 December 31, 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	9 Months Ended
	Dec. 31, 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 December 31, 2023 and 2022, the Company utilized an effective tax rate of 22.2% and 24.0%, respectively, to calculate its provision for income taxes. For the nine months ended December 31, 2023 and 2022, the Company utilized an effective tax rate of 24.3% and 23.4%, respectively, to calculate its provision for income taxes. S tate and local income taxes increased the effective rate for the three and nine months ended December 31, 2023 and 2022. Discrete income tax benefits related to amended state tax returns and the federal return to provision adjustment decreased the effective tax rate for the three months ended December 31, 2023. Additionally, discrete income tax benefit related to the stock-based compensation windfall decreased the effective tax rate for the three and nine months ended December 31, 2022 .

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Dec. 31, 2023
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. 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 Nine Months Ended (In thousands) 2023 2022 2023 2022 Component of income before income taxes: Cost of goods sold $ 1,316 $ 743 $ 3,473 $ 2,175 Selling, general and administrative expenses 6,086 5,436 20,163 17,737 Total stock-based compensation expense $ 7,402 $ 6,179 $ 23,636 $ 19,912 The following table summarizes stock-based compensation expense by award type for the periods presented: Three Months Ended Nine Months Ended (In thousands) 2023 2022 2023 2022 Stock-based compensation expense: Stock Options $ 1,305 $ 1,035 $ 4,046 $ 3,316 Restricted Stock 2,050 1,754 6,131 5,480 Performance-based Restricted Stock Units 3,191 2,827 11,110 9,619 Employee Stock Purchase Plan 313 — 694 — Non-Employee Directors 543 563 1,655 1,497 Total stock-based compensation expense $ 7,402 $ 6,179 $ 23,636 $ 19,912 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 nine months ended December 31, 2023, the Company granted 0.1 million shares of restricted stock with a grant date fair value of $13.2 million. Performance-based Restricted Stock Units (“ Performance Units”) – During the nine months ended December 31, 2023, the Company granted 0.1 million performance share units at a grant date fair value of $8.7 million. Options – During the nine months ended December 31, 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: Nine Months Ended December 31, 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”) -

Business Segments Information

Business Segments Information	9 Months Ended
	Dec. 31, 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 December 31, 2023 December 31, 2022 (In thousands) Net Sales Intersegment Net Sales Net Sales from External Customers Net Sales Intersegment Net Sales Net Sales from External Customers Pipe $ 360,733 $ (14,680) $ 346,053 $ 375,719 $ (10,839) $ 364,880 Infiltrator 131,144 (27,273) 103,871 103,895 (14,961) 88,934 International International - Pipe 44,203 (2,369) 41,834 44,882 (5,311) 39,571 International - Allied Products & Other 14,166 (1) 14,165 14,075 — 14,075 Total International 58,369 (2,370) 55,999 58,957 (5,311) 53,646 Allied Products & Other 159,162 (2,718) 156,444 149,044 (1,337) 147,707 Intersegment Eliminations (47,041) 47,041 — (32,448) 32,448 — Total Consolidated $ 662,367 $ — $ 662,367 $ 655,167 $ — $ 655,167 Nine Months Ended December 31, 2023 December 31, 2022 (In thousands) Net Sales Intersegment Net Sales Net Sales from External Customers Net Sales Intersegment Net Sales Net Sales from External Customers Pipe $ 1,217,302 $ (36,974) $ 1,180,328 $ 1,401,554 $ (31,483) $ 1,370,071 Infiltrator 406,361 (63,405) 342,956 420,920 (66,317) 354,603 International International - Pipe 133,787 (3,917) 129,870 154,762 (18,509) 136,253 International - Allied Products & Other 46,789 (27) 46,762 49,172 — 49,172 Total International 180,576 (3,944) 176,632 203,934 (18,509) 185,425 Allied Products & Other 528,303 (7,586) 520,717 550,153 (6,690) 543,463 Intersegment Eliminations (111,909) 111,909 — (122,999) 122,999 — Total Consolidated $ 2,220,633 $ — $ 2,220,633 $ 2,453,562 $ — $ 2,453,562 The following sets forth certain financial information attributable to the reportable segments for the periods presented: Three Months Ended Nine Months Ended (In thousands) 2023 2022 2023 2022 Segment Adjusted Gross Profit Pipe $ 115,621 $ 106,279 $ 402,126 $ 421,011 Infiltrator 68,392 46,497 216,319 193,569 International 14,012 13,342 51,380 51,456 Allied Products & Other 88,150 78,401 300,574 293,472 Intersegment Eliminations (1,922) 714 (4,431) 329 Total $ 284,253 $ 245,233 $ 965,968 $ 959,837 Depreciation and Amortization Pipe $ 15,491 $ 12,754 $ 43,882 $ 38,754 Infiltrator 5,543 5,120 16,435 15,014 International 1,195 1,369 3,669 4,023 Allied Products & Other (a) 15,824 16,603 48,028 49,555 Total $ 38,053 $ 35,846 $ 112,014 $ 107,346 Capital Expenditures Pipe $ 31,287 $ 28,268 $ 84,700 $ 75,565 Infiltrator 2,962 12,810 14,458 33,856 International 1,872 2,366 4,807 4,393 Allied Products & Other (a) 17,639 7,869 32,420 13,044 Total $ 53,760 $ 51,313 $ 136,385 $ 126,858 (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 Nine Months Ended (In thousands) 2023 2022 2023 2022 Reconciliation of Segment Adjusted Gross Profit: Total Gross Profit $ 259,849 $ 223,917 $ 893,986 $ 895,987 Depreciation and Amortization 23,088 20,573 68,509 61,675 Stock-based compensation expense 1,316 743 3,473 2,175 Total Segment Adjusted Gross Profit $ 284,253 $ 245,233 $ 965,968 $ 959,837

Supplemental Disclosure of Cash

Supplemental Disclosure of Cash Flow Information	9 Months Ended
	Dec. 31, 2023
Supplemental Cash Flow Elements [Abstract]
Cash Flow, Supplemental Disclosures	SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION Supplemental disclosures of cash flow information for the nine months ended December 31 were as follows: (In thousands) 2023 2022 Cash paid for income taxes $ 114,712 $ 136,320 Cash paid for interest 51,484 24,757 Non-cash operating, investing and financing activities: Repurchase of common stock pending settlement 1,139 — Share repurchase excise tax accrual 1,486 — Acquisition of property, plant and equipment under finance lease 21,061 10,684 Balance in accounts payable for the acquisition of property, plant and equipment 22,925 14,748

Subsequent Events

Subsequent Events	9 Months Ended
	Dec. 31, 2023
Subsequent Events [Abstract]
Subsequent Events	SUBSEQUENT EVENTS Common Stock Dividend - Subsequent to the end of the quarter, the Company declared a quarterly cash dividend of $0.14 per share of common stock. The dividend is payable on March 15, 2024, to stockholders of record at the close of business on March 1, 2024. Share Repurchase Program - Subsequent to the end of the quarter, 0.1 million shares of common stock at a cost of $13.1 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)	9 Months Ended
	Dec. 31, 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 Improvements to Reportable Segment Disclosures - In November 2023, the Financial Accounting Standards Board (“FASB”) issued an accounting standards update (“ASU”) to amend ASC 280, Segment Reporting to enhance segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. In addition, the amendments enhance interim disclosure requirements, clarify circumstances in which an entity can disclose multiple segment measures of profit or loss, provide new segment disclosure requirements for entities with a single reportable segment, and contain other disclosure requirements. The amendments are effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. The amendments must be applied retrospectively to all periods presented in the financial statements. The Company is currently evaluating the impact of this standard on the Consolidated Financial Statements. I mprovements to Income Tax Disclosures - In December 2023, the FASB issued an ASU to amend ASC 740, Income Taxes to enhance the transparency and usefulness of income tax disclosures, primarily related to the rate reconciliation and income taxes paid information. The amendments may be applied prospectively or retrospectively and are effective for fiscal years beginning after December 15, 2024. The Company is currently evaluating the impact of this standard on the 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)	9 Months Ended
	Dec. 31, 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) December 31, 2023 March 31, 2023 Contract asset - product returns $ 1,546 $ 933 Refund liability 4,628 2,664

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Dec. 31, 2023
Inventory Disclosure [Abstract]
Schedule of Inventories	Inventories as of the periods presented consisted of the following: (In thousands) December 31, 2023 March 31, 2023 Raw materials $ 106,097 $ 108,206 Finished goods 299,312 355,788 Total inventories $ 405,409 $ 463,994

Net Income Per Share and Stoc_2

Net Income Per Share and Stockholders' Equity (Tables)	9 Months Ended
	Dec. 31, 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 December 31, Nine Months Ended (In thousands, except per share data) 2023 2022 2023 2022 NET INCOME PER SHARE—BASIC: Net income available to common stockholders – Basic $ 105,639 $ 82,040 $ 415,093 $ 421,193 Weighted average number of common shares outstanding – Basic 77,857 82,067 78,455 82,891 Net income per common share – Basic $ 1.36 $ 1.00 $ 5.29 $ 5.08 NET INCOME PER SHARE—DILUTED: Net income available to common stockholders – Diluted $ 105,639 $ 82,040 $ 415,093 $ 421,193 Weighted average number of common shares outstanding – Basic 77,857 82,067 78,455 82,891 Assumed restricted stock 75 114 60 131 Assumed exercise of stock options 595 626 597 702 Assumed performance units 59 180 76 256 Weighted average number of common shares outstanding – Diluted 78,586 82,987 79,188 83,980 Net income per common share – Diluted $ 1.34 $ 0.99 $ 5.24 $ 5.02 Potentially dilutive securities excluded as anti-dilutive 19 42 46 45

Debt (Tables)

Debt (Tables)	9 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
Long-Term Debt	Long-term debt as of the periods presented consisted of the following: (In thousands) December 31, 2023 March 31, 2023 Term Loan Facility $ 422,000 $ 427,250 Senior Notes due 2027 350,000 350,000 Senior Notes due 2030 500,000 500,000 Revolving Credit Facility — — Equipment Financing 12,287 18,638 Total 1,284,287 1,295,888 Less: Unamortized debt issuance costs 10,270 11,804 Less: Current maturities 12,275 14,693 Long-term debt obligations $ 1,261,742 $ 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: December 31, 2023 March 31, 2023 (In thousands) Fair Value Carrying Value Fair Value Carrying Value Senior Notes due 2027 $ 340,883 $ 350,000 $ 333,970 $ 350,000 Senior Notes due 2030 506,075 500,000 496,605 500,000 Equipment Financing 11,940 12,287 17,921 18,638 Total fair value $ 858,898 $ 862,287 $ 848,496 $ 868,638

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Dec. 31, 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 Nine Months Ended (In thousands) 2023 2022 2023 2022 Component of income before income taxes: Cost of goods sold $ 1,316 $ 743 $ 3,473 $ 2,175 Selling, general and administrative expenses 6,086 5,436 20,163 17,737 Total stock-based compensation expense $ 7,402 $ 6,179 $ 23,636 $ 19,912 The following table summarizes stock-based compensation expense by award type for the periods presented: Three Months Ended Nine Months Ended (In thousands) 2023 2022 2023 2022 Stock-based compensation expense: Stock Options $ 1,305 $ 1,035 $ 4,046 $ 3,316 Restricted Stock 2,050 1,754 6,131 5,480 Performance-based Restricted Stock Units 3,191 2,827 11,110 9,619 Employee Stock Purchase Plan 313 — 694 — Non-Employee Directors 543 563 1,655 1,497 Total stock-based compensation expense $ 7,402 $ 6,179 $ 23,636 $ 19,912
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: Nine Months Ended December 31, 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)	9 Months Ended
	Dec. 31, 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 December 31, 2023 December 31, 2022 (In thousands) Net Sales Intersegment Net Sales Net Sales from External Customers Net Sales Intersegment Net Sales Net Sales from External Customers Pipe $ 360,733 $ (14,680) $ 346,053 $ 375,719 $ (10,839) $ 364,880 Infiltrator 131,144 (27,273) 103,871 103,895 (14,961) 88,934 International International - Pipe 44,203 (2,369) 41,834 44,882 (5,311) 39,571 International - Allied Products & Other 14,166 (1) 14,165 14,075 — 14,075 Total International 58,369 (2,370) 55,999 58,957 (5,311) 53,646 Allied Products & Other 159,162 (2,718) 156,444 149,044 (1,337) 147,707 Intersegment Eliminations (47,041) 47,041 — (32,448) 32,448 — Total Consolidated $ 662,367 $ — $ 662,367 $ 655,167 $ — $ 655,167 Nine Months Ended December 31, 2023 December 31, 2022 (In thousands) Net Sales Intersegment Net Sales Net Sales from External Customers Net Sales Intersegment Net Sales Net Sales from External Customers Pipe $ 1,217,302 $ (36,974) $ 1,180,328 $ 1,401,554 $ (31,483) $ 1,370,071 Infiltrator 406,361 (63,405) 342,956 420,920 (66,317) 354,603 International International - Pipe 133,787 (3,917) 129,870 154,762 (18,509) 136,253 International - Allied Products & Other 46,789 (27) 46,762 49,172 — 49,172 Total International 180,576 (3,944) 176,632 203,934 (18,509) 185,425 Allied Products & Other 528,303 (7,586) 520,717 550,153 (6,690) 543,463 Intersegment Eliminations (111,909) 111,909 — (122,999) 122,999 — Total Consolidated $ 2,220,633 $ — $ 2,220,633 $ 2,453,562 $ — $ 2,453,562
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 Nine Months Ended (In thousands) 2023 2022 2023 2022 Segment Adjusted Gross Profit Pipe $ 115,621 $ 106,279 $ 402,126 $ 421,011 Infiltrator 68,392 46,497 216,319 193,569 International 14,012 13,342 51,380 51,456 Allied Products & Other 88,150 78,401 300,574 293,472 Intersegment Eliminations (1,922) 714 (4,431) 329 Total $ 284,253 $ 245,233 $ 965,968 $ 959,837 Depreciation and Amortization Pipe $ 15,491 $ 12,754 $ 43,882 $ 38,754 Infiltrator 5,543 5,120 16,435 15,014 International 1,195 1,369 3,669 4,023 Allied Products & Other (a) 15,824 16,603 48,028 49,555 Total $ 38,053 $ 35,846 $ 112,014 $ 107,346 Capital Expenditures Pipe $ 31,287 $ 28,268 $ 84,700 $ 75,565 Infiltrator 2,962 12,810 14,458 33,856 International 1,872 2,366 4,807 4,393 Allied Products & Other (a) 17,639 7,869 32,420 13,044 Total $ 53,760 $ 51,313 $ 136,385 $ 126,858 (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 Nine Months Ended (In thousands) 2023 2022 2023 2022 Reconciliation of Segment Adjusted Gross Profit: Total Gross Profit $ 259,849 $ 223,917 $ 893,986 $ 895,987 Depreciation and Amortization 23,088 20,573 68,509 61,675 Stock-based compensation expense 1,316 743 3,473 2,175 Total Segment Adjusted Gross Profit $ 284,253 $ 245,233 $ 965,968 $ 959,837

Statement of Cash Flows, Supple

Statement of Cash Flows, Supplemental Disclosures (Tables)	9 Months Ended
	Dec. 31, 2023
Supplemental Cash Flow Elements [Abstract]
Schedule of Cash Flow, Supplemental Disclosures	Supplemental disclosures of cash flow information for the nine months ended December 31 were as follows: (In thousands) 2023 2022 Cash paid for income taxes $ 114,712 $ 136,320 Cash paid for interest 51,484 24,757 Non-cash operating, investing and financing activities: Repurchase of common stock pending settlement 1,139 — Share repurchase excise tax accrual 1,486 — Acquisition of property, plant and equipment under finance lease 21,061 10,684 Balance in accounts payable for the acquisition of property, plant and equipment 22,925 14,748

Background and Summary of Sig_3

Background and Summary of Significant Accounting Policies (Detail)	9 Months Ended
	Dec. 31, 2023 segment
Accounting Policies [Abstract]
Number of reportable segments	3

Discontinued Operations and D_2

Discontinued Operations and Disposal Groups (Details) - USD ($)		9 Months Ended
	Apr. 14, 2023	Dec. 31, 2023	Dec. 31, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from disposition of 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 disposition of assets	$ 20,000,000

Revenue Recognition - Schedule

Revenue Recognition - Schedule of Contract Asset and Liability (Detail) - USD ($) $ in Thousands	Dec. 31, 2023	Mar. 31, 2023
Revenue from Contract with Customer [Abstract]
Contract asset - product returns	$ 1,546	$ 933
Refund liability	$ 4,628	$ 2,664

Leases (Detail)

Leases (Detail)	9 Months Ended
	Dec. 31, 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	Dec. 31, 2023	Mar. 31, 2023
Inventory Disclosure [Abstract]
Raw materials	$ 106,097	$ 108,206
Finished goods	299,312	355,788
Total inventories	$ 405,409	$ 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		9 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
NET INCOME PER SHARE—BASIC:
Net income available to common stockholders – Basic	$ 105,639	$ 82,040	$ 415,093	$ 421,193
Weighted average number of common shares outstanding – Basic (in shares)	77,857	82,067	78,455	82,891
Net income per common share - Basic (in dollars per share)	$ 1.36	$ 1	$ 5.29	$ 5.08
NET INCOME PER SHARE—DILUTED:
Net income available to common stockholders – Diluted	$ 105,639	$ 82,040	$ 415,093	$ 421,193
Weighted average number of common shares outstanding – Basic (in shares)	77,857	82,067	78,455	82,891
Weighted average number of common shares outstanding – Diluted (in shares)	78,586	82,987	79,188	83,980
Net income per common share - Diluted (in dollars per share)	$ 1.34	$ 0.99	$ 5.24	$ 5.02
Potentially dilutive securities excluded as anti-dilutive (in shares)	19	42	46	45
Assumed restricted stock
NET INCOME PER SHARE—DILUTED:
Dilutive securities (in shares)	75	114	60	131
Assumed exercise of stock options
NET INCOME PER SHARE—DILUTED:
Dilutive securities (in shares)	595	626	597	702
Assumed performance units
NET INCOME PER SHARE—DILUTED:
Dilutive securities (in shares)	59	180	76	256

Related Party Transactions (Det

Related Party Transactions (Detail) - USD ($) $ in Millions	9 Months Ended
	Dec. 31, 2023	Mar. 31, 2023	Jun. 06, 2022
South American Joint Venture
Related Party Transaction [Line Items]
Maximum borrowings permitted under credit facility	$ 11
Company's ownership percentage	50%
Percentage of debt guarantee	50%
Maximum potential payment under guarantee	$ 5.5
Outstanding principal balance including letters of credit	0	$ 5.5
Consolidated Entity, Excluding Consolidated VIE
Related Party Transaction [Line Items]
Maximum borrowings permitted under credit facility			$ 9.5
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	Dec. 31, 2023	Mar. 31, 2023
Debt Instrument [Line Items]
Long-term debt , gross	$ 1,284,287	$ 1,295,888
Less: Unamortized debt issuance costs	10,270	11,804
Less: Current maturities	12,275	14,693
Long-term debt obligations	1,261,742	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	422,000	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	12,287	$ 18,638
Less: Current maturities	5,300
Long-term debt obligations	$ 7,000

Debt - Senior Secured Credit Fa

Debt - Senior Secured Credit Facility (Detail) $ in Millions	1 Months Ended
	May 31, 2022 USD ($)	Dec. 31, 2023 USD ($)	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	9 Months Ended
	Dec. 31, 2023	Mar. 31, 2023
Debt Instrument [Line Items]
Current maturities of debt obligations	$ 12,275	$ 14,693
Long-term debt obligations	$ 1,261,742	$ 1,269,391
Equipment Financing
Debt Instrument [Line Items]
Weighted average interest rate of equipment financing	1.60%
Current maturities of debt obligations	$ 5,300
Long-term debt obligations	$ 7,000
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	Dec. 31, 2023	Mar. 31, 2023
Fair Value
Debt Instrument [Line Items]
Fair value of senior notes and equipment financing	$ 858,898	$ 848,496
Fair Value | Equipment Financing
Debt Instrument [Line Items]
Fair value of senior notes and equipment financing	11,940	17,921
Carrying Value
Debt Instrument [Line Items]
Fair value of senior notes and equipment financing	862,287	868,638
Carrying Value | Equipment Financing
Debt Instrument [Line Items]
Fair value of senior notes and equipment financing	12,287	18,638
Senior Notes due 2027 | Fair Value | Senior Notes
Debt Instrument [Line Items]
Fair value of senior notes and equipment financing	340,883	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	506,075	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	9 Months Ended
	Dec. 31, 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		9 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Effective income tax rate	22.20%	24%	24.30%	23.40%

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Stock-based Compensation Expense (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Additional stock-based compensation expense	$ 7,402	$ 6,179	$ 23,636	$ 19,912
Non-Employee Directors
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Additional stock-based compensation expense	543	563	1,655	1,497
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Additional stock-based compensation expense	1,305	1,035	4,046	3,316
Assumed performance units
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Additional stock-based compensation expense	2,050	1,754	6,131	5,480
Performance-based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Additional stock-based compensation expense	3,191	2,827	11,110	9,619
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Additional stock-based compensation expense	313	0	694	0
Cost of goods sold
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Additional stock-based compensation expense	1,316	743	3,473	2,175
Selling, general and administrative expenses
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Additional stock-based compensation expense	$ 6,086	$ 5,436	$ 20,163	$ 17,737

Stock-Based Compensation (2017

Stock-Based Compensation (2017 Omnibus Plan) - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	May 24, 2017
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock awards	$ (48)	$ (3,140)	$ (2,462)	$ (5,631)
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
Restricted stock awards			$ 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)	9 Months Ended
	Dec. 31, 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)	9 Months Ended
	Dec. 31, 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		9 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Net Sales	$ 662,367	$ 655,167	$ 2,220,633	$ 2,453,562
Operating Segments
Segment Reporting Information [Line Items]
Net Sales	(47,041)	(32,448)	(111,909)	(122,999)
Intersegment Eliminations
Segment Reporting Information [Line Items]
Net Sales	47,041	32,448	111,909	122,999
Pipe
Segment Reporting Information [Line Items]
Net Sales	346,053	364,880	1,180,328	1,370,071
Pipe | Operating Segments
Segment Reporting Information [Line Items]
Net Sales	360,733	375,719	1,217,302	1,401,554
Pipe | Intersegment Eliminations
Segment Reporting Information [Line Items]
Net Sales	(14,680)	(10,839)	(36,974)	(31,483)
Infiltrator
Segment Reporting Information [Line Items]
Net Sales	103,871	88,934	342,956	354,603
Infiltrator | Operating Segments
Segment Reporting Information [Line Items]
Net Sales	131,144	103,895	406,361	420,920
Infiltrator | Intersegment Eliminations
Segment Reporting Information [Line Items]
Net Sales	(27,273)	(14,961)	(63,405)	(66,317)
International
Segment Reporting Information [Line Items]
Net Sales	55,999	53,646	176,632	185,425
International | Operating Segments
Segment Reporting Information [Line Items]
Net Sales	58,369	58,957	180,576	203,934
International | Intersegment Eliminations
Segment Reporting Information [Line Items]
Net Sales	(2,370)	(5,311)	(3,944)	(18,509)
International | International - Pipe
Segment Reporting Information [Line Items]
Net Sales	41,834	39,571	129,870	136,253
International | International - Pipe | Operating Segments
Segment Reporting Information [Line Items]
Net Sales	44,203	44,882	133,787	154,762
International | International - Pipe | Intersegment Eliminations
Segment Reporting Information [Line Items]
Net Sales	(2,369)	(5,311)	(3,917)	(18,509)
International | International - Allied Products & Other
Segment Reporting Information [Line Items]
Net Sales	14,165	14,075	46,762	49,172
International | International - Allied Products & Other | Operating Segments
Segment Reporting Information [Line Items]
Net Sales	14,166	14,075	46,789	49,172
International | International - Allied Products & Other | Intersegment Eliminations
Segment Reporting Information [Line Items]
Net Sales	(1)		(27)
Allied Products & Other
Segment Reporting Information [Line Items]
Net Sales	156,444	147,707	520,717	543,463
Allied Products & Other | Operating Segments
Segment Reporting Information [Line Items]
Net Sales	159,162	149,044	528,303	550,153
Allied Products & Other | Intersegment Eliminations
Segment Reporting Information [Line Items]
Net Sales	$ (2,718)	$ (1,337)	$ (7,586)	$ (6,690)

Business Segments Information_3

Business Segments Information - Schedule of Financial Information Attributable to Reportable Segments (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Segment Adjusted Gross Profit	$ 284,253	$ 245,233	$ 965,968	$ 959,837
Depreciation and Amortization	38,053	35,846	112,014	107,346
Capital Expenditures	53,760	51,313	136,385	126,858
Operating Segments | Pipe
Segment Reporting Information [Line Items]
Segment Adjusted Gross Profit	115,621	106,279	402,126	421,011
Depreciation and Amortization	15,491	12,754	43,882	38,754
Capital Expenditures	31,287	28,268	84,700	75,565
Operating Segments | Infiltrator
Segment Reporting Information [Line Items]
Segment Adjusted Gross Profit	68,392	46,497	216,319	193,569
Depreciation and Amortization	5,543	5,120	16,435	15,014
Capital Expenditures	2,962	12,810	14,458	33,856
Operating Segments | International
Segment Reporting Information [Line Items]
Segment Adjusted Gross Profit	14,012	13,342	51,380	51,456
Depreciation and Amortization	1,195	1,369	3,669	4,023
Capital Expenditures	1,872	2,366	4,807	4,393
Operating Segments | Allied Products & Other
Segment Reporting Information [Line Items]
Segment Adjusted Gross Profit	88,150	78,401	300,574	293,472
Depreciation and Amortization	15,824	16,603	48,028	49,555
Capital Expenditures	17,639	7,869	32,420	13,044
Intersegment Eliminations
Segment Reporting Information [Line Items]
Segment Adjusted Gross Profit	$ (1,922)	$ 714	$ (4,431)	$ 329

Business Segments Information_4

Business Segments Information - Reconciliation of Gross Profit to Segment Adjusted Gross Profit (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Gross profit	$ 259,849	$ 223,917	$ 893,986	$ 895,987
Total Segment Adjusted Gross Profit	284,253	245,233	965,968	959,837
Segment Reconciling Items
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Depreciation and Amortization	23,088	20,573	68,509	61,675
Stock-based compensation expense	$ 1,316	$ 743	$ 3,473	$ 2,175

Statement of Cash Flows, Supp_2

Statement of Cash Flows, Supplemental Disclosures (Details) - USD ($) $ in Thousands	9 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Supplemental Cash Flow Elements [Abstract]
Cash paid for income taxes	$ 114,712	$ 136,320
Cash paid for interest	51,484	24,757
Repurchase of common stock pending settlement	1,139	0
Excise tax accrual, share repurchase	1,486	0
Acquisition of property, plant and equipment under finance lease	21,061	10,684
Balance in accounts payable for the acquisition of property, plant and equipment	$ 22,925	$ 14,748

Subsequent Events (Detail)

Subsequent Events (Detail) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions	1 Months Ended	3 Months Ended		9 Months Ended
	Feb. 08, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Subsequent Event [Line Items]
Common stock dividends per share (in dollars per share)		$ 0.14	$ 0.12	$ 0.42	$ 0.36
Stock repurchased during period		$ 70,905	$ 179,864	$ 180,812	$ 375,027
Subsequent Event
Subsequent Event [Line Items]
Common stock dividends per share (in dollars per share)	$ 0.14
Share repurchases (in shares)	0.1
Stock repurchased during period	$ 13,100

Uncategorized Items - wms-20231

Label	Element	Value
Shares Issued, Value, Share-Based Payment Arrangement, after Forfeiture	us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation	$ (20,346,000)
Parent [Member]
Shares Issued, Value, Share-Based Payment Arrangement, after Forfeiture	us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation	(20,346,000)
Treasury Stock, Common [Member]
Shares Issued, Value, Share-Based Payment Arrangement, after Forfeiture	us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation	$ (20,351,000)
Shares Issued, Shares, Share-Based Payment Arrangement, after Forfeiture	us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensation	205,000
Common Stock [Member]
Shares Issued, Value, Share-Based Payment Arrangement, after Forfeiture	us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation	$ 5,000
Shares Issued, Shares, Share-Based Payment Arrangement, after Forfeiture	us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensation	527,000