Advanced Drainage Systems (WMS) 10-Q 6 Feb 25 2025 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Dec. 31, 2024	Jan. 30, 2025
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Dec. 31, 2024
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		77,574,661
Amendment Flag	false
Document Fiscal Year Focus	2025
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, 2024	Mar. 31, 2024
Current assets:
Cash	$ 488,859	$ 490,163
Receivables (less allowance for doubtful accounts of $7,346 and $4,849, respectively)	247,940	323,576
Inventories	476,369	464,200
Other current assets	31,928	22,028
Total current assets	1,245,096	1,299,967
Property, plant and equipment, net	1,017,555	876,351
Other assets:
Goodwill	720,543	617,183
Intangible assets, net	462,491	352,652
Other assets	156,569	122,760
Total assets	3,602,254	3,268,913
Current liabilities:
Current maturities of debt obligations	10,621	11,870
Current maturities of finance lease obligations	30,944	18,015
Accounts payable	183,913	254,401
Other accrued liabilities	162,205	154,260
Accrued income taxes	407	1,076
Total current liabilities	388,090	439,622
Long-term debt obligations (less unamortized debt issuance costs of $8,226 and $9,759, respectively)	1,253,129	1,259,522
Long-term finance lease obligations	114,927	61,661
Deferred tax liabilities	193,285	156,705
Other liabilities	88,437	70,704
Total liabilities	2,037,868	1,988,214
Commitments and contingencies (see Note 9)
Mezzanine equity:
Redeemable common stock: $0.01 par value; 5,861 and 6,682 shares outstanding, respectively	95,250	108,584
Total mezzanine equity	95,250	108,584
Stockholders’ equity:
Common stock; $0.01 par value: 1,000,000 shares authorized; 83,573 and 82,283 shares issued, respectively; 71,677 and 70,868 shares outstanding, respectively	11,693	11,679
Paid-in capital	1,269,230	1,219,834
Common stock in treasury, at cost	(1,219,404)	(1,140,578)
Accumulated other comprehensive loss	(38,378)	(29,830)
Retained earnings	1,427,891	1,092,208
Total ADS stockholders’ equity	1,451,032	1,153,313
Noncontrolling interest in subsidiaries	18,104	18,802
Total stockholders’ equity	1,469,136	1,172,115
Total liabilities, mezzanine equity and stockholders’ equity	$ 3,602,254	$ 3,268,913

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2024	Mar. 31, 2024
Allowance for doubtful accounts	$ 7,346	$ 4,849
Unamortized debt issuance costs	$ 8,226	$ 9,759
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)	83,573,000	82,283,000
Common stock, shares outstanding (in shares)	71,677,000	70,868,000
Redeemable Common Stock
Mezzanine equity, par value per share	$ 0.01	$ 0.01
Mezzanine equity, shares outstanding (in shares)	5,861,000	6,682,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Income Statement [Abstract]
Net sales	$ 690,538,000	$ 662,367,000	$ 2,288,484,000	$ 2,220,633,000
Cost of goods sold	448,944,000	402,518,000	1,420,495,000	1,326,647,000
Gross profit	241,594,000	259,849,000	867,989,000	893,986,000
Operating expenses:
Selling, general and administrative	100,778,000	91,289,000	288,962,000	269,525,000
(Gain) loss on disposal of assets and costs from exit and disposal activities	(477,000)	2,512,000	432,000	(10,669,000)
Intangible amortization	14,429,000	12,782,000	38,140,000	38,376,000
Income from operations	126,864,000	153,266,000	540,455,000	596,754,000
Other expense:
Interest expense	23,094,000	22,331,000	69,074,000	65,984,000
Interest income and other, net	(4,792,000)	(4,772,000)	(18,864,000)	(15,827,000)
Income before income taxes	108,562,000	135,707,000	490,245,000	546,597,000
Income tax expense	27,091,000	30,131,000	117,897,000	132,665,000
Equity in net income of unconsolidated affiliates	(818,000)	(1,304,000)	(3,437,000)	(3,880,000)
Net income	82,289,000	106,880,000	375,785,000	417,812,000
Less: net income attributable to noncontrolling interest	1,058,000	1,241,000	2,770,000	2,719,000
Net income attributable to ADS	$ 81,231,000	$ 105,639,000	$ 373,015,000	$ 415,093,000
Weighted average common shares outstanding:
Basic (in shares)	77,540	77,857	77,541	78,455
Diluted (in shares)	78,115	78,586	78,196	79,188
Net income per share:
Basic (in dollars per share)	$ 1.05	$ 1.36	$ 4.81	$ 5.29
Diluted (in dollars per share)	$ 1.04	$ 1.34	$ 4.77	$ 5.24

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 82,289,000	$ 106,880,000	$ 375,785,000	$ 417,812,000
Currency translation (loss) income	(8,221,000)	4,020,000	(12,016,000)	2,388,000
Comprehensive income	74,068,000	110,900,000	363,769,000	420,200,000
Less: other comprehensive (loss) income attributable to noncontrolling interest	(532,000)	963,000	(3,468,000)	1,409,000
Less: net income attributable to noncontrolling interest	1,058,000	1,241,000	2,770,000	2,719,000
Total comprehensive income attributable to ADS	$ 73,542,000	$ 108,696,000	$ 364,467,000	$ 416,072,000

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited)	9 Months Ended
	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Cash Flows from Operating Activities
Net income	$ 375,785,000	$ 417,812,000
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	133,671,000	112,014,000
Deferred income taxes	510,000	335,000
Loss (gain) on disposal of assets and costs from exit and disposal activities	432,000	(10,669,000)
Stock-based compensation	21,758,000	23,636,000
Amortization of deferred financing charges	1,533,000	1,533,000
Fair market value adjustments to derivatives	383,000	(162,000)
Equity in net income of unconsolidated affiliates	(3,437,000)	(3,880,000)
Other operating activities	(1,849,000)	5,720,000
Changes in working capital:
Receivables	83,059,000	67,230,000
Inventories	(179,000)	59,752,000
Prepaid expenses and other current assets	(2,564,000)	(534,000)
Accounts payable, accrued expenses, and other liabilities	(68,838,000)	27,475,000
Net cash provided by operating activities	540,264,000	700,262,000
Cash Flows from Investing Activities
Capital expenditures	(166,410,000)	(136,385,000)
Proceeds from disposition of assets	0	19,979,000
Payments to Acquire Businesses, Net of Cash Acquired	237,310,000	0
Other investing activities	831,000	527,000
Net cash used in investing activities	(402,889,000)	(115,879,000)
Cash Flows from Financing Activities
Payments on syndicated Term Loan Facility	(5,250,000)	(5,250,000)
Payments on Equipment Financing	(3,909,000)	(6,361,000)
Payments on finance lease obligations	(17,820,000)	(8,624,000)
Repurchase of common stock	(69,922,000)	(178,187,000)
Cash dividends paid	(37,324,000)	(33,111,000)
Proceeds from exercise of stock options	8,927,000	3,956,000
Payment of withholding taxes on vesting of restricted stock units	(10,646,000)	(8,859,000)
Net cash used in financing activities	(135,944,000)	(236,436,000)
Effect of exchange rate changes on cash	(2,526,000)	1,271,000
Net change in cash	(1,095,000)	349,218,000
Cash and restricted cash at beginning of period	495,848,000	217,128,000
Cash and restricted cash at end of period	494,753,000	$ 566,346,000
Cash	488,859,000
Restricted cash (included in Other assets in the Condensed Consolidated Balance Sheets)	$ 5,894,000

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Stockholders' Equity and Mezzanine Equity (Unaudited) - USD ($)	Total	KSOP redeemable common stock conversion	Redeemable Common Stock	Redeemable Common Stock KSOP redeemable common stock conversion	Total ADS Stockholders’ Equity	Common Stock	Paid -In Capital	Common Stock in Treasury	Accumulated Other Compre-hensive Loss	Retained Earnings	Non- controlling Interest in Subsidiaries
Beginning balance, common stock (in shares) at Mar. 31, 2023						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)
Performance-based restricted stock units (in shares)						200,000		72,000
Stock-based compensation expense	23,636,000				23,636,000		23,636,000
Stock-based compensation expense						$ 0
ESPP Share Issuance (in shares)						20,000
Stock-based compensation expense	1,927,000				1,927,000		1,927,000
Performance-based restricted stock units (in shares)	(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						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
Increase (Decrease) in Temporary Equity [Roll Forward]
KSOP redeemable common stock conversion (in shares)				(1,941,000)
KSOP redeemable common stock conversion		$ (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
Increase (Decrease) in Temporary Equity [Roll Forward]
Common stock dividends per share (in dollars per share)	$ 0.42
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		1,333,000
Restricted stock awards (in shares)						1,000		0
Restricted stock awards	(48,000)				(48,000)			$ (48,000)
Stock-based compensation expense	7,402,000				7,402,000		7,402,000
Stock-based compensation expense						$ 0
ESPP Share Issuance (in shares)						20,000
Stock-based compensation expense	1,927,000				1,927,000		1,927,000
Other	1,000				1,000		1,000
Ending balance, common stock (in shares) at Dec. 31, 2023						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]
KSOP redeemable common stock conversion (in shares)				(718,000)
KSOP redeemable common stock conversion		(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
Increase (Decrease) in Temporary Equity [Roll Forward]
Common stock dividends per share (in dollars per share)	$ 0.14
Beginning balance, common stock (in shares) at Mar. 31, 2024	70,868,000					82,283,000
Beginning balance, treasury stock (in shares) at Mar. 31, 2024								11,415,000
Beginning balance at Mar. 31, 2024	$ 1,172,115,000				1,153,313,000	$ 11,679,000	1,219,834,000	$ (1,140,578,000)	(29,830,000)	1,092,208,000	18,802,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	375,785,000				373,015,000					373,015,000	2,770,000
Other comprehensive income	(12,016,000)				(8,548,000)				(8,548,000)		(3,468,000)
Common stock dividends	(37,332,000)				(37,332,000)					(37,332,000)
Share repurchases (in shares)								420,000
Share repurchases	(68,179,000)				(68,179,000)			$ (68,179,000)
KSOP redeemable common stock conversion (in shares)						821,000
KSOP redeemable common stock conversion	13,334,000				13,334,000	$ 8,000	13,326,000
Exercise of common stock options (in shares)						227,000
Exercise of common stock options	8,927,000				8,927,000	$ 3,000	8,924,000
Restricted stock awards (in shares)						99,000		27,000
Restricted stock awards	(4,709,000)				(4,709,000)	$ 1,000		$ (4,710,000)
Performance-based restricted stock units (in shares)						93,000		34,000
Stock-based compensation expense	21,758,000				21,758,000		21,758,000
Stock-based compensation expense						$ 1,000
ESPP Share Issuance (in shares)						50,000
Stock-based compensation expense	5,392,000				5,392,000		5,391,000
Performance-based restricted stock units (in shares)	(5,936,000)				(5,936,000)	$ 1,000		$ (5,937,000)
Other	$ (3,000)				(3,000)		(3,000)
Ending balance, common stock (in shares) at Dec. 31, 2024	71,677,000					83,573,000
Ending balance, treasury stock (in shares) at Dec. 31, 2024								11,896,000
Ending balance at Dec. 31, 2024	$ 1,469,136,000				1,451,032,000	$ 11,693,000	1,269,230,000	$ (1,219,404,000)	(38,378,000)	1,427,891,000	18,104,000
Mezzanine equity, beginning balance (in shares) at Mar. 31, 2024			6,682,000
Mezzanine equity, beginning balance at Mar. 31, 2024	108,584,000		$ 108,584,000
Increase (Decrease) in Temporary Equity [Roll Forward]
KSOP redeemable common stock conversion (in shares)				(821,000)
KSOP redeemable common stock conversion		(13,334,000)		$ (13,334,000)
Mezzanine equity, ending balance (in shares) at Dec. 31, 2024			5,861,000
Mezzanine equity, ending balance at Dec. 31, 2024	$ 95,250,000		$ 95,250,000
Increase (Decrease) in Temporary Equity [Roll Forward]
Common stock dividends per share (in dollars per share)	$ 0.48
Beginning balance, common stock (in shares) at Sep. 30, 2024						83,359,000
Beginning balance, treasury stock (in shares) at Sep. 30, 2024								11,896,000
Beginning balance at Sep. 30, 2024	$ 1,394,035,000				1,376,457,000	$ 11,690,000	1,255,794,000	$ (1,219,438,000)	(30,689,000)	1,359,100,000	17,578,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	82,289,000				81,231,000					81,231,000	1,058,000
Other comprehensive income	(8,221,000)				(7,689,000)				(7,689,000)		(532,000)
Common stock dividends	(12,440,000)				(12,440,000)					(12,440,000)
Share repurchases	104,000				104,000			104,000
KSOP redeemable common stock conversion (in shares)						184,000
KSOP redeemable common stock conversion	2,981,000				2,981,000	$ 2,000	2,979,000
Exercise of common stock options (in shares)						4,000
Exercise of common stock options	233,000				233,000	$ 1,000	232,000
Restricted stock awards (in shares)						1,000
Restricted stock awards	(70,000)				(70,000)			$ (70,000)
Stock-based compensation expense	7,798,000				7,798,000		7,798,000
ESPP Share Issuance (in shares)						25,000
Stock-based compensation expense	2,428,000				2,428,000		2,428,000
Other	$ (1,000)				(1,000)		(1,000)
Ending balance, common stock (in shares) at Dec. 31, 2024	71,677,000					83,573,000
Ending balance, treasury stock (in shares) at Dec. 31, 2024								11,896,000
Ending balance at Dec. 31, 2024	$ 1,469,136,000				$ 1,451,032,000	$ 11,693,000	$ 1,269,230,000	$ (1,219,404,000)	$ (38,378,000)	$ 1,427,891,000	$ 18,104,000
Mezzanine equity, beginning balance (in shares) at Sep. 30, 2024			6,045,000
Mezzanine equity, beginning balance at Sep. 30, 2024	98,231,000		$ 98,231,000
Increase (Decrease) in Temporary Equity [Roll Forward]
KSOP redeemable common stock conversion (in shares)				(184,000)
KSOP redeemable common stock conversion		$ (2,981,000)		$ (2,981,000)
Mezzanine equity, ending balance (in shares) at Dec. 31, 2024			5,861,000
Mezzanine equity, ending balance at Dec. 31, 2024	$ 95,250,000		$ 95,250,000
Increase (Decrease) in Temporary Equity [Roll Forward]
Common stock dividends per share (in dollars per share)	$ 0.16

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Stockholders' Equity and Mezzanine Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Statement of Stockholders' Equity [Abstract]
Common stock dividends per share (in dollars per share)	$ 0.16	$ 0.14	$ 0.48	$ 0.42

Background and Summary of Signi

Background and Summary of Significant Accounting Policies	9 Months Ended
	Dec. 31, 2024
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, residential, infrastructure and agriculture applications. The Company is managed and reports results of operations in three reportable segments: Pipe, Infiltrator Water Technologies, LLC. (“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, 2024 was derived from audited financial statements included in the Annual Report on Form 10-K for the year ended March 31, 2024 (“Fiscal 2024 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, 2024, the results of operations for the three and nine months ended December 31, 2024 and cash flows for the nine months ended December 31, 2024. 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 2024 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 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

Acquisitions

Acquisitions	9 Months Ended
	Dec. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Acquisitions	ACQUISITIONS Acquisition of Orenco - On October 1, 2024, the Company’s wholly-owned subsidiary, Infiltrator, completed the acquisition of Orenco Systems, Inc. (“Orenco”), a leading manufacturer of decentralized wastewater management products serving residential and non-residential end markets. The preliminary fair value of consideration transferred was approximately $237.3 million, which represented the purchase price of $256.0 million, net of cash acquired of $18.7 million. The acquisition was funded from cash on hand. Orenco will be included in the Infiltrator reportable segment. The following table summarizes the consideration transferred and the preliminary purchase price allocation of assets acquired and liabilities assumed. The purchase price allocation for assets acquired and liabilities assumed is preliminary and will be finalized when valuations are complete and final assessments of the fair value of acquired assets and assumed liabilities are completed. Such finalization may result in material changes from the preliminary purchase price allocation. The Company's estimates and assumptions are subject to change during the measurement period (up to one year from the closing date), as the Company continues to finalize the valuations of assets acquired and liabilities assumed. (Amounts in thousands) Initial Amount Accounts receivable $ 12,277 Inventory 15,651 Other current assets 219 Property, plant and equipment 8,533 Goodwill 104,007 Intangible assets 148,000 Other assets 9,041 Accounts payable (3,618) Accrued expenses (15,823) Deferred tax liabilities (36,250) Other liabilities (4,727) Total fair value of consideration transferred $ 237,310 The preliminary goodwill of $104.0 million represents the excess of consideration transferred over the preliminary fair value of assets acquired and liabilities assumed and is attributable to expected operating efficiencies. The goodwill is not deductible for income tax purposes and is assigned to Infiltrator. The preliminary purchase price excludes transaction costs. During the nine months ended December 31, 2024, the Company incurred $7.5 million of transaction costs related to the acquisition such as legal, accounting, valuation and other professional services. These costs are included in selling, general and administrative expenses in the Consolidated Statements of Operations and Consolidated Statements of Comprehensive Income. The identifiable intangible assets recorded in connection with the acquisition of Orenco are based on preliminary valuations including customer relationships, developed technology and tradename totaling $148.0 million. The intangible assets will be amortized on a straight-line basis over their estimated useful lives. (Amounts in thousands) Preliminary fair value Preliminary Useful Lives Customer relationships $ 99,000 15 years Developed technology 42,000 12 years Tradename 7,000 20 years Total identifiable intangible assets $ 148,000 The Company has excluded certain disclosures required under ASC 805, Business Combinations as they are not material to the financial statements.

Revenue Recognition

Revenue Recognition	9 Months Ended
	Dec. 31, 2024
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, 2024 March 31, 2024 Contract asset - product returns $ 1,220 $ 1,353 Refund liability 3,876 3,920

Leases

Leases	9 Months Ended
	Dec. 31, 2024
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 13 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, 2024
Inventory Disclosure [Abstract]
Inventories	INVENTORIES Inventories as of the periods presented consisted of the following: (In thousands) December 31, 2024 March 31, 2024 Raw materials $ 110,124 $ 106,662 Finished goods 366,245 357,538 Total inventories $ 476,369 $ 464,200

Net Income Per Share and Stockh

Net Income Per Share and Stockholders' Equity	9 Months Ended
	Dec. 31, 2024
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 December 31, (In thousands, except per share data) 2024 2023 2024 2023 NET INCOME PER SHARE—BASIC: Net income available to common stockholders – Basic $ 81,231 $ 105,639 $ 373,015 $ 415,093 Weighted average number of common shares outstanding – Basic 77,540 77,857 77,541 78,455 Net income per common share – Basic $ 1.05 $ 1.36 $ 4.81 $ 5.29 NET INCOME PER SHARE—DILUTED: Net income available to common stockholders – Diluted $ 81,231 $ 105,639 $ 373,015 $ 415,093 Weighted average number of common shares outstanding – Basic 77,540 77,857 77,541 78,455 Assumed restricted stock 54 75 67 60 Assumed exercise of stock options 462 595 529 597 Assumed performance-based restricted stock units 59 59 59 76 Weighted average number of common shares outstanding – Diluted 78,115 78,586 78,196 79,188 Net income per common share – Diluted $ 1.04 $ 1.34 $ 4.77 $ 5.24 Potentially dilutive securities excluded as anti-dilutive 10 19 22 46

Related Party Transactions

Related Party Transactions	9 Months Ended
	Dec. 31, 2024
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, 2024 and March 31, 2024, 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 $5.5 million as of December 31, 2024. The maximum borrowings permitted under the South American Joint Venture’s credit facility are $11.0 million. The Company does not anticipate any required contributions related to the balance of this credit arrangement. As of December 31, 2024 and March 31, 2024, there was no outstanding principal balance for the South American Joint Venture’s credit facility including letters of credit.

Debt

Debt	9 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
Debt	DEBT Long-term debt as of the periods presented consisted of the following: (In thousands) December 31, 2024 March 31, 2024 Term Loan Facility $ 415,000 $ 420,250 Senior Notes due 2027 350,000 350,000 Senior Notes due 2030 500,000 500,000 Revolving Credit Facility — — Equipment Financing 6,976 10,901 Total 1,271,976 1,281,151 Less: Unamortized debt issuance costs (8,226) (9,759) Less: Current maturities (10,621) (11,870) Long-term debt obligations $ 1,253,129 $ 1,259,522 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 and 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, 2024 and March 31, 2024 amounted to $10.5 million and $11.2 million, respectively, and reduced the availability of the Revolving Credit Facility. Senior Notes due 2027 - On September 23, 2019, the Company issued $350.0 million aggregate principal amount of 5.0% Senior Notes due 2027 (the “2027 Notes”) pursuant to an Indenture, dated September 23, 2019 (the “2027 Indenture”), among the Company, the guarantors party thereto (the “Guarantors”) and U.S. Bank National Association, as Trustee (the “Trustee”). 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 rate of 1.7% as of December 31, 2024 . The current portion of the equipment financing is $3.6 million, and the long-term portion is $3.4 million at December 31, 2024. 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, 2024 March 31, 2024 (In thousands) Fair Value Carrying Value Fair Value Carrying Value Senior Notes due 2027 $ 343,490 $ 350,000 $ 339,780 $ 350,000 Senior Notes due 2030 500,845 500,000 502,890 500,000 Equipment Financing 6,799 6,976 10,475 10,901 Total fair value $ 851,134 $ 856,976 $ 853,145 $ 860,901 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, 2024
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, 2024. 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, 2024
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, 2024 and 2023, the Company utilized an effective tax rate of 25.0% and 22.2%, respectively, to calculate its provision for income taxes. For the nine months ended December 31, 2024 and 2023, the Company utilized an effective tax rate of 24.0% and 24.3%, 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

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Dec. 31, 2024
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) 2024 2023 2024 2023 Component of income before income taxes: Cost of goods sold $ 1,335 $ 1,316 $ 4,131 $ 3,473 Selling, general and administrative expenses 6,463 6,086 17,627 20,163 Total stock-based compensation expense $ 7,798 $ 7,402 $ 21,758 $ 23,636 The following table summarizes stock-based compensation expense by award type for the periods presented: Three Months Ended Nine Months Ended (In thousands) 2024 2023 2024 2023 Stock-based compensation expense: Stock Options $ 1,445 $ 1,305 $ 4,443 $ 4,046 Restricted Stock 2,663 2,050 7,552 6,131 Performance-based Restricted Stock Units 2,888 3,191 6,996 11,110 Employee Stock Purchase Plan 351 313 1,297 694 Non-Employee Directors 451 543 1,470 1,655 Total stock-based compensation expense $ 7,798 $ 7,402 $ 21,758 $ 23,636 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, 2024, the Company granted 0.1 million shares of restricted stock with a grant date fair value of $18.3 million. Performance-based Restricted Stock Units (“ Performance Units”) - During the nine months ended December 31, 2024, the Company granted 0.1 million performance units at a grant date fair value of $12.8 million. Options - During the nine months ended December 31, 2024, the Company granted 0.1 million nonqualified stock options under the 2017 Incentive Plan with a grant date fair value of $8.0 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, 2024 Common stock price $177.38 Expected stock price volatility 45.5% Risk-free interest rate 4.5% Weighted-average expected option life (years) 6 Dividend yield 0.36% Employee Stock Purchase Plan (“ESPP”) -

Business Segments Information

Business Segments Information	9 Months Ended
	Dec. 31, 2024
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, 2024 December 31, 2023 (In thousands) Net Sales Intersegment Net Sales Net Sales from External Customers Net Sales Intersegment Net Sales Net Sales from External Customers Pipe $ 356,010 $ (12,607) $ 343,403 $ 360,733 $ (11,629) $ 349,104 Infiltrator 152,384 (17,083) 135,301 131,144 (27,273) 103,871 International International - Pipe 36,909 (2,860) 34,049 44,203 (5,420) 38,783 International - Allied Products & Other 16,372 (58) 16,314 14,166 (1) 14,165 Total International 53,281 (2,918) 50,363 58,369 (5,421) 52,948 Allied Products & Other 165,233 (3,762) 161,471 159,162 (2,718) 156,444 Intersegment Eliminations (36,370) 36,370 — (47,041) 47,041 — Total Consolidated $ 690,538 $ — $ 690,538 $ 662,367 $ — $ 662,367 Nine Months Ended December 31, 2024 December 31, 2023 (In thousands) Net Sales Intersegment Net Sales Net Sales from External Customers Net Sales Intersegment Net Sales Net Sales from External Customers Pipe $ 1,227,288 $ (41,972) $ 1,185,316 $ 1,217,302 $ (31,672) $ 1,185,630 Infiltrator 456,104 (62,093) 394,011 406,361 (63,405) 342,956 International International - Pipe 125,281 (10,150) 115,131 133,787 (9,219) 124,568 International - Allied Products & Other 49,664 (174) 49,490 46,789 (27) 46,762 Total International 174,945 (10,324) 164,621 180,576 (9,246) 171,330 Allied Products & Other 556,920 (12,384) 544,536 528,303 (7,586) 520,717 Intersegment Eliminations (126,773) 126,773 — (111,909) 111,909 — Total Consolidated $ 2,288,484 $ — $ 2,288,484 $ 2,220,633 $ — $ 2,220,633 The following sets forth certain financial information attributable to the reportable segments for the periods presented: Three Months Ended Nine Months Ended (In thousands) 2024 2023 2024 2023 Segment Adjusted Gross Profit Pipe $ 90,900 $ 115,621 $ 348,559 $ 402,126 Infiltrator 78,285 68,392 250,835 216,319 International 12,071 14,012 49,179 51,380 Allied Products & Other 92,938 88,150 314,129 300,574 Intersegment Eliminations 1,749 (1,922) 180 (4,431) Total $ 275,943 $ 284,253 $ 962,882 $ 965,968 Depreciation and Amortization (a) Pipe $ 20,394 $ 15,491 $ 59,392 $ 43,882 Infiltrator 6,447 5,543 18,806 16,435 International 1,611 1,195 4,532 3,669 Allied Products & Other (b) 19,314 15,824 50,941 48,028 Total $ 47,766 $ 38,053 $ 133,671 $ 112,014 Capital Expenditures Pipe $ 39,501 $ 31,287 $ 114,899 $ 84,700 Infiltrator 3,257 2,962 8,776 14,458 International 1,499 1,872 4,816 4,807 Allied Products & Other (b) 9,971 17,639 37,919 32,420 Total $ 54,228 $ 53,760 $ 166,410 $ 136,385 (a) Includes depreciation and amortization in both Cost of goods sold and Operating expenses. (b) 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) 2024 2023 2024 2023 Reconciliation of Segment Adjusted Gross Profit: Total Gross Profit $ 241,594 $ 259,849 $ 867,989 $ 893,986 Depreciation and Amortization 30,754 23,088 88,502 68,509 Stock-based compensation expense 1,335 1,316 4,131 3,473 Inventory step-up related to Orenco acquisition 2,260 — 2,260 — Total Segment Adjusted Gross Profit $ 275,943 $ 284,253 $ 962,882 $ 965,968

Supplemental Disclosure of Cash

Supplemental Disclosure of Cash Flow Information	9 Months Ended
	Dec. 31, 2024
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) 2024 2023 Supplemental disclosures of cash flow information - cash paid: Cash paid for income taxes $ 111,420 $ 114,712 Cash paid for interest 55,086 51,484 Supplemental disclosures of noncash investing and financing activities: Repurchase of common stock pending settlement — 1,139 Share repurchase excise tax accrual (21) 1,486 ESPP Share Issuance 5,392 1,927 Acquisition of property, plant and equipment under finance lease 84,274 21,061 Balance in accounts payable for the acquisition of property, plant and equipment 28,449 22,925

Subsequent Events

Subsequent Events	9 Months Ended
	Dec. 31, 2024
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 $0.16 per share of common stock. The dividend is payable on March 14, 2025, to stockholders of record at the close of business on February 28, 2025.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss) Attributable to Parent	$ 81,231	$ 105,639	$ 373,015	$ 415,093

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Background and Summary of Sig_2

Background and Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Dec. 31, 2024
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 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. Disaggregation of Income Statement Expenses - In November 2024, the FASB issued new guidance requiring additional disclosure of the nature of certain expenses included in the income statement as well as disclosure of selling expenses. The requirements will be applied prospectively with the option for retrospective application. The new standard is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027. 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 13 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.

Acquisitions (Tables)

Acquisitions (Tables)	9 Months Ended
	Dec. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Summary of Consideration Transferred and Preliminary Purchase Price Allocation of Assets Acquired and Liabilities Assumed	The following table summarizes the consideration transferred and the preliminary purchase price allocation of assets acquired and liabilities assumed. The purchase price allocation for assets acquired and liabilities assumed is preliminary and will be finalized when valuations are complete and final assessments of the fair value of acquired assets and assumed liabilities are completed. Such finalization may result in material changes from the preliminary purchase price allocation. The Company's estimates and assumptions are subject to change during the measurement period (up to one year from the closing date), as the Company continues to finalize the valuations of assets acquired and liabilities assumed. (Amounts in thousands) Initial Amount Accounts receivable $ 12,277 Inventory 15,651 Other current assets 219 Property, plant and equipment 8,533 Goodwill 104,007 Intangible assets 148,000 Other assets 9,041 Accounts payable (3,618) Accrued expenses (15,823) Deferred tax liabilities (36,250) Other liabilities (4,727) Total fair value of consideration transferred $ 237,310
Summary of Identifiable Intangible Assets	The identifiable intangible assets recorded in connection with the acquisition of Orenco are based on preliminary valuations including customer relationships, developed technology and tradename totaling $148.0 million. The intangible assets will be amortized on a straight-line basis over their estimated useful lives. (Amounts in thousands) Preliminary fair value Preliminary Useful Lives Customer relationships $ 99,000 15 years Developed technology 42,000 12 years Tradename 7,000 20 years Total identifiable intangible assets $ 148,000

Revenue Recognition (Tables)

Revenue Recognition (Tables)	9 Months Ended
	Dec. 31, 2024
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, 2024 March 31, 2024 Contract asset - product returns $ 1,220 $ 1,353 Refund liability 3,876 3,920

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Dec. 31, 2024
Inventory Disclosure [Abstract]
Schedule of Inventories	Inventories as of the periods presented consisted of the following: (In thousands) December 31, 2024 March 31, 2024 Raw materials $ 110,124 $ 106,662 Finished goods 366,245 357,538 Total inventories $ 476,369 $ 464,200

Net Income Per Share and Stoc_2

Net Income Per Share and Stockholders' Equity (Tables)	9 Months Ended
	Dec. 31, 2024
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 December 31, (In thousands, except per share data) 2024 2023 2024 2023 NET INCOME PER SHARE—BASIC: Net income available to common stockholders – Basic $ 81,231 $ 105,639 $ 373,015 $ 415,093 Weighted average number of common shares outstanding – Basic 77,540 77,857 77,541 78,455 Net income per common share – Basic $ 1.05 $ 1.36 $ 4.81 $ 5.29 NET INCOME PER SHARE—DILUTED: Net income available to common stockholders – Diluted $ 81,231 $ 105,639 $ 373,015 $ 415,093 Weighted average number of common shares outstanding – Basic 77,540 77,857 77,541 78,455 Assumed restricted stock 54 75 67 60 Assumed exercise of stock options 462 595 529 597 Assumed performance-based restricted stock units 59 59 59 76 Weighted average number of common shares outstanding – Diluted 78,115 78,586 78,196 79,188 Net income per common share – Diluted $ 1.04 $ 1.34 $ 4.77 $ 5.24 Potentially dilutive securities excluded as anti-dilutive 10 19 22 46

Debt (Tables)

Debt (Tables)	9 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
Long-Term Debt	Long-term debt as of the periods presented consisted of the following: (In thousands) December 31, 2024 March 31, 2024 Term Loan Facility $ 415,000 $ 420,250 Senior Notes due 2027 350,000 350,000 Senior Notes due 2030 500,000 500,000 Revolving Credit Facility — — Equipment Financing 6,976 10,901 Total 1,271,976 1,281,151 Less: Unamortized debt issuance costs (8,226) (9,759) Less: Current maturities (10,621) (11,870) Long-term debt obligations $ 1,253,129 $ 1,259,522
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, 2024 March 31, 2024 (In thousands) Fair Value Carrying Value Fair Value Carrying Value Senior Notes due 2027 $ 343,490 $ 350,000 $ 339,780 $ 350,000 Senior Notes due 2030 500,845 500,000 502,890 500,000 Equipment Financing 6,799 6,976 10,475 10,901 Total fair value $ 851,134 $ 856,976 $ 853,145 $ 860,901

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Dec. 31, 2024
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) 2024 2023 2024 2023 Component of income before income taxes: Cost of goods sold $ 1,335 $ 1,316 $ 4,131 $ 3,473 Selling, general and administrative expenses 6,463 6,086 17,627 20,163 Total stock-based compensation expense $ 7,798 $ 7,402 $ 21,758 $ 23,636 The following table summarizes stock-based compensation expense by award type for the periods presented: Three Months Ended Nine Months Ended (In thousands) 2024 2023 2024 2023 Stock-based compensation expense: Stock Options $ 1,445 $ 1,305 $ 4,443 $ 4,046 Restricted Stock 2,663 2,050 7,552 6,131 Performance-based Restricted Stock Units 2,888 3,191 6,996 11,110 Employee Stock Purchase Plan 351 313 1,297 694 Non-Employee Directors 451 543 1,470 1,655 Total stock-based compensation expense $ 7,798 $ 7,402 $ 21,758 $ 23,636
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, 2024 Common stock price $177.38 Expected stock price volatility 45.5% Risk-free interest rate 4.5% Weighted-average expected option life (years) 6 Dividend yield 0.36%

Business Segments Information (

Business Segments Information (Tables)	9 Months Ended
	Dec. 31, 2024
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, 2024 December 31, 2023 (In thousands) Net Sales Intersegment Net Sales Net Sales from External Customers Net Sales Intersegment Net Sales Net Sales from External Customers Pipe $ 356,010 $ (12,607) $ 343,403 $ 360,733 $ (11,629) $ 349,104 Infiltrator 152,384 (17,083) 135,301 131,144 (27,273) 103,871 International International - Pipe 36,909 (2,860) 34,049 44,203 (5,420) 38,783 International - Allied Products & Other 16,372 (58) 16,314 14,166 (1) 14,165 Total International 53,281 (2,918) 50,363 58,369 (5,421) 52,948 Allied Products & Other 165,233 (3,762) 161,471 159,162 (2,718) 156,444 Intersegment Eliminations (36,370) 36,370 — (47,041) 47,041 — Total Consolidated $ 690,538 $ — $ 690,538 $ 662,367 $ — $ 662,367 Nine Months Ended December 31, 2024 December 31, 2023 (In thousands) Net Sales Intersegment Net Sales Net Sales from External Customers Net Sales Intersegment Net Sales Net Sales from External Customers Pipe $ 1,227,288 $ (41,972) $ 1,185,316 $ 1,217,302 $ (31,672) $ 1,185,630 Infiltrator 456,104 (62,093) 394,011 406,361 (63,405) 342,956 International International - Pipe 125,281 (10,150) 115,131 133,787 (9,219) 124,568 International - Allied Products & Other 49,664 (174) 49,490 46,789 (27) 46,762 Total International 174,945 (10,324) 164,621 180,576 (9,246) 171,330 Allied Products & Other 556,920 (12,384) 544,536 528,303 (7,586) 520,717 Intersegment Eliminations (126,773) 126,773 — (111,909) 111,909 — Total Consolidated $ 2,288,484 $ — $ 2,288,484 $ 2,220,633 $ — $ 2,220,633
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) 2024 2023 2024 2023 Segment Adjusted Gross Profit Pipe $ 90,900 $ 115,621 $ 348,559 $ 402,126 Infiltrator 78,285 68,392 250,835 216,319 International 12,071 14,012 49,179 51,380 Allied Products & Other 92,938 88,150 314,129 300,574 Intersegment Eliminations 1,749 (1,922) 180 (4,431) Total $ 275,943 $ 284,253 $ 962,882 $ 965,968 Depreciation and Amortization (a) Pipe $ 20,394 $ 15,491 $ 59,392 $ 43,882 Infiltrator 6,447 5,543 18,806 16,435 International 1,611 1,195 4,532 3,669 Allied Products & Other (b) 19,314 15,824 50,941 48,028 Total $ 47,766 $ 38,053 $ 133,671 $ 112,014 Capital Expenditures Pipe $ 39,501 $ 31,287 $ 114,899 $ 84,700 Infiltrator 3,257 2,962 8,776 14,458 International 1,499 1,872 4,816 4,807 Allied Products & Other (b) 9,971 17,639 37,919 32,420 Total $ 54,228 $ 53,760 $ 166,410 $ 136,385 (a) Includes depreciation and amortization in both Cost of goods sold and Operating expenses. (b) 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) 2024 2023 2024 2023 Reconciliation of Segment Adjusted Gross Profit: Total Gross Profit $ 241,594 $ 259,849 $ 867,989 $ 893,986 Depreciation and Amortization 30,754 23,088 88,502 68,509 Stock-based compensation expense 1,335 1,316 4,131 3,473 Inventory step-up related to Orenco acquisition 2,260 — 2,260 — Total Segment Adjusted Gross Profit $ 275,943 $ 284,253 $ 962,882 $ 965,968

Statement of Cash Flows, Supple

Statement of Cash Flows, Supplemental Disclosures (Tables)	9 Months Ended
	Dec. 31, 2024
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) 2024 2023 Supplemental disclosures of cash flow information - cash paid: Cash paid for income taxes $ 111,420 $ 114,712 Cash paid for interest 55,086 51,484 Supplemental disclosures of noncash investing and financing activities: Repurchase of common stock pending settlement — 1,139 Share repurchase excise tax accrual (21) 1,486 ESPP Share Issuance 5,392 1,927 Acquisition of property, plant and equipment under finance lease 84,274 21,061 Balance in accounts payable for the acquisition of property, plant and equipment 28,449 22,925

Background and Summary of Sig_3

Background and Summary of Significant Accounting Policies (Detail)	9 Months Ended
	Dec. 31, 2024 segment
Accounting Policies [Abstract]
Number of reportable segments	3

Acquisitions - Additional Infor

Acquisitions - Additional Information (Detail) - USD ($) $ in Thousands		9 Months Ended
	Apr. 29, 2022	Dec. 31, 2024	Oct. 01, 2024	Mar. 31, 2024
Business Acquisition [Line Items]
Goodwill		$ 720,543		$ 617,183
Orenco Systems, Inc.
Business Acquisition [Line Items]
Total fair value of consideration transferred	$ 237,300
Goodwill		104,000	$ 104,007
Transaction costs related to Acquisition		7,500
Intangible assets			$ 148,000
Cash Acquired from Acquisition		18,700
Payments to Acquire Businesses, Gross		$ 256,000

Acquisitions - Summary of Consi

Acquisitions - Summary of Consideration Transferred and Preliminary Purchase Price Allocation of Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Thousands	Dec. 31, 2024	Oct. 01, 2024	Mar. 31, 2024
Business Acquisition [Line Items]
Goodwill	$ 720,543		$ 617,183
Orenco Systems, Inc.
Business Acquisition [Line Items]
Accounts receivable		$ 12,277
Inventory		15,651
Other current assets		219
Property, plant and equipment		8,533
Goodwill	$ 104,000	104,007
Intangible assets		148,000
Other assets		9,041
Accounts payable		(3,618)
Accrued expenses		(15,823)
Deferred tax liabilities		(36,250)
Other liabilities		(4,727)
Total fair value of consideration transferred		$ 237,310

Acquisitions - Summary of Ident

Acquisitions - Summary of Identifiable Intangible Assets (Detail) - Orenco Systems, Inc. - USD ($) $ in Thousands	Dec. 31, 2024	Oct. 01, 2024
Business Acquisition [Line Items]
Total identifiable intangible assets		$ 148,000
Intangible assets		148,000
Customer relationships
Business Acquisition [Line Items]
Total identifiable intangible assets		99,000
Finite-Lived Intangible Asset, Useful Life	15 years
Developed technology
Business Acquisition [Line Items]
Total identifiable intangible assets		42,000
Finite-Lived Intangible Asset, Useful Life	12 years
Tradename
Business Acquisition [Line Items]
Total identifiable intangible assets		$ 7,000
Finite-Lived Intangible Asset, Useful Life	20 years

Revenue Recognition - Schedule

Revenue Recognition - Schedule of Contract Asset and Liability (Detail) - USD ($) $ in Thousands	Dec. 31, 2024	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Contract asset - product returns	$ 1,220	$ 1,353
Refund liability	$ 3,876	$ 3,920

Leases (Detail)

Leases (Detail)	9 Months Ended
	Dec. 31, 2024
Minimum
Lessee Lease Description [Line Items]
Remaining lease term	1 year
Maximum
Lessee Lease Description [Line Items]
Remaining lease term	13 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, 2024	Mar. 31, 2024
Inventory Disclosure [Abstract]
Raw materials	$ 110,124	$ 106,662
Finished goods	366,245	357,538
Total inventories	$ 476,369	$ 464,200

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, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
NET INCOME PER SHARE—BASIC:
Net income available to common stockholders – Basic	$ 81,231	$ 105,639	$ 373,015	$ 415,093
Weighted average number of common shares outstanding – Basic (in shares)	77,540	77,857	77,541	78,455
Net income per common share - Basic (in dollars per share)	$ 1.05	$ 1.36	$ 4.81	$ 5.29
NET INCOME PER SHARE—DILUTED:
Net income available to common stockholders – Diluted	$ 81,231	$ 105,639	$ 373,015	$ 415,093
Weighted average number of common shares outstanding – Basic (in shares)	77,540	77,857	77,541	78,455
Weighted average number of common shares outstanding – Diluted (in shares)	78,115	78,586	78,196	79,188
Net income per common share - Diluted (in dollars per share)	$ 1.04	$ 1.34	$ 4.77	$ 5.24
Potentially dilutive securities excluded as anti-dilutive (in shares)	10	19	22	46
Assumed restricted stock
NET INCOME PER SHARE—DILUTED:
Dilutive securities (in shares)	54	75	67	60
Assumed exercise of stock options
NET INCOME PER SHARE—DILUTED:
Dilutive securities (in shares)	462	595	529	597
Assumed performance-based restricted stock units
NET INCOME PER SHARE—DILUTED:
Dilutive securities (in shares)	59	59	59	76

Related Party Transactions (Det

Related Party Transactions (Detail) - USD ($) $ in Millions	9 Months Ended
	Dec. 31, 2024	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
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, 2024	Mar. 31, 2024
Debt Instrument [Line Items]
Long-term debt , gross	$ 1,271,976	$ 1,281,151
Less: Unamortized debt issuance costs	(8,226)	(9,759)
Less: Current maturities	(10,621)	(11,870)
Long-term debt obligations	1,253,129	1,259,522
Revolving Credit Facility
Debt Instrument [Line Items]
Long-term debt , gross	0	0
Term Loan Facility
Debt Instrument [Line Items]
Long-term debt , gross	415,000	420,250
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	6,976	$ 10,901
Less: Current maturities	(3,600)
Long-term debt obligations	$ 3,400

Debt - Senior Secured Credit Fa

Debt - Senior Secured Credit Facility (Detail) $ in Millions	1 Months Ended
	May 31, 2022 USD ($)	Dec. 31, 2024 USD ($)	Mar. 31, 2024 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		$ 10.5	$ 11.2
Revolving Credit Facility | Term Benchmark Based Loans Rate
Debt Instrument [Line Items]
Basis spread on variable rate	1.75%
Revolving Credit Facility | Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate	0.75%
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, 2024	Mar. 31, 2024
Debt Instrument [Line Items]
Current maturities of debt obligations	$ 10,621	$ 11,870
Long-term debt obligations	$ 1,253,129	$ 1,259,522
Equipment Financing
Debt Instrument [Line Items]
Weighted average interest rate of equipment financing	1.70%
Current maturities of debt obligations	$ 3,600
Long-term debt obligations	$ 3,400
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, 2024	Mar. 31, 2024
Fair Value
Debt Instrument [Line Items]
Fair value of senior notes and equipment financing	$ 851,134	$ 853,145
Fair Value | Equipment Financing
Debt Instrument [Line Items]
Fair value of senior notes and equipment financing	6,799	10,475
Carrying Value
Debt Instrument [Line Items]
Fair value of senior notes and equipment financing	856,976	860,901
Carrying Value | Equipment Financing
Debt Instrument [Line Items]
Fair value of senior notes and equipment financing	6,976	10,901
Senior Notes due 2027 | Fair Value | Senior Notes
Debt Instrument [Line Items]
Fair value of senior notes and equipment financing	343,490	339,780
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	500,845	502,890
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, 2024 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, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Effective income tax rate	25%	22.20%	24%	24.30%

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, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Additional stock-based compensation expense	$ 7,798	$ 7,402	$ 21,758	$ 23,636
Non-Employee Directors
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Additional stock-based compensation expense	451	543	1,470	1,655
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Additional stock-based compensation expense	1,445	1,305	4,443	4,046
Assumed performance-based restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Additional stock-based compensation expense	2,663	2,050	7,552	6,131
Performance-based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Additional stock-based compensation expense	2,888	3,191	6,996	11,110
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Additional stock-based compensation expense	351	313	1,297	694
Cost of goods sold
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Additional stock-based compensation expense	1,335	1,316	4,131	3,473
Selling, general and administrative expenses
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Additional stock-based compensation expense	$ 6,463	$ 6,086	$ 17,627	$ 20,163

Stock-Based Compensation (2017

Stock-Based Compensation (2017 Omnibus Plan) - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	May 24, 2017
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock awards	$ (70)	$ (48)	$ (4,709)	$ (2,462)
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			$ 18,300
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			$ 12,800
2017 Omnibus Plan | Assumed exercise of stock options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of stock options granted (in shares)			100,000
Number of stock options granted, value			$ 8,000
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, 2024 $ / shares
Share-Based Payment Arrangement [Abstract]
Common stock price (in dollars per share)	$ 177.38
Expected stock price volatility	45.50%
Risk-free interest rate	4.50%
Weighted-average expected option life (years)	6 years
Dividend yield	0.36%

Business Segments Information -

Business Segments Information - Additional Information (Detail)	9 Months Ended
	Dec. 31, 2024 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, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Net Sales	$ 690,538	$ 662,367	$ 2,288,484	$ 2,220,633
Operating Segments
Segment Reporting Information [Line Items]
Net Sales	(36,370)	(47,041)	(126,773)	(111,909)
Intersegment Eliminations
Segment Reporting Information [Line Items]
Net Sales	36,370	47,041	126,773	111,909
Pipe
Segment Reporting Information [Line Items]
Net Sales	343,403	349,104	1,185,316	1,185,630
Pipe | Operating Segments
Segment Reporting Information [Line Items]
Net Sales	356,010	360,733	1,227,288	1,217,302
Pipe | Intersegment Eliminations
Segment Reporting Information [Line Items]
Net Sales	(12,607)	(11,629)	(41,972)	(31,672)
Infiltrator
Segment Reporting Information [Line Items]
Net Sales	135,301	103,871	394,011	342,956
Infiltrator | Operating Segments
Segment Reporting Information [Line Items]
Net Sales	152,384	131,144	456,104	406,361
Infiltrator | Intersegment Eliminations
Segment Reporting Information [Line Items]
Net Sales	(17,083)	(27,273)	(62,093)	(63,405)
International
Segment Reporting Information [Line Items]
Net Sales	50,363	52,948	164,621	171,330
International | Operating Segments
Segment Reporting Information [Line Items]
Net Sales	53,281	58,369	174,945	180,576
International | Intersegment Eliminations
Segment Reporting Information [Line Items]
Net Sales	(2,918)	(5,421)	(10,324)	(9,246)
International | International - Pipe
Segment Reporting Information [Line Items]
Net Sales	34,049	38,783	115,131	124,568
International | International - Pipe | Operating Segments
Segment Reporting Information [Line Items]
Net Sales	36,909	44,203	125,281	133,787
International | International - Pipe | Intersegment Eliminations
Segment Reporting Information [Line Items]
Net Sales	(2,860)	(5,420)	(10,150)	(9,219)
International | International - Allied Products & Other
Segment Reporting Information [Line Items]
Net Sales	16,314	14,165	49,490	46,762
International | International - Allied Products & Other | Operating Segments
Segment Reporting Information [Line Items]
Net Sales	16,372	14,166	49,664	46,789
International | International - Allied Products & Other | Intersegment Eliminations
Segment Reporting Information [Line Items]
Net Sales	(58)	(1)	(174)	(27)
Allied Products & Other
Segment Reporting Information [Line Items]
Net Sales	161,471	156,444	544,536	520,717
Allied Products & Other | Operating Segments
Segment Reporting Information [Line Items]
Net Sales	165,233	159,162	556,920	528,303
Allied Products & Other | Intersegment Eliminations
Segment Reporting Information [Line Items]
Net Sales	$ (3,762)	$ (2,718)	$ (12,384)	$ (7,586)

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, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Segment Adjusted Gross Profit	$ 275,943	$ 284,253	$ 962,882	$ 965,968
Depreciation and Amortization(a)	47,766	38,053	133,671	112,014
Capital Expenditures	54,228	53,760	166,410	136,385
Net sales	690,538	662,367	2,288,484	2,220,633
Pipe
Segment Reporting Information [Line Items]
Net sales	343,403	349,104	1,185,316	1,185,630
Infiltrator
Segment Reporting Information [Line Items]
Net sales	135,301	103,871	394,011	342,956
International
Segment Reporting Information [Line Items]
Net sales	50,363	52,948	164,621	171,330
International | International - Pipe
Segment Reporting Information [Line Items]
Net sales	34,049	38,783	115,131	124,568
International | International - Allied Products & Other
Segment Reporting Information [Line Items]
Net sales	16,314	14,165	49,490	46,762
Allied Products & Other
Segment Reporting Information [Line Items]
Net sales	161,471	156,444	544,536	520,717
Operating Segments
Segment Reporting Information [Line Items]
Net sales	(36,370)	(47,041)	(126,773)	(111,909)
Operating Segments | Pipe
Segment Reporting Information [Line Items]
Segment Adjusted Gross Profit	90,900	115,621	348,559	402,126
Depreciation and Amortization(a)	20,394	15,491	59,392	43,882
Capital Expenditures	39,501	31,287	114,899	84,700
Net sales	356,010	360,733	1,227,288	1,217,302
Operating Segments | Infiltrator
Segment Reporting Information [Line Items]
Segment Adjusted Gross Profit	78,285	68,392	250,835	216,319
Depreciation and Amortization(a)	6,447	5,543	18,806	16,435
Capital Expenditures	3,257	2,962	8,776	14,458
Net sales	152,384	131,144	456,104	406,361
Operating Segments | International
Segment Reporting Information [Line Items]
Segment Adjusted Gross Profit	12,071	14,012	49,179	51,380
Depreciation and Amortization(a)	1,611	1,195	4,532	3,669
Capital Expenditures	1,499	1,872	4,816	4,807
Net sales	53,281	58,369	174,945	180,576
Operating Segments | International | International - Pipe
Segment Reporting Information [Line Items]
Net sales	36,909	44,203	125,281	133,787
Operating Segments | International | International - Allied Products & Other
Segment Reporting Information [Line Items]
Net sales	16,372	14,166	49,664	46,789
Operating Segments | Allied Products & Other
Segment Reporting Information [Line Items]
Segment Adjusted Gross Profit	92,938	88,150	314,129	300,574
Depreciation and Amortization(a)	19,314	15,824	50,941	48,028
Capital Expenditures	9,971	17,639	37,919	32,420
Net sales	165,233	159,162	556,920	528,303
Intersegment Eliminations
Segment Reporting Information [Line Items]
Segment Adjusted Gross Profit	1,749	(1,922)	180	(4,431)
Net sales	36,370	47,041	126,773	111,909
Intersegment Eliminations | Pipe
Segment Reporting Information [Line Items]
Net sales	(12,607)	(11,629)	(41,972)	(31,672)
Intersegment Eliminations | Infiltrator
Segment Reporting Information [Line Items]
Net sales	(17,083)	(27,273)	(62,093)	(63,405)
Intersegment Eliminations | International
Segment Reporting Information [Line Items]
Net sales	(2,918)	(5,421)	(10,324)	(9,246)
Intersegment Eliminations | International | International - Pipe
Segment Reporting Information [Line Items]
Net sales	(2,860)	(5,420)	(10,150)	(9,219)
Intersegment Eliminations | International | International - Allied Products & Other
Segment Reporting Information [Line Items]
Net sales	(58)	(1)	(174)	(27)
Intersegment Eliminations | Allied Products & Other
Segment Reporting Information [Line Items]
Net sales	$ (3,762)	$ (2,718)	$ (12,384)	$ (7,586)

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, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Gross profit	$ 241,594	$ 259,849	$ 867,989	$ 893,986
Total Segment Adjusted Gross Profit	275,943	284,253	962,882	965,968
Inventory Step-up Related to Acquisition	2,260		2,260
Segment Reconciling Items
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Depreciation and Amortization	30,754	23,088	88,502	68,509
Stock-based compensation expense	$ 1,335	$ 1,316	$ 4,131	$ 3,473

Statement of Cash Flows, Supp_2

Statement of Cash Flows, Supplemental Disclosures (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Supplemental Cash Flow Elements [Abstract]
Cash paid for income taxes			$ 111,420	$ 114,712
Cash paid for interest			55,086	51,484
Repurchase of common stock pending settlement			0	1,139
Excise tax accrual, share repurchase			(21)	1,486
Acquisition of property, plant and equipment under finance lease			84,274	21,061
Balance in accounts payable for the acquisition of property, plant and equipment			28,449	22,925
Stock-based compensation expense	$ 2,428	$ 1,927	$ 5,392	$ 1,927

Subsequent Events (Detail)

Subsequent Events (Detail) - $ / shares	1 Months Ended	3 Months Ended		9 Months Ended
	Feb. 06, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Subsequent Event [Line Items]
Common stock dividends per share (in dollars per share)		$ 0.16	$ 0.14	$ 0.48	$ 0.42
Subsequent Event
Subsequent Event [Line Items]
Common stock dividends per share (in dollars per share)	$ 0.16