Restructuring & (Gain) Loss on Disposal and Exit Activities

3 Months Ended

Jun. 30, 2026

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations And Assets Ands Liabilities Held For Sale

RESTRUCTURING AND LOSS (GAIN) ON DISPOSAL OF ASSETS AND COSTS FROM EXIT AND DISPOSAL ACTIVITIES

In fiscal 2026, the Company undertook certain restructuring and realignment activities (the “2026 Restructuring Plan”) to optimize the Company’s production, recycling and distribution network and to plan and implement go-to-market and operating model enhancements to scale for future growth, including the integration of NDS. Under the 2026 Restructuring Plan, for the three months ended June 30, 2026 and 2025, the Company recorded expense of $5.3 million and $8.8 million, respectively, related to the optimization of the Company’s production, recycling and distribution networks, including the closure of four facilities and changes to the Company’s production footprint. The Company does not currently have an estimate of additional costs or an expected end date for the restructuring actions. The following table summarizes the activities included in Restructuring and realignment expense during the periods presented.


	Three Months Ended June 30,
(Amounts in thousands)	2026		2025
Loss (gain) on disposal of assets and costs from exit and disposal activities:
Accelerated depreciation	$	—	$	1,764
Severance	2,145		2,004
Impairment of right-of-use assets	—		1,267
Other exit and disposal costs	17		791
Selling, general and administrative expenses:
Realignment expenses	3,174		2,969
Total 2026 Restructuring Plan activities	$	5,336	8,795

The costs incurred under the 2026 Restructuring Plan to date are classified as operating expenses and not allocated to a segment. During the three months ended June 30, 2026 and 2025, the Company recorded accelerated

depreciation, severance costs, impairment of right-of-use lease assets and other exit and disposal costs. Other exit and disposal activities include legal and professional fees, inventory and equipment transfer costs and other costs.

The following table summarizes the restructuring liability for the periods presented:


(In thousands)	2026		2025
Accrual balance at April 1	$	1,201	$	—
Costs incurred	5,336		8,795
Non-cash charges	—		(3,031)
Expenses paid	(5,053)		(4,875)
Accrual balance at end of period	$	1,484	$	889

The restructuring liability is recorded in Other accrued liabilities in the Company’s Condensed Consolidated Balance Sheet.

DISCONTINUED OPERATIONS AND ASSETS AND LIABILITIES HELD FOR SALE

The Company determined Teco S.r.l., Kimplas Piping Systems Private Limited, Kimplas Limited, Teco Irrigation USA, Inc. and Fish Water Products Sdn. Bhd. (collectively, the “NDS International Entities”) met the held for sale criteria upon acquisition. As a result, the assets and liabilities of the NDS International Entities have been classified held for sale and are reported as assets held for sale and liabilities held for sale on the Consolidated Balance Sheet. The results of the NDS International Entities have been accounted for as discontinued operations and are reported as income or loss from discontinued operations, net of tax, on the Consolidated Statements of Operations. In addition to the NDS International Entities, one property is included as held for sale.

The Company measured the net assets of the disposal group at fair value less costs to sell. Costs to sell represent incremental direct costs expected to be incurred in connection with the disposal. Fair value was determined based on the valuation techniques noted in “Note 4. Acquisitions” in the Company’s Fiscal 2026 Form 10-K.

The assets and liabilities classified as held for sale on the Company’s Consolidated Balance Sheet as of June 30, 2026 and March 31, 2026, include the following:


(Amounts in thousands)	June 30, 2026		March 31, 2026
Cash	$	8,478	$	9,184
Accounts receivable	5,150		6,957
Inventory	4,458		6,848
Other current assets	832		1,284
Property, plant and equipment	19,109		18,645
Other assets	507		533
Total assets held-for-sale	$	38,534	$	43,451

Current maturities of debt obligations	$	—	$	562
Accounts payable	3,069		2,776
Accrued expenses	7,381		8,669
Other liabilities	1,904		3,132
Total liabilities held-for-sale	$	12,354	$	15,139

The following table summarizes the major classes of items constituting the results from discontinued operations presented in the Condensed Consolidated Statement of Operations for the three months ended June 30, 2026:


(Amounts in thousands)	Three Months Ended June 30, 2026
Net sales	$	7,215
Cost of goods sold	5,981
Gross profit	1,234
Selling, general and administrative	2,517
Loss on disposal of assets and costs from exit and disposal activities	4,370
Net loss from discontinued operations	$	(5,653)