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Business Segments Information
 3 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Business Segments Information BUSINESS SEGMENT INFORMATION
The Company operates its business in two distinct reportable segments: “Stormwater” and “Wastewater”, which are primarily organized based on products. The CODM for ADS is the Chief Executive Officer (“CEO”). The CEO reviews financial information and makes operational decisions based on Net sales and a measure of operating profit, Segment Adjusted EBITDA, a non-GAAP financial measure.
Certain selling and general and administrative expenses are not allocated to the segments, including non-operating functions such as legal, facilities management, and investor relations. A measure of assets is not applicable, as segment assets are not regularly reviewed by the CODM for evaluating performance or allocating resources. The Company does not aggregate operating segments to form reportable segments.
The following table sets forth reportable segment information with respect to the amount of Net sales contributed by each class of similar products for the periods presented:
Three Months Ended June 30, 2026
(Amounts in thousands)StormwaterWastewaterIntersegment EliminationsTotal
Net sales:
Net sales from external customers$809,376 $191,736 $— $1,001,112 
Intersegment net sales11,566 17,184 (28,750)— 
Net sales820,942 208,920 (28,750)1,001,112 
Significant segment expenses:
Costs of goods sold518,812 104,600 (30,347)593,065 
Selling, general and administrative expenses100,681 17,650 — 118,331 
Other segment items(a)
(72,252)(8,789)— (81,041)
Segment Adjusted EBITDA(b)
$273,701 $95,459 $1,597 
Corporate and other costs(c)
12,487 
Total consolidated Adjusted EBITDA$358,270 
Reconciliation of total reportable segment Adjusted EBITDA to income from continuing operations before income taxes:
Interest expense, net27,040 
Interest income(1,291)
Depreciation and amortization62,157 
Stock-based compensation expense13,274 
Loss (gain) on disposal of assets and costs from exit and disposal activities2,621 
Transaction costs(d)
3,244 
Inventory step up related to acquisition of NDS14,197 
Other adjustments(e)
8,068 
Income before income taxes228,960 
Income tax expense53,689 
Equity in net income of unconsolidated affiliates(1,297)
Net income from continuing operations$176,568 
(a)Other segment items include depreciation, amortization recorded within cost of goods sold, stock-based compensation expense, inventory step-up costs, restructuring and realignment expense, and transaction costs.
(b)The Company calculates Segment Adjusted EBITDA as net income from continuing operations before interest, income taxes, depreciation and amortization, stock-based compensation expense, non-cash charges and certain other gains and expenses.
(c)Represents certain unallocated selling, general and administrative expenses required to reconcile segment Adjusted EBITDA to consolidated Adjusted EBITDA.
(d)Represents expenses recorded related to legal, accounting and other professional fees incurred in connection with business or asset acquisitions and dispositions.
(e)Includes derivative fair value adjustments, foreign currency transaction (gains) losses, legal settlements, restructuring and realignment expense, and executive retirement expense (benefit).
Three Months Ended June 30, 2025
(Amounts in thousands)StormwaterWastewaterIntersegment EliminationsTotal
Net sales:
Net sales from external customers$651,527 $178,353 $— $829,880 
Intersegment net sales9,076 16,609 (25,685)— 
Net sales660,603 194,962 (25,685)829,880 
Significant segment expenses:
Costs of goods sold427,119 97,251 (24,928)499,442 
Selling, general and administrative expenses73,782 18,344 — 92,126 
Other segment items(a)
(43,793)(7,897)— (51,690)
Segment Adjusted EBITDA(b)
$203,495 $87,264 $(757)
Corporate and other costs(c)
11,835 
Total consolidated Adjusted EBITDA$278,167 
Reconciliation of total reportable segment Adjusted EBITDA to income from continuing operations before income taxes:
Interest expense, net23,029 
Interest income(5,405)
Depreciation and amortization50,228 
Stock-based compensation expense8,404 
Loss (gain) on disposal of assets and costs from exit and disposal activities7,024 
Transaction costs(d)
807 
Other adjustments(e)
4,658 
Income before income taxes189,422 
Income tax expense46,674 
Equity in net income of unconsolidated affiliates(1,343)
Net income from continuing operations$144,091 
(a)Other segment items include depreciation, amortization recorded within cost of goods sold, stock-based compensation expense, inventory step-up costs, restructuring and realignment expense, and transaction costs.
(b)The Company calculates Segment Adjusted EBITDA as net income from continuing operations before interest, income taxes, depreciation and amortization, stock-based compensation expense, non-cash charges and certain other gains and expenses.
(c)Represents certain unallocated selling, general and administrative expenses required to reconcile segment Adjusted EBITDA to consolidated Adjusted EBITDA.
(d)Represents expenses recorded related to legal, accounting and other professional fees incurred in connection with business or asset acquisitions and dispositions.
(e)Includes derivative fair value adjustments, foreign currency transaction (gains) losses, legal settlements, inventory step-up costs, restructuring and realignment expense, and executive retirement expense (benefit).
The following sets forth certain financial information attributable to the reportable segments for the periods presented:
Three Months Ended June 30,
(In thousands) 20262025
Depreciation and Amortization
Stormwater$40,504 $28,896 
Wastewater18,867 19,254 
Other2,786 2,078 
Total$62,157 $50,228 
Capital Expenditures
Stormwater$42,504 $40,602 
Wastewater14,356 5,735 
Other291 6,261 
Total$57,151 $52,598