v3.26.1
Business Segment Information (Tables)
 12 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Schedule of Revenue from Reportable Segments by Product Type
The following tables set forth Net sales, significant segment expenses, and Adjusted EBITDA for each of the Company’s reportable segments for the fiscal years ended March 31:
Fiscal Year Ended March 31, 2026
(Amounts in thousands)StormwaterWastewaterIntersegment EliminationsTotal
Net sales:
Net sales from external customers$2,397,414 $652,962 $— $3,050,376 
Intersegment net sales36,466 61,580 (98,046)— 
Net sales2,433,880 714,542 (98,046)3,050,376 
Significant segment expenses:
Costs of goods sold1,613,170 367,963 (98,143)1,882,990 
Selling, general and administrative expenses348,829 69,002 — 417,831 
Other segment items(a)
(231,194)(33,875)— (265,069)
Segment Adjusted EBITDA(b)
$703,075 $311,452 $97 
Corporate and other costs(c)
51,718 
Total consolidated Adjusted EBITDA$962,906 
Reconciliation of total consolidated Adjusted EBITDA to income from continuing operations before income taxes:
Interest expense93,869 
Interest income(25,000)
Depreciation and amortization216,261 
Stock-based compensation expense32,354 
Loss (gain) on disposal of assets and costs from exit and disposal activities19,211 
Transaction costs(d)
40,805 
Other adjustments(e)
25,618 
Income before income taxes559,788 
Income tax expense134,988 
Equity in net income of unconsolidated affiliates(5,063)
Net income from continuing operations$429,863 
(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).
Fiscal Year Ended March 31, 2025
(Amounts in thousands)StormwaterWastewaterIntersegment EliminationsTotal
Net sales:
Net sales from external customers$2,326,370 $577,875 $— $2,904,245 
Intersegment net sales35,647 52,031 (87,678)— 
Net sales2,362,017 629,906 (87,678)2,904,245 
Significant segment expenses:
Costs of goods sold1,582,828 314,465 (87,289)1,810,004 
Selling, general and administrative expenses282,877 55,186 — 338,063 
Other segment items(a)
(143,608)(31,757)— (175,365)
Segment Adjusted EBITDA(b)
$639,920 $292,012 $(389)
Corporate and other costs(c)
42,315 
Total consolidated Adjusted EBITDA$889,228 
Reconciliation of total consolidated Adjusted EBITDA to income from continuing operations before income taxes:
Interest expense91,803 
Interest income(23,485)
Depreciation and amortization183,281 
Stock-based compensation expense26,581 
Loss (gain) on disposal of assets and costs from exit and disposal activities3,858 
Transaction costs(d)
9,291 
Other adjustments(e)
8,434 
Income before income taxes589,465 
Income tax expense141,063 
Equity in net income of unconsolidated affiliates(4,171)
Net income from continuing operations$452,573 
(a)Other segment items include depreciation, amortization recorded within cost of goods sold, stock-based compensation expense, inventory step-up cost, 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).
Fiscal Year Ended March 31, 2024
(Amounts in thousands)StormwaterWastewaterIntersegment EliminationsTotal
Net sales:
Net sales from external customers$2,361,520 $512,953 $— $2,874,473 
Intersegment net sales30,649 53,597 (84,246)— 
Net sales2,392,169 566,550 (84,246)2,874,473 
Significant segment expenses:
Costs of goods sold1,525,826 283,740 (81,042)1,728,524 
Selling, general and administrative expenses275,342 40,639 — 315,981 
Other segment items(a)
(122,966)(24,746)— (147,712)
Segment Adjusted EBITDA(b)
$713,967 $266,917 $(3,204)
Corporate and other costs(c)
54,733 
Total consolidated Adjusted EBITDA$922,947 
Reconciliation of total consolidated Adjusted EBITDA to income from continuing operations before income taxes:
Interest expense88,862 
Interest income(22,047)
Depreciation and amortization154,903 
Stock-based compensation expense31,986 
Loss (gain) on disposal of assets and costs from exit and disposal activities(8,365)
Transaction costs(d)
3,444 
Other adjustments(e)
7,411 
Income before income taxes666,753 
Income tax expense158,998 
Equity in net income of unconsolidated affiliates(5,536)
Net income from continuing operations$513,291 
(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 for the fiscal years ended March 31:
(Amounts in thousands)202620252024
Depreciation and amortization
Stormwater$126,387 $102,574 $81,602 
Wastewater80,42374,06869,121
Other9,4516,6394,180
Total$216,261 $183,281 $154,903 
Capital expenditures
Stormwater$157,381 $175,918 $128,313 
Wastewater30,50913,73317,882
Other61,87623,29337,617
Total$249,766 $212,944 $183,812 
Schedule of Financial Information Attributable to Reportable Segments
The following tables set forth Net sales, significant segment expenses, and Adjusted EBITDA for each of the Company’s reportable segments for the fiscal years ended March 31:
Fiscal Year Ended March 31, 2026
(Amounts in thousands)StormwaterWastewaterIntersegment EliminationsTotal
Net sales:
Net sales from external customers$2,397,414 $652,962 $— $3,050,376 
Intersegment net sales36,466 61,580 (98,046)— 
Net sales2,433,880 714,542 (98,046)3,050,376 
Significant segment expenses:
Costs of goods sold1,613,170 367,963 (98,143)1,882,990 
Selling, general and administrative expenses348,829 69,002 — 417,831 
Other segment items(a)
(231,194)(33,875)— (265,069)
Segment Adjusted EBITDA(b)
$703,075 $311,452 $97 
Corporate and other costs(c)
51,718 
Total consolidated Adjusted EBITDA$962,906 
Reconciliation of total consolidated Adjusted EBITDA to income from continuing operations before income taxes:
Interest expense93,869 
Interest income(25,000)
Depreciation and amortization216,261 
Stock-based compensation expense32,354 
Loss (gain) on disposal of assets and costs from exit and disposal activities19,211 
Transaction costs(d)
40,805 
Other adjustments(e)
25,618 
Income before income taxes559,788 
Income tax expense134,988 
Equity in net income of unconsolidated affiliates(5,063)
Net income from continuing operations$429,863 
(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).
Fiscal Year Ended March 31, 2025
(Amounts in thousands)StormwaterWastewaterIntersegment EliminationsTotal
Net sales:
Net sales from external customers$2,326,370 $577,875 $— $2,904,245 
Intersegment net sales35,647 52,031 (87,678)— 
Net sales2,362,017 629,906 (87,678)2,904,245 
Significant segment expenses:
Costs of goods sold1,582,828 314,465 (87,289)1,810,004 
Selling, general and administrative expenses282,877 55,186 — 338,063 
Other segment items(a)
(143,608)(31,757)— (175,365)
Segment Adjusted EBITDA(b)
$639,920 $292,012 $(389)
Corporate and other costs(c)
42,315 
Total consolidated Adjusted EBITDA$889,228 
Reconciliation of total consolidated Adjusted EBITDA to income from continuing operations before income taxes:
Interest expense91,803 
Interest income(23,485)
Depreciation and amortization183,281 
Stock-based compensation expense26,581 
Loss (gain) on disposal of assets and costs from exit and disposal activities3,858 
Transaction costs(d)
9,291 
Other adjustments(e)
8,434 
Income before income taxes589,465 
Income tax expense141,063 
Equity in net income of unconsolidated affiliates(4,171)
Net income from continuing operations$452,573 
(a)Other segment items include depreciation, amortization recorded within cost of goods sold, stock-based compensation expense, inventory step-up cost, 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).
Fiscal Year Ended March 31, 2024
(Amounts in thousands)StormwaterWastewaterIntersegment EliminationsTotal
Net sales:
Net sales from external customers$2,361,520 $512,953 $— $2,874,473 
Intersegment net sales30,649 53,597 (84,246)— 
Net sales2,392,169 566,550 (84,246)2,874,473 
Significant segment expenses:
Costs of goods sold1,525,826 283,740 (81,042)1,728,524 
Selling, general and administrative expenses275,342 40,639 — 315,981 
Other segment items(a)
(122,966)(24,746)— (147,712)
Segment Adjusted EBITDA(b)
$713,967 $266,917 $(3,204)
Corporate and other costs(c)
54,733 
Total consolidated Adjusted EBITDA$922,947 
Reconciliation of total consolidated Adjusted EBITDA to income from continuing operations before income taxes:
Interest expense88,862 
Interest income(22,047)
Depreciation and amortization154,903 
Stock-based compensation expense31,986 
Loss (gain) on disposal of assets and costs from exit and disposal activities(8,365)
Transaction costs(d)
3,444 
Other adjustments(e)
7,411 
Income before income taxes666,753 
Income tax expense158,998 
Equity in net income of unconsolidated affiliates(5,536)
Net income from continuing operations$513,291 
(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).
Net Sales and Long-Lived Asset by Geographic Location The table below represents the Net sales and long-lived asset information by geographic location for each of the fiscal years ended March 31:
(Amounts in thousands)202620252024
Net Sales     
United States$2,857,553 $2,709,615 $2,666,704 
Canada119,270119,492126,050
Other73,55375,13881,719
Total$3,050,376 $2,904,245 $2,874,473 
(Amounts in thousands)20262025
Long-Lived Assets (a)
   
United States$1,169,184 $1,016,681 
Canada32,36730,655
Other55,61039,529
Total$1,257,161 $1,086,865 
(a)    For segment reporting purposes, long-lived assets include Investments in unconsolidated affiliates, Central parts and Property, plant and equipment