Business Segment Information (Tables)

6 Months Ended

Sep. 30, 2026

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 September 30, 2026
(Amounts in thousands)	Stormwater		Wastewater		Intersegment Eliminations		Total
Net sales:
Net sales from external customers	$	712,063	$	177,343	$	—	$	889,406
Intersegment net sales	11,034		20,232		(31,266)		—
Net sales	723,097		197,575		(31,266)		889,406

Significant segment expenses:
Cost of goods sold	471,745		100,644		(28,838)		543,551
Selling, general and administrative expenses	100,386		16,556		—		116,942
Other segment items(a)	(62,256)		(8,324)		—		(70,580)
Segment Adjusted EBITDA(b)	$	213,222	$	88,699	$	(2,428)

Corporate and other costs(c)							12,675
Total consolidated Adjusted EBITDA							$	286,818

Reconciliation of total reportable segment Adjusted EBITDA to income from continuing operations before income taxes:
Interest expense							27,515
Interest income							(1,407)
Depreciation and amortization							63,685
Stock-based compensation expense							11,257
Loss (gain) on disposal of assets and costs from exit and disposal activities							1,302
Transaction costs(d)							6,383
Other adjustments(e)							1,587
Income before income taxes							176,496

Income tax expense							44,206
Equity in net income of unconsolidated affiliates							(1,333)
Net income from continuing operations							$	133,623

(a)Other segment items include depreciation, amortization recorded within cost of goods sold, stock-based compensation expense, 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 September 30, 2025
(Amounts in thousands)	Stormwater		Wastewater		Intersegment Eliminations		Total
Net sales:
Net sales from external customers	$	670,665	$	179,716	$	—	$	850,381
Intersegment net sales	9,346		16,652		(25,998)		—
Net sales	680,011		196,368		(25,998)		850,381

Significant segment expenses:
Cost of goods sold	435,834		100,525		(26,110)		510,249
Selling, general and administrative expenses	88,979		18,861		—		107,840
Other segment items(a)	(55,420)		(11,204)		—		(66,624)
Segment Adjusted EBITDA(b)	$	210,618	$	88,186	$	112

Corporate and other costs(c)							11,384
Total consolidated Adjusted EBITDA							$	287,532

Reconciliation of total reportable segment Adjusted EBITDA to income from continuing operations before income taxes:
Interest expense							23,116
Interest income							(7,340)
Depreciation and amortization							54,693
Stock-based compensation expense							8,577
Loss (gain) on disposal of assets and costs from exit and disposal activities							(15,926)
Transaction costs(d)							9,317
Other adjustments(e)							6,904
Income before income taxes							208,191

Income tax expense							52,399
Equity in net income of unconsolidated affiliates							(708)
Net income from continuing operations							$	156,500

(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.

(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).


	Six Months Ended September 30, 2026
(Amounts in thousands)	Stormwater		Wastewater		Intersegment Eliminations		Total
Net sales:
Net sales from external customers	$	1,521,439	$	369,079	$	—	$	1,890,518
Intersegment net sales	22,600		37,416		(60,016)		—
Net sales	1,544,039		406,495		(60,016)		1,890,518

Significant segment expenses:
Cost of goods sold	990,557		205,244		(59,185)		1,136,616
Selling, general and administrative expenses	201,067		34,206		—		235,273
Other segment items(a)	(134,508)		(17,113)		—		(151,621)
Segment Adjusted EBITDA(b)	$	486,923	$	184,158	$	(831)

Corporate and other costs(c)							25,162
Total consolidated Adjusted EBITDA							$	645,088

Reconciliation of total reportable segment Adjusted EBITDA to income from continuing operations before income taxes:
Interest expense							54,555
Interest income							(2,698)
Depreciation and amortization							125,842
Stock-based compensation expense							24,531
Loss (gain) on disposal of assets and costs from exit and disposal activities							3,923
Transaction costs(d)							9,627
Inventory step up related to acquisition of NDS							14,197
Other adjustments(e)							9,655
Income before income taxes							405,456

Income tax expense							97,895
Equity in net income of unconsolidated affiliates							(2,630)
Net income from continuing operations							$	310,191

(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.


	Six Months Ended September 30, 2025
(Amounts in thousands)	Stormwater		Wastewater		Intersegment Eliminations		Total
Net sales:
Net sales from external customers	$	1,322,192	$	358,069	$	—	$	1,680,261
Intersegment net sales	18,422		33,261		(51,683)		—
Net sales	1,340,614		391,330		(51,683)		1,680,261

Significant segment expenses:
Cost of goods sold	862,953		197,776		(51,038)		1,009,691
Selling, general and administrative expenses	162,761		37,205		—		199,966
Other segment items(a)	(99,213)		(19,101)		—		(118,314)
Segment Adjusted EBITDA(b)	$	414,113	$	175,450	$	(645)

Corporate and other costs(c)							23,219
Total consolidated Adjusted EBITDA							$	565,699

Reconciliation of total reportable segment Adjusted EBITDA to income from continuing operations before income taxes:
Interest expense							46,145
Interest income							(12,745)
Depreciation and amortization							104,921
Stock-based compensation expense							16,981
Loss (gain) on disposal of assets and costs from exit and disposal activities							(8,902)
Transaction costs(d)							10,124
Other adjustments(e)							11,562
Income before income taxes							397,613

Income tax expense							99,073
Equity in net income of unconsolidated affiliates							(2,051)
Net income from continuing operations							$	300,591

(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.

The following table sets forth certain financial information attributable to the reportable segments for the periods presented:


	Three Months Ended September 30,				Six Months Ended September 30,
(Amounts in thousands)	2026		2025		2026		2025
Depreciation and Amortization
Stormwater	$	41,649	$	29,625	$	82,153	$	58,521
Wastewater	18,888		22,875		37,755		42,129
Other	3,148		2,193		5,934		4,271
Total	$	63,685	$	54,693	$	125,842	$	104,921
Capital Expenditures
Stormwater	$	35,792	$	38,541	$	78,296	$	79,143
Wastewater	4,865		11,994		19,221		17,729
Other	950		7,885		1,241		14,146
Total	$	41,607	$	58,420	$	98,758	$	111,018