Business Segments Information (Tables)

3 Months Ended

Jun. 30, 2019

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 June 30,
	2019		2018
	(In thousands)
Domestic
Pipe	$	262,121	$	242,026
Allied Products		112,254		100,472
Total domestic		374,375		342,498
International
Pipe		29,284		34,448
Allied Products		10,049		10,901
Total international		39,333		45,349
Total Net sales	$	413,708	$	387,847

Schedule of Additional Financial Information Attributable to Reportable Segments

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

	Domestic		International			Total
	(In thousands)
For the three months ended June 30, 2019
Net sales	$	374,375	$	39,333		$	413,708
Segment Adjusted EBITDA		74,328		5,968			80,296
Interest expense		5,188		76			5,264
Income tax expense		17,430		4,940			22,370
Depreciation and amortization		14,803		1,891			16,694
Equity in net income of unconsolidated affiliates		—		(434	)		(434	)
Capital expenditures		8,469		1,254			9,723
For the three months ended June 30, 2018
Net sales	$	342,498	$	45,349		$	387,847
Segment Adjusted EBITDA		68,832		6,311			75,143
Interest expense		3,757		45			3,802
Income tax expense		13,257		1,027			14,284
Depreciation and amortization		15,953		1,874			17,827
Equity in net loss of unconsolidated affiliates		—		133			133
Capital expenditures		5,881		993			6,874

The following sets forth certain additional financial information attributable to the reportable segments as of the periods presented:

	June 30, 2019			March 31, 2019
	(In thousands)
Investments in unconsolidated affiliates
International	$	10,891		$	10,467
Total	$	10,891		$	10,467
Total identifiable assets
Domestic	$	945,000		$	918,806
International		130,300			128,085
Eliminations		(6,885	)		(4,732	)
Total	$	1,068,415		$	1,042,159

Schedule of Reconciliation of Segment Adjusted EBITDA to Net Income

The following reconciles net (loss) income to segment adjusted EBITDA for the periods presented:

	For the Three Months Ended June 30,
	2019						2018
	Domestic			International			Domestic			International
	(In thousands)
Reconciliation of Segment Adjusted EBITDA:
Net (loss) income	$	(225,291	)	$	(2,160	)	$	30,589		$	3,062
Depreciation and amortization		14,803			1,891			15,953			1,874
Interest expense		5,188			76			3,757			45
Income tax expense		17,430			4,940			13,257			1,027
Segment EBITDA		(187,870	)		4,747			63,556			6,008
Loss  on disposal of assets and costs from exit    and disposal activities		435			272			1,009			95
ESOP and stock-based compensation expense		7,425			—			5,580			—
ESOP special dividend compensation(a)		246,752			—			—			—
Transaction costs(b)		4,207			38			256			—
Strategic growth and operational    improvement initiatives(c)		2,195			—			—			—
Other adjustments(d)		1,184			911			(1,569	)		208
Segment Adjusted EBITDA	$	74,328		$	5,968		$	68,832		$	6,311

(a) In the first quarter of fiscal 2020, the Company paid a special cash dividend of $1.00 per share and a quarterly cash dividend of $0.09 per share. The dividends were used to pay back a portion of the ESOP loan resulting in $246.8 million in additional stock-based compensation. See “Note 8. Net Income Per Share and Stockholders’ Equity” for additional information.

(b) Represents expenses recorded related to legal, accounting and other professional fees incurred in connection with the debt refinancing and potential business or asset acquisitions and dispositions.

(c) Represents professional fees incurred in connection with the Company’s strategic growth and operational improvement initiatives, which include various market feasibility assessments and acquisition strategies, along with operational improvement initiatives, which include evaluation of the Company’s manufacturing network and improvement initiatives.

(d) Includes derivative fair value adjustments, foreign currency transaction (gains) losses, the proportional share of interest, income taxes, depreciation and amortization related to the South American Joint Venture, which are accounted for under the equity method of accounting, contingent consideration remeasurement, executive retirement expense (benefit) and restatement related costs. The other adjustments in fiscal 2020 also includes expenses related to the ADS Mexicana’s investigation as described in “Note 11. Commitments and Contingencies”. The other adjustments for fiscal 2019 also includes insurance proceeds received in connection with the Company’s restatement of prior period financial statements as reflected in the Company’s Form 10-K for the fiscal year ended March 31, 2015 and the Form 10-K for the fiscal year ended March 31, 2016, as amended.