ADVANCED DRAINAGE SYSTEMS, INC. Goodwill & Intangibles Disclosure
| As Previously Reported | |||||||||||||||||||||||||||||||||||||||||
| (Amounts in thousands) | Pipe | Infiltrator | International | Allied Products & Other | Stormwater | Wastewater | Total | ||||||||||||||||||||||||||||||||||
Balance at March 31, 2024 | $ | 65,766 | $ | 495,841 | $ | 10,441 | $ | 45,135 | $ | — | $ | — | $ | 617,183 | |||||||||||||||||||||||||||
| Acquisition | — | 103,676 | — | — | — | — | 103,676 | ||||||||||||||||||||||||||||||||||
| Currency translation | — | — | (636) | — | — | — | (636) | ||||||||||||||||||||||||||||||||||
Balance at March 31, 2025 | 65,766 | 599,517 | 9,805 | 45,135 | — | — | 720,223 | ||||||||||||||||||||||||||||||||||
| Reallocation due to change in segments | (65,766) | (599,517) | (9,805) | (45,135) | 120,706 | 599,517 | — | ||||||||||||||||||||||||||||||||||
| Acquisitions | — | — | — | — | 321,612 | 555 | 322,167 | ||||||||||||||||||||||||||||||||||
| Currency translation | — | — | — | — | 326 | — | 326 | ||||||||||||||||||||||||||||||||||
Balance at March 31, 2026 | $ | — | $ | — | $ | — | $ | — | $ | 442,644 | $ | 600,072 | $ | 1,042,716 | |||||||||||||||||||||||||||
| 2026 | 2025 | ||||||||||||||||||||||||||||||||||
| (Amounts in thousands) | Gross Intangible | Accumulated Amortization | Net Intangible | Gross Intangible | Accumulated Amortization | Net Intangible | |||||||||||||||||||||||||||||
| Definite-lived intangible assets | |||||||||||||||||||||||||||||||||||
| Developed technology | $ | 213,120 | $ | (113,493) | $ | 99,627 | $ | 212,200 | $ | (93,783) | $ | 118,417 | |||||||||||||||||||||||
| Supplier and customer relationships | 902,700 | (255,237) | 647,463 | 481,100 | (220,047) | 261,053 | |||||||||||||||||||||||||||||
| Patents and non-compete agreements | 3,738 | (3,035) | 703 | 3,738 | (2,687) | 1,051 | |||||||||||||||||||||||||||||
| Trademarks and tradenames | 112,330 | (23,439) | 88,891 | 74,960 | (19,260) | 55,700 | |||||||||||||||||||||||||||||
| Total definite lived intangible assets | 1,231,888 | (395,204) | 836,684 | 771,998 | (335,777) | 436,221 | |||||||||||||||||||||||||||||
Indefinite-lived intangible assets (a) | |||||||||||||||||||||||||||||||||||
| Trademarks | 11,843 | — | 11,843 | 11,839 | — | 11,839 | |||||||||||||||||||||||||||||
| Total Intangible assets | $ | 1,243,731 | $ | (395,204) | $ | 848,527 | $ | 783,837 | $ | (335,777) | $ | 448,060 | |||||||||||||||||||||||
| Amortization expense (in thousands) | Weighted Average Amortization Period (in years) | ||||||||||||||||||||||
| 2026 | 2025 | 2024 | |||||||||||||||||||||
| Developed technology | $ | 19,710 | $ | 18,230 | $ | 16,480 | 7.0 | ||||||||||||||||
| Supplier and customer relationships | 35,187 | 30,207 | 30,460 | 15.9 | |||||||||||||||||||
| Patents and non-compete agreements | 348 | 487 | 560 | 6.3 | |||||||||||||||||||
| Trademarks and tradenames | 4,179 | 3,645 | 3,969 | 16.3 | |||||||||||||||||||
| Total | $ | 59,424 | $ | 52,569 | $ | 51,469 | |||||||||||||||||
| Fiscal Year | |||||||||||||||||||||||||||||||||||||||||
| (Amounts in thousands) | 2027 | 2028 | 2029 | 2030 | 2031 | Thereafter | Total | ||||||||||||||||||||||||||||||||||
| Amortization expense | $ | 80,233 | $ | 84,640 | $ | 87,849 | $ | 73,341 | $ | 64,366 | $ | 446,255 | $ | 836,684 | |||||||||||||||||||||||||||
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2026 | May 21, 2026 | Showing above |
| 2025 | May 15, 2025 | |
| 2024 | May 16, 2024 | |
| 2023 | May 18, 2023 | |
| 2022 | May 19, 2022 | |
| 2021 | May 27, 2021 | |
| 2020 | Jun 1, 2020 | |
| 2019 | May 30, 2019 | |
| 2018 | May 30, 2018 | |
| 2017 | May 30, 2017 | |
| 2016 | Sep 15, 2016 | |
| 2015 | Mar 29, 2016 | |
About Goodwill & Intangibles Disclosures
Goodwill and intangible asset disclosures reveal the premium paid in acquisitions and how management assesses whether that premium retains its value. Since goodwill is no longer amortized under US GAAP, the annual impairment test is the only mechanism that adjusts carrying values downward — making the assumptions behind that test critically important for investors.
Key signals: a history of goodwill impairments suggests management consistently overpays for acquisitions. Watch the gap between reporting unit fair value and carrying amount — when fair value exceeds carrying amount by less than 10-20%, a small decline in business performance could trigger a write-down. For finite-lived intangibles, examine useful life assumptions across customer relationships, technology, and trade names; aggressive estimates inflate near-term earnings. Compare total intangibles-to-total-assets ratios against peers to assess acquisition dependency. Rising goodwill as a percentage of equity can signal balance sheet fragility.