0001624794-23-000039 | 10-K | XBRL Viewer

RETIREMENT PLANS (Tables)

12 Months Ended

Mar. 31, 2023

Net pension (benefit) expense for the Plans was:


	Year Ended March 31,
(in thousands)	2023		2022		2021
Service cost – benefits earned during the year	$	—	$	43	$	40
Interest cost on projected benefit obligation	56		138		144
Expected return on assets	—		(120)		(96)
Net amortization and deferral	42		69		74

Pension plan termination (a)	453		—		—
Curtailment impact	—		(30)		—

Net pension expense	$	551	$	100	$	162

(a) Reflects impact of the termination of the Canadian Plan.

REVENUE RECOGNITION (Details) $ in Thousands	12 Months Ended
REVENUE RECOGNITION (Details) $ in Thousands	Mar. 31, 2023 USD ($) segment	Mar. 31, 2022 USD ($)	Mar. 31, 2021 USD ($)
Disaggregation of Revenue [Line Items]
Number of business segments \| segment	3
Net revenues	$ 757,904	$ 626,435	$ 419,205
Change in Contract Liabilities [Roll Forward]
Balance at beginning of period	1,026
Revenue recognized	(953)
New contracts and revenue added to existing contracts	564
Balance at end of period	637	1,026
Reportable Segments
Disaggregation of Revenue [Line Items]
Net revenues	757,904	626,435	419,205
Contractor Solutions \| Reportable Segments
Disaggregation of Revenue [Line Items]
Net revenues	506,634	413,207	245,232
Engineered Building Solutions \| Reportable Segments
Disaggregation of Revenue [Line Items]
Net revenues	103,969	97,296	95,672
Specialized Reliability Solutions \| Reportable Segments
Disaggregation of Revenue [Line Items]
Net revenues	$ 147,301	115,932	78,301
Build-to-order
Disaggregation of Revenue [Line Items]
Retainage, percentage of transaction price not collectible until overall construction project is complete	10.00%
Build-to-order \| Reportable Segments
Disaggregation of Revenue [Line Items]
Net revenues	$ 89,964	88,690	87,057
Build-to-order \| Contractor Solutions \| Reportable Segments
Disaggregation of Revenue [Line Items]
Net revenues	0	0	0
Build-to-order \| Engineered Building Solutions \| Reportable Segments
Disaggregation of Revenue [Line Items]
Net revenues	89,964	88,690	87,057
Build-to-order \| Specialized Reliability Solutions \| Reportable Segments
Disaggregation of Revenue [Line Items]
Net revenues	$ 0	0	0
Installation Services \| Total Consolidated Revenue \| Product Concentration Risk
Disaggregation of Revenue [Line Items]
Percentage of total consolidated revenue	2.00%
Book-and-ship \| Reportable Segments
Disaggregation of Revenue [Line Items]
Net revenues	$ 667,940	537,745	332,148
Book-and-ship \| Contractor Solutions \| Reportable Segments
Disaggregation of Revenue [Line Items]
Net revenues	506,634	413,207	245,232
Book-and-ship \| Engineered Building Solutions \| Reportable Segments
Disaggregation of Revenue [Line Items]
Net revenues	14,005	8,606	8,615
Book-and-ship \| Specialized Reliability Solutions \| Reportable Segments
Disaggregation of Revenue [Line Items]
Net revenues	$ 147,301	$ 115,932	$ 78,301

INVENTORY

12 Months Ended

Mar. 31, 2023

Inventory Disclosure [Abstract]

INVENTORY

Inventories are stated at the lower of cost or net realizable value and include raw materials, supplies, direct labor and manufacturing overhead. Inventories are accounted for using a standard costing methodology, which approximates cost on a first-in, first-out (“FIFO”) basis.

The Inventories, net caption in the Consolidated Balance Sheet is comprised of the following components:


	March 31,
	2023		2022
Raw materials and supplies	$	48,300	$	46,136
Work in process	5,250		7,471
Finished goods	113,104		100,792
Total inventories	166,654		154,399

Less: Obsolescence reserve	(5,085)		(4,285)
Inventories, net	$	161,569	$	150,114

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities:
Net income	$ 96,574	$ 67,319	$ 40,099
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	12,838	11,572	9,194
Amortization of intangible and other assets	22,716	25,314	13,843
Provision for inventory reserves	1,522	1,553	1,558
Provision for doubtful accounts	2,013	1,498	696
Share-based and other executive compensation	9,751	8,450	5,086
Net gain on disposals of property, plant and equipment	104	(85)	(23)
Net pension benefit	150	31	163
Impairment of intangible assets	156	0	0
Net deferred taxes	(6,011)	(3,261)	(1,798)
Changes in operating assets and liabilities:
Accounts receivable	1,105	(26,729)	(7,219)
Inventories	(11,422)	(49,403)	(3,377)
Prepaid expenses and other current assets	(1,282)	3,479	(4,246)
Other assets	458	626	(1,532)
Accounts payable and other current liabilities	(7,000)	27,983	13,856
Retirement benefits payable and other liabilities	(219)	742	(46)
Net cash provided by operating activities	121,453	69,089	66,254
Cash flows from investing activities:
Capital expenditures	(13,951)	(15,653)	(8,833)
Proceeds from sale of assets held for investment	0	0	6,152
Proceeds from sale of assets	120	139	30
Cash paid for acquisitions	(58,335)	(35,942)	(287,238)
Net cash used in investing activities	(72,166)	(51,456)	(289,889)
Cash flows from financing activities:
Borrowings on lines of credit	143,177	94,000	255,000
Repayments of lines of credit	(142,952)	(83,561)	(23,561)
Payments of deferred loan costs	(710)	(2,328)	(148)
Purchase of treasury shares	(39,072)	(19,311)	(10,489)
Proceeds from stock option activity	272	1,327	1,330
Proceeds from acquisition of redeemable noncontrolling interest shareholder	3,000	6,293	0
Dividends paid to shareholders	(10,555)	(9,459)	(8,083)
Net cash (used in) provided by financing activities	(46,840)	(13,039)	214,049
Effect of exchange rate changes on cash and equivalents	(611)	1,937	1,336
Net change in cash and cash equivalents	1,836	6,531	(8,250)
Cash and cash equivalents, beginning of period	16,619	10,088	18,338
Cash and cash equivalents, end of period	18,455	16,619	10,088
Supplemental non-cash disclosure:
Cash paid during the year for interest	12,502	4,955	1,875
Cash paid during the year for income taxes	$ 41,476	$ 20,485	$ 14,021

SHAREHOLDERS' EQUITY	12 Months Ended
SHAREHOLDERS' EQUITY	Mar. 31, 2023
Equity [Abstract]
SHAREHOLDERS' EQUITY	SHAREHOLDERS' EQUITY Share Repurchase Programs On November 7, 2018, we announced that our Board of Directors authorized a program to repurchase up to $75.0 million of our common stock over a two-year time period. On October 30, 2020, we announced that our Board of Directors authorized a new program to repurchase up to $100.0 million of our common stock, which replaced the previously announced $75.0 million program. On December 16, 2022, we announced that our Board of Directors authorized a new $100.0 million share repurchase program, which replaced the previously announced $100.0 million program. Under the current repurchase program, shares may be repurchased from time to time in the open market or in privately negotiated transactions. Repurchases will be made at our discretion, based on ongoing assessments of the capital needs of the business, the market price of our common stock and general market conditions. Our Board of Directors has established an expiration of December 31, 2024 for completion of the new repurchase program; however, the program may be limited or terminated at any time at our discretion without notice. Through March 31, 2023, no shares have been repurchased under the current $100.0 million repurchase program. Under the prior $100.0 million repurchase program, 336,347 shares were repurchased during the year ended March 31, 2023 for $35.7 million, and 126,115 shares were repurchased during the year ended March 31, 2022 for $14.4 million. A total of 462,462 shares had been repurchased for an aggregate amount of $50.1 million under the prior $100.0 million program. As of March 31, 2023, no shares were repurchased under the current $100.0 million program. Dividends On April 4, 2019, we announced we had commenced a dividend program and that our Board of Directors approved a regular quarterly dividend of $0.135 per share. On April 15, 2021, we announced a quarterly dividend increase to $0.15 per share. On April 14, 2022, we announced a quarterly dividend increase to $0.17 per share. On April 14, 2023, we announced a quarterly dividend increase to $0.19 per share, which dividend was paid on May 12, 2023 to shareholders of record as of April 28, 2023. Any future dividends at the existing $0.19 per share quarterly rate or otherwise will be reviewed individually and declared by our Board of Directors in its discretion. Total dividends of $10.6 million and $9.5 million were paid during the years ended March 31, 2023 and 2022, respectively.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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+ Details

SHARE-BASED COMPENSATION - Additional Information (Details) - Stock Compensation Plan - Equity And Incentive Compensation 2015 Plan - shares	Mar. 31, 2023	Dec. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of common stock granted (in shares)		1,230,000
Shares available for issuance (in shares)	421,546

LEASES (Tables)

12 Months Ended

Mar. 31, 2023

Leases [Abstract]

Schedule of Components of Operating Lease Expense, Operating Lease Assets and Liabilities, Supplemental Cash Flow, and Other Information


(in thousands)	March 31, 2023		March 31, 2022
Components of Operating Lease Expenses
Operating lease expense	$	10,793	$	9,893
Short-term lease expense	815		326
Total operating lease expense (a)	$	11,608	$	10,219
(a) Included in cost of revenues and selling, general and administrative expense

(in thousands)	March 31, 2023		March 31, 2022
Operating Lease Assets and Liabilities
Right-of-use lease assets, net (a)	$	59,815	$	67,076

Short-term lease liabilities	$	9,784	$	9,269
Long-term lease liabilities	55,590		63,275
Total operating lease liabilities (b)	$	65,374	$	72,544
(a) Included in other assets
(b) Included in accrued and other current liabilities and other long-term liabilities, as applicable


(in thousands)	March 31, 2023			March 31, 2022
Supplemental Cash Flow
Cash paid for amounts included in the measurement of operating lease liabilities (a)	$	11,058		$	9,974
Right-of-use assets obtained in exchange for new operating lease obligations	2,526			8,464
(a) Included in our condensed consolidated statement of cash flows, operating activities in accounts payable and other current liabilities

Other Information for Operating Leases
Weighted average remaining lease term (in years)	7.0			7.9
Weighted average discount rate (percent)	2.3		%	2.2		%

Schedule of Maturities of Operating Lease Liabilities


Maturities of operating lease liabilities were as follows (in thousands):
2024	$	11,082
2025	10,903
2026	10,558
2027	10,316
2028	9,037
Thereafter	18,787
Total lease liabilities	$	70,683
Less: Imputed interest	(5,309)
Present value of lease liabilities	$	65,374

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands	Total	Common Stock	Treasury Shares	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Loss
Balance at beginning of period at Mar. 31, 2020	$ 280,365	$ 159	$ (75,377)	$ 48,327	$ 318,702	$ (11,446)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation	5,085			5,085
Stock activity under stock plans	(2,812)	2	(2,812)	(2)
Reissuance of treasury shares	102,638		51,405	51,233
Repurchase of common shares	(7,291)		(7,291)
Net income	40,099				40,099
Dividends	(8,085)			47	(8,132)
Other comprehensive income, net of tax	5,450					5,450
Balance at end of period at Mar. 31, 2021	415,449	161	(34,075)	104,690	350,669	(5,996)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation	8,450			8,450
Stock activity under stock plans	(4,883)	1	(4,884)
Reissuance of treasury shares	6,649		6,938	(289)
Repurchase of common shares	(14,427)		(14,427)
Net income	66,385				66,385
Dividends	(9,459)			73	(9,532)
Other comprehensive income, net of tax	922					922
Balance at end of period at Mar. 31, 2022	469,086	162	(46,448)	112,924	407,522	(5,074)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation	9,752			9,752
Stock activity under stock plans	(3,416)	1	(3,417)
Reissuance of treasury shares	3,364		2,786	578
Repurchase of common shares	(35,655)		(35,655)
Net income	96,435				96,435
Dividends	(10,556)			82	(10,638)
Other comprehensive income, net of tax	(3,335)					(3,335)
Balance at end of period at Mar. 31, 2023	$ 525,675	$ 163	$ (82,734)	$ 123,336	$ 493,319	$ (8,409)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

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- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

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+ Details

LEASES - Operating Lease Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022
Leases [Abstract]
ROU assets, net	$ 59,815	$ 67,076
Short-term lease liabilities	9,784	9,269
Long-term lease liabilities	55,590	63,275
Total operating lease liabilities	$ 65,374	$ 72,544
Operating lease, right-of-use asset, statement of financial position [Extensible List]	Other assets	Other assets
Operating lease, liability, current, statement of financial position [Extensible List]	Accrued and other current liabilities	Accrued and other current liabilities
Operating lease, liability, noncurrent, statement of financial position [Extensible List]	Other long-term liabilities	Other long-term liabilities

INCOME TAXES - Schedule of Income Before Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Income Tax Disclosure [Abstract]
U.S. Federal	$ 118,181	$ 87,607	$ 48,142
Foreign	7,730	3,858	2,726
Income before income taxes	$ 125,911	$ 91,465	$ 50,868

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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+ Details

OTHER COMPREHENSIVE INCOME (LOSS) (Tables)

12 Months Ended

Mar. 31, 2023

Equity [Abstract]

Schedule of Analysis of Changes in Accumulated Other Comprehensive Income (Loss)

The following table provides an analysis of the changes in accumulated other comprehensive loss (in thousands).


	March 31,
	2023		2022
Currency translation adjustments:
Balance at beginning of period	$	(4,438)	$	(4,394)
Foreign currency translation adjustments	(3,752)		(44)
Balance at end of period	$	(8,190)	$	(4,438)
Interest rate swaps:
Balance at beginning of period	$	(270)	$	(803)
Unrealized gain, net of taxes of $(60) and $(82), respectively (a)	225		309
Reclassification of losses (gains) included in interest expense, net of taxes of $18 and $(60), respectively	(69)		224

Other comprehensive income	156		533
Balance at end of period	$	(114)	$	(270)
Defined benefit plans:
Balance at beginning of period	$	(366)	$	(799)
Amortization of net prior service benefit, net of taxes of $0 and $1, respectively (b)	—		(5)
Amortization of net loss, net of taxes of $(9) and $(16), respectively (b)	33		59
Net gain arising during the year, net of taxes of $(24) and $(41), respectively (b)	92		154
Curtailment impact, net of taxes of $0 and $(83), respectively	—		311
Pension termination, net of taxes of $(34) and $0, respectively	127		—
Currency translation impact	9		(86)
Other comprehensive income	261		433
Balance at end of period	$	(105)	$	(366)

(a) Unrealized gains are reclassified to earnings as underlying cash interest payments are made. We expect to recognize a gain of $0.7 million, net of deferred taxes, over the next twelve months related to a designated cash flow hedge based on its fair value as of March 31, 2023.

(b) Amortization of prior service costs and actuarial losses out of accumulated other comprehensive loss are included in the computation of net periodic pension expense. See Note 14 for additional information.

DERIVATIVE INSTRUMENTS AND HEDGE ACCOUNTING - Fair Value of Derivatives (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022
Derivatives, Fair Value [Line Items]
Current derivative asset	$ 877	$ 0
Current derivative liabilities	67,388	69,005
Non-current derivative liabilities	137,117	140,306
Hedging Instrument \| Interest Rate Swap
Derivatives, Fair Value [Line Items]
Current derivative asset	877	0
Current derivative liabilities	0	109
Non-current derivative liabilities	$ 1,021	$ 233

CONSOLIDATION OF VARIABLE INTEREST ENTITY AND REDEEMABLE NONCONTROLLING INTEREST

12 Months Ended

Mar. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

CONSOLIDATION OF VARIABLE INTEREST ENTITY AND REDEEMABLE NONCONTROLLING INTEREST

Whitmore Joint Venture

On April 1, 2021, Whitmore Manufacturing, LLC (“Whitmore”), a wholly-owned subsidiary of CSWI, completed the formation of a joint venture (the "Whitmore JV") with Pennzoil-Quaker State Company dba SOPUS Products (“Shell”), a wholly-owned subsidiary of Shell Oil Company that comprises Shell’s U.S. lubricants business. The formation was consummated through a transaction in which Whitmore sold to Shell a 50% interest in a wholly-owned subsidiary (containing certain existing operating assets) in exchange for consideration of $13.4 million from Shell in the form of cash ($5.3 million) and intangible assets ($8.1 million). The Whitmore JV has been consolidated into the operations of the Company and its activity has been included in our Specialized Reliability Solutions segment since the formation date.

The Whitmore JV is deemed to be a VIE as the equity investors at risk, as a group, lack the characteristics of a controlling financial interest. The major factor that led to the conclusion that the Company is the primary beneficiary of this VIE is that Whitmore has the power to direct the manufacturing activities, which are considered the most significant activities for the Whitmore JV. Whitmore JV's total net assets are presented below (in thousands):


	March 31, 2023
Cash	$	7,519
Accounts receivable, net	7,376
Inventories, net	2,971
Prepaid expenses and other current assets	115
Property, plant and equipment, net	11,923
Intangible assets, net	6,478
Other assets	137
Total assets	$	36,519

Accounts payable	$	6,274
Accrued and other current liabilities	1,417
Other long-term liabilities	66
Total liabilities	$	7,757

For the year ended March 31, 2023, the Whitmore JV generated net income of $0.3 million.

The Whitmore JV's LLC Agreement contains a put option that gives either member the right to sell its 50% equity interest in the Whitmore JV to the other member at a dollar amount equivalent to 90% of the initiating member's equity interest determined based on the fair market value of the Whitmore JV's net assets. This put option can be exercised, at either member's discretion, by providing written notice to the other member after three years from the Whitmore JV's formation, subject to certain timing restrictions. This redeemable noncontrolling interest is recorded at the higher of the redemption value or carrying value each reporting period. Changes in redeemable noncontrolling interest for the year ended March 31, 2023 were as follows (in thousands):


Balance at March 31, 2022	$	15,325

Net income attributable to redeemable noncontrolling interest	139
Contributions from noncontrolling interest	3,000


Balance at March 31, 2023	$	18,464

SEGMENTS (Tables)

12 Months Ended

Mar. 31, 2023

Segment Reporting [Abstract]

Schedule of Financial Information of Reporting Segments

The following is a summary of the financial information of our reporting segments reconciled to the amounts reported in the consolidated financial statements (in thousands).


Year Ended March 31, 2023
(in thousands)	Contractor Solutions		Engineered Building Solutions		Specialized Reliability Solutions		Subtotal - Reportable Segments		Eliminations and Other		Total
Revenues, net to external customers	$	506,634	$	103,969	$	147,301	$	757,904	$	—	$	757,904
Intersegment revenue	7,142		—		145		7,287		(7,287)		—
Operating income	126,204		12,889		20,176		159,269		(20,203)		139,066
Depreciation and amortization	26,951		1,771		6,035		34,757		200		34,957


Year Ended March 31, 2022
(in thousands)	Contractor Solutions		Engineered Building Solutions		Specialized Reliability Solutions		Subtotal - Reportable Segments		Eliminations and Other		Total
Revenues, net to external customers	$	413,207	$	97,296	$	115,932	$	626,435	$	—	$	626,435
Intersegment revenue	3,280		—		110		3,390		(3,390)		—
Operating income	96,115		11,101		9,007		116,223		(18,843)		97,380
Depreciation and amortization	27,879		2,063		6,016		35,958		450		36,408


Year Ended March 31, 2021
(in thousands)	Contractor Solutions		Engineered Building Solutions		Specialized Reliability Solutions		Subtotal - Reportable Segments		Eliminations and Other		Total
Revenues, net to external customers	$	245,232	$	95,672	$	78,301	$	419,205	$	—	$	419,205
Intersegment revenue	296		—		64		360		(360)		—
Operating income	59,007		14,066		581		73,654		(14,434)		59,220
Depreciation and amortization	14,415		2,014		5,744		22,173		545		22,718


TOTAL ASSETS
(Amounts in thousands)	Contractor Solutions		Engineered Building Solutions		Specialized Reliability Solutions		Subtotal - Reportable Segments		Eliminations and Other		Total
March 31, 2023	$	823,750	$	71,429	$	136,248	$	1,031,427	$	12,026	$	1,043,453
March 31, 2022	782,267		74,397		126,380		983,044		12,316		995,360
March 31, 2021	687,508		67,281		111,493		866,282		13,240		879,522

Schedule of Revenues and Long-Lived Assets by Geographic Area

Revenues and long-lived assets by geographic area are as follows (in thousands, except percent data):


	Year Ended March 31,
	2023				2022				2021
U.S.	$	678,126	89.5	%	$	559,296	89.3	%	$	367,169	87.6	%
Non-U.S. (a)	79,778		10.5	%	67,139		10.7	%	52,036		12.4	%
Revenues, net	$	757,904	100.0	%	$	626,435	100.0	%	$	419,205	100.0	%

(a) No individual country within this group represents 10% or more of consolidated totals for any period presented.


	Year Ended March 31,
	2023				2022				2021
U.S.	$	679,731	94.4	%	$	651,477	93.7	%	$	617,258	93.5	%
Non-U.S.	40,665		5.6	%	43,736		6.3	%	43,146		6.5	%
Long-lived assets (a)	$	720,396	100.0	%	$	695,213	100.0	%	$	660,404	100.0	%

(a) Long-lived assets consist primarily of property, plant and equipment, intangible assets, goodwill and other assets.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 96,574	$ 67,319	$ 40,099
Other comprehensive (loss) income:
Foreign currency translation adjustments	(3,752)	(44)	4,791
Cash flow hedging activity, net of taxes of $(41), $(142) and $(156), respectively	156	533	587
Pension and other postretirement effects, net of taxes of $(67), $(138) and $(34), respectively	261	433	72
Other comprehensive income (loss)	(3,335)	922	5,450
Comprehensive income	93,239	68,241	45,549
Less: Comprehensive income attributable to redeemable noncontrolling interest	(139)	(934)	0
Comprehensive income attributable to CSW Industrials, Inc.	$ 93,100	$ 67,307	$ 45,549

DETAILS OF CERTAIN CONSOLIDATED BALANCE SHEET CAPTIONS (Tables)

12 Months Ended

Mar. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Accounts Receivable, Net

Accounts receivable, net consists of the following (in thousands):


	March 31,
	2023		2022
Accounts receivable trade	$	121,164	$	120,603
Other receivables	2,954		3,378
	124,118		123,981
Less: Allowance for doubtful accounts	(1,365)		(1,177)
Accounts receivable, net	$	122,753	$	122,804

Schedule of Prepaid, and Other Assets Disclosure

Prepaid expenses and other current assets consists of the following (in thousands):


	March 31,
	2023		2022
Prepaid expenses	$	9,485	$	8,531
Short-term tax indemnification assets	7,500		—
Income taxes receivable	1,344		690
Current derivative asset	877		—
Other current assets	1,073		1,389
	$	20,279	$	10,610

Schedule of Property, Plant and Equipment, Net

Generally, the estimated useful lives of assets are:


Land improvements	5	to	40 years
Buildings and improvements	7	to	40 years
Plant, office and lab equipment	5	to	10 years

Property, plant and equipment, net, consist of the following (in thousands):


	March 31,
	2023		2022
Land and improvements	$	3,226	$	3,226
Buildings and improvements	52,975		53,346
Plant, office and laboratory equipment	112,271		99,770
Construction in progress	12,466		11,083
	180,938		167,425
Less: Accumulated depreciation	(92,703)		(80,393)
Property, plant and equipment, net	$	88,235	$	87,032

Schedule of Other Assets

Other assets consist of the following (in thousands):


	March 31,
	2023		2022
Right-of-use lease assets	$	59,815	$	67,076
Long-term tax indemnification assets	2,849		7,500
Deferred financing fees	2,363		2,271
Rent receivable	2,028		2,073
Property held for investment	418		418
Deferred income taxes	462		304

Other	2,584		3,044
Other assets	$	70,519	$	82,686

Schedule of Accrued and Other Current Liabilities

Accrued and other current liabilities consist of the following (in thousands):


	March 31,
	2023		2022
Compensation and related benefits	$	27,096	$	21,617
Rebates and marketing agreements	16,158		16,340

Operating lease liabilities	9,784		9,269
Acquisition deferred payments	3,427		3,061
Non-income taxes	1,802		1,949
Billings in excess of costs	637		1,026
Income taxes payable	403		4,266
Other accrued expenses	8,081		11,477
Accrued and other current liabilities	$	67,388	$	69,005

Schedule of Other Long-Term Liabilities

Other long-term liabilities consists of the following (in thousands):


	March 31,
	2023		2022
Deferred income taxes	$	62,144	$	62,810
Operating lease liabilities	55,590		63,275
Tax Reserve	16,509		13,987
Derivative liability	1,021		234
Acquisition deferred payments	1,853		—

Other long-term liabilities	$	137,117	$	140,306

CONTINGENCIES	12 Months Ended
CONTINGENCIES	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
CONTINGENCIES	CONTINGENCIESFrom time to time, we are involved in various claims and legal actions which arise in the ordinary course of business. There are not any matters pending that we currently believe are reasonably possible of having a material impact on our business, consolidated financial position, results of operations or cash flows.

RELATED PARTY TRANSACTIONS (Details) - USD ($)	12 Months Ended
RELATED PARTY TRANSACTIONS (Details) - USD ($)	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Related Party Transactions [Abstract]
Related party transaction	$ 0	$ 0	$ 0

INCOME TAXES

12 Months Ended

Mar. 31, 2023

Income Tax Disclosure [Abstract]

INCOME TAXES

In August 2022, the Inflation Reduction Act of 2022 (“IRA”) was signed into law. Among other things, the IRA imposes a fifteen percent corporate alternative minimum tax (the “Corporate AMT”) for tax years beginning after December 31, 2022 and levies a one percent excise tax on net share repurchases after December 31, 2022. The excise tax on the share repurchase portion of the IRA did not have an impact on our results of operations or financial position for the year ended March 31, 2023. We do not expect the Corporate AMT, excise tax or other provisions of the IRA to have a material impact on our consolidated financial statements.

Income before income taxes was comprised of the following (in thousands):


	Year Ended March 31,
	2023		2022		2021
U.S. Federal	$	118,181	$	87,607	$	48,142
Foreign	7,730		3,858		2,726
Income before income taxes	$	125,911	$	91,465	$	50,868

Income tax expense consists of the following (in thousands):


For the year ended:	Current		Deferred		Total
March 31, 2023
U.S. Federal	$	27,920	$	(3,549)	$	24,371
State and local	6,135		(2,471)		3,664
Foreign	1,482		(180)		1,302
Provision for income taxes	$	35,537	$	(6,200)	$	29,337
March 31, 2022
U.S. Federal	$	20,139	$	(1,578)	$	18,561
State and local	5,271		761		6,032
Foreign	638		(1,085)		(447)
Provision for income taxes	$	26,048	$	(1,902)	$	24,146
March 31, 2021
U.S. Federal	$	6,773	$	(1,211)	$	5,562
State and local	3,561		(500)		3,061
Foreign	1,641		505		2,146
Provision for income taxes	$	11,975	$	(1,206)	$	10,769

Income tax expense differed from the amounts computed by applying the U.S. federal statutory income tax rate of 21.0% to income before income taxes as a result of the following (in thousands):


	Year Ended March 31,
	2023		2022		2021
Computed tax expense at statutory rate	$	26,441	$	19,206	$	10,674
Increase (reduction) in income taxes resulting from:
State and local income taxes, net of federal benefits	2,895		4,765		2,419
Nondeductible executive compensation	1,555		992		248
Global intangible low-taxed income ("GILTI") inclusion	1,123		580		2,118
Repatriation tax, net of tax credit	904		170		822
Other permanent differences	557		(143)		1,931
IRC section 250 deductions	(1,626)		(1,102)		(1,678)
Foreign tax credits	(604)		(450)		(554)
Vesting of stock-based compensation	(408)		(1,916)		(741)


Uncertain tax positions	(224)		759		(4,717)
Valuation allowance	(96)		379		—

Foreign rate differential	67		91		85
Other, net	(1,247)		815		162
Provision for income taxes	$	29,337	$	24,146	$	10,769

The effective tax rates for the years ended March 31, 2023, 2022 and 2021 were 23.3%, 26.4% and 21.2%, respectively. As compared with the statutory rate for the year ended March 31, 2023, the provision for income taxes was primarily impacted by state tax expense (net of federal benefits), which increased the provision by $2.9 million and effective rate by 2.3%, executive compensation limitation, which increased the provision by $1.6 million and the effective tax rate by 1.2%; impact of GILTI inclusions, which increased the provision by $1.1 million and the effective tax rate by 0.9%; impact of repatriation of foreign earnings, which increased the provision by $0.9 million and the effective rate by 0.7%; and the additional non-deductible expenses, which increased the provision by $0.6 million and the effective tax rate by 0.4%. This was offset by IRC section 250 deductions, which decreased the provision by $1.6 million and the effective tax rate by 1.3%; foreign tax credits, which decreased the provision by $0.6 million and the effective tax rate by 0.5% and tax benefits related to the restricted stock vesting, which decreased the provision by $0.4 million and the effective tax rate by 0.3%.

As compared with the statutory rate for the year ended March 31, 2022, the provision for income taxes was primarily impacted by the state tax expense, which increased the provision by $4.8 million and the effective rate by 5.2%, executive compensation limitation, which increased the provision by $1.0 million and the effective rate by 1.1%, and a net increase in uncertain tax positions, which increased the provision by $0.8 million and the effective rate by 0.8%. This was offset by tax benefits related to the restricted stock vesting, which decreased the provision by $1.9 million and the effective rate by 2.1% and IRC section 250 deductions, which decreased the provision by $1.1 million and the effective tax rate by 1.2%.

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at March 31, 2023 and 2022 are presented below (in thousands):


	March 31,
	2023		2022
Deferred tax assets:
Operating lease liabilities	$	15,684	$	17,774
Accrued compensation	6,636		4,826
Inventory reserves	3,422		3,720
Accrued expenses	1,580		1,010
State R&D credit carry-forward	968		75
Transaction Costs	828		714
Pension and other employee benefits	452		412
Foreign tax credit carry-forward	284		379
Net operating loss carryforwards	144		145
Other, net	747		1,492
Deferred tax assets	30,745		30,547
Valuation allowance	(428)		(524)
Deferred tax assets, net of valuation allowance	30,317		30,023
Deferred tax liabilities:
Goodwill and intangible assets	(66,432)		(64,903)
Operating lease right-of-use assets	(14,337)		(16,364)
Property, plant and equipment	(7,299)		(8,242)
Repatriation reserve	(1,784)		(1,034)
Other, net	(2,148)		(1,986)
Deferred tax liabilities	(92,000)		(92,529)
Net deferred tax liabilities	$	(61,683)	$	(62,506)

As of both March 31, 2023 and 2022, we had immaterial net operating loss carryforwards, which were fully reserved through valuation allowances. Net operating loss carryforwards will expire in periods beyond the next 5 years.

Deferred income tax has not been recognized on the basis difference that is permanently invested outside the United States. This becomes taxable upon a repatriation of assets from the subsidiary or a sale or liquidation of the subsidiary. As of March 31, 2023, we have no basis differences that would result in material unrecognized deferred taxes.

A reconciliation of the beginning and ending amount of unrecognized tax benefits (excluding interest and penalties) is as follows (in thousands):


	March 31,
	2023		2022
Balance at beginning of year	$	9,934	$	10,212

Decreases related to prior year tax positions	(690)		(314)
Increases related to current year tax positions	2,540		36

Balance at end of year	$	11,784	$	9,934

During the year ended March 31, 2023, we released a reserve of $1.6 million primarily as a result of the conclusion of TRUaire's Vietnam's audit for the tax periods from January 1, 2019 to March 31, 2022 (discussed below), including accrued interest of $0.4 million and accrued penalties of $0.5 million. We also recorded total tax contingency reserves of $2.8 million, including unrecognized tax benefit of $2.5 million, accrued interest and penalty of $0.1 million and $0.2 million, respectively, through purchase accounting in connection with the Falcon Stainless acquisition. For the year ended March 31, 2023, we recorded an additional net tax contingency reserve of less than $0.1 million, accrued interest of $0.7 million and accrued penalty of $0.6 million.

During the year ended March 31, 2022, we released a reserve of $1.4 million, including accrued interest of $0.6 million and accrued penalties of $0.5 million, related to positions taken on tax returns for which the statute had expired.

In connection with the Falcon acquisition closed in July 2023, the Company recognized a UTP of $2.8 million related to pre-acquisition tax periods. In addition, in accordance with the tax indemnification included in the purchase agreement, the sellers provided a contractual indemnification to the Company for up to $4.5 million related to UTPs taken in pre-acquisition years, and we recognized a tax indemnification asset of $2.8 million. This tax indemnification asset will either be settled or expire upon the closure of the tax statutes for the pre-acquisition periods.

In connection with the TRUaire acquisition closed in December 2020, the Company recognized a UTP of $17.3 million related to pre-acquisition tax periods. In addition, in accordance with the tax indemnification included in the purchase agreement, the sellers provided a contractual indemnification to the Company for up to $12.5 million related to UTPs taken in pre-acquisition years, and we recognized a tax indemnification asset of $12.5 million. This tax indemnification asset will either be settled or expire by December 2023. During the three months ended March 31, 2021, as a result of the audit closure of a pre-acquisition tax period for TRUaire, $5.0 million of the tax indemnification asset was released along with the relevant UTP of $5.3 million. During the three months ended December 31, 2022, TRUaire's Vietnam entity concluded its audit for the tax periods from January 1, 2019 to March 31, 2022 and received an audit closing letter from the tax authority. As a result, $1.5 million of the UTP accrual (including penalties and interests accrued post-acquisition) was released and recorded as an income tax benefit for the three months ended December 31, 2022. As of March 31, 2023, $7.5 million of the tax indemnification asset remains outstanding and is reported in our condensed consolidated balance sheets in prepaid expenses and other current assets. This tax indemnification asset will either be settled or expire by December 15, 2023.

Our federal income tax returns for the years ended March 31, 2022, 2021 and 2020 remain subject to examination. Our income tax returns for TRUaire's pre-acquisition periods including calendar years 2018, 2019 and 2020 remain subject to examinations. Our income tax returns in certain state income tax jurisdictions remain subject to examination for various periods for the period ended September 30, 2015 and subsequent years.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

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+ Details

GOODWILL AND INTANGIBLE ASSETS (Tables)

12 Months Ended

Mar. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Changes in Carrying Amount of Goodwill

The changes in the carrying amount of goodwill for the years ended March 31, 2023 and 2022 were as follows (in thousands):


	Contractor Solutions		Engineered Building Solutions		Specialized Reliability Solutions		Total
Balance at April 1, 2021	$	169,345	$	22,238	$	27,212	$	218,795
Goodwill re-allocation	14,813		2,727		(17,540)		—
TRUaire acquisition	(2,099)		—		—		(2,099)
Shoemaker acquisition	8,115		—		—		8,115
Currency translation	(22)		42		(173)		(153)
Balance at March 31, 2022	$	190,152	$	25,007	$	9,499	$	224,658
Falcon acquisition	17,417		—		—		17,417
CG and ACG acquisitions	1,686		—		—		1,686
Shoemaker acquisition	6		—		—		6
Currency translation	(101)		(705)		(221)		(1,027)
Balance at March 31, 2023	$	209,160	$	24,302	$	9,278	$	242,740

Schedule of Intangible Assets

The following table provides information about our intangible assets for the years ended March 31, 2023 and 2022 (in thousands, except years):


		March 31, 2023				March 31, 2022
	Wtd Avg Life (Years)	Ending Gross Amount		Accumulated Amortization		Ending Gross Amount		Accumulated Amortization
Finite-lived intangible assets:
Patents	11	$	13,608	$	(8,546)	$	9,417	$	(8,065)
Customer lists and amortized trademarks	14	324,472		(81,901)		297,909		(61,368)
Non-compete agreements	5	950		(272)		939		(258)
Other	11	6,377		(2,235)		5,123		(3,957)
		$	345,407	$	(92,954)	$	313,388	$	(73,648)
Trade names and trademarks not being amortized:		$	66,450	$	—	$	61,097	$	—

Schedule of Estimated Future Amortization For Intangible Assets

The following table presents the estimated future amortization of finite-lived intangible assets for the next five fiscal years ending March 31 (in thousands):


2024	$	22,404
2025	21,525
2026	21,158
2027	20,363
2028	19,982
Thereafter	147,021
Total	$	252,453

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

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+ Details

LONG-TERM DEBT AND COMMITMENTS

12 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

LONG-TERM DEBT AND COMMITMENTS

Debt consists of the following (in thousands):


	March 31,
	2023		2022
Revolving Credit Facility, interest rate of 6.21% and 1.95% (a), respectively	$	253,000	$	243,000
Whitmore term loan, interest rate of 0.00% and 2.45% (a), respectively	—		9,775
Total debt	253,000		252,775
Less: Current portion	—		(561)
Long-term debt	$	253,000	$	252,214

(a) Represents the unhedged interest rate effective on March 31, 2023, and 2022, respectively.

Revolving Credit Facility Agreement

On December 11, 2015, we entered into a five-year $250.0 million Revolving Credit Facility agreement, with an additional $50.0 million accordion feature, with JPMorgan Chase Bank, N.A., as administrative agent, and the other lenders party thereto. The agreement was amended on September 15, 2017 to allow for multi-currency borrowing with a $125.0 million sublimit and to extend the maturity date to September 15, 2022. On December 1, 2020, the Company entered into an amendment to the Revolving Credit Facility (the "First Credit Agreement") to utilize the accordion feature, thus increasing the commitment from $250.0 million to $300.0 million, and hence eliminating the available incremental commitment by a corresponding amount. On March 10, 2021, the Revolving Credit Facility was amended to facilitate the formation and future operation of the joint venture discussed in Note 3.

On May 18, 2021, we entered into a Second Amended and Restated Credit Agreement (the “Second Credit Agreement”), which replaced the First Credit Agreement and provides for a $400.0 million revolving credit facility that contains a $25.0 million sublimit for the issuance of letters of credit and a $10.0 million sublimit for swingline loans, with an additional $150.0 million accordion feature. The Second Credit Agreement is scheduled to mature on May 18, 2026. The Company incurred a total of $2.3 million in underwriting fees, which are being amortized over the life of the Second Credit Agreement.

Borrowings under the Second Credit Agreement bear interest at either base rate plus between 0.25% to 1.5% or LIBOR plus between 1.25% to 2.5%, based on the Company’s leverage ratio calculated on a quarterly basis. The base rate is described in the Second Credit Agreement as the highest of (i) the Federal funds effective rate plus 0.50%, (ii) the prime rate quoted by The Wall Street Journal, and (iii) the one-month LIBOR rate plus 1.00%. We pay a commitment fee between 0.15% to 0.4% based on the Company's leverage ratio for the unutilized portion of this facility. Interest and commitment fees are payable monthly and quarterly, respectively, and the outstanding principal balance is due at the maturity date. The Second Credit Agreement is secured by a first priority lien on all tangible and intangible assets and stock issued by the Company and its domestic subsidiaries, subject to specified exceptions, and 65% of the voting equity interests in its first-tier foreign subsidiaries.

On December 15, 2022, the Company entered into an Incremental Assumption Agreement No. 1 and Amendment No. 2 to the Second Credit Agreement (the “Second Amendment”) to utilize a portion of the accordion feature, thus increasing the commitment from $400.0 million to $500.0 million, and concurrently reduced the available incremental accordion by a corresponding amount (the term "Revolving Credit Facility" as used throughout this document refers to the First Credit Agreement, the Second Credit Agreement and the Second Amendment, as applicable). The Second Amendment also replaced the LIBOR Rate with individualized metrics based on the specific denomination of borrowings, including a metric based on Term SOFR (as defined in the Second Credit Agreement) for borrowings denominated in U.S. Dollars. The Company incurred a total of $0.7 million in underwriting fees, which are being amortized over the remaining term of the Revolving Credit Facility.

During the year ended March 31, 2023, we borrowed $143.2 million and repaid $133.2 million under the Revolving Credit Facility. As of March 31, 2023 and 2022, we had $253.0 million and $243.0 million, respectively, in our outstanding balance, which resulted in borrowing capacity under the Revolving Credit Facility of $247.0 million and $157.0 million, respectively. The financial covenants contained in the Revolving Credit Facility require the maintenance of a maximum leverage ratio of 3.00 to 1.00, subject to a temporary increase to 3.75 to 1.00 for 18 months following the consummation of permitted acquisitions with consideration in excess of certain threshold amounts set forth in the Revolving Credit Facility. The Revolving Credit Facility Agreement also requires the maintenance of a minimum fixed charge coverage ratio of 1.25 to 1.00, the calculations and terms of which are defined in the Revolving Credit Facility Agreement. Covenant compliance is tested quarterly, and we were in compliance with all covenants as of March 31, 2023.

Whitmore Term Loan

Prior to January 20, 2023, Whitmore Manufacturing, LLC (one of our wholly-owned operating subsidiaries) maintained a secured term loan related to the warehouse, corporate office building and remodel of the existing manufacturing and R&D facility. The term loan required a payment of $140,000 each quarter. Borrowings under the term loan bore interest at a variable annual rate equal to one-month LIBOR plus 2.0%. On January 20, 2023, the Whitmore Term Loan was paid off using borrowings under our existing Revolving Credit Facility discussed above. As of March 31, 2023 and 2022, Whitmore had $0.0 million and $9.8 million, respectively, in outstanding borrowings under the term loan.

Interest payments under the Whitmore Term Loan were hedged under an interest rate swap agreement until January 9, 2023, when the interest rate swap agreement was terminated.

Future Minimum Debt Payments

Future minimum debt payments are as follows for years ending March 31 (in thousands):


2024	$	—
2025	—
2026	—
2027	253,000
2028	—
Thereafter	—
Total	$	253,000

DERIVATIVE INSTRUMENTS AND HEDGE ACCOUNTING - Additional Information (Details) - Interest Rate Swap - USD ($) $ in Millions	Jan. 09, 2023	Mar. 31, 2023	Feb. 07, 2023	Mar. 31, 2022
Derivative [Line Items]
Notional amount		$ 100.0		$ 9.8
Derivative, cash received on hedge	$ 0.2
Amount of hedged item			$ 100.0
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Derivative [Line Items]
Derivative, fixed interest rate			3.85%

RETIREMENT PLANS - Employee Stock Ownership Plan (Details) - USD ($) $ in Millions	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]
Award requisite service period	1 year
Period of credited service after which participant's interest in contributions to ESOP fully vest	3 years
Contributions to the ESOP	$ 3.1	$ 2.3	$ 3.6
ESOP expense recorded	$ 5.1
CSWI
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]
Shares held in ESOP (in shares)	537,293	549,863

INCOME TAXES - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended			39 Months Ended
	Mar. 31, 2021	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Oct. 04, 2022	Dec. 15, 2020
Business Acquisition [Line Items]
Effective tax rate		23.30%	26.40%	21.20%
Increase in provision due to state tax expense impact (net of federal benefits)		$ 2,895	$ 4,765	$ 2,419
Increase in effective tax rate due to state tax expense impact (net of federal benefits)		2.30%	5.20%
Nondeductible executive compensation		$ 1,555	$ 992	248
Effective income tax rate reconciliation, limitation, effective tax rate		1.20%	1.10%
Global intangible low-taxed income ("GILTI") inclusion		$ 1,123	$ 580	2,118
Global intangible low-taxed income ("GILTI") inclusion, percent		0.90%
Repatriation tax, net of tax credit		$ 904	170	822
Effective income tax rate reconciliation, repatriation tax rate differential, percent		0.70%
Increase in provision due to additional non-deductible expenses		$ 557	(143)	1,931
Increase in effective tax rate due to additional non-deductible expenses		0.40%
IRC section 250 deductions		$ 1,626	$ 1,102	1,678
IRC section 250 deductions, percent		1.30%	1.20%
Foreign tax credits, decrease, amount		$ 604	$ 450	554
Effective income tax rate reconciliation, tax credit, foreign, decrease, percent		0.50%
Vesting of stock-based compensation, decrease		$ 408	$ 1,916	741
Share-based payment arrangement, decrease, percent		0.30%	2.10%
Other, net		$ (1,247)	$ 815	162
Effective income tax rate reconciliation, other, net, percent			0.80%
Unrecognized tax benefits	$ 10,212	11,784	$ 9,934	10,212	$ 9,934
Interest accrued		700	600		600
Penalties accrued		600	500		500
Tax contingency reserves		100
Reduction resulting from lapse of applicable statute of limitations			$ 1,400
TRUaire acquisition
Business Acquisition [Line Items]
Unrecognized tax benefits		1,600
Interest accrued		400
Penalties accrued		500
Tax contingency reserves	17,300	17,321		$ 17,300			$ 22,511
Indemnification assets, range of outcomes, value, high							12,500
Indemnification assets, amount as of acquisition date							$ 12,500
Indemnification assets, release in period	5,000
Effective income tax rate reconciliation, tax settlement, amount	$ 5,300				$ 1,500
Indemnification assets, amount outstanding		7,500
Falcon Stainless, Inc.
Business Acquisition [Line Items]
Unrecognized tax benefits		2,800
Interest accrued		100
Penalties accrued		200
Unrecognized tax benefit related to acquisition		$ 2,500
Indemnification assets, range of outcomes, value, high						$ 4,500
Indemnification assets, amount as of acquisition date						$ 2,800

Cover Page - USD ($) $ in Millions	12 Months Ended
Cover Page - USD ($) $ in Millions	Mar. 31, 2023	May 22, 2023	Sep. 30, 2022
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Mar. 31, 2023
Current Fiscal Year End Date	--03-31
Document Transition Report	false
Entity File Number	001-37454
Entity Registrant Name	CSW INDUSTRIALS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	47-2266942
Entity Address, Address Line One	5420 Lyndon B. Johnson Freeway, Suite 500
Entity Address, City or Town	Dallas
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75240
City Area Code	214
Local Phone Number	884-3777
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	CSWI
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 1,827.3
Entity Common Stock, Shares Outstanding		15,508,573
Documents Incorporated by Reference	Certain information contained in the definitive proxy statement for the registrant’s Annual Meeting of Stockholders is incorporated by reference into Part III hereof.
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Entity Central Index Key	0001624794

Audit Information	12 Months Ended
Audit Information	Mar. 31, 2023
Audit Information [Abstract]
Auditor Name	GRANT THORNTON LLP
Auditor Location	Dallas, Texas
Auditor Firm ID	248

SHARE-BASED COMPENSATION

12 Months Ended

Mar. 31, 2023

Share-Based Payment Arrangement [Abstract]

SHARE-BASED COMPENSATION

We maintain the shareholder-approved 2015 Equity and Incentive Compensation Plan (the “2015 Plan”), which provides for the issuance of up to 1,230,000 shares of CSWI common stock through the grant of stock options, stock appreciation rights, restricted shares, restricted stock units, performance shares, performance units or other share-based awards, to employees, officers and non-employee directors. As of March 31, 2023, 421,546 shares were available for issuance under the 2015 Plan.

We recorded share-based compensation expense for restricted stock as follows for the years ended March 31, 2023, 2022 and 2021 (in thousands):


	Year Ended March 31,
	2023		2022		2021
Share-based compensation expense	$	9,751	$	8,450	$	5,085
Related income tax benefit	(2,438)		(2,197)		(1,220)
Net share-based compensation expense	$	7,313	$	6,253	$	3,865

Stock option activity, which represents outstanding CSWI awards held by CSWI employees resulting from the conversion of Capital Southwest stock options held by former Capital Southwest employees, was as follows:


	Number of Shares	Weighted Average Exercise Price		Remaining Contractual Life (Years)	Aggregate Intrinsic Value (in Millions)
Outstanding and Exercisable at April 1, 2021	63,413	$	25.23
Exercised	(52,613)	25.23
Outstanding and Exercisable at March 31, 2022	10,800	25.23		2.4	$	1.0
Exercised	(10,800)	25.23
Outstanding and Exercisable at March 31, 2023	—	$	—	0.0	$	—

No options were granted or vested during the years ended March 31, 2023, 2022 and 2021, and all stock options were vested and recognized prior to the year ended March 31, 2021. The intrinsic value of options exercised during the years ended March 31, 2023, 2022 and 2021 was $1.2 million, $5.8 million and $2.5 million, respectively. Cash received for options exercised during the years ended March 31, 2023, 2022 and 2021 was $0.3 million, $1.3 million and $1.3 million, respectively, and the tax benefit received was $0.3 million, $1.4 million and $0.4 million, respectively. As of March 31, 2023, there were no outstanding stock options.

Restricted stock activity was as follows:


	Year Ended March 31, 2023
	Number of Shares	Weighted Average Grant Date Fair Value
Outstanding at April 1, 2022	228,331	$	126.02
Granted	96,877	130.85
Vested	(87,516)	86.01
Canceled	(5,641)	112.60
Outstanding at March 31, 2023	232,051	$	138.14

During the three months ended June 30, 2021, Joe Armes, the Company's Chairman, Chief Executive Officer and President, was awarded special long-term incentive awards with the purpose of retaining him through retirement and promoting successful succession planning and transition practices. Mr. Armes' awards include 31,496 shares of restricted stock (which cliff vest on March 31, 2026), 27,559 performance shares (which vest in equal amounts on each of March 31, 2025, 2026 and 2027, subject to performance criteria being achieved) and 19,685 performance restricted stock units (40% of which vest upon recruiting of a successor CEO and 60% of which vest upon the first employment anniversary of the successor CEO).

During the restriction period, the holders of restricted shares are entitled to vote and receive dividends. Unvested restricted shares outstanding as of March 31, 2023 and 2022 included 99,463 and 102,360 shares (at target), respectively, with performance-based vesting provisions, having vesting ranges from 0-200% based on pre-defined performance targets with market conditions. Performance-based awards accrue dividend equivalents, which are settled upon (and to the extent of) vesting of the underlying award, and do not have the right to vote until vested. Performance-based awards are earned upon the achievement of objective performance targets and are payable in common shares. Compensation expense is calculated based on the fair market value as determined by a Monte Carlo simulation and is recognized over a 36-month cliff vesting period. We granted 21,087 and 47,845 awards with performance-based vesting provisions during the years ended March 31, 2023 and 2022, respectively, with a vesting range of 0-200%.

At March 31, 2023, we had unrecognized compensation cost related to unvested restricted shares of $19.4 million, which will be amortized into net income over the remaining weighted average vesting period of 2.7 years. The total fair value of restricted shares vested during the years ended March 31, 2023 and 2022 was $10.2 million and $14.2 million, respectively.

RETIREMENT PLANS - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended		3 Months Ended	12 Months Ended
	Jan. 31, 2023	Sep. 30, 2019	Mar. 31, 2020	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Defined Benefit Plan Disclosure [Line Items]
Pension plan curtailment benefit				$ 0	$ (30)	$ 0
Pension Plan \| Canadian Plan
Defined Benefit Plan Disclosure [Line Items]
Overall termination charge, net of tax	$ (400)
Pension Plan \| Qualified Plan \| U.S.
Defined Benefit Plan Disclosure [Line Items]
Pension plan curtailment benefit		$ 7,000
Overall termination charge, net of tax		$ 5,400
Excess funds distributed to defined contribution plan			$ 500
Pension Plan \| Qualified Plan \| Canadian Plan
Defined Benefit Plan Disclosure [Line Items]
Pension plan curtailment benefit	$ (500)
Postemployment Retirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Restoration plan reported liabilities				$ 1,300	$ 1,400

DERIVATIVE INSTRUMENTS AND HEDGE ACCOUNTING

12 Months Ended

Mar. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

DERIVATIVE INSTRUMENTS AND HEDGE ACCOUNTING

We enter into interest rate swap agreements to hedge exposure to floating interest rates on certain portions of our debt. All interest rate swaps are highly effective.

As of March 31, 2022, we had $9.8 million of notional amount in outstanding designated interest rate swap to hedge our exposure to variability in cash flows from interest payments on our Whitmore Term Loan. On January 9, 2023, the interest rate swap was terminated and resulted a cash receipt of $0.2 million.

On February 7, 2023, we entered into an interest rate swap to hedge our exposure to variability in cash flows from interest payments on the first $100.0 million borrowing under our Revolving Credit Facility. This interest rate swap fixes the one-month SOFR rate at 3.85% for the first $100.0 million borrowing under our Revolving Credit Facility, and will expire May 18, 2026. As of March 31, 2023, we had $100.0 million of notional amount in outstanding designated interest rate swaps with third parties.

The fair value of interest rate swaps designated as hedging instruments are summarized below (in thousands):


	March 31,
	2023		2022
Current derivative asset	$	877	$	—
Current derivative liabilities	—		109
Non-current derivative liabilities	1,021		233

The impact of changes in the fair value of interest rate swaps is included in Note 18.

Current derivative assets are reported in our consolidated balance sheets in prepaid expenses and other current assets. Current and non-current derivative liabilities are reported in our consolidated balance sheets in accrued and other current liabilities and other long-term liabilities, respectively.

GOODWILL AND INTANGIBLE ASSETS - Schedule of Estimated Future Amortization of Finite-lived Intangible Assets (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2024	$ 22,404
2025	21,525
2026	21,158
2027	20,363
2028	19,982
Thereafter	147,021
Total	$ 252,453

DETAILS OF CERTAIN CONSOLIDATED BALANCE SHEET CAPTIONS - Schedule of Accounts Receivable (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, gross	$ 124,118	$ 123,981
Less: Allowance for doubtful accounts	(1,365)	(1,177)
Accounts receivable, net	122,753	122,804
Accounts receivable trade
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, gross	121,164	120,603
Other receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, gross	$ 2,954	$ 3,378

DETAILS OF CERTAIN CONSOLIDATED BALANCE SHEET CAPTIONS - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Land and improvements	$ 3,226	$ 3,226
Buildings and improvements	52,975	53,346
Plant, office and laboratory equipment	112,271	99,770
Construction in progress	12,466	11,083
Property, plant and equipment, gross	180,938	167,425
Less: Accumulated depreciation	(92,703)	(80,393)
Property, plant and equipment, net	88,235	87,032
Property, Plant and Equipment [Line Items]
Depreciation	12,838	11,572	$ 9,194
Cost of revenue, depreciation	8,400	8,300	7,100
Property, Plant and Equipment
Property, Plant and Equipment [Line Items]
Depreciation	$ 12,900	$ 11,600	$ 9,200

CONSOLIDATION OF VARIABLE INTEREST ENTITY AND REDEEMABLE NONCONTROLLING INTEREST - Redeemable Noncontrolling Interest- (Details) $ in Thousands	12 Months Ended
	Mar. 31, 2023 USD ($)
Redeemable Noncontrolling Interest, Equity [Roll Forward]
Beginning balance	$ 15,325
Ending balance	18,464
Variable Interest Entity, Primary Beneficiary
Redeemable Noncontrolling Interest, Equity [Roll Forward]
Beginning balance	15,325
Net income attributable to redeemable noncontrolling interest	139
Contributions from noncontrolling interest	3,000
Ending balance	$ 18,464

INVENTORY - Schedule of Inventories, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022
Inventory Disclosure [Abstract]
Raw materials and supplies	$ 48,300	$ 46,136
Work in process	5,250	7,471
Finished goods	113,104	100,792
Total inventories	166,654	154,399
Less: Obsolescence reserve	(5,085)	(4,285)
Inventories, net	$ (161,569)	$ (150,114)

CONSOLIDATION OF VARIABLE INTEREST ENTITY AND REDEEMABLE NONCONTROLLING INTEREST (Tables)

12 Months Ended

Mar. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Variable Interest Entities

Whitmore JV's total net assets are presented below (in thousands):


	March 31, 2023
Cash	$	7,519
Accounts receivable, net	7,376
Inventories, net	2,971
Prepaid expenses and other current assets	115
Property, plant and equipment, net	11,923
Intangible assets, net	6,478
Other assets	137
Total assets	$	36,519

Accounts payable	$	6,274
Accrued and other current liabilities	1,417
Other long-term liabilities	66
Total liabilities	$	7,757

Schedule of Redeemable Noncontrolling Interest

Changes in redeemable noncontrolling interest for the year ended March 31, 2023 were as follows (in thousands):


Balance at March 31, 2022	$	15,325

Net income attributable to redeemable noncontrolling interest	139
Contributions from noncontrolling interest	3,000


Balance at March 31, 2023	$	18,464

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

SHARE-BASED COMPENSATION - Stock Option Activity (Details) - Share-based Payment Arrangement, Option - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Number of Shares
Outstanding at beginning of period (in shares)	10,800	63,413
Exercised (in shares)	(10,800)	(52,613)
Outstanding at end of period (in shares)		10,800
Exercisable at end of period (in shares)	0
Weighted Average Exercise Price
Outstanding at beginning of period (in USD per share)	$ 25.23	$ 25.23
Exercised (in USD per share)	25.23	25.23
Outstanding at end of period (in USD per share)		$ 25.23
Exercisable at end of period (in USD per share)	$ 0
Outstanding, remaining contractual life		2 years 4 months 24 days
Exercisable, remaining contractual life	0 years
Outstanding, aggregate intrinsic value		$ 1.0
Exercisable, aggregate intrinsic value	$ 0.0

RETIREMENT PLANS - Defined Contribution Plan (Details) - USD ($) $ in Millions	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Retirement Benefits [Abstract]
Employer matching contribution, percent of match	100.00%
Employer matching contribution, percent of employees' gross pay	6.00%
Contributions to defined contribution plan	$ 5.7	$ 4.8

RETIREMENT PLANS - Schedule of Net Pension (Benefit) Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Retirement Benefits [Abstract]
Service cost – benefits earned during the year	$ 0	$ 43	$ 40
Interest cost on projected benefit obligation	$ 56	$ 138	$ 144
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Expected Return (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other income (expense), net	Other income (expense), net	Other income (expense), net
Expected return on assets	$ 0	$ (120)	$ (96)
Net amortization and deferral	42	69	74
Pension plan termination	453	0	0
Curtailment impact	0	(30)	0
Net pension expense	$ 551	$ 100	$ 162
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Settlement Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other income (expense), net	Other income (expense), net	Other income (expense), net
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Curtailment Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other income (expense), net	Other income (expense), net	Other income (expense), net
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Amortization of Prior Service Cost (Credit), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other income (expense), net	Other income (expense), net	Other income (expense), net
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Interest Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]	Other income (expense), net	Other income (expense), net	Other income (expense), net

DERIVATIVE INSTRUMENTS AND HEDGE ACCOUNTING (Tables)

12 Months Ended

Mar. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Fair Value of Interest Rate Swaps Designated as Hedging Instruments

The fair value of interest rate swaps designated as hedging instruments are summarized below (in thousands):


	March 31,
	2023		2022
Current derivative asset	$	877	$	—
Current derivative liabilities	—		109
Non-current derivative liabilities	1,021		233

LEASES - Supplemental Cash Flow (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Leases [Abstract]
Cash paid for amounts included in the measurement of operating lease liabilities	$ 11,058	$ 9,974
Right-of-use assets obtained in exchange for new operating lease obligations	$ 2,526	$ 8,464

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Statement of Comprehensive Income [Abstract]
Cash flow hedging activity, taxes	$ (41)	$ (142)	$ (156)
Pension and other postretirement effect, taxes	$ (67)	$ (138)	$ (34)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Earnings Per Share [Abstract]
Income from continuing operations	$ 96,574	$ 67,319	$ 40,099
Income attributable to redeemable noncontrolling interest	139	934	0
Net income attributable to CSW Industrials, Inc.	$ 96,435	$ 66,385	$ 40,099
Weighted average shares:
Common stock (in shares)	15,401	15,646	14,919
Participating securities (in shares)	108	109	96
Denominator for basic earnings per common share (in shares)	15,509	15,755	15,015
Potentially dilutive securities (in shares)	37	52	111
Denominator for diluted earnings per common share (in shares)	15,546	15,807	15,126
Basic earnings per common share: (in USD per share)	$ 6.22	$ 4.21	$ 2.67
Diluted earnings per common share: (in USD per share)	$ 6.20	$ 4.20	$ 2.65

ACQUISITIONS (Tables)

12 Months Ended

Mar. 31, 2023

Business Combination and Asset Acquisition [Abstract]

Schedule of Consideration Transferred


Acquisition Consideration (Amounts in thousands, except for shares)
Cash (a)	$	287,986
Common stock (849,852 shares)	97,656
Total consideration transferred	$	385,642

(a) Amount includes working capital and closing cash adjustments and includes a $1.0 million to be paid to the sellers as a result of an expected tax refund pursuant to the purchase agreement.

Schedule of Aggregate Fair Value of Assets Acquired and Liabilities Assumed

The following table summarizes the Company's estimate of the aggregate fair value of the assets acquired and liabilities assumed at the date of acquisition (in thousands).


	Initial Estimated Fair Value		Measurement Period Adjustments		Updated Estimated Fair Value
Cash	$	1,471	$	—	$	1,471
Accounts Receivable, net	13,467		(17)		13,450
Inventory	46,313		(1,300)		45,013
Short-Term Tax Indemnity Assets	5,000		—		5,000
Other Current Assets	1,285		2,103		3,388
Property, Plant and Equipment	28,832		(4,201)		24,631
Trade Name (indefinite life)	43,500		—		43,500
Customer Lists (useful life of 15 years)	194,000		8,500		202,500
Right-Of-Use Assets	49,040		—		49,040
Long-Term Tax Indemnity Assets	7,500		—		7,500
Other Long-term Assets	2,850		(698)		2,152
Accounts Payable	(4,074)		—		(4,074)
Accrued and Other Current Liabilities	(3,678)		(172)		(3,850)
Lease Liabilities - Short-Term	(4,811)		—		(4,811)

Deferred Tax Liabilities	(56,249)		(3,784)		(60,033)
Tax Contingency Reserve	(22,511)		5,190		(17,321)
Lease Liabilities - Long-Term	(45,369)		—		(45,369)
Estimated fair value of net assets acquired	256,566		5,621		262,187
Goodwill	129,169		(5,714)		123,455
Total Purchase Price	$	385,735	$	(93)	$	385,642

Schedule of Unaudited Proforma Financial Information

Pursuant to Topic 805, unaudited supplemental proforma results of operations for the year ended March 31, 2021 as if the acquisition of TRUaire had occurred on April 1, 2019 are presented below (in thousands, except per share amounts):


	Year Ended March 31, 2021
Revenue, net	$	495,788
Net income	47,648

Net earnings per common share:
Diluted	$	3.03
Basic	3.05

ACQUISITIONS

12 Months Ended

Mar. 31, 2023

Business Combination and Asset Acquisition [Abstract]

ACQUISITIONS

Falcon Stainless, Inc.

On October 4, 2022, we acquired 100% of the outstanding equity of Falcon Stainless, Inc ("Falcon"), based in Temecula, California, for an aggregate purchase price of $37.1 million (including $1.0 million cash acquired), comprising cash consideration of $34.6 million and an additional payment of $2.5 million due one-year from the acquisition date assuming certain business conditions are met. The cash consideration was funded with cash on hand and borrowings under our existing Revolving Credit Facility (as defined in Note 8). Falcon's products are well-known among the professional trades for supplying enhanced water flow delivery and supplement our Contractor Solutions segment's existing product portfolio.

The Falcon acquisition was accounted for as a business combination under FASB Accounting Standards Codification Topic 805, Business Combinations ("Topic 805"). The excess of the purchase price over the preliminary fair value of the identifiable assets acquired was $17.4 million allocated to goodwill, which represents the value expected to be obtained from owning products that are complementary to our existing plumbing offerings and provide a meaningful value proposition to our customers. The preliminary allocation of the fair value of the assets acquired comprises customer lists ($17.7 million), trademarks ($4.7 million), accounts receivable ($1.4 million), cash ($1.0 million), inventory ($0.7 million), other current asset ($0.1 million) and other assets ($2.9 million), net of current liabilities (0.5 million) and other liabilities ($8.3 million). Customer lists are being amortized over 15 years, while trademarks and goodwill are not being amortized. The Company's evaluation of the facts and circumstances available as of October 4, 2022, to assign fair values to assets acquired is ongoing. We expect to finalize the purchase price allocation as soon as practicable, but no later than one year from the acquisition date. Goodwill and all intangible assets are not deductible for income tax purposes. Falcon activity has been included in our Contractor Solutions segment since the acquisition date. No pro forma information has been provided due to immateriality.

Cover Guard, Inc. and AC Guard, Inc.

On July 8, 2022, we acquired the assets of Cover Guard, Inc. (“CG”) and AC Guard, Inc. ("ACG"), based in Orlando, Florida, for an aggregate purchase price of $18.4 million, comprised of cash consideration of $18.0 million and additional contingent considerations initially measured at $0.4 million based on CG and ACG meeting defined financial targets over a period of 5 years. In conjunction with the acquisition, we agreed to pay an additional $3.7 million, comprised of cash consideration of $1.5 million and 5-year annuity payments (value of $2.2 million) to a third party to secure the related intellectual property. The total cash consideration at closing of $19.5 million was funded with cash on hand and borrowings under our existing Revolving Credit Facility (as defined in Note 8). CG and ACG product lines further expand Contractor Solutions’ offering of leading HVAC/R accessories, including lineset covers and HVAC/R condenser protection cages. Through these differentiated products, our Contractor Solutions segment expects to achieve incremental ductless and ducted HVAC/R market penetration. As of the acquisition date, the estimated fair value of the contingent consideration was classified as a long-term liability of $0.4 million and was determined using an option pricing model simulation that determines an average projected payment value across numerous iterations.

The CG and ACG acquisition was accounted for as a business combination under Topic 805. The excess of the purchase price over the preliminary fair value of the identifiable assets acquired was $1.7 million allocated to goodwill, which represents the value expected to be obtained from owning products that are complementary to our existing HVAC/R and plumbing offerings and provide a meaningful value proposition to our customers. The preliminary allocation of the fair value of the assets acquired included customer lists ($9.8 million), patent ($1.8 million), trademarks ($0.7 million), inventory ($3.1 million), accounts receivable ($1.0 million) and equipment ($0.3 million). Customer lists and patents are being amortized over 15 years and 10 years, respectively, while trademarks and goodwill are not being amortized. The Company's evaluation of the facts and circumstances available as of July 8, 2022, to assign fair values to assets acquired is ongoing. We expect to finalize the purchase price allocation as soon as practicable, but no later than one year from the acquisition date. Goodwill and all intangible assets are deductible and amortized over 15 years for income tax purposes. CG and ACG activity has been included in our Contractor Solutions segment since the acquisition date. No pro forma information has been provided due to immateriality.

The additional $3.7 million we agreed to pay a third party was accounted for as an acquisition of intellectual property and will be amortized over 15 years.

Shoemaker Manufacturing, LLC

On December 15, 2021, we acquired 100% of outstanding equity of Shoemaker Manufacturing, LLC (“Shoemaker”), based in Cle Elum, Washington, for an aggregate purchase price of $43.6 million, including working capital and closing cash adjustments and expected contingent consideration. Shoemaker offers high-quality customizable GRD for commercial and residential markets, and expands CSWI’s HVAC/R product offering and regional exposure in the northwest U.S. The aggregate purchase price was comprised of cash consideration of $38.6 million (including $1.2 million cash acquired), 25,483 shares of the Company's common stock valued at $3.0 million at transaction close and additional contingent consideration of up to $2.0 million based on Shoemaker meeting a defined financial target during the quarter ended March 31, 2022, which was achieved. The cash consideration was funded with cash on hand and borrowings under our existing Revolving Credit Facility. The 25,483 shares of common stock delivered to the sellers as consideration were issued from treasury shares. As of the acquisition date, the estimated fair value of the contingent consideration obligation was classified as a current liability of $2.0 million and was determined using a scenario-based analysis on forecasted future results. In May 2022, the full earn-out amount of $2.0 million was remitted to the sellers due to the performance obligation had been met. During the year ended March 31, 2022, we incurred $0.7 million in transaction expenses in connection with the Shoemaker acquisition, which were included in selling, general and administrative expenses in the Consolidated Statement of Operations under the Contractor Solution segment.

The Shoemaker acquisition was accounted for as a business combination under Topic 805. The excess of the purchase price over the fair value of the identifiable assets acquired was $8.1 million allocated to goodwill, which represents the value expected to be obtained from owning a more extensive GRD product portfolio for the HVAC/R market and increased regional exposure to the northwest U.S. The preliminary allocation of the fair value of the net assets acquired included customer lists ($23.0 million), trademarks ($6.5 million), noncompete agreements ($0.7 million), backlog ($0.3 million), inventory ($3.6 million), accounts receivable ($1.7 million), cash ($1.2 million), equipment ($1.4 million) and prepaid expenses ($0.2 million), net of current liabilities ($3.1 million). Customer lists, noncompete agreements and backlog are being amortized over 15 years, 5 years and 1 month, respectively, while trademarks and goodwill are not being amortized. The Company completed the analysis of tangible assets, intangible assets, liabilities assumed and the related allocation during the three months ended December 31, 2022. Goodwill and all intangible assets are deductible and amortized over 15 years for income tax purposes. Shoemaker activity has been included in our Contractor Solutions segment since the acquisition date. No proforma information has been provided due to immateriality.

T.A. Industries

On December 15, 2020, we acquired 100% of the outstanding equity of T.A. Industries, Inc. (“TRUaire”), a leading manufacturer of grilles, registers, and diffusers for the residential and commercial HVAC/R end market, based in Santa Fe Springs, California. The acquisition also included TRUaire’s wholly-owned manufacturing facility based in Vietnam. The acquisition extended the Company’s product offerings to the HVAC market and provided strategic distribution facilities.

The contractual consideration paid for TRUaire included cash of $288.0 million (after working capital and closing cash adjustments) and 849,852 shares of the Company’s common stock valued at $97.7 million at transaction close based on the closing market price of the Company's common shares on the acquisition date. The cash consideration was funded through a combination of cash on hand and borrowings under our Revolving Credit Facility. The 849,852 shares of common stock delivered to the sellers as consideration were reissued from treasury shares.


Acquisition Consideration (Amounts in thousands, except for shares)
Cash (a)	$	287,986
Common stock (849,852 shares)	97,656
Total consideration transferred	$	385,642

(a) Amount includes working capital and closing cash adjustments and includes a $1.0 million to be paid to the sellers as a result of an expected tax refund pursuant to the purchase agreement.

The TRUaire acquisition was accounted for as a business combination under Topic 805. Pursuant to Topic 805, the Company allocated the TRUaire purchase price to tangible and identifiable intangible assets acquired and liabilities assumed based on their estimated fair values as of the acquisition date, December 15, 2020. The excess of the purchase price over those fair values was recorded to goodwill. The Company completed the analysis of tangible assets, intangible assets, liabilities assumed and the related allocation during the three months ended December 31, 2021. The following table summarizes the Company's estimate of the aggregate fair value of the assets acquired and liabilities assumed at the date of acquisition (in thousands).


	Initial Estimated Fair Value		Measurement Period Adjustments		Updated Estimated Fair Value
Cash	$	1,471	$	—	$	1,471
Accounts Receivable, net	13,467		(17)		13,450
Inventory	46,313		(1,300)		45,013
Short-Term Tax Indemnity Assets	5,000		—		5,000
Other Current Assets	1,285		2,103		3,388
Property, Plant and Equipment	28,832		(4,201)		24,631
Trade Name (indefinite life)	43,500		—		43,500
Customer Lists (useful life of 15 years)	194,000		8,500		202,500
Right-Of-Use Assets	49,040		—		49,040
Long-Term Tax Indemnity Assets	7,500		—		7,500
Other Long-term Assets	2,850		(698)		2,152
Accounts Payable	(4,074)		—		(4,074)
Accrued and Other Current Liabilities	(3,678)		(172)		(3,850)
Lease Liabilities - Short-Term	(4,811)		—		(4,811)

Deferred Tax Liabilities	(56,249)		(3,784)		(60,033)
Tax Contingency Reserve	(22,511)		5,190		(17,321)
Lease Liabilities - Long-Term	(45,369)		—		(45,369)
Estimated fair value of net assets acquired	256,566		5,621		262,187
Goodwill	129,169		(5,714)		123,455
Total Purchase Price	$	385,735	$	(93)	$	385,642

Deferred tax liabilities were established to record the deferred tax impact of purchase price accounting adjustments, primarily related to intangibles assets. Tax contingency reserves relate to uncertain tax positions TRUaire took in the periods prior to the acquisition date.

In accordance with the tax indemnification included in the purchase agreement of TRUaire, the seller provided contractual indemnification to the Company for up to $12.5 million related to uncertain tax positions taken in prior years. During the three months ended March 31, 2021, TRUaire received an audit closing letter from Internal Revenue Service related to calendar 2017, a pre-acquisition tax year. As a result of this, $5.0 million of the relevant tax indemnification was released in accordance with the purchase agreement. The release of the relevant uncertain tax position accrual of $5.3 million was recorded as an income tax benefit for the three months ended March 31, 2021, and the offsetting indemnification expense of $5.0 million was recorded in other expense on the consolidated statement of operations. As of March 31, 2023, $7.5 million tax indemnification asset remains outstanding and is reported in our condensed consolidated balance sheets in prepaid expenses and other current assets. This tax indemnification asset will either be settled by or expire on December 15, 2023.

Goodwill of $123.5 million represents the excess of the purchase price over the fair value of the underlying tangible and intangible assets acquired and liabilities assumed. The acquisition goodwill represents the value expected to be obtained from expanding the Company’s product offerings more broadly across the HVAC end market. The goodwill recorded as part of this acquisition is included in the Contractor Solutions segment. The goodwill associated with the acquisition will not be amortized for financial reporting purposes and will not be deductible for income tax purposes.

TRUaire activity has been included in our Contractor Solutions segment since the acquisition date. During the years ended March 31, 2022 and March 31, 2021, the Company incurred and paid $0 and $7.8 million transaction expenses in connection with the TRUaire acquisition. Effective April 1, 2022, TRUaire was fully integrated with RectorSeal, the primary operating company of the Contractor Solutions segment.


	Year Ended March 31, 2021
Revenue, net	$	495,788
Net income	47,648

Net earnings per common share:
Diluted	$	3.03
Basic	3.05

These proforma results do not present financial results that would have been realized had the acquisition occurred on April 1, 2019, nor are they intended to be a projection of future results. The unaudited proforma results include certain proforma adjustments to net income that were directly attributable to the acquisition, as if the acquisition had occurred on April 1, 2019, including the following:

•Additional depreciation expense of $0.4 million that would have been recognized as a result of the fair value step-up of the property, plant and equipment;

•Additional amortization expense of $9.6 million that would have been recognized as a result of the allocation of purchase consideration to customer lists subject to amortization;

•Estimated additional interest expense of $3.3 million as a result of incurring additional borrowing;

•Income tax effect of the proforma adjustments calculated using a blended statutory income tax rate of 24.5% of $3.2 million.

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2023	Mar. 31, 2022
Statement of Financial Position [Abstract]
Common shares, par value (in USD per share)	$ 0.01	$ 0.01
Common shares, authorized (in shares)	50,000,000	50,000,000
Common shares, issued (in shares)	16,378,000	16,283,000
Preferred shares, par value (in USD per share)	$ 0.01	$ 0.01
Preferred shares, authorized (in shares)	10,000,000	10,000,000
Preferred shares, issued (in shares)	0	0
Treasury shares (in shares)	902,000	576,000

DETAILS OF CERTAIN CONSOLIDATED BALANCE SHEET CAPTIONS - Schedule of Accrued and Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Compensation and related benefits	$ 27,096	$ 21,617
Rebates and marketing agreements	16,158	16,340
Operating lease liabilities	9,784	9,269
Acquisition deferred payments	3,427	3,061
Non-income taxes	1,802	1,949
Billings in excess of costs	637	1,026
Income taxes payable	403	4,266
Other accrued expenses	8,081	11,477
Accrued and other current liabilities	$ 67,388	$ 69,005

CONSOLIDATION OF VARIABLE INTEREST ENTITY AND REDEEMABLE NONCONTROLLING INTEREST - Narrative (Details) - USD ($) $ in Thousands		12 Months Ended
	Apr. 01, 2021	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Variable Interest Entity [Line Items]
Net income		$ 96,435	$ 66,385	$ 40,099
Variable Interest Entity, Primary Beneficiary \| Affiliated Entity \| Whitmore JV
Variable Interest Entity [Line Items]
Interest sold (in percent)	50.00%
Net income		$ 300
Initiating member's equity interest	90.00%
Period of written notice	3 years
Variable Interest Entity, Primary Beneficiary \| Shell \| Affiliated Entity \| Whitmore Manufacturing, LLC
Variable Interest Entity [Line Items]
Interest sold (in percent)	50.00%
Consideration received	$ 13,400
Proceeds from sale of variable interest entity	5,300
Intangible assets received on disposal of variable interest entity	$ 8,100

SHARE-BASED COMPENSATION - Restricted Stock Activity, Additional Information (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Jun. 30, 2021	Mar. 31, 2023	Mar. 31, 2022
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock/units granted (in shares)		96,877
Unvested restricted shares outstanding (in shares)		232,051	228,331
Unrecognized compensation costs related to unvested restricted shares		$ 19.4
Weighted average vesting period		2 years 8 months 12 days
Fair value of restricted shares vested		$ 10.2	$ 14.2
Restricted Stock \| Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock/units granted (in shares)	31,496
Restricted Stock Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested restricted shares outstanding (in shares)		99,463	102,360
Restricted Stock Performance Shares \| Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock/units granted (in shares)	27,559
Restricted Stock Performance Shares \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance-based vesting range		0.00%
Restricted Stock Performance Shares \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance-based vesting range		200.00%
Restricted Stock Performance Shares \| Cliff Vesting
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock/units granted (in shares)		21,087	47,845
Vesting period		36 months
Restricted Stock Performance Shares \| Cliff Vesting \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance-based vesting range		0.00%
Restricted Stock Performance Shares \| Cliff Vesting \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance-based vesting range		200.00%
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance-based vesting range	60.00%
Restricted Stock Units (RSUs) \| Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock/units granted (in shares)	19,685
Performance-based vesting range	40.00%

INVENTORY (Tables)

12 Months Ended

Mar. 31, 2023

Inventory Disclosure [Abstract]

Schedule of Inventories, Net

The Inventories, net caption in the Consolidated Balance Sheet is comprised of the following components:


	March 31,
	2023		2022
Raw materials and supplies	$	48,300	$	46,136
Work in process	5,250		7,471
Finished goods	113,104		100,792
Total inventories	166,654		154,399

Less: Obsolescence reserve	(5,085)		(4,285)
Inventories, net	$	161,569	$	150,114

SEGMENTS - Schedule of Sales and Long-Lived Assets by Geographic Area (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues, net	$ 757,904	$ 626,435	$ 419,205
Long-lived assets	$ 720,396	$ 695,213	$ 660,404
Net Revenues \| Geographic Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage	100.00%	100.00%	100.00%
Long-lived Assets \| Geographic Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage	100.00%	100.00%	100.00%
U.S.
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues, net	$ 678,126	$ 559,296	$ 367,169
Long-lived assets	$ 679,731	$ 651,477	$ 617,258
U.S. \| Net Revenues \| Geographic Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage	89.50%	89.30%	87.60%
U.S. \| Long-lived Assets \| Geographic Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage	94.40%	93.70%	93.50%
Non-U.S.
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues, net	$ 79,778	$ 67,139	$ 52,036
Long-lived assets	$ 40,665	$ 43,736	$ 43,146
Non-U.S. \| Net Revenues \| Geographic Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage	10.50%	10.70%	12.40%
Non-U.S. \| Long-lived Assets \| Geographic Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage	5.60%	6.30%	6.50%

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
-Paragraph 30
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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+ Details

GOODWILL AND INTANGIBLE ASSETS - Schedule of Changes in Carrying Amount of Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended		28 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2023
Goodwill [Roll Forward]
Beginning balance	$ 224,658	$ 218,795
Goodwill re-allocation		0
Currency translation	(1,027)	(153)
Ending balance	242,740	224,658	$ 242,740
TRUaire acquisition
Goodwill [Roll Forward]
Goodwill re-allocation		(2,099)	(5,714)
Ending balance	123,455		123,455
Shoemaker acquisition
Goodwill [Roll Forward]
Goodwill, acquired	6	8,115
Falcon acquisition
Goodwill [Roll Forward]
Goodwill, acquired	17,417
CG and ACG acquisitions
Goodwill [Roll Forward]
Goodwill, acquired	1,686
Contractor Solutions
Goodwill [Roll Forward]
Beginning balance	190,152	169,345
Goodwill re-allocation		14,813
Currency translation	(101)	(22)
Ending balance	209,160	190,152	209,160
Contractor Solutions \| TRUaire acquisition
Goodwill [Roll Forward]
Goodwill re-allocation		(2,099)
Contractor Solutions \| Shoemaker acquisition
Goodwill [Roll Forward]
Goodwill, acquired	6	8,115
Contractor Solutions \| Falcon acquisition
Goodwill [Roll Forward]
Goodwill, acquired	17,417
Contractor Solutions \| CG and ACG acquisitions
Goodwill [Roll Forward]
Goodwill, acquired	1,686
Engineered Building Solutions
Goodwill [Roll Forward]
Beginning balance	25,007	22,238
Goodwill re-allocation		2,727
Currency translation	(705)	42
Ending balance	24,302	25,007	24,302
Engineered Building Solutions \| TRUaire acquisition
Goodwill [Roll Forward]
Goodwill re-allocation		0
Engineered Building Solutions \| Shoemaker acquisition
Goodwill [Roll Forward]
Goodwill, acquired	0	0
Engineered Building Solutions \| Falcon acquisition
Goodwill [Roll Forward]
Goodwill, acquired	0
Engineered Building Solutions \| CG and ACG acquisitions
Goodwill [Roll Forward]
Goodwill, acquired	0
Specialized Reliability Solutions
Goodwill [Roll Forward]
Beginning balance	9,499	27,212
Goodwill re-allocation		(17,540)
Currency translation	(221)	(173)
Ending balance	9,278	9,499	$ 9,278
Specialized Reliability Solutions \| TRUaire acquisition
Goodwill [Roll Forward]
Goodwill re-allocation		0
Specialized Reliability Solutions \| Shoemaker acquisition
Goodwill [Roll Forward]
Goodwill, acquired	0	$ 0
Specialized Reliability Solutions \| Falcon acquisition
Goodwill [Roll Forward]
Goodwill, acquired	0
Specialized Reliability Solutions \| CG and ACG acquisitions
Goodwill [Roll Forward]
Goodwill, acquired	$ 0

SHAREHOLDERS' EQUITY (Details) - USD ($)							12 Months Ended			29 Months Ended
SHAREHOLDERS' EQUITY (Details) - USD ($)	May 12, 2023	Apr. 14, 2023	Apr. 14, 2022	Apr. 15, 2021	Apr. 04, 2019	Nov. 07, 2018	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2023	Dec. 16, 2022	Oct. 30, 2020
Equity, Class of Treasury Stock [Line Items]
Repurchased amount										$ 50,100,000
Dividend declared (in USD per share)			$ 0.17	$ 0.15	$ 0.135
Dividends paid							$ 10,555,000	$ 9,459,000	$ 8,083,000
Subsequent Event
Equity, Class of Treasury Stock [Line Items]
Dividend declared (in USD per share)		$ 0.19
Dividends paid (in USD per share)	$ 0.19
2018 Share Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Authorized repurchase amount						$ 75,000,000
Repurchase program period in force						2 years
2020 Share Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Authorized repurchase amount							$ 100,000,000			$ 100,000,000	$ 100,000,000	$ 100,000,000
Shares repurchased (in shares)							336,347	126,115		462,462
Repurchased amount							$ 35,700,000	$ 14,400,000		$ 100,000,000
2022 Share Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Authorized repurchase amount							$ 100,000,000			$ 100,000,000	$ 100,000,000
Shares repurchased (in shares)							0			0

INCOME TAXES - Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022
Deferred tax assets:
Operating lease liabilities	$ 15,684	$ 17,774
Accrued compensation	6,636	4,826
Inventory reserves	3,422	3,720
Accrued expenses	1,580	1,010
State R&D credit carry-forward	968	75
Transaction Costs	828	714
Pension and other employee benefits	452	412
Foreign tax credit carry-forward	284	379
Net operating loss carryforwards	144	145
Other, net	747	1,492
Deferred tax assets	30,745	30,547
Valuation allowance	(428)	(524)
Deferred tax assets, net of valuation allowance	30,317	30,023
Deferred tax liabilities:
Goodwill and intangible assets	(66,432)	(64,903)
Operating lease right-of-use assets	(14,337)	(16,364)
Property, plant and equipment	(7,299)	(8,242)
Repatriation reserve	(1,784)	(1,034)
Other, net	(2,148)	(1,986)
Deferred tax liabilities	(92,000)	(92,529)
Net deferred tax liabilities	$ (61,683)	$ (62,506)

LEASES - Maturities of Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022
Leases [Abstract]
2024	$ 11,082
2025	10,903
2026	10,558
2027	10,316
2028	9,037
Thereafter	18,787
Total lease liabilities	70,683
Less: Imputed interest	(5,309)
Present value of lease liabilities	$ 65,374	$ 72,544

RELATED PARTY TRANSACTIONS	12 Months Ended
RELATED PARTY TRANSACTIONS	Mar. 31, 2023
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONSWe had no related party transactions in the three years ended March 31, 2023, 2022 and 2021.

ORGANIZATION AND OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Mar. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Property, Plant and Equipment, Net

Generally, the estimated useful lives of assets are:


Land improvements	5	to	40 years
Buildings and improvements	7	to	40 years
Plant, office and lab equipment	5	to	10 years

Property, plant and equipment, net, consist of the following (in thousands):


	March 31,
	2023		2022
Land and improvements	$	3,226	$	3,226
Buildings and improvements	52,975		53,346
Plant, office and laboratory equipment	112,271		99,770
Construction in progress	12,466		11,083
	180,938		167,425
Less: Accumulated depreciation	(92,703)		(80,393)
Property, plant and equipment, net	$	88,235	$	87,032

EARNINGS PER SHARE

12 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

EARNINGS PER SHARE

The following table sets forth the reconciliation of the numerator and the denominator of basic and diluted earnings per share for the years ended March 31, 2023, 2022 and 2021:


	March 31,
(amounts in thousands, except per share data)	2023		2022		2021
Net income	$	96,574	$	67,319	$	40,099

Income attributable to redeemable noncontrolling interest	(139)		(934)		—
Net income attributable to CSW Industrials, Inc.	$	96,435	$	66,385	$	40,099
Weighted average shares:
Common stock	15,401		15,646		14,919
Participating securities	108		109		96
Denominator for basic earnings per common share	15,509		15,755		15,015
Potentially dilutive securities	37		52		111
Denominator for diluted earnings per common share	15,546		15,807		15,126

Basic earnings per common share:	$	6.22	$	4.21	$	2.67




Diluted earnings per common share:	$	6.20	$	4.20	$	2.65

LONG-TERM DEBT AND COMMITMENTS - Aggregate Maturities of Long-Term Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022
Debt Disclosure [Abstract]
2024	$ 0
2025	0
2026	0
2027	253,000
2028	0
Thereafter	0
Total debt	$ 253,000	$ 252,775

- Definition

Amount, excluding unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

ORGANIZATION AND OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Details)		12 Months Ended
	Apr. 01, 2021	Mar. 31, 2023 USD ($) segment brand	Mar. 31, 2022 USD ($)	Mar. 31, 2021 USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of business segments \| segment		3
Highly respected industrial brands (more than) \| brand		100
Allowance for expected credit losses for short-term receivables		$ 1,365,000	$ 1,177,000
Goodwill impairment loss		0	0	$ 0
Variable Interest Entity, Primary Beneficiary \| Shell \| Affiliated Entity \| Whitmore Manufacturing, LLC
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Interest sold (in percent)	50.00%
Selling, General and Administrative Expense
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Research and development costs		4,800,000	4,800,000	$ 4,500,000
Domestic
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deposits in banks		10,100,000	11,300,000
Foreign
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deposits in banks		$ 8,400,000	$ 5,300,000

DETAILS OF CERTAIN CONSOLIDATED BALANCE SHEET CAPTIONS - Schedule of Other Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Deferred income taxes	$ 62,144	$ 62,810
Operating lease liabilities	55,590	63,275
Tax Reserve	16,509	13,987
Derivative liability	1,021	234
Acquisition deferred payments	1,853	0
Other long-term liabilities	$ 137,117	$ 140,306

LEASES - Components of Operating Lease Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Leases [Abstract]
Operating lease expense	$ 10,793	$ 9,893
Short-term lease expense	815	326
Total operating lease expense	$ 11,608	$ 10,219

ACQUISITIONS - Consideration Transferred (Details) - USD ($) $ in Thousands			12 Months Ended
	Dec. 15, 2021	Dec. 15, 2020	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Business Acquisition [Line Items]
Cash			$ 58,335	$ 35,942	$ 287,238
TRUaire acquisition
Business Acquisition [Line Items]
Cash		$ 287,986
Common stock (849,852 shares)		$ 97,656
Stock consideration (in shares)		849,852
Purchase price, amount transferred		$ 385,642
Working capital and closing cash adjustments	$ 1,000

GOODWILL AND INTANGIBLE ASSETS - Additional Information (Detail) $ in Millions	3 Months Ended	12 Months Ended
	Jun. 30, 2021 segment	Mar. 31, 2023 USD ($)	Mar. 31, 2022 USD ($)	Mar. 31, 2021 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Number of reportable segments \| segment	3
Amortization of intangible assets		$ 22.1	$ 24.8	$ 10.5
Amortization of inventory purchase accounting adjustment			$ 3.9

LEASES - Other Information for Operating Leases (Details)	Mar. 31, 2023	Mar. 31, 2022
Leases [Abstract]
Weighted average remaining lease term (in years)	7 years	7 years 10 months 24 days
Weighted average discount rate (percent)	2.30%	2.20%

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022
Current assets:
Cash and cash equivalents	$ 18,455	$ 16,619
Accounts receivable, net	122,753	122,804
Inventories, net	161,569	150,114
Prepaid expenses and other current assets	20,279	10,610
Total current assets	323,056	300,147
Property, plant and equipment, net	88,235	87,032
Goodwill	242,740	224,658
Intangible assets, net	318,903	300,837
Other assets	70,519	82,686
Total assets	1,043,453	995,360
Current liabilities:
Accounts payable	40,651	47,836
Accrued and other current liabilities	67,388	69,005
Current portion of long-term debt	0	561
Total current liabilities	108,039	117,402
Long-term debt	253,000	252,214
Retirement benefits payable	1,158	1,027
Other long-term liabilities	137,117	140,306
Total liabilities	499,314	510,949
Commitments and contingencies (Note 17)
Redeemable noncontrolling interest	18,464	15,325
Equity:
Common shares	163	162
Preferred shares	0	0
Additional paid-in capital	123,336	112,924
Treasury shares, at cost (902 and 576 shares, respectively)	(82,734)	(46,448)
Retained earnings	493,319	407,522
Accumulated other comprehensive loss	(8,409)	(5,074)
Total equity	525,675	469,086
Total liabilities and equity	$ 1,043,453	$ 995,360

ORGANIZATION AND OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Mar. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

ORGANIZATION AND OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

CSWI is a diversified industrial growth company with a strategic focus on providing niche, value-added products in the end markets we serve. We operate in three business segments: Contractor Solutions, Engineered Building Solutions and Specialized Reliability Solutions. Our products include mechanical products for heating, ventilation, air conditioning and refrigeration ("HVAC/R"), plumbing products, grilles, registers and diffusers ("GRD"), building safety solutions and high-performance specialty lubricants and sealants. End markets that we serve include HVAC/R, architecturally-specified building products, general industrial, plumbing, energy, rail transportation and mining. Drawing on our innovative and proven technologies, we seek to deliver solutions to our professional customers that require superior performance and reliability. The reputation of our product portfolio is built on more than 100 well-respected brand names, such as AC GuardTM, Air Sentry®, Cover GuardTM, Deacon®, Falcon Stainless®, Greco®, Jet-Lube®, Kopr-Kote®, Leak Freeze®, Metacaulk®, No. 5®, OilSafe®, Safe-T-Switch®, Shoemaker Manufacturing®, Smoke Guard®, TRUaire® and Whitmore®.

The COVID-19 pandemic and its resulting impacts had an overall negative impact on our financial results in the prior fiscal years ended March 31, 2022 and March 31, 2021. During our current fiscal year ended March 31, 2023, the direct and indirect impacts of the COVID-19 pandemic on our consolidated operating results were immaterial as economic activities recovered and the effects of the pandemic lessened. While the Federal COVID-19 Public Health Emergency Declaration expired on May 11, 2023, the extent to which the COVID-19 pandemic impacts our business, results of operations, and financial condition will depend on future developments, which are highly uncertain and cannot be predicted. As such, we cannot reasonably estimate the future impact of the COVID-19 pandemic at this time.

We are closely monitoring the Russian invasion of Ukraine and its global impact. We have no operations, employees or assets in Russia, Belarus or Ukraine, nor do we source goods or services of any material amount from those countries, whether directly or indirectly. Shortly after the Russian invasion of Ukraine began in February 2022, we indefinitely suspended all

commercial activities in Russia. During the fiscal year ended March 31, 2023, we had no sales into Belarus or Ukraine. While the conflict continues to evolve and the outcome remains highly uncertain, we do not currently believe the Russia-Ukraine conflict will have a material impact on our business and results of operations. However, if the Russia-Ukraine conflict continues or worsens, leading to greater global economic or political disruptions and uncertainty, our business and results of operations could be materially impacted as a result.

Basis of Presentation – The consolidated financial position, results of operations and cash flows included in this Annual Report on Form 10-K for the fiscal year ended March 31, 2023 (“Annual Report”) include all revenues, costs, assets and liabilities directly attributable to CSWI and have been prepared in accordance with United States (“U.S.”) generally accepted accounting principles (“GAAP”). The consolidated financial statements are for us and our consolidated subsidiaries, each of which is a wholly-owned subsidiary, except our 50% investment in a variable interest entity for which we have determined that we are the primary beneficiary and therefore have consolidated into our financial statements. All significant intercompany transactions have been eliminated in consolidation.

Variable Interest Entities - We evaluate whether an entity is a variable interest entity (“VIE”) and determine if the primary beneficiary status is appropriate on a quarterly basis. We consolidate a VIE for which we are the primary beneficiary. When assessing the determination of the primary beneficiary, we consider all relevant facts and circumstances, including: the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance, the obligation to absorb the expected losses and/or the right to receive the expected returns of the VIE. Through this evaluation, we determined that the Whitmore JV is a VIE and the Company is the primary beneficiary of this VIE, primarily due to Whitmore having the power to direct the manufacturing activities, which are considered the most significant activities for the Whitmore JV.

Use of Estimates – The process of preparing financial statements in conformity with U.S. GAAP requires us to make estimates and assumptions that affect reported amounts of certain assets, liabilities, revenues and expenses. We believe our estimates and assumptions are reasonable; however, actual results may differ materially from such estimates. The most significant estimates and assumptions are used in determining:

•Timing and amount of revenue recognition;

•Deferred taxes and tax reserves; and

•Valuation of goodwill and indefinite-lived intangible assets.

for which the combined account balances in individual institutions may exceed insurance coverage and, as a result, there is a concentration of credit risk related to amounts on deposit in excess of insurance coverage. We had deposits in domestic banks of $10.1 million and $11.3 million at March 31, 2023 and 2022, respectively, and balances of $8.4 million and $5.3 million were held in foreign banks at March 31, 2023 and 2022, respectively.

Accounts Receivable, Allowance for Doubtful Accounts and Credit Risk – Trade accounts receivables are recorded at the invoiced amounts and do not bear interest. We record an allowance for credit losses on trade receivables that, when deducted from the gross trade receivables balance, presents the net amount expected to be collected. We estimate the allowance based on an aging schedule and according to historical losses as determined from our billings and collections history. This may be adjusted after consideration of customer-specific factors such as financial difficulties, liquidity issues or insolvency, as well as both current and forecasted macroeconomic conditions as of the reporting date. We adjust the allowance and recognize credit losses in the income statement each period. Trade receivables are written off against the allowance in the period when the receivable is deemed to be uncollectible. Subsequent recoveries of amounts previously written off are reflected as a reduction to periodic credit losses in the income statement. Our allowance for expected credit losses for short-term receivables as of March 31, 2023 was $1.4 million, compared to $1.2 million as of March 31, 2022.

Credit risks are mitigated by the diversity of our customer base across many different industries and by performing creditworthiness analyses on our customers. Additionally, we mitigate credit risk through letters of credit and advance payments received from our customers. We do not believe that we have any significant concentrations of credit risk.

Inventories and Related Reserves – Inventories are stated at the lower of cost or net realizable value and include raw materials, supplies, direct labor and manufacturing overhead. Inventories are accounted for using a standard costing methodology, which approximates cost on a first-in, first-out (“FIFO”) basis.

Reserves are provided for slow-moving or excess and obsolete inventory based on the difference between the cost of the inventory and its net realizable value and by reviewing quantities on hand in comparison with historical and expected future usage. In estimating the reserve for excess or slow-moving inventory, management considers factors such as product aging, current and future customer demand and market conditions.

Property, Plant and Equipment – Property, plant and equipment are stated at cost and depreciated using the straight-line method over the estimated useful lives of the individual assets. When property, plant and equipment are retired or otherwise disposed of, the related cost and accumulated depreciation are removed from the accounts, and the resulting gain or loss is included in income from operations for the period. Generally, the estimated useful lives of assets are:


Land improvements	5	to	40 years
Buildings and improvements	7	to	40 years
Plant, office and lab equipment	5	to	10 years

We review property, plant and equipment for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable.

Repairs and maintenance costs are expensed as incurred, and significant improvements that either extend the useful life or increase the capacity or efficiency of property and equipment are capitalized and depreciated.

Valuation of Goodwill and Intangible Assets – The value of goodwill is tested for impairment at least annually as of January 31 or whenever events or circumstances indicate such assets may be impaired. The identification of our reporting units began at the operating segment level and considered whether components one level below the operating segment levels should be identified as reporting units for purpose of testing goodwill for impairment based on certain conditions. These conditions included, among other factors, (i) the extent to which a component represents a business and (ii) the aggregation of economically similar components within the operating segments. Other factors that were considered in determining whether the aggregation of components was appropriate included the similarity of the nature of the products and services, the nature of the production processes, the methods of distribution and the types of industries served.

Accounting Standards Codification ("ASC") 350 allows an optional qualitative assessment, prior to a quantitative assessment test, to determine whether it is more likely than not that the fair value of a reporting unit exceeds its carrying amount. We bypassed the qualitative assessment and proceeded directly to the quantitative test. If the carrying value of a

reporting unit exceeds it fair value, the goodwill of that reporting unit is impaired and an impairment loss is recorded equal to the excess of the carrying value over its fair value. We estimate the fair value of our reporting units based on an income approach, whereby we calculate the fair value of a reporting unit base on the present value of estimated future cash flows. A discounted cash flow analysis requires us to make various judgmental assumptions about future sales, operating margins, growth rates and discount rates, which are based on our budgets, business plans, economic projections, anticipated future cash flows and market participants and are considered non-recurring Level III inputs within the fair value hierarchy. No goodwill impairment loss was recognized as a result of the impairment tests for the years ended March 31, 2023, 2022 or 2021.

We have intangible assets consisting of patents, trademarks, customer lists and non-compete agreements. Definite-lived intangible assets are assessed for impairment whenever events or changes in circumstances indicate the carrying amount may not be recoverable. In addition, we have other trademarks and license agreements that are considered to have indefinite lives. We test indefinite-lived intangible assets for impairment at least annually as of January 31 or whenever events or circumstances indicate that the carrying amount may not be recoverable. Significant assumptions used in the impairment test include the discount rate, royalty rate, future sales projections and terminal value growth rate. These inputs are considered non-recurring Level III inputs within the fair value hierarchy. An impairment loss would be recognized when estimated future cash flows are less than their carrying amount. We recorded no impairment of intangible assets for the years ended March 31, 2023, 2022 and 2021, respectively.

Property Held for Investment – One of our non-operating subsidiaries holds and manages a non-operating property, which is valued at lower of cost or market and will be disposed of as opportunities arise to maximize value.

Deferred Loan Costs – Deferred loan costs related to our credit facility, which are reported in other assets and consist of fees and other expenses associated with debt financing, are amortized over the term of the associated debt using the effective interest method.

Fair Values of Financial Instruments – Our financial instruments are presented at fair value in our consolidated balance sheets, with the exception of our long-term debt, as discussed in Note 8. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Where available, fair value is based on observable market prices or parameters or derived from such prices or parameters. Where observable prices or inputs are not available, valuation models may be applied.

Assets and liabilities recorded at fair value in our consolidated balance sheets are categorized based upon the level of judgment associated with the inputs used to measure their fair values. Hierarchical levels, as defined by Accounting Standards Codification (“ASC”) 820, “Fair Value Measurements and Disclosures,” are directly related to the amount of subjectivity associated with the inputs to fair valuation of these assets and liabilities. An asset or a liability’s categorization within the fair value hierarchy is based on the lowest level of significant input to its valuation. Hierarchical levels are as follows:

Level I – Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date.

Level II – Inputs (other than quoted prices included in Level I) are either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the instrument’s anticipated life.

Level III – Inputs reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model.

Recurring fair value measurements are limited to redeemable noncontrolling interest and investments in derivative instruments. The redemption value of the redeemable noncontrolling interest is estimated using a discounted cash flow analysis, which requires management judgment with respect to future revenue, operating margins, growth rates and discount rates and is classified as Level III under the fair value hierarchy. The fair value measurements of our derivative instruments are determined using models that maximize the use of the observable market inputs including interest rate curves and both forward and spot prices for currencies, and are classified as Level II under the fair value hierarchy. The redemption value of the redeemable noncontrolling interest is discussed in Note 3. The fair values of our derivative instruments are included in Note 10.

incremental borrowing rate, unless the implicit rate is readily determinable. ROU assets represent the right to use an underlying asset for the lease term, including any upfront lease payments made and excluding lease incentives. Lease liabilities represent the obligation to make future lease payments throughout the lease term. As most of our operating leases do not provide an implicit rate, we apply our incremental borrowing rate to determine the present value of remaining lease payments. Our incremental borrowing rate is determined based on information available at the commencement date of the lease. The lease term includes renewal periods when we are reasonably certain to exercise the option to renew. The ROU asset is amortized over the expected lease term. Lease and non-lease components, when present on our leases, are accounted for separately. Leases with an initial term of 12 months or less are excluded from recognition in the balance sheet, and the expense for these short-term leases and for operating leases is recognized on a straight-line basis over the lease term. We have certain lease contracts with terms and conditions that provide for variability in the payment amount based on changes in facts or circumstances occurring after the commencement date. These variable lease payments are recognized in our consolidated income statements as the obligation is incurred. As of March 31, 2023, we did not have material leases that imposed significant restrictions or covenants, material related party leases or sale-leaseback arrangements.

Derivative Instruments and Hedge Accounting – We do not use derivative instruments for trading or speculative purposes. We enter into interest rate swap agreements for the purpose of hedging our cash flow exposure to floating interest rates on certain portions of our debt. All derivative instruments are recognized on the balance sheet at their fair values. Changes in the fair value of a designated interest rate swap are recorded in other comprehensive loss until earnings are affected by the underlying hedged item. Any ineffective portion of the gain or loss is immediately recognized in earnings. Upon settlement, realized gains and losses are recognized in interest expense in the consolidated statements of operations.

We discontinue hedge accounting when (1) we deem the hedge to be ineffective and determine that the designation of the derivative as a hedging instrument is no longer appropriate; (2) the derivative matures, terminates or is sold; or (3) occurrence of the contracted or committed transaction is no longer probable or will not occur in the originally expected period. When hedge accounting is discontinued and the derivative remains outstanding, we carry the derivative at its estimated fair value on the balance sheet, recognizing changes in the fair value in current period earnings. If a cash flow hedge becomes ineffective, any deferred gains or losses remain in accumulated other comprehensive loss until the underlying hedged item is recognized. If it becomes probable that a hedged forecasted transaction will not occur, deferred gains or losses on the hedging instrument are recognized in earnings immediately.

We are exposed to risk from credit-related losses resulting from nonperformance by counterparties to our financial instruments. We perform credit evaluations of our counterparties under forward exchange contracts and interest rate swap agreements and expect all counterparties to meet their obligations. If necessary, we adjust the values of our derivative contracts for our or our counterparties’ credit risk.

Pension Obligations – Determination of pension benefit obligations is based on estimates made by management in consultation with independent actuaries. Inherent in these valuations are assumptions including discount rates, expected rates of return on plan assets, retirement rates, mortality rates and rates of compensation increase and other factors, all of which are reviewed annually and updated if necessary. Current market conditions, including changes in rates of return, interest rates and medical inflation rates, are considered in selecting these assumptions. Actuarial gains and losses and prior service costs are recognized in accumulated other comprehensive loss as they arise, and we amortize these costs into net pension expense over the remaining expected service period. We used a measurement date of March 31 for all periods presented.

Redeemable Noncontrolling Interests - Noncontrolling interests with redemption features that are not solely within our control are considered redeemable noncontrolling interests. Our redeemable noncontrolling interest relates to Shell's 50% equity interest in the Whitmore JV and is classified in temporary equity that is reported between liabilities and shareholders' equity on our Consolidated Balance Sheets initially at its formation-date fair value. We adjust the redeemable noncontrolling interest each reporting period for the net income (or loss) attributable to the noncontrolling interest. We also make a measurement period adjustment, if any, to adjust the redeemable noncontrolling interest to the higher of the redemption value or carrying value each reporting period. These adjustments are recognized through retained earnings and are not reflected in net income or net income attributable to CSWI. The redemption value of the redeemable noncontrolling interest is estimated using a discounted cash flow analysis, which requires management judgment with respect to future revenue, operating margins, growth rates and discount rates. Net income (loss) attributable to the redeemable noncontrolling interests are presented as a separate line on the consolidated statements of operations which is necessary to identify those income (loss) specifically attributable to CSWI. The financial results and position of the redeemable noncontrolling interest acquired through the formation of the Whitmore JV are included in their entirety in our consolidated statements of operations and consolidated balance sheets beginning with the first quarter of fiscal 2022.

When calculating earnings per share attributable to CSWI, we adjust net income attributable to CSWI for the excess portion of the measurement period adjustment to the extent the redemption value exceeds both the carrying value and the fair value of the redeemable noncontrolling interest on a cumulative basis. Refer to Note 3 for further information regarding the redeemable noncontrolling interest.

Revenue Recognition – We recognize revenues to depict the transfer of control of promised goods or services to our customers in an amount that reflects the consideration to which we expect to be entitled in exchange for those goods or services. Refer to Note 19 for further discussion. We recognize revenue when all of the following criteria have been met: (i) a contract with a customer exists, (ii) performance obligations have been identified, (iii) the price to the customer has been determined, (iv) the price to the customer has been allocated to the performance obligations, and (v) performance obligations are satisfied, which are more fully described below.

(i) We identify a contract with a customer when a sales agreement indicates approval and commitment of the parties; identifies the rights of the parties; identifies the payment terms; has commercial substance; and it is probable that we will collect the consideration to which we will be entitled in exchange for the goods or services that will be transferred to the customer. In most instances, our contract with a customer is the customer's purchase order. For certain customers, we may also enter into a sales agreement that outlines a framework of terms and conditions that apply to all future purchase orders for that customer. In these situations, our contract with the customer is both the sales agreement and the specific customer purchase order. Because our contract with a customer is typically for a single transaction or customer purchase order, the duration of the contract is one year or less. As a result, we have elected to apply certain practical expedients and, as permitted by the Financial Accounting Standards Board ("FASB"), omit certain disclosures of remaining performance obligations for contracts that have an initial term of one year or less.

(ii) We identify performance obligations in a contract for each promised good or service that is separately identifiable from other promises in the contract and for which the customer can benefit from the good or service either on its own or together with other resources that are readily available to the customer. Goods and services provided to our customers that are deemed immaterial are included with other performance obligations.

(iii) We determine the transaction price as the amount of consideration we expect to be entitled to in exchange for fulfilling the performance obligations, including the effects of any variable consideration.

(iv) For any contracts that have more than one performance obligation, we allocate the transaction price to each performance obligation in an amount that depicts the amount of consideration to which we expect to be entitled in exchange for satisfying each performance obligation. We have excluded disclosure of the transaction price allocated to remaining performance obligations if the performance obligation is part of a contract that has an original expected duration of one year or less as the majority of our contracts are short-term in nature with a term of one year or less.

(v) We recognize revenue when, or as, we satisfy the performance obligation in a contract by transferring control of a promised good or service to the customer.

We exclude from the measurement of the transaction price all taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction and collected from a customer. As such, we present revenue net of sales and other similar taxes. Shipping and handling costs associated with outbound freight after control over a product has transferred to a customer are accounted for as a fulfillment cost and are included in cost of revenues. Costs to obtain a contract, which include sales commissions recorded in selling, general and administrative expense, are expensed when incurred as the amortization period is one year or less. We do not have customer contracts that include significant financing components.

Research and Development ("R&D") – R&D costs are expensed as incurred. Costs incurred for R&D primarily include salaries and benefits and consumable supplies, as well as rent, professional fees, utilities and the depreciation of property and equipment used in R&D activities. R&D costs included in selling, general and administrative expense were $4.8 million, $4.8 million and $4.5 million for the years ended March 31, 2023, 2022 and 2021, respectively.

Share-based Compensation – Share-based compensation is measured at the grant-date fair value. The exercise price of stock option awards and the fair value of restricted share awards are set at the closing price of our common stock on the Nasdaq Global Select Market on the date of grant, which is the date such grants are authorized by our Board of Directors. The fair value of performance-based restricted share awards is determined using a Monte Carlo simulation model incorporating all possible outcomes against the Russell 2000 Index. The fair value of share-based payment arrangements is amortized on a straight-line basis to compensation expense over the period in which the restrictions lapse based on the expected number of shares that will vest. To cover the exercise of options and vesting of restricted shares, we generally issue new shares from our authorized but unissued share pool, although we may instead issue treasury shares in certain circumstances.

Income Taxes, Deferred Taxes, Tax Valuation Allowances and Tax Reserves – We apply the liability method in accounting and reporting for income taxes. Under the liability approach, deferred tax assets and liabilities are determined based upon the difference between the financial statement carrying amounts and the tax basis of assets and liabilities that will result in taxable or deductible amounts in the future based on enacted tax rates expected to be in effect when these differences are expected to reverse. The effect on deferred tax assets and liabilities resulting from a change in tax rates is recognized in the period that includes the enactment date. The deferred income tax assets are adjusted by a valuation allowance, if necessary, to recognize future tax benefits only to the extent, based on available evidence, that it is more likely than not to be realized. This analysis is performed on a jurisdictional basis and reflects our ability to utilize these deferred tax assets through a review of past, current and estimated future taxable income in addition to the establishment of viable tax strategies that will result in the utilization of the deferred assets.

We recognize income tax related interest and penalties, if any, as a component of income tax expense.

Unremitted Earnings – During the fiscal quarter ended March 31, 2023, we lifted our assertion that the earnings of Greco Canada are indefinitely invested outside of the U.S. During the fiscal quarter ended March 31, 2019, we lifted our assertion that the earnings of our United Kingdom ("U.K.") and Australian subsidiaries were indefinitely invested outside of the U.S. During the fiscal quarter ended September 30, 2020, we lifted our assertion that the earnings of our Jet Lube Canada subsidiary were indefinitely invested outside of the U.S. We assert that the foreign earnings of the U.K., Australian, Vietnam and Canada subsidiaries will be remitted to the U.S. through distributions, and have made provisions for taxes that may become payable upon distribution of earnings accordingly. As of March 31, 2023, we are not indefinitely reinvested outside of the U.S.

We recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities. The determination is based on the technical merits of the position and presumes that each uncertain tax position will be examined by the relevant taxing authority that has full knowledge of all relevant information. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement.

Earnings Per Share – We use the two-class method of calculating earnings per share, which determines earnings per share for each class of common stock and participating security as if all earnings of the period had been distributed. If the holders of restricted stock awards are entitled to vote and receive dividends during the restriction period, unvested shares of restricted stock qualify as participating securities and, accordingly, are included in the basic computation of earnings per share. Our unvested restricted shares participate on an equal basis with common shares; therefore, there is no difference in undistributed earnings allocated to each participating security. Accordingly, the presentation in Note 11 is prepared on a combined basis and is presented as earnings per common share. Diluted earnings per share is based on the weighted average number of shares as determined for basic earnings per share plus shares potentially issuable in connection with stock options and restricted stock awards not entitled to vote and receive dividends during the restriction period.

Foreign Currency Translation – Assets and liabilities of our foreign subsidiaries are translated to U.S. dollars at exchange rates prevailing at the balance sheet date, while income and expenses are translated at average rates for each month. Translation gains and losses are reported as a component of accumulated other comprehensive loss. Transactional currency gains and losses arising from transactions in currencies other than our sites’ functional currencies are included in our consolidated statements of operations.

Transaction and translation gains and losses arising from intercompany balances are reported as a component of accumulated other comprehensive loss when the underlying transaction stems from a long-term equity investment or from debt designated as not due in the foreseeable future. Otherwise, we recognize transaction gains and losses arising from intercompany transactions as a component of income.

Segments - We conduct our operations through three business segments based on how we manage the business. Our Chief Executive Officer views our business, assesses performance and allocates resources using financial information generated and reported at the reportable segment level. We evaluate segment performance and allocate resources based on each reportable segment's operating income. Our reportable segments are as follows:

1.Contractor Solutions, which manufactures efficiency and performance enhancing products predominantly for residential and commercial HVAC/R and plumbing applications, which are designed primarily for the professional trades. This segment is comprised primarily of our RectorSeal and Shoemaker operating companies.

2.Engineered Building Solutions, which provides primarily code-driven products focused on life safety that are engineered to provide aesthetically-pleasing solutions for the construction, refurbishment and modernization of commercial, institutional, and multi-family residential buildings. This segment is comprised of our Balco, Greco and Smoke Guard operating companies.

3.Specialized Reliability Solutions, which provides products for increasing the reliability, performance and lifespan of industrial assets and solving equipment maintenance challenges. This segment is comprised primarily of our Whitmore operating company and the Whitmore JV.

Intersegment sales and transfers are recorded at cost plus a profit margin, with the revenues and related margin on such sales eliminated in consolidation. We do not allocate share-based compensation expense, interest expense, interest income or other income, net to our segments. Our corporate headquarters does not constitute a separate segment. The Eliminations and Other segment information is included to reconcile segment data to the consolidated financial statements and includes assets and expenses primarily related to corporate functions and excess non-operating properties.

Accounting Developments

Pronouncements Implemented

In October 2021, the Financial Accounting Standards Board ("FASB") issued an Accounting Standards Update ("ASU") No. 2021-08, "Accounting for Contract Assets and Contract Liabilities from Contracts with Customers." This update improves comparability for both the recognition and measurement of acquired customer revenue contracts at the date of and after a business combination. The amendments are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years and should be applied prospectively to business combinations occurring on or after the effective date of the amendments. The Company early adopted the ASU 2021-08 on a prospective basis on April 1, 2022 and did not have a material impact on our condensed consolidated financial statements.

In March 2020, the FASB issued ASU 2020-04, "Reference Rate Reform (Topic 848) Facilitation of the Effects of Reference Rate Reform on Financial Reporting." This update provides optional guidance for a limited period of time to ease potential accounting impacts associated with transitioning away from reference rates that are expected to be discontinued, such as interbank offered rates and London Interbank Offered Rate ("LIBOR"). This ASU includes practical expedients for contract modifications due to reference rate reform. Generally, contract modifications related to reference rate reform may be considered an event that does not require remeasurement or reassessment of a previous accounting determination at the modification date. This ASU is effective for all entities through December 31, 2022. In December 2022, the FASB issued ASU 2022-06 to defer the sunset date of Topic 848 from December 31, 2022 to December 31, 2024. As discussed in Note 8, the Company terminated our interest rate swap agreement in January 2023 and therefore, will not apply the practical expedients and exceptions as required by the ASU. As discussed in Note 8, the Company’s Second Amendment replaced the LIBOR Rate with individualized metrics based on the specific denomination of borrowings, including a metric based on Term SOFR (as defined in the Second Credit Agreement) for borrowings denominated in U.S. Dollars. The transition of LIBOR did not have a material impact on our consolidated financial statements. The adoption of this ASU did not have an impact on our consolidated financial condition and results of operations.

DETAILS OF CERTAIN CONSOLIDATED BALANCE SHEET CAPTIONS

12 Months Ended

Mar. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

DETAILS OF CERTAIN CONSOLIDATED BALANCE SHEET CAPTIONS

Accounts receivable, net consists of the following (in thousands):


	March 31,
	2023		2022
Accounts receivable trade	$	121,164	$	120,603
Other receivables	2,954		3,378
	124,118		123,981
Less: Allowance for doubtful accounts	(1,365)		(1,177)
Accounts receivable, net	$	122,753	$	122,804

Prepaid expenses and other current assets consists of the following (in thousands):


	March 31,
	2023		2022
Prepaid expenses	$	9,485	$	8,531
Short-term tax indemnification assets	7,500		—
Income taxes receivable	1,344		690
Current derivative asset	877		—
Other current assets	1,073		1,389
	$	20,279	$	10,610

Property, plant and equipment, net, consist of the following (in thousands):


	March 31,
	2023		2022
Land and improvements	$	3,226	$	3,226
Buildings and improvements	52,975		53,346
Plant, office and laboratory equipment	112,271		99,770
Construction in progress	12,466		11,083
	180,938		167,425
Less: Accumulated depreciation	(92,703)		(80,393)
Property, plant and equipment, net	$	88,235	$	87,032

Depreciation of property, plant and equipment was $12.9 million, $11.6 million and $9.2 million for the years ended March 31, 2023, 2022 and 2021, respectively. Of these amounts, cost of revenues includes $8.4 million, $8.3 million and $7.1 million, respectively.

Other assets consist of the following (in thousands):


	March 31,
	2023		2022
Right-of-use lease assets	$	59,815	$	67,076
Long-term tax indemnification assets	2,849		7,500
Deferred financing fees	2,363		2,271
Rent receivable	2,028		2,073
Property held for investment	418		418
Deferred income taxes	462		304

Other	2,584		3,044
Other assets	$	70,519	$	82,686

Accrued and other current liabilities consist of the following (in thousands):


	March 31,
	2023		2022
Compensation and related benefits	$	27,096	$	21,617
Rebates and marketing agreements	16,158		16,340

Operating lease liabilities	9,784		9,269
Acquisition deferred payments	3,427		3,061
Non-income taxes	1,802		1,949
Billings in excess of costs	637		1,026
Income taxes payable	403		4,266
Other accrued expenses	8,081		11,477
Accrued and other current liabilities	$	67,388	$	69,005

Other long-term liabilities consists of the following (in thousands):


	March 31,
	2023		2022
Deferred income taxes	$	62,144	$	62,810
Operating lease liabilities	55,590		63,275
Tax Reserve	16,509		13,987
Derivative liability	1,021		234
Acquisition deferred payments	1,853		—

Other long-term liabilities	$	137,117	$	140,306

GOODWILL AND INTANGIBLE ASSETS

12 Months Ended

Mar. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLE ASSETS

During the three months ended June 30, 2021, we revised our segment structure creating three reportable segments: Contractor Solutions, Engineered Building Solutions and Specialized Reliability Solutions. As part of our segment realignment, we changed our reporting units and reallocated existing goodwill to each of the new reportable segments and associated reporting units, based on management's estimate of the relative fair value of each reporting unit. The result of this reallocation of goodwill has been recast, by reportable segment, as of March 31, 2021.

The changes in the carrying amount of goodwill for the years ended March 31, 2023 and 2022 were as follows (in thousands):


	Contractor Solutions		Engineered Building Solutions		Specialized Reliability Solutions		Total
Balance at April 1, 2021	$	169,345	$	22,238	$	27,212	$	218,795
Goodwill re-allocation	14,813		2,727		(17,540)		—
TRUaire acquisition	(2,099)		—		—		(2,099)
Shoemaker acquisition	8,115		—		—		8,115
Currency translation	(22)		42		(173)		(153)
Balance at March 31, 2022	$	190,152	$	25,007	$	9,499	$	224,658
Falcon acquisition	17,417		—		—		17,417
CG and ACG acquisitions	1,686		—		—		1,686
Shoemaker acquisition	6		—		—		6
Currency translation	(101)		(705)		(221)		(1,027)
Balance at March 31, 2023	$	209,160	$	24,302	$	9,278	$	242,740

The following table provides information about our intangible assets for the years ended March 31, 2023 and 2022 (in thousands, except years):


		March 31, 2023				March 31, 2022
	Wtd Avg Life (Years)	Ending Gross Amount		Accumulated Amortization		Ending Gross Amount		Accumulated Amortization
Finite-lived intangible assets:
Patents	11	$	13,608	$	(8,546)	$	9,417	$	(8,065)
Customer lists and amortized trademarks	14	324,472		(81,901)		297,909		(61,368)
Non-compete agreements	5	950		(272)		939		(258)
Other	11	6,377		(2,235)		5,123		(3,957)
		$	345,407	$	(92,954)	$	313,388	$	(73,648)
Trade names and trademarks not being amortized:		$	66,450	$	—	$	61,097	$	—

Amortization expense for the years ended March 31, 2023, 2022 and 2021 was $22.1 million, $24.8 million (including the amortization of inventory purchase accounting adjustment of $3.9 million) and $10.5 million, respectively. The following table presents the estimated future amortization of finite-lived intangible assets for the next five fiscal years ending March 31 (in thousands):


2024	$	22,404
2025	21,525
2026	21,158
2027	20,363
2028	19,982
Thereafter	147,021
Total	$	252,453

SHARE-BASED COMPENSATION - Restricted Stock Activity (Details) - Restricted Stock	12 Months Ended
	Mar. 31, 2023 $ / shares shares
Number of Shares
Outstanding at beginning of period (in shares) \| shares	228,331
Granted (in shares) \| shares	96,877
Vested (in shares) \| shares	(87,516)
Canceled (in shares) \| shares	(5,641)
Outstanding at end of period (in shares) \| shares	232,051
Weighted Average Grant Date Fair Value
Outstanding at beginning of period (in USD per share) \| $ / shares	$ 126.02
Granted (in USD per share) \| $ / shares	130.85
Vested (in USD per share) \| $ / shares	86.01
Canceled (in USD per share) \| $ / shares	112.60
Outstanding at end of period (in USD per share) \| $ / shares	$ 138.14

SHARE-BASED COMPENSATION - Stock Option Activity, Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cash received for options exercised	$ 272	$ 1,327	$ 1,330
Share-based Payment Arrangement, Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	0	0	0
Vested (in shares)	0	0	0
Exercises in period, intrinsic value	$ 1,200	$ 5,800	$ 2,500
Cash received for options exercised	300	1,300	1,300
Tax benefit from options exercised	$ 300	$ 1,400	$ 400

OTHER COMPREHENSIVE INCOME (LOSS) (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Foreign currency translation adjustments	$ (3,335)	$ 922	$ 5,450
Other comprehensive income	93,239	68,241	45,549
Expected loss from currency cash flow hedge, next 12 months (less than)	700
Currency translation adjustments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	(4,438)	(4,394)
Foreign currency translation adjustments	(3,752)	(44)
Balance at end of period	(8,190)	(4,438)	(4,394)
Interest rate swaps
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	(270)	(803)
Unrealized gain, net of taxes	225	309
Reclassification of losses (gains) included in interest expense, net of taxes	(69)	224
Other comprehensive income	156	533
Balance at end of period	(114)	(270)	(803)
Unrealized losses, tax	(60)	(82)
Reclassification from AOCI, tax	18	(60)
Defined benefit plans
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	(366)	(799)
Other comprehensive income	261	433
Balance at end of period	(105)	(366)	$ (799)
Amortization of net prior service benefit, net of taxes
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Reclassification of losses (gains) included in interest expense, net of taxes	0	(5)
Reclassification from AOCI, tax	0	1
Amortization of net loss, net of taxes
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Reclassification of losses (gains) included in interest expense, net of taxes	33	59
Reclassification from AOCI, tax	(9)	(16)
Net gain arising during the year, net of taxes
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Other comprehensive income	92	154
Other comprehensive (loss) income, tax	(24)	(41)
Curtailment impact, net of taxes
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Other comprehensive income	0	311
Other comprehensive (loss) income, tax	0	(83)
Pension Termination
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Other comprehensive income	127	0
Other comprehensive (loss) income, tax	(34)	0
Currency translation impact
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Other comprehensive income	$ 9	$ (86)

EARNINGS PER SHARE (Tables)

12 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

Schedule of Reconciliation of Earnings Per Share

The following table sets forth the reconciliation of the numerator and the denominator of basic and diluted earnings per share for the years ended March 31, 2023, 2022 and 2021:


	March 31,
(amounts in thousands, except per share data)	2023		2022		2021
Net income	$	96,574	$	67,319	$	40,099

Income attributable to redeemable noncontrolling interest	(139)		(934)		—
Net income attributable to CSW Industrials, Inc.	$	96,435	$	66,385	$	40,099
Weighted average shares:
Common stock	15,401		15,646		14,919
Participating securities	108		109		96
Denominator for basic earnings per common share	15,509		15,755		15,015
Potentially dilutive securities	37		52		111
Denominator for diluted earnings per common share	15,546		15,807		15,126

Basic earnings per common share:	$	6.22	$	4.21	$	2.67




Diluted earnings per common share:	$	6.20	$	4.20	$	2.65

SHARE-BASED COMPENSATION - Schedule of Share-Based Compensation (Details) - Restricted Stock - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 9,751	$ 8,450	$ 5,085
Related income tax benefit	(2,438)	(2,197)	(1,220)
Net share-based compensation expense	$ 7,313	$ 6,253	$ 3,865

SEGMENTS

12 Months Ended

Mar. 31, 2023

Segment Reporting [Abstract]

SEGMENTS

As described in Note 1, we conduct our operations through three reportable segments:

•Contractor Solutions

•Engineered Building Solutions and

•Specialized Reliability Solutions

The following is a summary of the financial information of our reporting segments reconciled to the amounts reported in the consolidated financial statements (in thousands).


Year Ended March 31, 2023
(in thousands)	Contractor Solutions		Engineered Building Solutions		Specialized Reliability Solutions		Subtotal - Reportable Segments		Eliminations and Other		Total
Revenues, net to external customers	$	506,634	$	103,969	$	147,301	$	757,904	$	—	$	757,904
Intersegment revenue	7,142		—		145		7,287		(7,287)		—
Operating income	126,204		12,889		20,176		159,269		(20,203)		139,066
Depreciation and amortization	26,951		1,771		6,035		34,757		200		34,957


Year Ended March 31, 2022
(in thousands)	Contractor Solutions		Engineered Building Solutions		Specialized Reliability Solutions		Subtotal - Reportable Segments		Eliminations and Other		Total
Revenues, net to external customers	$	413,207	$	97,296	$	115,932	$	626,435	$	—	$	626,435
Intersegment revenue	3,280		—		110		3,390		(3,390)		—
Operating income	96,115		11,101		9,007		116,223		(18,843)		97,380
Depreciation and amortization	27,879		2,063		6,016		35,958		450		36,408


Year Ended March 31, 2021
(in thousands)	Contractor Solutions		Engineered Building Solutions		Specialized Reliability Solutions		Subtotal - Reportable Segments		Eliminations and Other		Total
Revenues, net to external customers	$	245,232	$	95,672	$	78,301	$	419,205	$	—	$	419,205
Intersegment revenue	296		—		64		360		(360)		—
Operating income	59,007		14,066		581		73,654		(14,434)		59,220
Depreciation and amortization	14,415		2,014		5,744		22,173		545		22,718


TOTAL ASSETS
(Amounts in thousands)	Contractor Solutions		Engineered Building Solutions		Specialized Reliability Solutions		Subtotal - Reportable Segments		Eliminations and Other		Total
March 31, 2023	$	823,750	$	71,429	$	136,248	$	1,031,427	$	12,026	$	1,043,453
March 31, 2022	782,267		74,397		126,380		983,044		12,316		995,360
March 31, 2021	687,508		67,281		111,493		866,282		13,240		879,522

Geographic information – We attribute revenues to different geographic areas based on the destination of the product or service delivery. Long-lived assets are classified based on the geographic area in which the assets are located and exclude deferred taxes. No individual country, except for the U.S., accounted for more than 10% of consolidated net revenues or total long-lived assets.

Revenues and long-lived assets by geographic area are as follows (in thousands, except percent data):


	Year Ended March 31,
	2023				2022				2021
U.S.	$	678,126	89.5	%	$	559,296	89.3	%	$	367,169	87.6	%
Non-U.S. (a)	79,778		10.5	%	67,139		10.7	%	52,036		12.4	%
Revenues, net	$	757,904	100.0	%	$	626,435	100.0	%	$	419,205	100.0	%

(a) No individual country within this group represents 10% or more of consolidated totals for any period presented.


	Year Ended March 31,
	2023				2022				2021
U.S.	$	679,731	94.4	%	$	651,477	93.7	%	$	617,258	93.5	%
Non-U.S.	40,665		5.6	%	43,736		6.3	%	43,146		6.5	%
Long-lived assets (a)	$	720,396	100.0	%	$	695,213	100.0	%	$	660,404	100.0	%

(a) Long-lived assets consist primarily of property, plant and equipment, intangible assets, goodwill and other assets.

Major customer information – We have a large number of customers across our locations and we do not have sales to any individual customer that represented 10% or more of consolidated net revenues for any of the fiscal years presented.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 280
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-Section 50
-Paragraph 40
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Section 50
-Paragraph 32
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 15
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI https://asc.fasb.org/topic&trid=2134510

+ Details

INCOME TAXES - Reconciliation of Income Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Computed tax expense at statutory rate	$ 26,441	$ 19,206	$ 10,674
Increase (reduction) in income taxes resulting from:
State and local income taxes, net of federal benefits	2,895	4,765	2,419
Nondeductible executive compensation	1,555	992	248
Global intangible low-taxed income ("GILTI") inclusion	1,123	580	2,118
Repatriation tax, net of tax credit	904	170	822
Other permanent differences	557	(143)	1,931
IRC section 250 deductions	(1,626)	(1,102)	(1,678)
Foreign tax credits	(604)	(450)	(554)
Vesting of stock-based compensation	(408)	(1,916)	(741)
Uncertain tax positions	(224)	759	(4,717)
Valuation allowance	(96)	379	0
Foreign rate differential	67	91	85
Other, net	(1,247)	815	162
Provision for income taxes	$ 29,337	$ 24,146	$ 10,769

GOODWILL AND INTANGIBLE ASSETS - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Finite-Lived Intangible Assets, Net [Abstract]
Ending Gross Amount	$ 345,407	$ 313,388
Accumulated Amortization	(92,954)	(73,648)
Trade names and trademarks not being amortized:
Indefinite-lived Intangible Assets [Line Items]
Ending Gross Amount	$ 66,450	61,097
Patents
Finite-Lived Intangible Assets [Line Items]
Wtd Avg Life (Years)	11 years
Finite-Lived Intangible Assets, Net [Abstract]
Ending Gross Amount	$ 13,608	9,417
Accumulated Amortization	$ (8,546)	(8,065)
Customer lists and amortized trademarks
Finite-Lived Intangible Assets [Line Items]
Wtd Avg Life (Years)	14 years
Finite-Lived Intangible Assets, Net [Abstract]
Ending Gross Amount	$ 324,472	297,909
Accumulated Amortization	$ (81,901)	(61,368)
Non-compete agreements
Finite-Lived Intangible Assets [Line Items]
Wtd Avg Life (Years)	5 years
Finite-Lived Intangible Assets, Net [Abstract]
Ending Gross Amount	$ 950	939
Accumulated Amortization	$ (272)	(258)
Other
Finite-Lived Intangible Assets [Line Items]
Wtd Avg Life (Years)	11 years
Finite-Lived Intangible Assets, Net [Abstract]
Ending Gross Amount	$ 6,377	5,123
Accumulated Amortization	$ (2,235)	$ (3,957)

FAIR VALUE MEASUREMENTS	12 Months Ended
FAIR VALUE MEASUREMENTS	Mar. 31, 2023
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS The fair value of interest rate swaps discussed in Note 10 are determined using Level II inputs. The carrying value of our debt, included in Note 8, approximates fair value as it bears interest at floating rates. The carrying amounts of other financial instruments (i.e., cash and cash equivalents, accounts receivable, net, accounts payable) approximated their fair values at March 31, 2023 and 2022 due to their short-term nature. The redeemable noncontrolling interest is recorded at the higher of the redemption value or carrying value each reporting period. The redemption value of the redeemable noncontrolling interest is estimated using a discounted cash flow analysis, which requires management judgment with respect to future revenue, operating margins, growth rates and discount rates and is classified as Level III under the fair value hierarchy. The redemption value of the redeemable noncontrolling interest is discussed in Note 3.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

DETAILS OF CERTAIN CONSOLIDATED BALANCE SHEET CAPTIONS - Schedule of Other Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Right-of-use lease assets	$ 59,815	$ 67,076
Long-term tax indemnification assets	2,849	7,500
Deferred financing fees	2,363	2,271
Rent receivable	2,028	2,073
Property held for investment	418	418
Deferred income taxes	462	304
Other	2,584	3,044
Other assets	$ 70,519	$ 82,686

RETIREMENT PLANS

12 Months Ended

Mar. 31, 2023

Retirement Benefits [Abstract]

RETIREMENT PLANS

We had a frozen qualified defined benefit pension plan (the “Qualified Plan”) that covered certain of our U.S. employees. The Qualified Plan was previously closed to employees hired or re-hired on or after January 1, 2015, and it was amended to freeze benefit accruals and to modify certain ancillary benefits effective as of September 30, 2015. In September 2019, the Qualified Plan was terminated and resulted in an overall termination charge of $7.0 million ($5.4 million, net of tax) recorded in other (expense) income, net, due primarily to the recognition of expenses that were previously included in accumulated other comprehensive loss and the recognition of additional costs associated with the annuity purchase contract. After the participant data for the annuity purchase contract was finalized in the quarter ended March 31, 2020, the Qualified Plan had excess funds of $0.5 million, which were distributed into the Defined Contribution Plan discussed below.

We maintain a frozen unfunded retirement restoration plan (the “Restoration Plan”) that is a non-qualified plan providing for the payment to participating employees, upon retirement, of the difference between the maximum annual payment permissible under the Qualified Plan pursuant to federal limitations and the amount that would otherwise have been payable under the Qualified Plan. The Restoration Plan was closed to new participants on January 1, 2015 and was amended to freeze benefit accruals and to modify certain ancillary benefits effective as of September 30, 2015. As of March 31, 2023 and 2022, the Restoration Plan reported liabilities of $1.3 million and $1.4 million, respectively.

We had a registered defined benefit pension plan (the "Canadian Plan") that covered all of our employees based at our facility in Alberta, Canada. The plan was amended to freeze benefit accruals effective as of January 31, 2022. In January 2023, the Canadian Plan was terminated and resulted in an overall termination charge of $0.5 million ($0.4 million, net of tax) recorded in other (expense) income, net, due primarily to the recognition of expenses that were previously included in accumulated other comprehensive loss and the recognition of additional costs associated with the annuity purchase contract.

The plans described above (collectively, the "Plans") are presented in aggregate as the impact of the Restoration Plan and Canadian Plan to our consolidated financial position and results of operations is not material.

Net pension (benefit) expense for the Plans was:


	Year Ended March 31,
(in thousands)	2023		2022		2021
Service cost – benefits earned during the year	$	—	$	43	$	40
Interest cost on projected benefit obligation	56		138		144
Expected return on assets	—		(120)		(96)
Net amortization and deferral	42		69		74

Pension plan termination (a)	453		—		—
Curtailment impact	—		(30)		—

Net pension expense	$	551	$	100	$	162

(a) Reflects impact of the termination of the Canadian Plan.

No estimated prior service costs or net loss for the Plans will be amortized from accumulated other comprehensive loss into pension expense in the year ended March 31, 2024.

Defined Contribution Plan

Effective October 1, 2015, we began to sponsor a defined contribution plan covering substantially all of our U.S. employees. Employees may contribute to this plan, and these contributions are matched 100% by us up to 6.0% of eligible earnings. We also contribute an additional percentage of eligible earnings to employees regardless of their level of participation in the plan, which is discretionary and varies based on profitability. We made total contributions to the plan of $5.7 million and $4.8 million during the years ended March 31, 2023 and 2022, respectively.

Employee Stock Ownership Plan

We sponsor a qualified, non-leveraged employee stock ownership plan (“ESOP”) in which domestic employees are eligible to participate following the completion of one year of service. The ESOP provides annual discretionary contributions of up to the maximum amount that is deductible under the Internal Revenue Code. Contributions to the ESOP are invested in our common stock. A participant’s interest in contributions to the ESOP fully vests after three years of credited service or upon retirement, permanent disability (each, as defined in the plan document) or death.

We recorded total contributions to the ESOP of $3.1 million, $2.3 million and $3.6 million during the years ended March 31, 2023, 2022 and 2021, respectively, based on performance in the prior year. During the year ended March 31, 2023, $5.1 million was recorded to expense based on performance in the year ended March 31, 2023 and is expected to be contributed to the ESOP during the year ending March 31, 2024.

The ESOP held 537,293 and 549,863 shares of CSWI common stock as of March 31, 2023 and 2022, respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
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+ Details

ACQUISITIONS - Unaudited Proforma Financial Information (Details) - TRUaire acquisition $ / shares in Units, $ in Thousands	12 Months Ended
	Mar. 31, 2021 USD ($) $ / shares
Business Acquisition [Line Items]
Revenue, net \| $	$ 495,788
Net income \| $	$ 47,648
Net earnings per common share:
Diluted (in dollars per share) \| $ / shares	$ 3.03
Basic (in dollars per share) \| $ / shares	$ 3.05

INCOME TAXES - Summary of Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Balance at beginning of year	$ 9,934	$ 10,212
Decreases related to prior year tax positions	(690)	(314)
Increases related to current year tax positions	2,540	36
Balance at end of year	$ 11,784	$ 9,934

REVENUE RECOGNITION (Tables)

12 Months Ended

Mar. 31, 2023

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

Disaggregation of revenues reconciled to our reportable segments is as follows (in thousands):


	Year Ended March 31, 2023
	Contractor Solutions		Engineered Building Solutions		Specialized Reliability Solutions		Total
Build-to-order	$	—	$	89,964	$	—	$	89,964
Book-and-ship	506,634		14,005		147,301		667,940
Net revenues	$	506,634	$	103,969	$	147,301	$	757,904


	Year Ended March 31, 2022
	Contractor Solutions		Engineered Building Solutions		Specialized Reliability Solutions		Total
Build-to-order	$	—	$	88,690	$	—	$	88,690
Book-and-ship	413,207		8,606		115,932		537,745
Net revenues	$	413,207	$	97,296	$	115,932	$	626,435


	Year Ended March 31, 2021
	Contractor Solutions		Engineered Building Solutions		Specialized Reliability Solutions		Total
Build-to-order	$	—	$	87,057	$	—	$	87,057
Book-and-ship	245,232		8,615		78,301		332,148
Net revenues	$	245,232	$	95,672	$	78,301	$	419,205

Schedule of Contract Liabilities

Contract liabilities, which are included in accrued and other current liabilities in our consolidated balance sheets were as follows (in thousands):


Balance at April 1, 2022	$	1,026
Revenue recognized	(953)

New contracts and revenue added to existing contracts	564
Balance at March 31, 2023	$	637

LONG-TERM DEBT AND COMMITMENTS - Schedule of Long-Term Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022
Debt Instrument [Line Items]
Total debt	$ 253,000	$ 252,775
Less: Current portion	0	(561)
Long-term debt	$ 253,000	$ 252,214
Secured Term Loan \| Whitmore Manufacturing, LLC
Debt Instrument [Line Items]
Interest rate	0.00%	2.45%
Outstanding borrowings under term loan	$ 0	$ 9,775
Revolving Credit Facility
Debt Instrument [Line Items]
Interest rate	6.21%	1.95%

- Definition

Amount, excluding unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

INCOME TAXES - Schedule of Income Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Current
U.S. Federal	$ 27,920	$ 20,139	$ 6,773
State and local	6,135	5,271	3,561
Foreign	1,482	638	1,641
Provision for income taxes	35,537	26,048	11,975
Deferred
U.S. Federal	(3,549)	(1,578)	(1,211)
State and local	(2,471)	761	(500)
Foreign	(180)	(1,085)	505
Provision for income taxes	(6,200)	(1,902)	(1,206)
Total
U.S. Federal	24,371	18,561	5,562
State and local	3,664	6,032	3,061
Foreign	1,302	(447)	2,146
Provision for income taxes	$ 29,337	$ 24,146	$ 10,769

LEASES

12 Months Ended

Mar. 31, 2023

Leases [Abstract]

LEASES

We have operating leases for manufacturing facilities, offices, warehouses, vehicles and certain equipment. Our leases have remaining lease terms of 1 year to 25 years, some of which include escalation clauses and/or options to extend or terminate the leases. We do not currently have any financing lease arrangements.


(in thousands)	March 31, 2023		March 31, 2022
Components of Operating Lease Expenses
Operating lease expense	$	10,793	$	9,893
Short-term lease expense	815		326
Total operating lease expense (a)	$	11,608	$	10,219
(a) Included in cost of revenues and selling, general and administrative expense

(in thousands)	March 31, 2023		March 31, 2022
Operating Lease Assets and Liabilities
Right-of-use lease assets, net (a)	$	59,815	$	67,076

Short-term lease liabilities	$	9,784	$	9,269
Long-term lease liabilities	55,590		63,275
Total operating lease liabilities (b)	$	65,374	$	72,544
(a) Included in other assets
(b) Included in accrued and other current liabilities and other long-term liabilities, as applicable


(in thousands)	March 31, 2023			March 31, 2022
Supplemental Cash Flow
Cash paid for amounts included in the measurement of operating lease liabilities (a)	$	11,058		$	9,974
Right-of-use assets obtained in exchange for new operating lease obligations	2,526			8,464
(a) Included in our condensed consolidated statement of cash flows, operating activities in accounts payable and other current liabilities

Other Information for Operating Leases
Weighted average remaining lease term (in years)	7.0			7.9
Weighted average discount rate (percent)	2.3		%	2.2		%


Maturities of operating lease liabilities were as follows (in thousands):
2024	$	11,082
2025	10,903
2026	10,558
2027	10,316
2028	9,037
Thereafter	18,787
Total lease liabilities	$	70,683
Less: Imputed interest	(5,309)
Present value of lease liabilities	$	65,374

ORGANIZATION AND OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Mar. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation

Variable Interest Entities

Use of Estimates

•Timing and amount of revenue recognition;

•Deferred taxes and tax reserves; and

•Valuation of goodwill and indefinite-lived intangible assets.

Cash and Cash Equivalents

Cash and Cash Equivalents – We consider all highly liquid instruments purchased with original maturities of three months or less and money market accounts to be cash equivalents. We maintain our cash and cash equivalents at financial institutions for which the combined account balances in individual institutions may exceed insurance coverage and, as a result, there is a concentration of credit risk related to amounts on deposit in excess of insurance coverage.

Accounts Receivable, Allowance for Doubtful Accounts and Credit Risk

Credit Risks

Inventories and Related Reserves

Property, Plant and Equipment


Land improvements	5	to	40 years
Buildings and improvements	7	to	40 years
Plant, office and lab equipment	5	to	10 years

We review property, plant and equipment for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable.

Valuation of Goodwill and Intangible Assets

Intangible Assets

Property Held for Investment

Deferred Loan Costs

Fair Values of Financial Instruments

Level I – Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date.

Leases

Leases – We determine if a contract is or contains a lease at inception by evaluating whether the contract conveys the right to control the use of an identified asset. Right-of-Use (“ROU”) assets and lease liabilities are initially recognized at the commencement date based on the present value of remaining lease payments over the lease term calculated using our incremental borrowing rate, unless the implicit rate is readily determinable. ROU assets represent the right to use an underlying asset for the lease term, including any upfront lease payments made and excluding lease incentives. Lease liabilities represent the obligation to make future lease payments throughout the lease term. As most of our operating leases do not provide an implicit rate, we apply our incremental borrowing rate to determine the present value of remaining lease payments. Our incremental borrowing rate is determined based on information available at the commencement date of the lease. The lease term includes renewal periods when we are reasonably certain to exercise the option to renew. The ROU asset is amortized over the expected lease term. Lease and non-lease components, when present on our leases, are accounted for separately. Leases with an initial term of 12 months or less are excluded from recognition in the balance sheet, and the expense for these short-term leases and for operating leases is recognized on a straight-line basis over the lease term. We have certain lease contracts with terms and conditions that provide for variability in the payment amount based on changes in facts or circumstances occurring after the commencement date. These variable lease payments are recognized in our consolidated income statements as the obligation is incurred.

Derivative Instruments and Hedge Accounting

Pension Obligations

Redeemable Noncontrolling Interests

Revenue Recognition

(v) We recognize revenue when, or as, we satisfy the performance obligation in a contract by transferring control of a promised good or service to the customer.

Research and Development ("R&D")

Share-based Compensation

Income Taxes, Deferred Taxes, Tax Valuation Allowances and Tax Reserves

We recognize income tax related interest and penalties, if any, as a component of income tax expense.

Unremitted Earnings

Uncertain Tax Positions

Uncertain Tax Positions – We establish income tax liabilities to remove some or all of the income tax benefit of any of our income tax positions based upon one of the following: (1) the tax position is not “more likely than not” to be sustained, (2) the tax position is “more likely than not” to be sustained, but for a lesser amount or (3) the tax position is “more likely than not” to be sustained, but not in the financial period in which the tax position was originally taken. The amount of income taxes we pay is subject to ongoing audits by federal, state, and foreign taxing authorities, which often result in proposed assessments. We establish reserves for open tax years for uncertain tax positions that may be subject to challenge by various taxing authorities. The consolidated tax provision and related accruals include the impact of such reasonably estimable losses and related interest and penalties as deemed appropriate.We recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities. The determination is based on the technical merits of the position and presumes that each uncertain tax position will be examined by the relevant taxing authority that has full knowledge of all relevant information. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement.

Earnings Per Share

Foreign Currency Translation

Segments

Accounting Developments

Pronouncements Implemented

LONG-TERM DEBT AND COMMITMENTS - Whitmore Term Loan (Details) - Secured Term Loan - Whitmore Manufacturing, LLC - USD ($) $ in Thousands	Jan. 20, 2023	Mar. 31, 2023	Mar. 31, 2022
Debt Instrument [Line Items]
Debt instrument, periodic principal payment	$ 140
Outstanding borrowings under term loan		$ 0	$ 9,775
LIBOR
Debt Instrument [Line Items]
Spread on interest rate	2.00%

CONSOLIDATION OF VARIABLE INTEREST ENTITY AND REDEEMABLE NONCONTROLLING INTEREST - Variable Interest Entities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Variable Interest Entity [Line Items]
Cash and cash equivalents	$ 18,455	$ 16,619
Inventories, net	161,569	150,114
Prepaid expenses and other current assets	20,279	10,610
Property, plant and equipment, net	88,235	87,032
Intangible assets, net	318,903	300,837
Total assets	1,043,453	995,360	$ 879,522
Other long-term liabilities	137,117	140,306
Total liabilities	499,314	$ 510,949
Variable Interest Entity, Primary Beneficiary \| Whitmore JV \| Affiliated Entity
Variable Interest Entity [Line Items]
Cash and cash equivalents	7,519
Accounts receivable, net	7,376
Inventories, net	2,971
Prepaid expenses and other current assets	115
Property, plant and equipment, net	11,923
Intangible assets, net	6,478
Other assets	137
Total assets	36,519
Accounts payable	6,274
Accrued and other current liabilities	1,417
Other long-term liabilities	66
Total liabilities	$ 7,757

ACQUISITIONS - Additional Information (Details) - USD ($) $ in Thousands					3 Months Ended	12 Months Ended
	Oct. 04, 2022	Jul. 08, 2022	Dec. 15, 2021	Dec. 15, 2020	Mar. 31, 2021	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Business Acquisition [Line Items]
Cash paid for acquisitions						$ 58,335	$ 35,942	$ 287,238
Goodwill					$ 218,795	242,740	224,658	218,795
Acquisition deferred payments						1,853	0
Depreciation						12,838	11,572	9,194
Income tax expense (benefit)						29,337	24,146	10,769
Intellectual Property
Business Acquisition [Line Items]
Fair value of the assets acquired, finite-lived		$ 3,700
Assets acquired, amortization period		15 years
Falcon Stainless, Inc.
Business Acquisition [Line Items]
Percent of outstanding equity acquired	100.00%
Purchase price, amount transferred	$ 37,100
Cash acquired	1,000
Cash paid for acquisitions	34,600
Contingent consideration	2,500
Goodwill	17,400
Fair value of accounts receivable acquired	1,400
Cash	1,000
Fair value of inventory acquired	700
Fair value of other current asset	100
Other assets	2,900
Fair value of current liabilities assumed	500
Accrued and other current liabilities	8,300
Falcon Stainless, Inc. \| Trademarks
Business Acquisition [Line Items]
Indefinite lived intangible assets acquired	4,700
Falcon Stainless, Inc. \| Customer Lists
Business Acquisition [Line Items]
Finite lived intangible assets acquired	$ 17,700
Assets acquired, amortization period	15 years
CSWICover Guard Inc And A C Guard Inc
Business Acquisition [Line Items]
Purchase price, amount transferred		$ 18,400
Cash paid for acquisitions		18,000
Contingent consideration		400
Goodwill		1,700
Fair value of accounts receivable acquired		1,000
Fair value of inventory acquired		$ 3,100
Business combination target period		5 years
Additional consideration		$ 1,500
Liability consideration term		5 years
Tax liabilities to be paid by the company on behalf of the sellers		$ 2,200
Payments to acquire business gross including additional consideration		19,500
Acquisition deferred payments		400
Fair value of equipment acquired		300
CSWICover Guard Inc And A C Guard Inc \| Trademarks
Business Acquisition [Line Items]
Indefinite lived intangible assets acquired		700
CSWICover Guard Inc And A C Guard Inc \| Customer Lists
Business Acquisition [Line Items]
Finite lived intangible assets acquired		$ 9,800
Assets acquired, amortization period		15 years
CSWICover Guard Inc And A C Guard Inc \| Intellectual Property
Business Acquisition [Line Items]
Fair value of the assets acquired, finite-lived		$ 3,700
CSWICover Guard Inc And A C Guard Inc \| Patents
Business Acquisition [Line Items]
Finite lived intangible assets acquired		$ 1,800
Assets acquired, amortization period		10 years
Shoemaker Manufacturing
Business Acquisition [Line Items]
Percent of outstanding equity acquired			100.00%
Purchase price, amount transferred			$ 43,600
Cash acquired			1,200
Cash paid for acquisitions			38,600
Contingent consideration			2,000
Goodwill			8,100
Fair value of accounts receivable acquired			1,700
Cash			1,200
Fair value of inventory acquired			3,600
Fair value of current liabilities assumed			3,100
Fair value of equipment acquired			$ 1,400
Stock consideration (in shares)			25,483
Stock consideration, value of common stock			$ 3,000
Transaction expenses incurred							700
Fair value of prepaid expense and other assets			200
Shoemaker Manufacturing \| Trademarks
Business Acquisition [Line Items]
Fair value of the assets acquired, indefinite-lived			6,500
Shoemaker Manufacturing \| Customer Lists
Business Acquisition [Line Items]
Fair value of the assets acquired, finite-lived			$ 23,000
Assets acquired, amortization period			15 years
Shoemaker Manufacturing \| Non-compete agreements
Business Acquisition [Line Items]
Fair value of the assets acquired, finite-lived			$ 700
Assets acquired, amortization period			5 years
Shoemaker Manufacturing \| Backlog
Business Acquisition [Line Items]
Fair value of the assets acquired, finite-lived			$ 300
Assets acquired, amortization period			1 month
TRUaire acquisition
Business Acquisition [Line Items]
Percent of outstanding equity acquired				100.00%
Purchase price, amount transferred				$ 385,642
Cash paid for acquisitions				287,986
Goodwill				129,169		123,455
Finite lived intangible assets acquired				194,000		202,500
Indefinite lived intangible assets acquired				43,500		43,500
Fair value of accounts receivable acquired				13,467		13,450
Cash				1,471		1,471
Fair value of inventory acquired				46,313		45,013
Other assets				1,285		3,388
Accrued and other current liabilities				$ 3,678		3,850
Assets acquired, amortization period				15 years
Fair value of equipment acquired				$ 28,832		24,631
Stock consideration (in shares)				849,852
Stock consideration, value of common stock				$ 97,656
Transaction expenses incurred							$ 0	7,800
Amount related to uncertain tax positions taken in prior years that the seller has provided contractual indemnification to the Company for				$ 12,500		$ 7,500
Tax indemnification asset released in accordance with purchase agreement					5,000
Relevant uncertain tax position accrual released and recorded as income tax benefit					5,300
Indemnification expense					$ 5,000
Depreciation								400
Additional interest expense as a result of incurring additional borrowing								$ 3,300
Blended statutory income tax rate								24.50%
Income tax expense (benefit)								$ (3,200)
TRUaire acquisition \| Customer Lists
Business Acquisition [Line Items]
Additional amortization expense								$ 9,600

ORGANIZATION AND OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Property, Plant and Equipment (Details)	12 Months Ended
	Mar. 31, 2023
Minimum \| Land improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, estimated useful life	5 years
Minimum \| Buildings and improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, estimated useful life	7 years
Minimum \| Plant, office and lab equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, estimated useful life	5 years
Maximum \| Land improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, estimated useful life	40 years
Maximum \| Buildings and improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, estimated useful life	40 years
Maximum \| Plant, office and lab equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, estimated useful life	10 years

REVENUE RECOGNITION

12 Months Ended

Mar. 31, 2023

Revenue from Contract with Customer [Abstract]

REVENUE RECOGNITION

We conduct our operations in three reportable segments: Contractor Solutions, Engineered Building Solutions and Specialized Reliability Solutions. With the adoption of ASC Topic 606, we have concluded that the disaggregation of revenues that would be most useful in understanding the nature, timing and extent of revenue recognition is the breakout of build-to-order and book-and-ship, as defined below:

Build-to-order products are architecturally-specified building products generally sold into the construction industry. Revenue generated from sales of products under build-to-order transactions are currently reflected in the results of our Engineered Building Solutions segment. Occasionally, our built-to-order business lines enter into arrangements for the delivery of a customer-specified product and the provision of installation services. These orders are generally negotiated as a package and are commonly subject to retainage by the customer, which means the final 10% of the transaction price, when applicable, is not collectible until the overall construction project into which our products are incorporated is complete. The lead times for transfer to the customer can be up to 12 weeks. Revenue for goods is recognized at a point in time, but installation services are recognized over time as those services are performed. Installation services represented approximately 2% of total consolidated revenue for the year ended March 31, 2023.

Book-and-ship products are sold across all of our end markets. Revenue generated from sales of products under book-and-ship transactions have historically been presented in the Contractor Solutions, Engineered Building Solutions and

Specialized Reliability Solutions segments. These sales are typically priced on a product-by-product basis using price lists provided to our customers. The lead times for transfer to the customer is usually one week or less as these items are generally built to stock. Revenue for products sold under these arrangements is recognized at a point in time.

Disaggregation of revenues reconciled to our reportable segments is as follows (in thousands):


	Year Ended March 31, 2023
	Contractor Solutions		Engineered Building Solutions		Specialized Reliability Solutions		Total
Build-to-order	$	—	$	89,964	$	—	$	89,964
Book-and-ship	506,634		14,005		147,301		667,940
Net revenues	$	506,634	$	103,969	$	147,301	$	757,904


	Year Ended March 31, 2022
	Contractor Solutions		Engineered Building Solutions		Specialized Reliability Solutions		Total
Build-to-order	$	—	$	88,690	$	—	$	88,690
Book-and-ship	413,207		8,606		115,932		537,745
Net revenues	$	413,207	$	97,296	$	115,932	$	626,435


	Year Ended March 31, 2021
	Contractor Solutions		Engineered Building Solutions		Specialized Reliability Solutions		Total
Build-to-order	$	—	$	87,057	$	—	$	87,057
Book-and-ship	245,232		8,615		78,301		332,148
Net revenues	$	245,232	$	95,672	$	78,301	$	419,205

Contract liabilities, which are included in accrued and other current liabilities in our consolidated balance sheets were as follows (in thousands):


Balance at April 1, 2022	$	1,026
Revenue recognized	(953)

New contracts and revenue added to existing contracts	564
Balance at March 31, 2023	$	637

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI https://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

+ Details

LEASES - Additional Information (Details)	Mar. 31, 2023
Minimum
Lessee, Lease, Description [Line Items]
Remaining lease term	1 year
Maximum
Lessee, Lease, Description [Line Items]
Remaining lease term	25 years

ACQUISITIONS - Aggregate Fair Value of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands		12 Months Ended	28 Months Ended
	Dec. 15, 2020	Mar. 31, 2022	Mar. 31, 2023	Mar. 31, 2021
Business Acquisition [Line Items]
Tax Contingency Reserve			$ (100)
Goodwill		$ 224,658	242,740	$ 218,795
Goodwill, Measurement Period Adjustments		0
TRUaire acquisition
Business Acquisition [Line Items]
Cash	$ 1,471		1,471
Accounts Receivable, net	13,467		13,450
Measurement period adjustments, accounts receivable, net			(17)
Inventory	46,313		45,013
Measurement period adjustments, inventory			(1,300)
Short-Term Tax Indemnity Assets	5,000		5,000
Other Current Assets	1,285		3,388
Measurement period adjustments, other current assets			2,103
Property, Plant and Equipment	28,832		24,631
Measurement period adjustments, property, plant and equipment			(4,201)
Trade Name (indefinite life)	43,500		43,500
Customer Lists (useful life of 15 years)	$ 194,000		202,500
Measurement period adjustments, customer lists (useful life of 15 years)			8,500
Assets acquired, amortization period	15 years
Right-Of-Use Assets	$ 49,040		49,040
Long-Term Tax Indemnity Assets	7,500		7,500
Other Long-term Assets	2,850		2,152
Measurement Period Adjustments, Other Long-Term Assets			(698)
Accounts Payable	(4,074)		(4,074)
Accrued and Other Current Liabilities	(3,678)		(3,850)
Measurement Period Adjustments, Accrued And Other Current Liabilities			(172)
Lease Liabilities - Short-Term	(4,811)		(4,811)
Deferred Tax Liabilities	(56,249)		(60,033)
Measurement Period Adjustments, Deferred Tax Liabilities			(3,784)
Tax Contingency Reserve	(22,511)		(17,321)	$ (17,300)
Measurement Period Adjustments, Tax Contingency Reserve			5,190
Lease Liabilities - Long-Term	(45,369)		(45,369)
Estimated fair value of net assets acquired	256,566		262,187
Measurement Period Adjustments, estimated fair value of net assets acquired			5,621
Goodwill	129,169		123,455
Goodwill, Measurement Period Adjustments		$ (2,099)	(5,714)
Total Purchase Price	$ 385,735		385,642
Measurement Period Adjustments, total purchase price			$ (93)

SEGMENTS - Schedule of Financial Information of Reporting Segments (Details) $ in Thousands	12 Months Ended
	Mar. 31, 2023 USD ($) segment	Mar. 31, 2022 USD ($)	Mar. 31, 2021 USD ($)
Segment Reporting [Abstract]
Number of reportable segments \| segment	3
Segment Reporting Information [Line Items]
Revenues, net	$ 757,904	$ 626,435	$ 419,205
Operating income	139,066	97,380	59,220
Depreciation and amortization	34,957	36,408	22,718
Total assets	1,043,453	995,360	879,522
Operating Segments
Segment Reporting Information [Line Items]
Revenues, net	757,904	626,435	419,205
Operating income	159,269	116,223	73,654
Depreciation and amortization	34,757	35,958	22,173
Total assets	1,031,427	983,044	866,282
Operating Segments \| Contractor Solutions
Segment Reporting Information [Line Items]
Revenues, net	506,634	413,207	245,232
Operating income	126,204	96,115	59,007
Depreciation and amortization	26,951	27,879	14,415
Total assets	823,750	782,267	687,508
Operating Segments \| Engineered Building Solutions
Segment Reporting Information [Line Items]
Revenues, net	103,969	97,296	95,672
Operating income	12,889	11,101	14,066
Depreciation and amortization	1,771	2,063	2,014
Total assets	71,429	74,397	67,281
Operating Segments \| Specialized Reliability Solutions
Segment Reporting Information [Line Items]
Revenues, net	147,301	115,932	78,301
Operating income	20,176	9,007	581
Depreciation and amortization	6,035	6,016	5,744
Total assets	136,248	126,380	111,493
Intersegment revenue
Segment Reporting Information [Line Items]
Revenues, net	7,287	3,390	360
Intersegment revenue \| Contractor Solutions
Segment Reporting Information [Line Items]
Revenues, net	7,142	3,280	296
Intersegment revenue \| Engineered Building Solutions
Segment Reporting Information [Line Items]
Revenues, net	0	0	0
Intersegment revenue \| Specialized Reliability Solutions
Segment Reporting Information [Line Items]
Revenues, net	145	110	64
Eliminations and Other
Segment Reporting Information [Line Items]
Revenues, net	0	0	0
Eliminations and Other
Segment Reporting Information [Line Items]
Revenues, net	(7,287)	(3,390)	(360)
Operating income	(20,203)	(18,843)	(14,434)
Depreciation and amortization	200	450	545
Total assets	$ 12,026	$ 12,316	$ 13,240

LONG-TERM DEBT AND COMMITMENTS (Tables)

12 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Schedule of Long-Term Debt

Debt consists of the following (in thousands):


	March 31,
	2023		2022
Revolving Credit Facility, interest rate of 6.21% and 1.95% (a), respectively	$	253,000	$	243,000
Whitmore term loan, interest rate of 0.00% and 2.45% (a), respectively	—		9,775
Total debt	253,000		252,775
Less: Current portion	—		(561)
Long-term debt	$	253,000	$	252,214

(a) Represents the unhedged interest rate effective on March 31, 2023, and 2022, respectively.

Schedule of Aggregate Maturities of Long-Term Debt

Future minimum debt payments are as follows for years ending March 31 (in thousands):


2024	$	—
2025	—
2026	—
2027	253,000
2028	—
Thereafter	—
Total	$	253,000

INCOME TAXES (Tables)

12 Months Ended

Mar. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Income Before Income Taxes

Income before income taxes was comprised of the following (in thousands):


	Year Ended March 31,
	2023		2022		2021
U.S. Federal	$	118,181	$	87,607	$	48,142
Foreign	7,730		3,858		2,726
Income before income taxes	$	125,911	$	91,465	$	50,868

Schedule of Income Tax Expense

Income tax expense consists of the following (in thousands):


For the year ended:	Current		Deferred		Total
March 31, 2023
U.S. Federal	$	27,920	$	(3,549)	$	24,371
State and local	6,135		(2,471)		3,664
Foreign	1,482		(180)		1,302
Provision for income taxes	$	35,537	$	(6,200)	$	29,337
March 31, 2022
U.S. Federal	$	20,139	$	(1,578)	$	18,561
State and local	5,271		761		6,032
Foreign	638		(1,085)		(447)
Provision for income taxes	$	26,048	$	(1,902)	$	24,146
March 31, 2021
U.S. Federal	$	6,773	$	(1,211)	$	5,562
State and local	3,561		(500)		3,061
Foreign	1,641		505		2,146
Provision for income taxes	$	11,975	$	(1,206)	$	10,769

Schedule of Income Tax Expense Differed from Amounts Computed by Applying U.S. Federal Statutory Income Tax Rate to Income Before Income Taxes

Income tax expense differed from the amounts computed by applying the U.S. federal statutory income tax rate of 21.0% to income before income taxes as a result of the following (in thousands):


	Year Ended March 31,
	2023		2022		2021
Computed tax expense at statutory rate	$	26,441	$	19,206	$	10,674
Increase (reduction) in income taxes resulting from:
State and local income taxes, net of federal benefits	2,895		4,765		2,419
Nondeductible executive compensation	1,555		992		248
Global intangible low-taxed income ("GILTI") inclusion	1,123		580		2,118
Repatriation tax, net of tax credit	904		170		822
Other permanent differences	557		(143)		1,931
IRC section 250 deductions	(1,626)		(1,102)		(1,678)
Foreign tax credits	(604)		(450)		(554)
Vesting of stock-based compensation	(408)		(1,916)		(741)


Uncertain tax positions	(224)		759		(4,717)
Valuation allowance	(96)		379		—

Foreign rate differential	67		91		85
Other, net	(1,247)		815		162
Provision for income taxes	$	29,337	$	24,146	$	10,769

Schedule of Tax Effects of Temporary Differences That Give Rise to Significant Portions of Deferred Tax Assets and Deferred Tax Liabilities

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at March 31, 2023 and 2022 are presented below (in thousands):


	March 31,
	2023		2022
Deferred tax assets:
Operating lease liabilities	$	15,684	$	17,774
Accrued compensation	6,636		4,826
Inventory reserves	3,422		3,720
Accrued expenses	1,580		1,010
State R&D credit carry-forward	968		75
Transaction Costs	828		714
Pension and other employee benefits	452		412
Foreign tax credit carry-forward	284		379
Net operating loss carryforwards	144		145
Other, net	747		1,492
Deferred tax assets	30,745		30,547
Valuation allowance	(428)		(524)
Deferred tax assets, net of valuation allowance	30,317		30,023
Deferred tax liabilities:
Goodwill and intangible assets	(66,432)		(64,903)
Operating lease right-of-use assets	(14,337)		(16,364)
Property, plant and equipment	(7,299)		(8,242)
Repatriation reserve	(1,784)		(1,034)
Other, net	(2,148)		(1,986)
Deferred tax liabilities	(92,000)		(92,529)
Net deferred tax liabilities	$	(61,683)	$	(62,506)

Schedule of Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits (excluding interest and penalties) is as follows (in thousands):


	March 31,
	2023		2022
Balance at beginning of year	$	9,934	$	10,212

Decreases related to prior year tax positions	(690)		(314)
Increases related to current year tax positions	2,540		36

Balance at end of year	$	11,784	$	9,934

DETAILS OF CERTAIN CONSOLIDATED BALANCE SHEET CAPTIONS - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Prepaid expenses	$ 9,485	$ 8,531
Short-term tax indemnification assets	7,500	0
Income taxes receivable	1,344	690
Current derivative asset	877	0
Other current assets	1,073	1,389
Prepaid expenses and other current assets	$ 20,279	$ 10,610

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Income Statement [Abstract]
Revenues, net	$ 757,904	$ 626,435	$ 419,205
Cost of revenues	(439,690)	(370,473)	(234,655)
Gross profit	318,214	255,962	184,550
Selling, general and administrative expenses	(179,148)	(158,582)	(125,330)
Operating income	139,066	97,380	59,220
Interest expense, net	(13,197)	(5,449)	(2,383)
Other income (expense), net	42	(466)	(5,969)
Income before income taxes	125,911	91,465	50,868
Provision for income taxes	(29,337)	(24,146)	(10,769)
Net income	96,574	67,319	40,099
Income attributable to redeemable noncontrolling interest	(139)	(934)	0
Net income attributable to CSW Industrials, Inc.	$ 96,435	$ 66,385	$ 40,099
Basic earnings per common share: (in USD per share)	$ 6.22	$ 4.21	$ 2.67
Diluted earnings per common share (in USD per share)	$ 6.20	$ 4.20	$ 2.65
Weighted average number of shares outstanding:
Basic (in shares)	15,509	15,755	15,015
Diluted (in shares)	15,546	15,807	15,126

LONG-TERM DEBT AND COMMITMENTS - Revolving Credit Agreement (Details) - USD ($)			12 Months Ended
	May 18, 2021	Dec. 11, 2015	Mar. 31, 2023	Dec. 15, 2022	Mar. 31, 2022	Dec. 01, 2020	Sep. 15, 2017
Revolving Credit Facility
Debt Instrument [Line Items]
Percentage of voting equity interests in first-tier foreign subsidiaries	65.00%
Revolving Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Debt instrument term		5 years
Maximum borrowing capacity	$ 400,000,000	$ 250,000,000		$ 500,000,000		$ 300,000,000
Accordion feature	150,000,000	$ 50,000,000
Line of credit facility, maximum borrowing capacity, sublimit							$ 125,000,000
Debt discount and issuance costs	$ 2,300,000			$ 700,000
Proceeds from lines of credit			$ 143,200,000
Repayments of long-term debt			133,200,000
Revolving credit facility, amount outstanding			253,000,000		$ 243,000,000
Revolving credit facility, remaining borrowing capacity			$ 247,000,000		$ 157,000,000
Maximum leverage ratio	3.00
Maximum leverage ratio, temporary increase	3.75
Duration of temporary increase for maximum leverage ratio	18 months
Minimum fixed charge coverage ratio	1.25
Revolving Credit Facility \| Line of Credit \| Minimum
Debt Instrument [Line Items]
Commitment fee percentage	0.15%
Revolving Credit Facility \| Line of Credit \| Maximum
Debt Instrument [Line Items]
Commitment fee percentage	0.40%
Revolving Credit Facility \| Prime Rate \| Line of Credit \| Minimum
Debt Instrument [Line Items]
Spread on interest rate	0.25%
Revolving Credit Facility \| Prime Rate \| Line of Credit \| Maximum
Debt Instrument [Line Items]
Spread on interest rate	1.50%
Revolving Credit Facility \| LIBOR
Debt Instrument [Line Items]
Spread on interest rate	1.00%
Revolving Credit Facility \| LIBOR \| Line of Credit \| Minimum
Debt Instrument [Line Items]
Spread on interest rate	1.25%
Revolving Credit Facility \| LIBOR \| Line of Credit \| Maximum
Debt Instrument [Line Items]
Spread on interest rate	2.50%
Revolving Credit Facility \| Federal Funds Effective Rate
Debt Instrument [Line Items]
Spread on interest rate	0.50%
Letter of Credit \| Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 25,000,000
Swingline Loans \| Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 10,000,000

OTHER COMPREHENSIVE INCOME (LOSS)

12 Months Ended

Mar. 31, 2023

Equity [Abstract]

OTHER COMPREHENSIVE INCOME (LOSS)

The following table provides an analysis of the changes in accumulated other comprehensive loss (in thousands).


	March 31,
	2023		2022
Currency translation adjustments:
Balance at beginning of period	$	(4,438)	$	(4,394)
Foreign currency translation adjustments	(3,752)		(44)
Balance at end of period	$	(8,190)	$	(4,438)
Interest rate swaps:
Balance at beginning of period	$	(270)	$	(803)
Unrealized gain, net of taxes of $(60) and $(82), respectively (a)	225		309
Reclassification of losses (gains) included in interest expense, net of taxes of $18 and $(60), respectively	(69)		224

Other comprehensive income	156		533
Balance at end of period	$	(114)	$	(270)
Defined benefit plans:
Balance at beginning of period	$	(366)	$	(799)
Amortization of net prior service benefit, net of taxes of $0 and $1, respectively (b)	—		(5)
Amortization of net loss, net of taxes of $(9) and $(16), respectively (b)	33		59
Net gain arising during the year, net of taxes of $(24) and $(41), respectively (b)	92		154
Curtailment impact, net of taxes of $0 and $(83), respectively	—		311
Pension termination, net of taxes of $(34) and $0, respectively	127		—
Currency translation impact	9		(86)
Other comprehensive income	261		433
Balance at end of period	$	(105)	$	(366)

SHARE-BASED COMPENSATION (Tables)

12 Months Ended

Mar. 31, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Share-Based Compensation Expense

We recorded share-based compensation expense for restricted stock as follows for the years ended March 31, 2023, 2022 and 2021 (in thousands):


	Year Ended March 31,
	2023		2022		2021
Share-based compensation expense	$	9,751	$	8,450	$	5,085
Related income tax benefit	(2,438)		(2,197)		(1,220)
Net share-based compensation expense	$	7,313	$	6,253	$	3,865

Schedule of Stock Options Activity


	Number of Shares	Weighted Average Exercise Price		Remaining Contractual Life (Years)	Aggregate Intrinsic Value (in Millions)
Outstanding and Exercisable at April 1, 2021	63,413	$	25.23
Exercised	(52,613)	25.23
Outstanding and Exercisable at March 31, 2022	10,800	25.23		2.4	$	1.0
Exercised	(10,800)	25.23
Outstanding and Exercisable at March 31, 2023	—	$	—	0.0	$	—

Schedule of Restricted Stock Activity

Restricted stock activity was as follows:


	Year Ended March 31, 2023
	Number of Shares	Weighted Average Grant Date Fair Value
Outstanding at April 1, 2022	228,331	$	126.02
Granted	96,877	130.85
Vested	(87,516)	86.01
Canceled	(5,641)	112.60
Outstanding at March 31, 2023	232,051	$	138.14