0001624794-23-000064 | 10-Q | XBRL Viewer

SHARE-BASED COMPENSATION (Tables)

3 Months Ended

Jun. 30, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Share-Based Compensation Expense

We recorded share-based compensation expense as follows for the three months ended June 30, 2023 and 2022 (in thousands):


	Three Months Ended June 30,
	2023		2022
Share-based compensation expense	$	2,805	$	2,284
Related income tax benefit	(701)		(571)
Net share-based compensation expense	$	2,104	$	1,713

Schedule of Restricted Share Activity

Restricted share activity was as follows:


	Three Months Ended June 30, 2023
	Number of Shares	Weighted Average Grant Date Fair Value
Outstanding at April 1, 2023:	232,051	$	138.14
Granted	52,673	199.61
Vested	(54,065)	73.44
Canceled	(541)	116.68
Outstanding at June 30, 2023	230,118	$	154.77

SHARE-BASED COMPENSATION

3 Months Ended

Jun. 30, 2023

Share-Based Payment Arrangement [Abstract]

SHARE-BASED COMPENSATION

Refer to Note 5 to our consolidated financial statements included in our Annual Report for a description of the 2015 Equity and Incentive Compensation Plan (the "2015 Plan"). As of June 30, 2023, 369,414 shares were available for issuance under the 2015 Plan.

We recorded share-based compensation expense as follows for the three months ended June 30, 2023 and 2022 (in thousands):


	Three Months Ended June 30,
	2023		2022
Share-based compensation expense	$	2,805	$	2,284
Related income tax benefit	(701)		(571)
Net share-based compensation expense	$	2,104	$	1,713

Restricted share activity was as follows:


	Three Months Ended June 30, 2023
	Number of Shares	Weighted Average Grant Date Fair Value
Outstanding at April 1, 2023:	232,051	$	138.14
Granted	52,673	199.61
Vested	(54,065)	73.44
Canceled	(541)	116.68
Outstanding at June 30, 2023	230,118	$	154.77

During the restriction period, the holders of restricted shares are entitled to vote and receive dividends. Unvested restricted shares outstanding as of June 30, 2023 and 2022 included 98,029 and 100,082 shares (at target), respectively, with performance-based vesting provisions, and a vesting range of 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 29,120 and 21,087 awards with performance-based vesting provisions during the three months ended June 30, 2023 and 2022, respectively, with a vesting range of 0%-200%.

At June 30, 2023, we had unrecognized compensation cost related to unvested restricted shares of $22.3 million, which will be amortized into net income over the remaining weighted average vesting period of approximately 2.6 years. The total fair value of restricted shares granted during the three months ended June 30, 2023 and 2022 was $5.8 million and $3.4 million, respectively. The total fair value of restricted shares vested during the three months ended June 30, 2023 and 2022 was $7.5 million and $5.2 million, respectively.

OTHER COMPREHENSIVE INCOME (LOSS) (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	$ 525,675	$ 469,086
Other comprehensive income	1,996	(2,022)
Balance at end of period	560,094	466,720
Losses on cash flow hedges expected to be reclassified to earnings within next 12 months (less than)	1,200
Currency translation adjustments:
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	(8,190)	(4,438)
Other comprehensive income	514	(2,278)
Balance at end of period	(7,676)	(6,716)
Interest rate swaps:
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	(114)	(270)
Other comprehensive income	1,481	253
Unrealized gains (losses), net of taxes	1,728	212
Reclassification, net of tax	(247)	41
Balance at end of period	1,367	(17)
Interest rate swaps, unrealized gain, tax	(459)	(56)
Reclassification from AOCI, current period, tax	66	(11)
Defined benefit plans:
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	(105)	(366)
Balance at end of period	(104)	(363)
Defined benefit plans, amortization of net gains (losses), net of taxes
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Reclassification, net of tax	1	3
Reclassification from AOCI, current period, tax	$ 0	$ (1)

CONDENSED 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, 2022	$ 469,086	$ 162	$ (46,448)	$ 112,924	$ 407,522	$ (5,074)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation	2,284			2,284
Stock activity under stock plans	(2,002)		(2,002)
Reissuance of treasury shares	3,091		2,016	1,075
Repurchase of common shares	(30,491)		(30,491)
Net income	29,443				29,443
Dividends	(2,669)			22	(2,691)
Other comprehensive income, net of tax	(2,022)					(2,022)
Balance at end of period at Jun. 30, 2022	466,720	162	(76,925)	116,305	434,274	(7,096)
Balance at beginning of period at Mar. 31, 2023	525,675	163	(82,734)	123,336	493,319	(8,409)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation	2,805			2,805
Stock activity under stock plans	(2,864)		(2,864)
Reissuance of treasury shares	4,818		2,526	2,292
Net income	30,611				30,611
Dividends	(2,947)			18	(2,965)
Other comprehensive income, net of tax	1,996					1,996
Balance at end of period at Jun. 30, 2023	$ 560,094	$ 163	$ (83,072)	$ 128,451	$ 520,965	$ (6,413)

- 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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Equity impact of the value of stock that has been repurchased during the period and has not been retired and is not held in treasury. Some state laws may mandate the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

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Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.

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+ Details

LONG-TERM DEBT - Whitmore Term Loan (Details) - Whitmore Joint Venture - Secured Term Loan - USD ($)	1 Months Ended
	Jan. 19, 2023	Jun. 30, 2023	Mar. 31, 2023
Debt Instrument [Line Items]
Debt instrument, periodic principal payment	$ 100,000
Principal amount outstanding under term loan		$ 0	$ 0
LIBOR
Debt Instrument [Line Items]
Spread on interest rate	2.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

CONSOLIDATION OF VARIABLE INTEREST ENTITIES AND REDEEMABLE NONCONTROLLING INTEREST - Additional Information (Details) - USD ($) $ in Thousands		3 Months Ended
	Apr. 01, 2021	Jun. 30, 2023	Jun. 30, 2022
Variable Interest Entity [Line Items]
Net (loss)/income		$ 30,611	$ 29,443
Variable Interest Entity \| Whitmore JV \| Affiliated Entity
Variable Interest Entity [Line Items]
Net (loss)/income		$ 900
Interest sold (in percent)	50.00%
Initiating member's equity interest	90.00%
Period of written notice	2 years

- Definition

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

+ References

+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

INCOME TAXES (Details) $ in Thousands	3 Months Ended
INCOME TAXES (Details) $ in Thousands	Jun. 30, 2023 USD ($) segment	Dec. 31, 2022 USD ($)	Jun. 30, 2022 USD ($)	Mar. 31, 2021 USD ($)	Jul. 31, 2022 USD ($)	Dec. 31, 2020 USD ($)
Income Tax Examination [Line Items]
Income (loss) from continuing operations before income taxes	$ 41,511		$ 39,258
Income tax expense (benefit)	$ 10,455		$ 9,620
Effective tax rate	25.20%		24.50%
Canada Revenue Agency \| December 31, 2017 to December 31, 2020
Income Tax Examination [Line Items]
Number of subsidiaries under audit \| segment	1
TRUaire acquisition
Income Tax Examination [Line Items]
Tax contingency reserves						$ 17,300
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		$ 1,500		$ 5,300
Indemnification assets, amount outstanding	$ 7,500
Falcon Stainless, Inc.
Income Tax Examination [Line Items]
Indemnification assets, range of outcomes, value, high					$ 4,500
Indemnification assets, amount as of acquisition date					3,100
Indemnification assets, amount outstanding	1,100
Unrecognized tax benefits	$ 3,400				$ 3,100

LEASES - Supplemental Cash Flow (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Leases [Abstract]
Cash paid for amounts included in the measurement of operating lease liabilities	$ 2,789	$ 2,708
Right-of-use assets obtained in exchange for new operating lease obligations	$ 1,000	$ 1,868

LONG-TERM DEBT (Tables)

3 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Schedule of Long-Term Debt

Debt consists of the following (in thousands):


	June 30, 2023		March 31, 2023
Revolving Credit Facility, interest rate of 6.72% and 6.21% (a)	$	210,000	$	253,000


Less: Current portion	—		—
Long-term debt	$	210,000	$	253,000

(a) Represents the interest rate effective on June 30, 2023, and March 31, 2023, respectively, excluding the impact from the interest rate swap.

SEGMENTS - Additional Information (Details)	3 Months Ended
SEGMENTS - Additional Information (Details)	Jun. 30, 2023 segment
Segment Reporting [Abstract]
Number of reportable segments	3

REVENUE RECOGNITION (Tables)

3 Months Ended

Jun. 30, 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):


	Three Months Ended June 30, 2023
	Contractor Solutions		Specialized Reliability Solutions		Engineered Building Solutions		Total
Build-to-order	$	—	$	—	$	23,938	$	23,938
Book-and-ship	138,105		37,668		3,649		179,422
Net revenues	$	138,105	$	37,668	$	27,587	$	203,360


	Three Months Ended June 30, 2022
	Contractor Solutions		Specialized Reliability Solutions		Engineered Building Solutions		Total
Build-to-order	$	—	$	—	$	25,022	$	25,022
Book-and-ship	135,719		35,701		3,492		174,912
Net revenues	$	135,719	$	35,701	$	28,514	$	199,934

Schedule of Contract Liabilities

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


Balance at April 1, 2023:	$	637
Revenue recognized during the period	(448)

New contracts and revenue added to existing contracts during the period	385
Balance at June 30, 2023	$	574

SEGMENTS - Schedule of Schedule of Financial Information of Reporting Segments (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Segment Reporting Information [Line Items]
Revenues, net	$ 203,360	$ 199,934
Operating income	45,206	40,873
Contractor Solutions
Segment Reporting Information [Line Items]
Revenues, net	138,105	135,719
Specialized Reliability Solutions
Segment Reporting Information [Line Items]
Revenues, net	37,668	35,701
Engineered Building Solutions
Segment Reporting Information [Line Items]
Revenues, net	27,587	28,514
Reportable Segments
Segment Reporting Information [Line Items]
Revenues, net	203,360	199,934
Operating income	50,893	45,801
Reportable Segments \| Contractor Solutions
Segment Reporting Information [Line Items]
Revenues, net	138,105	135,719
Operating income	39,667	36,289
Reportable Segments \| Specialized Reliability Solutions
Segment Reporting Information [Line Items]
Revenues, net	37,668	35,701
Operating income	6,966	5,097
Reportable Segments \| Engineered Building Solutions
Segment Reporting Information [Line Items]
Revenues, net	27,587	28,514
Operating income	4,260	4,415
Intersegment revenue
Segment Reporting Information [Line Items]
Revenues, net	1,892	1,944
Intersegment revenue \| Contractor Solutions
Segment Reporting Information [Line Items]
Revenues, net	1,849	1,909
Intersegment revenue \| Specialized Reliability Solutions
Segment Reporting Information [Line Items]
Revenues, net	43	35
Intersegment revenue \| Engineered Building Solutions
Segment Reporting Information [Line Items]
Revenues, net	0	0
Eliminations and Other, excluding Intersegment revenue
Segment Reporting Information [Line Items]
Revenues, net	0	0
Eliminations and Other
Segment Reporting Information [Line Items]
Revenues, net	(1,892)	(1,944)
Operating income	$ (5,687)	$ (4,928)

LEASES

3 Months Ended

Jun. 30, 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.


	Three Months Ended June 30,
(in thousands)	2023		2022
Components of Operating Lease Expenses
Operating lease expense (a)	$	2,719	$	2,638
Short-term lease expense	192		238
Total operating lease expense	$	2,911	$	2,876
(a) Included in cost of revenues and selling, general and administrative expense


(in thousands)	June 30, 2023		March 31, 2023
Operating Lease Assets and Liabilities
Right-of-use assets, net (b)	$	58,418	$	59,815

Short-term lease liabilities (c)	$	9,924	$	9,784
Long-term lease liabilities (c)	54,056		55,590
Total operating lease liabilities	$	63,980	$	65,374
(b) Included in other assets
(c) Included in accrued and other current liabilities and other long-term liabilities


	Three Months Ended June 30,
(in thousands)	2023			2022
Supplemental Cash Flow
Cash paid for amounts included in the measurement of operating lease liabilities (a)	$	2,789		$	2,708
Right-of-use assets obtained in exchange for new operating lease obligations	1,000			1,868
(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)	6.82			7.67
Weighted average discount rate	2.3		%	2.2		%


Maturities of operating lease liabilities were as follows (in thousands):
Year Ending March 31, 2024 (excluding the three months ended June 30, 2023)	$	8,468
2025	11,150
2026	10,811
2027	10,557
2028	9,264
Thereafter	18,882
Total lease liabilities	69,132
Less: Imputed interest	(5,152)
Present value of lease liabilities	$	63,980

LEASES - Components of Operating Lease Expenses (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Leases [Abstract]
Operating lease expense	$ 2,719	$ 2,638
Short-term lease expense	192	238
Total operating lease expense	$ 2,911	$ 2,876

INCOME TAXES	3 Months Ended
INCOME TAXES	Jun. 30, 2023
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES For the three months ended June 30, 2023, we earned $41.5 million from operations before taxes and provided for income taxes of $10.5 million, resulting in an effective tax rate of 25.2%. The provision for income taxes differed from the statutory rate for the three months ended June 30, 2023 primarily due to state income tax (net of federal benefit), executive compensation limitations, stock-based compensation deferred tax asset ("DTA") write-offs, and provision for global intangible low-taxed income ("GILTI"); offset by excess tax deductions related to Foreign-derived intangible income ("FDII"), non-controlling interest, foreign tax credits and R&D credits. In connection with the TRUaire acquisition that closed in December 2020, the Company recognized an uncertain tax position ("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 seller 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. The remaining UTP accrual will be released upon the closure of the tax statutes. As of June 30, 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. In connection with the Falcon acquisition that closed in July 2022, the Company recognized a UTP of $3.1 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 an initial tax indemnification asset of $3.1 million through purchase accounting, which will increase as additional interest and penalties on UTPs are accrued. This tax indemnification asset will either be settled or expire upon the closure of the tax statutes for the pre-acquisition periods. As of June 30, 2023, the UTP and the offsetting tax indemnification asset were $3.4 million, and $1.1 million of the UTP and the related tax indemnification asset are expected to expire in October 2023, upon the closure of the tax statutes. As of June 30, 2023, $1.1 million of the tax indemnification assets is reported in our condensed consolidated balance sheets in prepaid expenses and other current assets. For the three months ended June 30, 2022, we earned $39.3 million from operations before taxes and provided for income taxes of $9.6 million, resulting in an effective tax rate of 24.5%. The provision for income taxes differed from the statutory rate for the three months ended June 30, 2022 primarily due to state income tax (net of federal benefit), executive compensation limitations, provision for global intangible low-taxed income ("GILTI") and an increase in the reserves for uncertain tax provisions; offset by excess tax deductions related to Foreign-derived intangible income ("FDII"), excess tax deductions related to stock compensation, foreign tax credits and impact of noncontrolling interest ("NCI"). One of our Canadian subsidiaries received proposed assessments resulting from audits by the taxing authority for tax years 2017-2020, and we have included the impact of the proposed assessments in the income tax expense for the three months ended June 30, 2023.

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

CONSOLIDATION OF VARIABLE INTEREST ENTITIES AND REDEEMABLE NONCONTROLLING INTEREST

3 Months Ended

Jun. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

CONSOLIDATION OF VARIABLE INTEREST ENTITIES AND REDEEMABLE NONCONTROLLING INTEREST

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 the 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 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 most significant activities due to its ability to direct the manufacturing decisions of the Whitmore JV. Whitmore JV's total net assets are presented below (in thousands):


	June 30, 2023
Cash	$	4,946
Accounts receivable, net	6,653
Inventories, net	4,320
Prepaid expenses and other current assets	329
Property, plant and equipment, net	13,515
Intangible assets, net	6,276
Other assets	275
Total assets	$	36,314

Accounts payable	$	4,955
Accrued and other current liabilities	1,546
Other long-term liabilities	190
Total liabilities	$	6,691

During the three months ended June 30, 2023, the Whitmore JV generated net income of $0.9 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 during the month of July 2024 and every two years afterwards. 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 three-month period ended June 30, 2023 were as follows (in thousands):


Balance at March 31, 2023	$	18,464

Net income attributable to redeemable noncontrolling interest	445



Balance at June 30, 2023	$	18,909

SHARE-BASED COMPENSATION - Additional Information (Details)	Jun. 30, 2023 shares
2015 Plan \| Stock Compensation Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for issuance (in shares)	369,414

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

DERIVATIVE INSTRUMENTS AND HEDGE ACCOUNTING - Fair Value of Derivatives (Details) - Hedging Instrument - Interest Rate Swap - USD ($) $ in Thousands	Jun. 30, 2023	Mar. 31, 2023
Derivatives, Fair Value [Line Items]
Current derivative asset	$ 1,472	$ 877
Non-current derivative asset	260	0
Non-current derivative liabilities	$ 0	$ 1,021

GOODWILL AND INTANGIBLE ASSETS - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2023	Mar. 31, 2023
Finite-Lived Intangible Assets, Net [Abstract]
Ending Gross Amount	$ 345,664	$ 345,407
Accumulated Amortization	(98,770)	(92,954)
Trademarks and Trade Names
Indefinite-lived Intangible Assets [Line Items]
Ending Gross Amount	$ 66,461	66,450
Patents
Finite-Lived Intangible Assets [Line Items]
Weighted Avg Life (Years)	11 years
Finite-Lived Intangible Assets, Net [Abstract]
Ending Gross Amount	$ 13,609	13,608
Accumulated Amortization	$ (8,727)	(8,546)
Customer lists and amortized trademarks
Finite-Lived Intangible Assets [Line Items]
Weighted Avg Life (Years)	14 years
Finite-Lived Intangible Assets, Net [Abstract]
Ending Gross Amount	$ 324,728	324,472
Accumulated Amortization	$ (87,364)	(81,901)
Non-compete agreements
Finite-Lived Intangible Assets [Line Items]
Weighted Avg Life (Years)	5 years
Finite-Lived Intangible Assets, Net [Abstract]
Ending Gross Amount	$ 950	950
Accumulated Amortization	$ (316)	(272)
Other
Finite-Lived Intangible Assets [Line Items]
Weighted Avg Life (Years)	11 years
Finite-Lived Intangible Assets, Net [Abstract]
Ending Gross Amount	$ 6,377	6,377
Accumulated Amortization	$ (2,363)	$ (2,235)

ACQUISITIONS	3 Months Ended
ACQUISITIONS	Jun. 30, 2023
Business Combination and Asset Acquisition [Abstract]
ACQUISITIONS	ACQUISITIONS 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 7). CG and ACG product lines further expand Contractor Solutions’ offering of leading HVAC/R accessories. 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 FASB Accounting Standards Codification Topic 805 ("Topic 805"). The excess of the purchase price over the preliminary fair value of the identifiable assets acquired was $1.8 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 end use 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 ($0.9 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, including customer lists, trademarks and patent 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. 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 7). Falcon products are well-known among the professional trades for supplying enhanced water flow delivery and increased customer satisfaction and supplement our Contractor Solutions segment's existing product portfolio. The Falcon 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 $17.5 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 end use 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 ($3.2 million), net of current liabilities (0.7 million) and other liabilities ($8.5 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.

SHARE-BASED COMPENSATION - Restricted Stock Activity, Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Mar. 31, 2023
Restricted Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested restricted shares outstanding (in shares)	230,118		232,051
Stock/units granted (in shares)	52,673
Unrecognized compensation costs related to unvested restricted shares	$ 22.3
Weighted average vesting period	2 years 7 months 6 days
Fair value of restricted shares granted	$ 5.8	$ 3.4
Fair value of restricted shares vested	$ 7.5	$ 5.2
Restricted Stock Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested restricted shares outstanding (in shares)	98,029	100,082
Restricted Stock Performance Shares \| Cliff Vesting
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	36 months
Stock/units granted (in shares)	29,120	21,087
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 \| Minimum \| Cliff Vesting
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 \| Maximum \| Cliff Vesting
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance-based vesting range	200.00%

INVENTORIES (Tables)

3 Months Ended

Jun. 30, 2023

Inventory Disclosure [Abstract]

Schedule of Inventories

Inventories consist of the following (in thousands):


	June 30, 2023		March 31, 2023
Raw materials and supplies	$	48,904	$	48,300
Work in process	5,168		5,250
Finished goods	110,096		113,104
Total inventories	164,168		166,654
Less: Obsolescence reserve	(7,126)		(5,085)
Inventories, net	$	157,042	$	161,569

LEASES - Other Information for Operating Leases (Details)	Jun. 30, 2023	Jun. 30, 2022
Leases [Abstract]
Weighted average remaining lease term (in years)	6 years 9 months 25 days	7 years 8 months 1 day
Weighted average discount rate	2.30%	2.20%

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities:
Net income	$ 31,056	$ 29,638
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	3,239	3,273
Amortization of intangible and other assets	5,868	5,340
Provision for inventory reserves	2,509	1,667
Provision for doubtful accounts	108	1,060
Share-based and other executive compensation	2,805	2,284
Net loss on disposals of property, plant and equipment	(12)	(5)
Net pension benefit	17	49
Impairment of assets	92	0
Net deferred taxes	843	310
Changes in operating assets and liabilities:
Accounts receivable	(4,319)	(21,044)
Inventories	2,141	(15,020)
Prepaid expenses and other current assets	2,443	458
Other assets	(788)	81
Accounts payable and other current liabilities	3,233	8,426
Retirement benefits payable and other liabilities	1,022	296
Net cash provided by operating activities	50,257	16,813
Cash flows from investing activities:
Capital expenditures	(4,971)	(2,015)
Proceeds from sale of assets	12	20
Cash paid for acquisitions	(112)	(2,000)
Net cash used in investing activities	(5,071)	(3,995)
Cash flows from financing activities:
Borrowings on line of credit	15,432	34,797
Repayments of line of credit and term loan	(58,432)	(13,937)
Purchase of treasury shares	(2,864)	(31,398)
Dividends	(2,947)	(2,670)
Net cash used in financing activities	(48,811)	(13,208)
Effect of exchange rate changes on cash and equivalents	(42)	(710)
Net change in cash and cash equivalents	(3,667)	(1,100)
Cash and cash equivalents, beginning of period	18,455	16,619
Cash and cash equivalents, end of period	$ 14,788	$ 15,519

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2023	Mar. 31, 2023
Statement of Financial Position [Abstract]
Accounts receivable, allowance for expected credit losses	$ 1,422	$ 1,365
Property, plant and equipment, accumulated depreciation	$ 95,736	$ 92,703
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)	16,431,000	16,378,000
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)	887,000	902,000

SHARE-BASED COMPENSATION - Restricted Share Activity (Details) - Restricted Stock	3 Months Ended
	Jun. 30, 2023 $ / shares shares
Number of Shares
Outstanding at beginning of period (in shares) \| shares	232,051
Granted (in shares) \| shares	52,673
Vested (in shares) \| shares	(54,065)
Canceled (in shares) \| shares	(541)
Outstanding at end of period (in shares) \| shares	230,118
Weighted Average Grant Date Fair Value
Outstanding at beginning of period (in USD per share) \| $ / shares	$ 138.14
Granted (in USD per share) \| $ / shares	199.61
Vested (in USD per share) \| $ / shares	73.44
Canceled (in USD per share) \| $ / shares	116.68
Outstanding at end of period (in USD per share) \| $ / shares	$ 154.77

EARNINGS PER SHARE

3 Months Ended

Jun. 30, 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 three months ended June 30, 2023 and 2022 (amounts in thousands, except per share data):


	Three Months Ended June 30,
	2023		2022
Net income	$	31,056	$	29,638
Less: Net income attributable to redeemable noncontrolling interest	(445)		(195)
Net income attributable to CSW Industrials, Inc. shareholders	$	30,611	$	29,443

Weighted average shares:
Common stock	15,410		15,541
Participating securities	110		102
Denominator for basic earnings per common share	15,520		15,643
Potentially dilutive securities	27		9
Denominator for diluted earnings per common share	15,547		15,652

Net income per share attributable to CSW Industrials, Inc. shareholders:
Basic	$	1.97	$	1.88
Diluted	$	1.97	$	1.88

LONG-TERM DEBT - Revolving Credit Facility (Details) - USD ($)		1 Months Ended	3 Months Ended
	May 18, 2021	May 31, 2021	Jun. 30, 2023	Jun. 30, 2022	Mar. 31, 2023	Dec. 15, 2022	Dec. 14, 2022
Debt Instrument [Line Items]
Borrowings on line of credit			$ 15,432,000	$ 34,797,000
Repayments of long-term debt			58,432,000	$ 13,937,000
Line of Credit
Debt Instrument [Line Items]
Maximum leverage ratio	3
Revolving Credit Facility
Debt Instrument [Line Items]
Percentage of voting equity interests in first-tier foreign subsidiaries	0.65
Revolving Credit Facility, interest rate of 5.92% and 1.95%			210,000,000		$ 253,000,000
Revolving Credit Facility \| Fed Funds Rate
Debt Instrument [Line Items]
Spread on interest rate	0.50%
Revolving Credit Facility \| LIBOR
Debt Instrument [Line Items]
Spread on interest rate	1.00%
Revolving Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Debt instrument, term		5 years
Maximum borrowing capacity	$ 400,000,000	$ 300,000,000				$ 500,000,000	$ 400,000,000
Line of credit facility, accordion feature	150,000,000
Debt discount and issuance costs	$ 2,300,000					$ 300,000
Borrowings on line of credit			15,400,000
Repayments of long-term debt			58,400,000
Revolving Credit Facility, interest rate of 5.92% and 1.95%			210,000,000		253,000,000
Line of credit facility, remaining borrowing capacity			$ 290,000,000		$ 247,000,000
Maximum leverage ratio	3.75
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 \| Line of Credit \| LIBOR \| Minimum
Debt Instrument [Line Items]
Spread on interest rate	1.25%
Revolving Credit Facility \| Line of Credit \| LIBOR \| Maximum
Debt Instrument [Line Items]
Spread on interest rate	2.50%
Revolving Credit Facility \| Line of Credit \| Prime Rate \| Minimum
Debt Instrument [Line Items]
Spread on interest rate	0.25%
Revolving Credit Facility \| Line of Credit \| Prime Rate \| Maximum
Debt Instrument [Line Items]
Spread on interest rate	1.50%
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

LEASES - Operating Lease Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Mar. 31, 2023
Leases [Abstract]
Right-of-use assets, net	$ 58,418	$ 59,815
Short-term lease liabilities	9,924	9,784
Long-term lease liabilities	54,056	55,590
Total operating lease liabilities	$ 63,980	$ 65,374
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

ACQUISITIONS (Details) - USD ($) $ in Thousands			3 Months Ended
ACQUISITIONS (Details) - USD ($) $ in Thousands	Oct. 04, 2022	Jul. 08, 2022	Jun. 30, 2023	Jun. 30, 2022	Mar. 31, 2023
Business Acquisition [Line Items]
Cash paid for acquisitions			$ 112	$ 2,000
Goodwill			$ 243,162		$ 242,740
Intellectual Property
Business Acquisition [Line Items]
Fair value of the assets acquired, finite-lived		$ 3,700
Assets acquired, amortization period		15 years
Cover Guard, Inc and AC Guard, Inc.
Business Acquisition [Line Items]
Purchase price, amount transferred		$ 18,400
Cash paid for acquisitions		18,000
Contingent consideration (up to)		$ 400
Business combination target period		5 years
Additional consideration		$ 1,500
Liability consideration term		5 years
Annuity value		$ 2,200
Total consideration including additional consideration		19,500
Noncurrent contingent consideration		400
Goodwill		1,800
Fair value of inventory acquired		3,100
Fair value of accounts receivable acquired		900
Fair value of equipment acquired		300
Cover Guard, Inc and AC Guard, Inc. \| Trademarks
Business Acquisition [Line Items]
Indefinitely lived intangible assets acquired		700
Cover Guard, Inc and AC Guard, Inc. \| Customer Lists
Business Acquisition [Line Items]
Finite lived intangible assets acquired		$ 9,800
Assets acquired, amortization period		15 years
Cover Guard, Inc and AC Guard, Inc. \| Patents
Business Acquisition [Line Items]
Finite lived intangible assets acquired		$ 1,800
Assets acquired, amortization period		10 years
Falcon Stainless, Inc.
Business Acquisition [Line Items]
Purchase price, amount transferred	$ 37,100
Cash paid for acquisitions	$ 34,600
Liability consideration term	1 year
Annuity value	$ 2,500
Goodwill	17,500
Fair value of inventory acquired	700
Fair value of accounts receivable acquired	$ 1,400
Percent of outstanding equity acquired	100.00%
Cash acquired	$ 1,000
Fair value of cash acquired	1,000
Fair value of other current assets acquired	100
Fair value of current liabilities acquired	700
Other assets	3,200
Fair value of other liabilities acquired	8,500
Falcon Stainless, Inc. \| Trademarks
Business Acquisition [Line Items]
Indefinitely 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

OTHER COMPREHENSIVE INCOME (LOSS)

3 Months Ended

Jun. 30, 2023

Equity [Abstract]

OTHER COMPREHENSIVE INCOME (LOSS)

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


	Three Months Ended June 30,
	2023		2022
Currency translation adjustments:
Balance at beginning of period	$	(8,190)	$	(4,438)
Adjustments for foreign currency translation	514		(2,278)
Balance at end of period	$	(7,676)	$	(6,716)

Interest rate swaps:
Balance at beginning of period	$	(114)	$	(270)
Unrealized gains, net of taxes of $(459) and $(56), respectively (a)	1,728		212
Reclassification of losses (gains) included in interest expense, net of taxes of $66 and $(11), respectively	(247)		41

Other comprehensive income	1,481		253
Balance at end of period	$	1,367	$	(17)

Defined benefit plans:
Balance at beginning of period	$	(105)	$	(366)
Amortization of net losses, net of taxes of $0 and $(1), respectively (b)	1		3


Balance at end of period	$	(104)	$	(363)

(a) Unrealized gain (loss) is reclassified to earnings as underlying cash interest payments are made. We expect to recognize a gain of $1.2 million, net of deferred taxes, over the next twelve months related to the designated cash flow hedge based on its fair value at June 30, 2023.

(b) Amortization of actuarial gains (losses) out of accumulated comprehensive loss are included in the computation of net periodic pension expense.

INVENTORIES

3 Months Ended

Jun. 30, 2023

Inventory Disclosure [Abstract]

INVENTORIES

INVENTORIESInventories consist of the following (in thousands):


	June 30, 2023		March 31, 2023
Raw materials and supplies	$	48,904	$	48,300
Work in process	5,168		5,250
Finished goods	110,096		113,104
Total inventories	164,168		166,654
Less: Obsolescence reserve	(7,126)		(5,085)
Inventories, net	$	157,042	$	161,569

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Cash flow hedging activity, taxes	$ (394)	$ (67)
Pension and other postretirement effect, taxes	$ 0	$ (1)

CONSOLIDATION OF VARIABLE INTEREST ENTITIES AND REDEEMABLE NONCONTROLLING INTEREST - Variable Interest Entities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Mar. 31, 2023
Variable Interest Entity [Line Items]
Cash	$ 14,788	$ 18,455
Inventories, net	157,042	161,569
Prepaid expenses and other current assets	19,775	20,279
Property, plant and equipment, net	89,392	88,235
Total assets	1,033,099	1,043,453
Other long-term liabilities	136,503	137,117
Total liabilities	454,096	$ 499,314
Variable Interest Entity \| Whitmore JV \| Affiliated Entity
Variable Interest Entity [Line Items]
Cash	4,946
Accounts receivable, net	6,653
Inventories, net	4,320
Prepaid expenses and other current assets	329
Property, plant and equipment, net	13,515
Intangible assets, net	6,276
Other assets	275
Total assets	36,314
Accounts payable	4,955
Accrued and other current liabilities	1,546
Other long-term liabilities	190
Total liabilities	$ 6,691

REVENUE RECOGNITION

3 Months Ended

Jun. 30, 2023

Revenue from Contract with Customer [Abstract]

REVENUE RECOGNITION

Refer to Note 19 to our consolidated financial statements included in our Annual Report for a description of our disaggregation of revenues. Disaggregation of revenues reconciled to our reportable segments is as follows (in thousands):


	Three Months Ended June 30, 2023
	Contractor Solutions		Specialized Reliability Solutions		Engineered Building Solutions		Total
Build-to-order	$	—	$	—	$	23,938	$	23,938
Book-and-ship	138,105		37,668		3,649		179,422
Net revenues	$	138,105	$	37,668	$	27,587	$	203,360


	Three Months Ended June 30, 2022
	Contractor Solutions		Specialized Reliability Solutions		Engineered Building Solutions		Total
Build-to-order	$	—	$	—	$	25,022	$	25,022
Book-and-ship	135,719		35,701		3,492		174,912
Net revenues	$	135,719	$	35,701	$	28,514	$	199,934

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


Balance at April 1, 2023:	$	637
Revenue recognized during the period	(448)

New contracts and revenue added to existing contracts during the period	385
Balance at June 30, 2023	$	574

- 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
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//606/tableOfContent

+ Details

GOODWILL AND INTANGIBLE ASSETS - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of intangible assets	$ 5.7	$ 5.2

SEGMENTS (Tables)

3 Months Ended

Jun. 30, 2023

Segment Reporting [Abstract]

Schedule of 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).

Three Months Ended June 30, 2023:


(in thousands)	Contractor Solutions		Specialized Reliability Solutions		Engineered Building Solutions		Subtotal - Reportable Segments		Eliminations and Other		Total
Revenues, net to external customers	$	138,105	$	37,668	$	27,587	$	203,360	$	—	$	203,360
Intersegment revenue	1,849		43		—		1,892		(1,892)		—
Operating income	39,667		6,966		4,260		50,893		(5,687)		45,206

Three Months Ended June 30, 2022:


(in thousands)	Contractor Solutions		Specialized Reliability Solutions		Engineered Building Solutions		Subtotal - Reportable Segments		Eliminations and Other		Total
Revenues, net to external customers	$	135,719	$	35,701	$	28,514	$	199,934	$	—	$	199,934
Intersegment revenue	1,909		35		—		1,944		(1,944)		—
Operating income	36,289		5,097		4,415		45,801		(4,928)		40,873

ORGANIZATION AND OPERATIONS AND SUMMARY OF ACCOUNTING POLICIES (Details)	3 Months Ended
	Jun. 30, 2023 segment country
Accounting Policies [Abstract]
Number of reportable segments \| segment	3
Number of countries \| country	100

GOODWILL AND INTANGIBLE ASSETS (Tables)

3 Months Ended

Jun. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Changes in Carrying Amount of Goodwill

The changes in the carrying amount of goodwill as of June 30, 2023 and March 31, 2023 were as follows (in thousands):


	Contractor Solutions		Specialized Reliability Solutions		Engineered Building Solutions		Total
Balance at March 31, 2023	$	209,160	$	9,278	$	24,302	$	242,740
Falcon acquisition	81		—		—		81
CG and ACG acquisitions	107		—		—		107


Currency translation	(45)		100		179		234
Balance at June 30, 2023	$	209,303	$	9,378	$	24,481	$	243,162

Schedule of Intangible Assets

The following table provides information about our intangible assets (in thousands, except years):


		June 30, 2023				March 31, 2023
	Weighted Avg Life (Years)	Ending Gross Amount		Accumulated Amortization		Ending Gross Amount		Accumulated Amortization
Finite-lived intangible assets:
Patents	11	$	13,609	$	(8,727)	$	13,608	$	(8,546)
Customer lists and amortized trademarks	14	324,728		(87,364)		324,472		(81,901)
Non-compete agreements	5	950		(316)		950		(272)
Other	11	6,377		(2,363)		6,377		(2,235)
		$	345,664	$	(98,770)	$	345,407	$	(92,954)
Trade names and trademarks not being amortized:		$	66,461	$	—	$	66,450	$	—

Schedule of Estimated Future Amortization for Intangible Assets

The following table shows the estimated future amortization for intangible assets, as of June 30, 2023, for the remainder of the current fiscal year and the next four fiscal years ending March 31 (in thousands):


2024	$	16,845
2025	21,525
2026	21,158
2027	20,363
2028	19,982
Thereafter	147,021
Total	$	246,894

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
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-Section 55
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-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

DERIVATIVE INSTRUMENTS AND HEDGE ACCOUNTING - Additional Information (Details) - Interest Rate Swap - USD ($) $ in Millions	Jan. 09, 2023	Jun. 30, 2023	Mar. 31, 2023	Feb. 07, 2023
Derivative [Line Items]
Cash receipt	$ 0.2
Derivative, Amount of Hedged Item				$ 100.0
Notional amount		$ 100.0	$ 100.0
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Derivative [Line Items]
Derivative, Fixed Interest Rate				3.85%

ORGANIZATION AND OPERATIONS AND SUMMARY OF ACCOUNTING POLICIES (Policies)	3 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The condensed consolidated financial statements included in this Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2023 (“Quarterly 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 condensed 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 ("VIE") 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. The condensed consolidated financial statements reflect all adjustments that are, in the opinion of management, necessary to present a fair statement of CSWI’s financial position as of June 30, 2023, and the results of operations for the three-month period ended June 30, 2023 and 2022. All adjustments are of a normal, recurring nature. The year-end condensed consolidated balance sheet data was derived from audited financial statements but does not include all disclosures required by U.S. GAAP. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the notes thereto included in CSWI’s Annual Report on Form 10-K for the fiscal year ended March 31, 2023 (the “Annual Report”).
Accounting Developments	Accounting Developments There were not any recently adopted or newly issued accounting pronouncements for the three months ended June 30, 2023, that have had, or are expected to have, a material impact on our consolidated financial statements and disclosures.

DERIVATIVE INSTRUMENTS AND HEDGE ACCOUNTING (Tables)

3 Months Ended

Jun. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Fair Value of Derivatives

The fair value of the interest rate swap designated as a hedging instrument is summarized below (in thousands):


	June 30, 2023		March 31, 2023
Current derivative asset	$	1,472	$	877
Non-current derivative asset	260		—

Non-current derivative liabilities	—		1,021

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Income Statement [Abstract]
Revenues, net	$ 203,360	$ 199,934
Cost of revenues	(111,193)	(113,509)
Gross profit	92,167	86,425
Selling, general and administrative expenses	(46,961)	(45,552)
Operating income	45,206	40,873
Interest expense, net	(4,009)	(1,784)
Other income, net	314	169
Income before income taxes	41,511	39,258
Provision for income taxes	(10,455)	(9,620)
Net income	31,056	29,638
Less: Income attributable to redeemable noncontrolling interest	(445)	(195)
Net income attributable to CSW Industrials, Inc.	$ 30,611	$ 29,443
Net income per share attributable to CSW Industrials, Inc.
Basic (in USD per share)	$ 1.97	$ 1.88
Diluted (in USD per share)	$ 1.97	$ 1.88
Weighted average number of shares outstanding:
Basic (in shares)	15,520	15,643
Diluted (in shares)	15,547	15,652

GOODWILL AND INTANGIBLE ASSETS

3 Months Ended

Jun. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLE ASSETS

The changes in the carrying amount of goodwill as of June 30, 2023 and March 31, 2023 were as follows (in thousands):


	Contractor Solutions		Specialized Reliability Solutions		Engineered Building Solutions		Total
Balance at March 31, 2023	$	209,160	$	9,278	$	24,302	$	242,740
Falcon acquisition	81		—		—		81
CG and ACG acquisitions	107		—		—		107


Currency translation	(45)		100		179		234
Balance at June 30, 2023	$	209,303	$	9,378	$	24,481	$	243,162

The following table provides information about our intangible assets (in thousands, except years):


		June 30, 2023				March 31, 2023
	Weighted Avg Life (Years)	Ending Gross Amount		Accumulated Amortization		Ending Gross Amount		Accumulated Amortization
Finite-lived intangible assets:
Patents	11	$	13,609	$	(8,727)	$	13,608	$	(8,546)
Customer lists and amortized trademarks	14	324,728		(87,364)		324,472		(81,901)
Non-compete agreements	5	950		(316)		950		(272)
Other	11	6,377		(2,363)		6,377		(2,235)
		$	345,664	$	(98,770)	$	345,407	$	(92,954)
Trade names and trademarks not being amortized:		$	66,461	$	—	$	66,450	$	—

Amortization expenses for the three months ended June 30, 2023 and 2022 were $5.7 million and $5.2 million, respectively. The following table shows the estimated future amortization for intangible assets, as of June 30, 2023, for the remainder of the current fiscal year and the next four fiscal years ending March 31 (in thousands):


2024	$	16,845
2025	21,525
2026	21,158
2027	20,363
2028	19,982
Thereafter	147,021
Total	$	246,894

SHARE-BASED COMPENSATION - Schedule of Share-Based Compensation (Details) - Restricted Stock - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 2,805	$ 2,284
Related income tax benefit	(701)	(571)
Net share-based compensation expense	$ 2,104	$ 1,713

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

LEASES - Additional Information (Details)	Jun. 30, 2023
Minimum
Lessee, Lease, Description [Line Items]
Remaining lease term	1 year
Maximum
Lessee, Lease, Description [Line Items]
Remaining lease term	25 years

SHAREHOLDERS' EQUITY (Details) - USD ($)						3 Months Ended		7 Months Ended
SHAREHOLDERS' EQUITY (Details) - USD ($)	Aug. 11, 2023	Jul. 14, 2023	Apr. 14, 2023	Apr. 14, 2022	Nov. 07, 2018	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Dec. 16, 2022	Oct. 30, 2020
Equity, Class of Treasury Stock [Line Items]
Dividend declared (in USD per share)			$ 0.19	$ 0.17
Dividends paid						$ 2,900,000	$ 2,700,000
Forecast
Equity, Class of Treasury Stock [Line Items]
Dividend cash paid (in USD per share)	$ 0.19
Subsequent Event
Equity, Class of Treasury Stock [Line Items]
Dividend declared (in USD per share)		$ 0.19
2018 Share Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Share repurchase program authorized amount					$ 75,000,000
Share repurchase program term					2 years
2020 Share Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Share repurchase program authorized amount						$ 100,000,000		$ 100,000,000	$ 100,000,000	$ 100,000,000
Shares repurchased (in shares)						0	287,990
Shares repurchased, amount							$ 30,500,000
2022 Share Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Share repurchase program authorized amount						$ 100,000,000		$ 100,000,000	$ 100,000,000
Shares repurchased (in shares)								0

FAIR VALUE MEASUREMENTS	3 Months Ended
FAIR VALUE MEASUREMENTS	Jun. 30, 2023
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS The fair value of the interest rate swap contract (as discussed in Note 9) is determined using Level 2 inputs. The carrying value of our debt (discussed in Note 7) approximates fair value as it bears interest at variable rates. The carrying amounts of other financial instruments (i.e., cash and cash equivalents, accounts receivable, net, accounts payable) approximate their fair values as of June 30, 2023 and March 31, 2023 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

LEASES - Maturities of Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Mar. 31, 2023
Leases [Abstract]
Year Ending March 31, 2024 (excluding the three months ended June 30, 2023)	$ 8,468
2025	11,150
2026	10,811
2027	10,557
2028	9,264
Thereafter	18,882
Total lease liabilities	69,132
Less: Imputed interest	(5,152)
Present value of lease liabilities	$ 63,980	$ 65,374

GOODWILL AND INTANGIBLE ASSETS - Schedule of Changes in Carrying Amount of Goodwill (Details) $ in Thousands	3 Months Ended
	Jun. 30, 2023 USD ($)
Goodwill [Roll Forward]
Balance at beginning of period	$ 242,740
Currency translation	234
Balance at end of period	243,162
Falcon acquisition
Goodwill [Roll Forward]
Goodwill acquisitions	81
CG and ACG acquisitions
Goodwill [Roll Forward]
Goodwill acquisitions	107
Contractor Solutions
Goodwill [Roll Forward]
Balance at beginning of period	209,160
Currency translation	(45)
Balance at end of period	209,303
Contractor Solutions \| Falcon acquisition
Goodwill [Roll Forward]
Goodwill acquisitions	81
Contractor Solutions \| CG and ACG acquisitions
Goodwill [Roll Forward]
Goodwill acquisitions	107
Specialized Reliability Solutions
Goodwill [Roll Forward]
Balance at beginning of period	9,278
Currency translation	100
Balance at end of period	9,378
Specialized Reliability Solutions \| Falcon acquisition
Goodwill [Roll Forward]
Goodwill acquisitions	0
Specialized Reliability Solutions \| CG and ACG acquisitions
Goodwill [Roll Forward]
Goodwill acquisitions	0
Engineered Building Solutions
Goodwill [Roll Forward]
Balance at beginning of period	24,302
Currency translation	179
Balance at end of period	24,481
Engineered Building Solutions \| Falcon acquisition
Goodwill [Roll Forward]
Goodwill acquisitions	0
Engineered Building Solutions \| CG and ACG acquisitions
Goodwill [Roll Forward]
Goodwill acquisitions	$ 0

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

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

3 Months Ended

Jun. 30, 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):


	June 30, 2023
Cash	$	4,946
Accounts receivable, net	6,653
Inventories, net	4,320
Prepaid expenses and other current assets	329
Property, plant and equipment, net	13,515
Intangible assets, net	6,276
Other assets	275
Total assets	$	36,314

Accounts payable	$	4,955
Accrued and other current liabilities	1,546
Other long-term liabilities	190
Total liabilities	$	6,691

Schedule of Changes in Redeemable Noncontrolling Interest

Changes in redeemable noncontrolling interest for the three-month period ended June 30, 2023 were as follows (in thousands):


Balance at March 31, 2023	$	18,464

Net income attributable to redeemable noncontrolling interest	445



Balance at June 30, 2023	$	18,909

- 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

CONSOLIDATION OF VARIABLE INTEREST ENTITIES AND REDEEMABLE NONCONTROLLING INTEREST - Changes In Redeemable Noncontrolling Interest (Details) $ in Thousands	3 Months Ended
	Jun. 30, 2023 USD ($)
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Beginning balance	$ 18,464
Ending balance	18,909
Variable Interest Entity
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Beginning balance	18,464
Net income attributable to redeemable noncontrolling interest	445
Ending balance	$ 18,909

LONG-TERM DEBT

3 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

LONG-TERM DEBT

Debt consists of the following (in thousands):


	June 30, 2023		March 31, 2023
Revolving Credit Facility, interest rate of 6.72% and 6.21% (a)	$	210,000	$	253,000


Less: Current portion	—		—
Long-term debt	$	210,000	$	253,000

(a) Represents the interest rate effective on June 30, 2023, and March 31, 2023, respectively, excluding the impact from the interest rate swap.

Revolving Credit Facility

As discussed in Note 8 to our consolidated financial statements included in our Annual Report, prior to May 2021, we maintained a five-year, $300.0 million revolving credit facility agreement (the "First Credit Agreement"), which was scheduled to mature on September 15, 2022. 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 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 at least quarterly 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 $0.3 million in underwriting fees, which are being amortized over the remaining term of the Second Credit Agreement.

During the three months ended June 30, 2023, we borrowed $15.4 million and repaid $58.4 million under the Revolving Credit Facility. As of June 30, 2023 and March 31, 2023, we had $210.0 million and $253.0 million, respectively, in our outstanding balance, which resulted in borrowing capacity under the Revolving Credit Facility of $290.0 million and $247.0 million, respectively. The financial covenants contained in the Second Credit Agreement 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 Second Credit Agreement. The Second Credit 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 Second Credit Agreement. Covenant compliance is tested quarterly, and we were in compliance with all covenants as of June 30, 2023.

Interest payments on the first $100.0 million borrowing under the Revolving Credit Facility are hedged under an interest rate swap agreement as described in Note 9.

Whitmore Term Loan

Prior to January 20, 2023, Whitmore maintained a secured term loan (the "Whitmore Term Loan") related to a warehouse and corporate office building and the remodel of an existing manufacturing and research and development facility. The Whitmore Term Loan required payments of $0.1 million each quarter. Borrowings under this term loan bore interest at a rate of 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 such, as of June 30, 2023 and March 31, 2023, there were no outstanding principal amounts under the Whitmore 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.

INVENTORIES (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Mar. 31, 2023
Inventory Disclosure [Abstract]
Raw materials and supplies	$ 48,904	$ 48,300
Work in process	5,168	5,250
Finished goods	110,096	113,104
Total inventories	164,168	166,654
Less: Obsolescence reserve	(7,126)	(5,085)
Inventories, net	$ 157,042	$ 161,569

OTHER COMPREHENSIVE INCOME (LOSS) (Tables)

3 Months Ended

Jun. 30, 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):


	Three Months Ended June 30,
	2023		2022
Currency translation adjustments:
Balance at beginning of period	$	(8,190)	$	(4,438)
Adjustments for foreign currency translation	514		(2,278)
Balance at end of period	$	(7,676)	$	(6,716)

Interest rate swaps:
Balance at beginning of period	$	(114)	$	(270)
Unrealized gains, net of taxes of $(459) and $(56), respectively (a)	1,728		212
Reclassification of losses (gains) included in interest expense, net of taxes of $66 and $(11), respectively	(247)		41

Other comprehensive income	1,481		253
Balance at end of period	$	1,367	$	(17)

Defined benefit plans:
Balance at beginning of period	$	(105)	$	(366)
Amortization of net losses, net of taxes of $0 and $(1), respectively (b)	1		3


Balance at end of period	$	(104)	$	(363)

(b) Amortization of actuarial gains (losses) out of accumulated comprehensive loss are included in the computation of net periodic pension expense.

ORGANIZATION AND OPERATIONS AND SUMMARY OF ACCOUNTING POLICIES	3 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
ORGANIZATION AND OPERATIONS AND SUMMARY OF ACCOUNTING POLICIES	ORGANIZATION AND OPERATIONS AND SUMMARY OF ACCOUNTING POLICIES CSW Industrials, Inc. (“CSWI,” “we,” “our” or “us”) 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, Specialized Reliability Solutions and Engineered Building 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, plumbing, general industrial, energy, rail transportation and mining. Our manufacturing operations are concentrated in the United States (“U.S.”), Vietnam and Canada, and we have distribution operations in the U.S., Australia, Canada and the United Kingdom (“U.K.”). Our products are sold directly to end users or through designated channels in over 100 countries around the world, primarily including the U.S., Canada, the U.K. and Australia. Drawing on our innovative and proven technologies, we seek to deliver solutions primarily to contractors that place a premium on superior performance and reliability. We believe our brands are well-known in the specific end markets we serve and have a reputation for high quality. 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®. These products are distributed through an extensive wholesale distribution network serving the HVAC/R, architecturally-specified buildings products, plumbing, general industrial, energy, rail transportation and mining end markets. Our desire to develop solutions for our contractors, combined with the differentiated nature of our niche product offerings, drives loyalty to our brands. We rely on both organic growth and inorganic growth through acquisitions to provide an increasingly broad portfolio of performance optimizing solutions that meet our customers’ ever-changing needs. We have a successful record of making attractive and synergistic acquisitions that support expansion of our broad portfolio of solutions, and we remain focused on identifying additional acquisition opportunities in our core end markets. We continue to assess and proactively manage the impacts of COVID-19 on all aspects of our business and geographies, including with respect to our employees, customers and communities and supply chain. During the three months ended June 30, 2023, the COVID-19 pandemic had no direct or indirect material impact on our consolidated operating results. While the Federal COVID-19 Public Health Emergency Declaration expired on May 11, 2023, the extent to which the COVID-19 pandemic may impact our business, results of operations, and financial condition will depend on future developments, which are uncertain and cannot be predicted. We continue to monitor 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. Since shortly after the Russian invasion of Ukraine began in February 2022, we have had no commercial activities including sales in Russia, 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 condensed consolidated financial statements included in this Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2023 (“Quarterly 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 condensed 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 ("VIE") 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. The condensed consolidated financial statements reflect all adjustments that are, in the opinion of management, necessary to present a fair statement of CSWI’s financial position as of June 30, 2023, and the results of operations for the three-month period ended June 30, 2023 and 2022. All adjustments are of a normal, recurring nature. The year-end condensed consolidated balance sheet data was derived from audited financial statements but does not include all disclosures required by U.S. GAAP. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the notes thereto included in CSWI’s Annual Report on Form 10-K for the fiscal year ended March 31, 2023 (the “Annual Report”). Accounting Policies We have consistently applied the accounting policies described in our Annual Report in preparing these condensed consolidated financial statements. Accounting Developments There were not any recently adopted or newly issued accounting pronouncements for the three months ended June 30, 2023, that have had, or are expected to have, a material impact on our consolidated financial statements and disclosures.

CONTINGENCIES	3 Months Ended
CONTINGENCIES	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
CONTINGENCIES	CONTINGENCIESFrom time to time, we are involved in various claims and legal actions that arise in the ordinary course of business. There are no matters pending, whether individually or in the aggregate, that we currently believe have a reasonable possibility of having a material impact to our business, consolidated financial position, results of operations or cash flows.

EARNINGS PER SHARE (Tables)

3 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

Schedule of Reconciliation of Earnings Per Share


	Three Months Ended June 30,
	2023		2022
Net income	$	31,056	$	29,638
Less: Net income attributable to redeemable noncontrolling interest	(445)		(195)
Net income attributable to CSW Industrials, Inc. shareholders	$	30,611	$	29,443

Weighted average shares:
Common stock	15,410		15,541
Participating securities	110		102
Denominator for basic earnings per common share	15,520		15,643
Potentially dilutive securities	27		9
Denominator for diluted earnings per common share	15,547		15,652

Net income per share attributable to CSW Industrials, Inc. shareholders:
Basic	$	1.97	$	1.88
Diluted	$	1.97	$	1.88

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Earnings Per Share [Abstract]
Net income	$ 31,056	$ 29,638
Less: Net income attributable to redeemable noncontrolling interest	(445)	(195)
Net income attributable to CSW Industrials, Inc.	$ 30,611	$ 29,443
Weighted average shares:
Common stock (in shares)	15,410	15,541
Participating securities (in shares)	110	102
Denominator for basic earnings per common share (in shares)	15,520	15,643
Potentially dilutive securities (in shares)	27	9
Denominator for diluted earnings per common share (in shares)	15,547	15,652
Net income per share attributable to CSW Industrials, Inc. shareholders:
Basic (in USD per share)	$ 1.97	$ 1.88
Diluted (in USD per share)	$ 1.97	$ 1.88

SHAREHOLDERS' EQUITY	3 Months Ended
SHAREHOLDERS' EQUITY	Jun. 30, 2023
Equity [Abstract]
SHAREHOLDERS' EQUITY	SHAREHOLDERS' EQUITY Share Repurchase Program 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 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 prior 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 date of December 31, 2024, for completion of the current repurchase program; however, the program may be limited or terminated at any time at our discretion without notice. As of June 30, 2023, no shares have been repurchased under the current $100.0 million repurchase program. Under the prior $100.0 million repurchase program, no shares were repurchased during the three months ended June 30, 2023 and 287,990 shares were repurchased during the three months ended June 30, 2022 for $30.5 million. Dividends On April 14, 2022, we announced a quarterly dividend increase to $0.17 per share. On April 14, 2023, we announced another quarterly dividend increase to $0.19 per share. Total dividends of $2.9 million and $2.7 million were paid during the three months ended June 30, 2023 and 2022, respectively. On July 14, 2023, we announced a quarterly dividend of $0.19 per share payable on August 11, 2023 to shareholders of record as of July 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.

- Definition

The entire disclosure for equity.

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+ Details

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net income	$ 30,611	$ 29,443

- Definition

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

+ References

+ Details

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2023	Mar. 31, 2023
Current assets:
Cash and cash equivalents	$ 14,788	$ 18,455
Accounts receivable, net of allowance for expected credit losses of $1,422 and $1,365, respectively	127,075	122,753
Inventories, net	157,042	161,569
Prepaid expenses and other current assets	19,775	20,279
Total current assets	318,680	323,056
Property, plant and equipment, net of accumulated depreciation of $95,736 and $92,703, respectively	89,392	88,235
Goodwill	243,162	242,740
Intangible assets, net	313,355	318,903
Other assets	68,510	70,519
Total assets	1,033,099	1,043,453
Current liabilities:
Accounts payable	46,252	40,651
Accrued and other current liabilities	60,193	67,388
Total current liabilities	106,445	108,039
Long-term debt	210,000	253,000
Retirement benefits payable	1,148	1,158
Other long-term liabilities	136,503	137,117
Total liabilities	454,096	499,314
Commitments and contingencies (See Note 13)
Redeemable noncontrolling interest	18,909	18,464
Equity:
Common shares, $0.01 par value Shares authorized - 50,000 Shares issued - 16,431 and 16,378, respectively	163	163
Preferred shares, $0.01 par value Shares authorized (10,000) and issued (0)	0	0
Additional paid-in capital	128,451	123,336
Treasury shares, at cost (887 and 902 shares, respectively)	(83,072)	(82,734)
Retained earnings	520,965	493,319
Accumulated other comprehensive loss	(6,413)	(8,409)
Total equity	560,094	525,675
Total liabilities, redeemable noncontrolling interest and equity	$ 1,033,099	$ 1,043,453

REVENUE RECOGNITION (Details) - USD ($) $ in Thousands	3 Months Ended
REVENUE RECOGNITION (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022
Disaggregation of Revenue [Line Items]
Net revenues	$ 203,360	$ 199,934
Change in Contract Liabilities [Roll Forward]
Balance at beginning of period	637
Revenue recognized during the period	(448)
New contracts and revenue added to existing contracts during the period	385
Balance at end of period	574
Build-to-order
Disaggregation of Revenue [Line Items]
Net revenues	23,938	25,022
Book-and-ship
Disaggregation of Revenue [Line Items]
Net revenues	179,422	174,912
Contractor Solutions
Disaggregation of Revenue [Line Items]
Net revenues	138,105	135,719
Contractor Solutions \| Build-to-order
Disaggregation of Revenue [Line Items]
Net revenues	0	0
Contractor Solutions \| Book-and-ship
Disaggregation of Revenue [Line Items]
Net revenues	138,105	135,719
Specialized Reliability Solutions
Disaggregation of Revenue [Line Items]
Net revenues	37,668	35,701
Specialized Reliability Solutions \| Build-to-order
Disaggregation of Revenue [Line Items]
Net revenues	0	0
Specialized Reliability Solutions \| Book-and-ship
Disaggregation of Revenue [Line Items]
Net revenues	37,668	35,701
Engineered Building Solutions
Disaggregation of Revenue [Line Items]
Net revenues	27,587	28,514
Engineered Building Solutions \| Build-to-order
Disaggregation of Revenue [Line Items]
Net revenues	23,938	25,022
Engineered Building Solutions \| Book-and-ship
Disaggregation of Revenue [Line Items]
Net revenues	$ 3,649	$ 3,492

SEGMENTS

3 Months Ended

Jun. 30, 2023

Segment Reporting [Abstract]

SEGMENTS

As discussed in Note 20 to our consolidated financial statements in our Annual Report, we conduct our operations through three reportable segments:

•Contractor Solutions

•Specialized Reliability Solutions

•Engineered Building 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).

Three Months Ended June 30, 2023:


(in thousands)	Contractor Solutions		Specialized Reliability Solutions		Engineered Building Solutions		Subtotal - Reportable Segments		Eliminations and Other		Total
Revenues, net to external customers	$	138,105	$	37,668	$	27,587	$	203,360	$	—	$	203,360
Intersegment revenue	1,849		43		—		1,892		(1,892)		—
Operating income	39,667		6,966		4,260		50,893		(5,687)		45,206

Three Months Ended June 30, 2022:


(in thousands)	Contractor Solutions		Specialized Reliability Solutions		Engineered Building Solutions		Subtotal - Reportable Segments		Eliminations and Other		Total
Revenues, net to external customers	$	135,719	$	35,701	$	28,514	$	199,934	$	—	$	199,934
Intersegment revenue	1,909		35		—		1,944		(1,944)		—
Operating income	36,289		5,097		4,415		45,801		(4,928)		40,873

- 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
-Topic 280
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+ Details

Cover Page - shares	3 Months Ended
Cover Page - shares	Jun. 30, 2023	Jul. 31, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		15,544,050
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001624794
Current Fiscal Year End Date	--03-31

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 31,056	$ 29,638
Other comprehensive income (loss):
Foreign currency translation adjustments	514	(2,278)
Cash flow hedging activity, net of taxes of $(394) and $(67), respectively	1,481	253
Pension and other postretirement effects, net of taxes of $0 and $(1), respectively	1	3
Other comprehensive gain (loss)	1,996	(2,022)
Comprehensive income	33,052	27,616
Less: Comprehensive income attributable to redeemable noncontrolling interest	(445)	(195)
Comprehensive income attributable to CSW Industrials, Inc.	$ 32,607	$ 27,421

LEASES (Tables)

3 Months Ended

Jun. 30, 2023

Leases [Abstract]

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


	Three Months Ended June 30,
(in thousands)	2023		2022
Components of Operating Lease Expenses
Operating lease expense (a)	$	2,719	$	2,638
Short-term lease expense	192		238
Total operating lease expense	$	2,911	$	2,876
(a) Included in cost of revenues and selling, general and administrative expense


(in thousands)	June 30, 2023		March 31, 2023
Operating Lease Assets and Liabilities
Right-of-use assets, net (b)	$	58,418	$	59,815

Short-term lease liabilities (c)	$	9,924	$	9,784
Long-term lease liabilities (c)	54,056		55,590
Total operating lease liabilities	$	63,980	$	65,374
(b) Included in other assets
(c) Included in accrued and other current liabilities and other long-term liabilities


	Three Months Ended June 30,
(in thousands)	2023			2022
Supplemental Cash Flow
Cash paid for amounts included in the measurement of operating lease liabilities (a)	$	2,789		$	2,708
Right-of-use assets obtained in exchange for new operating lease obligations	1,000			1,868
(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)	6.82			7.67
Weighted average discount rate	2.3		%	2.2		%

Schedule of Maturities of Operating Lease Liabilities


Maturities of operating lease liabilities were as follows (in thousands):
Year Ending March 31, 2024 (excluding the three months ended June 30, 2023)	$	8,468
2025	11,150
2026	10,811
2027	10,557
2028	9,264
Thereafter	18,882
Total lease liabilities	69,132
Less: Imputed interest	(5,152)
Present value of lease liabilities	$	63,980

GOODWILL AND INTANGIBLE ASSETS - Schedule of Estimated Future Amortization of Finite-lived Intangible Assets (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2024	$ 16,845
2025	21,525
2026	21,158
2027	20,363
2028	19,982
Thereafter	147,021
Total	$ 246,894

LONG-TERM DEBT - Schedule of Long-Term Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Mar. 31, 2023
Debt Instrument [Line Items]
Less: Current portion	$ 0	$ 0
Long-term debt	$ 210,000	$ 253,000
Revolving Credit Facility
Debt Instrument [Line Items]
Interest rate	6.72%	6.21%
Revolving Credit Facility, interest rate of 5.92% and 1.95%	$ 210,000	$ 253,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

- Definition

The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

+ References + Details

DERIVATIVE INSTRUMENTS AND HEDGE ACCOUNTING

3 Months Ended

Jun. 30, 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.

Prior to January 9, 2023, we had an interest rate swap entered to hedge our exposure to variability in cash flows from interest payments on our Whitmore Term Loan. On January 9, 2023, this interest rate swap was terminated when the loan was paid off and resulted in 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 June 30, 2023 and March 31, 2023, we had $100.0 million and $100.0 million, respectively, of notional amount in outstanding designated interest rate swaps with third parties.

The fair value of the interest rate swap designated as a hedging instrument is summarized below (in thousands):


	June 30, 2023		March 31, 2023
Current derivative asset	$	1,472	$	877
Non-current derivative asset	260		—

Non-current derivative liabilities	—		1,021

The impact of changes in fair value of the interest rate swap is included in Note 15.

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