0001624794-24-000032 | 10-K | XBRL Viewer

DETAILS OF CERTAIN CONSOLIDATED BALANCE SHEET CAPTIONS (Tables)

12 Months Ended

Mar. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

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


	March 31,
	2024		2023
Accounts receivable trade	$	138,475	$	121,164
Other receivables	5,098		2,954
	143,573		124,118
Less: Allowance for credit losses	(908)		(1,365)
Accounts receivable, net	$	142,665	$	122,753

Schedule of Prepaid, and Other Assets Disclosure

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


	March 31,
	2024		2023
Prepaid expenses	$	10,947	$	9,485
Short-term tax indemnification assets	810		7,500
Income taxes receivable	1,955		1,344
Current derivative asset	1,186		877
Other current assets	942		1,073
	$	15,840	$	20,279

Schedule of Property, Plant and Equipment, Net

Generally, the estimated useful lives of assets are:


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

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


	March 31,
	2024		2023
Land and improvements	$	3,162	$	3,226
Buildings and improvements	54,411		52,975
Plant, office and laboratory equipment	127,344		112,271
Construction in progress	11,409		12,466
	196,326		180,938
Less: Accumulated depreciation	(103,515)		(92,703)
Property, plant and equipment, net	$	92,811	$	88,235

Schedule of Other Assets

Other assets consist of the following (in thousands):


	March 31,
	2024		2023
Right-of-use lease assets	$	44,491	$	59,815
Long-term tax indemnification assets	1,621		2,849
Deferred financing fees	1,595		2,363
Rent receivable	1,998		2,028
Property held for investment	418		418
Deferred income taxes	359		462

Other	2,613		2,584
Other assets	$	53,095	$	70,519

Schedule of Accrued and Other Current Liabilities

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


	March 31,
	2024		2023
Compensation and related benefits	$	29,175	$	27,096
Rebates and marketing agreements	15,910		16,158
Income tax payable	2,166		403
Operating lease liabilities	9,443		9,784
Acquisition deferred payments	167		3,427
Non-income taxes liabilities	1,381		1,802
Billings in excess of costs	548		637
Other accrued expenses	8,659		8,081
Accrued and other current liabilities	$	67,449	$	67,388

Schedule of Other Long-Term Liabilities

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


	March 31,
	2024		2023
Deferred income taxes	$	59,967	$	62,144
Operating lease liabilities	39,922		55,590
Tax Reserve	16,954		16,509
Derivative liability	—		1,021
Acquisition deferred payments	8,455		1,853

Other long-term liabilities	$	125,298	$	137,117

CONSOLIDATION OF VARIABLE INTEREST ENTITY AND REDEEMABLE NONCONTROLLING INTEREST - Variable Interest Entities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Variable Interest Entity [Line Items]
Cash	$ 22,156	$ 18,455
Inventories, net	150,749	161,569
Prepaid expenses and other current assets	15,840	20,279
Property, plant and equipment, net	92,811	88,235
Intangible assets, net	318,819	318,903
Total assets	1,043,326	1,043,453	$ 995,360
Other long-term liabilities	125,298	137,117
Total liabilities	408,248	499,314
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Cash	5,909	7,519
Accounts receivable, net	8,094	7,376
Inventories, net	3,851	2,971
Prepaid expenses and other current assets	138	115
Property, plant and equipment, net	14,241	11,923
Intangible assets, net	5,669	6,478
Other assets	315	137
Total assets	38,217	36,519
Accounts payable	6,004	6,274
Accrued and other current liabilities	1,463	1,417
Other long-term liabilities	206	66
Total liabilities	$ 7,673	$ 7,757

Insider Trading Arrangements	3 Months Ended	12 Months Ended
Insider Trading Arrangements	Mar. 31, 2024 shares	Mar. 31, 2024 shares
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	true
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Joseph B. Armes [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On November 17, 2023, Joseph B. Armes, Chairman, Chief Executive Officer and President of the Company, entered into an amended Rule 10b5-1 trading arrangement (as defined in Item 408 of Regulation S-K promulgated under the Exchange Act), the terms of which mirror his prior Rule 10b5-1 trading agreement that terminated in December 2023. The amended trading arrangement is intended to satisfy the affirmative defense in Rule 10b5-1(c) of the Exchange Act. Under the amended trading agreement, Mr. Armes may sell in the open market at prevailing prices on specified dates (subject to minimum price thresholds) an aggregate of up to 12,000 shares of the Company’s common stock. The shares are intended to be sold on a monthly basis in equal installments, to the extent practicable. Any sales under the trading arrangement will be made during the period beginning February 20, 2024 until the Plan terminates in January 2025.
Name	Joseph B. Armes
Title	Chairman, Chief Executive Officer and President
Adoption Date	November 17, 2023
Arrangement Duration	346 days
Aggregate Available	12,000	12,000

ACQUISITIONS - Additional Information (Details) - USD ($) $ in Thousands					12 Months Ended
	Feb. 06, 2024	Oct. 04, 2022	Jul. 08, 2022	Dec. 15, 2021	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Business Acquisition [Line Items]
Cash paid for acquisitions					$ 32,729	$ 58,335	$ 35,942
Acquisition deferred payments					8,455	1,853
Goodwill					247,191	242,740	224,658
Contingent consideration					$ 7,200	$ 600
Trademarks
Business Acquisition [Line Items]
Fair value of the assets acquired, indefinite-lived	$ 1,000
Intellectual Property
Business Acquisition [Line Items]
Assets acquired, amortization period			15 years
Fair value of the assets acquired, finite-lived			$ 3,700
Dust Free acquisition
Business Acquisition [Line Items]
Percent of outstanding equity acquired	100.00%
Purchase price, amount transferred	$ 34,700
Cash acquired	600
Cash paid for acquisitions	27,900
Acquisition deferred payments	$ 6,800
Business combination target period	6 years
Goodwill	$ 4,000
Fair value of accounts receivable acquired	2,900
Cash and equivalents	600
Fair value of inventory acquired	3,900
Fair value of other current asset	400
Other assets	3,600
Fair value of current liabilities assumed	$ 2,300
Assets acquired, amortization period	15 years
Dust Free acquisition \| Valuation Technique, Option Pricing Model
Business Acquisition [Line Items]
Acquisition deferred payments	$ 2,100
Dust Free acquisition \| Valuation Technique, Consensus Pricing Model
Business Acquisition [Line Items]
Acquisition deferred payments	4,700
Dust Free acquisition \| Trademarks
Business Acquisition [Line Items]
Trade name (indefinite life)	1,600
Dust Free acquisition \| Customer Lists
Business Acquisition [Line Items]
Finite Lived intangibles	$ 20,100
Assets acquired, amortization period	15 years
Dust Free acquisition \| Trade Names
Business Acquisition [Line Items]
Finite Lived intangibles	$ 600
Assets acquired, amortization period	2 years
Falcon Stainless, Inc.
Business Acquisition [Line Items]
Percent of outstanding equity acquired		100.00%
Purchase price, amount transferred		$ 37,100
Cash acquired		1,000
Cash paid for acquisitions		34,600
Goodwill		17,500
Fair value of accounts receivable acquired		1,400
Cash and equivalents		1,000
Fair value of inventory acquired		700
Fair value of other current asset		100
Other assets		3,000
Fair value of current liabilities assumed		700
Contingent consideration		$ 2,500
Liability consideration term		1 year
Current liabilities, other		$ 8,400
Falcon Stainless, Inc. \| Trademarks
Business Acquisition [Line Items]
Trade name (indefinite life)		4,700
Falcon Stainless, Inc. \| Customer Lists
Business Acquisition [Line Items]
Finite Lived intangibles		$ 17,700
Assets acquired, amortization period		15 years
CSWICover Guard Inc And A C Guard Inc
Business Acquisition [Line Items]
Purchase price, amount transferred			18,400
Cash paid for acquisitions			18,000
Acquisition deferred payments			$ 400
Business combination target period			5 years
Goodwill			$ 1,800
Fair value of accounts receivable acquired			900
Fair value of inventory acquired			3,100
Contingent consideration			$ 400
Liability consideration term			5 years
Additional consideration			$ 1,500
Tax liabilities to be paid by the company on behalf of the sellers			2,200
Payments to acquire business gross including additional consideration			19,500
Fair value of equipment acquired			300
CSWICover Guard Inc And A C Guard Inc \| Trademarks
Business Acquisition [Line Items]
Trade name (indefinite life)			700
CSWICover Guard Inc And A C Guard Inc \| Customer Lists
Business Acquisition [Line Items]
Finite Lived intangibles			$ 9,800
Assets acquired, amortization period			15 years
CSWICover Guard Inc And A C Guard Inc \| Intellectual Property
Business Acquisition [Line Items]
Fair value of the assets acquired, finite-lived			$ 3,700
CSWICover Guard Inc And A C Guard Inc \| Patents
Business Acquisition [Line Items]
Finite Lived intangibles			$ 1,800
Assets acquired, amortization period			10 years
Shoemaker Manufacturing
Business Acquisition [Line Items]
Percent of outstanding equity acquired				100.00%
Purchase price, amount transferred				$ 43,600
Cash acquired				1,200
Cash paid for acquisitions				38,600
Transaction expenses incurred							$ 700
Goodwill				8,100
Fair value of accounts receivable acquired				1,700
Cash and equivalents				1,200
Fair value of inventory acquired				3,600
Fair value of current liabilities assumed				3,100
Contingent consideration				2,000
Fair value of equipment acquired				$ 1,400
Stock consideration (in shares)				25,483
Stock consideration, value of common stock				$ 3,000
Fair value of prepaid expense and other assets				200
Shoemaker Manufacturing \| Trademarks
Business Acquisition [Line Items]
Fair value of the assets acquired, indefinite-lived				$ 6,500
Shoemaker Manufacturing \| Customer Lists
Business Acquisition [Line Items]
Assets acquired, amortization period				15 years
Fair value of the assets acquired, finite-lived				$ 23,000
Shoemaker Manufacturing \| Non-compete agreements
Business Acquisition [Line Items]
Assets acquired, amortization period				5 years
Fair value of the assets acquired, finite-lived				$ 700
Shoemaker Manufacturing \| Backlog
Business Acquisition [Line Items]
Assets acquired, amortization period				1 month
Fair value of the assets acquired, finite-lived				$ 300

SEGMENTS

12 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

SEGMENTS

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

•Contractor Solutions

•Specialized Reliability Solutions and

•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).


Year Ended March 31, 2024
(in thousands)	Contractor Solutions		Specialized Reliability Solutions		Engineered Building Solutions		Subtotal - Reportable Segments		Eliminations and Other		Total
Revenues, net to external customers	$	528,641	$	149,458	$	114,741	$	792,840	$	—	$	792,840
Intersegment revenue	7,853		155		—		8,008		(8,008)		—
Operating income	142,037		22,266		18,704		183,007		(23,889)		159,118
Depreciation and amortization	30,231		6,074		1,812		38,117		173		38,290

In the fiscal quarter ended March 31, 2024, we recorded a $1.5 million impairment relating to a trademark, included in selling, general and administrative expenses, for our Contractor Solutions segment.


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


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


TOTAL ASSETS
(Amounts in thousands)	Contractor Solutions		Specialized Reliability Solutions		Engineered Building Solutions		Subtotal - Reportable Segments		Eliminations and Other		Total
March 31, 2024	$	806,261	$	139,968	$	81,256	$	1,027,485	$	15,841	$	1,043,326
March 31, 2023	823,750		136,248		71,429		1,031,427		12,026		1,043,453
March 31, 2022	782,267		126,380		74,397		983,044		12,316		995,360

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

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


	Year Ended March 31,
	2024				2023				2022
U.S.	$	703,282	88.7	%	$	678,126	89.5	%	$	559,296	89.3	%
Non-U.S. (a)	89,558		11.3	%	79,778		10.5	%	67,139		10.7	%
Revenues, net	$	792,840	100.0	%	$	757,904	100.0	%	$	626,435	100.0	%

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


	Year Ended March 31,
	2024				2023				2022
U.S.	$	672,887	94.5	%	$	679,731	94.4	%	$	651,477	93.7	%
Non-U.S.	39,030		5.5	%	40,665		5.6	%	43,736		6.3	%
Long-lived assets (a)	$	711,917	100.0	%	$	720,396	100.0	%	$	695,213	100.0	%

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

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

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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+ Details

RETIREMENT PLANS - Defined Contribution Plan (Details) - USD ($) $ in Millions	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Retirement Benefits [Abstract]
Employer matching contribution, percent of match	100.00%
Employer matching contribution, percent of employees' gross pay	6.00%
Contributions to defined contribution plan	$ 6.3	$ 5.7

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, 2021	$ 415,449	$ 161	$ (34,075)	$ 104,690	$ 350,669	$ (5,996)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation	8,450			8,450
Stock activity under stock plans	(4,883)	1	(4,884)
Reissuance of treasury shares	6,649		6,938	(289)
Repurchase of common shares	(14,427)		(14,427)
Net income	66,385				66,385
Dividends	(9,459)			73	(9,532)
Other comprehensive income, net of tax	922					922
Balance at end of period at Mar. 31, 2022	469,086	162	(46,448)	112,924	407,522	(5,074)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation	9,752			9,752
Stock activity under stock plans	(3,416)	1	(3,417)
Reissuance of treasury shares	3,364		2,786	578
Repurchase of common shares	(35,655)		(35,655)
Net income	96,435				96,435
Dividends	(10,556)			82	(10,638)
Other comprehensive income, net of tax	(3,335)					(3,335)
Balance at end of period at Mar. 31, 2023	525,675	163	(82,734)	123,336	493,319	(8,409)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation	11,537			11,537
Stock activity under stock plans	(4,965)	1	(4,966)
Reissuance of treasury shares	4,819		2,526	2,293
Repurchase of common shares	(10,469)		(10,469)
Net income	101,648				101,648
Dividends	(11,805)			87	(11,892)
Other comprehensive income, net of tax	(717)					(717)
Balance at end of period at Mar. 31, 2024	$ 615,723	$ 164	$ (95,643)	$ 137,253	$ 583,075	$ (9,126)

- Definition

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

+ References

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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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-Topic 825
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-Section 50
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-URI https://asc.fasb.org//1943274/2147482907/825-10-50-28

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-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
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+ Details

LEASES (Tables)

12 Months Ended

Mar. 31, 2024

Leases [Abstract]

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


(in thousands)	March 31, 2024		March 31, 2023
Components of Operating Lease Expenses
Operating lease expense	$	10,375	$	10,793
Short-term lease expense	694		815
Total operating lease expense (a)	$	11,069	$	11,608
(a) Included in cost of revenues and selling, general and administrative expense

(in thousands)	March 31, 2024		March 31, 2023
Operating Lease Assets and Liabilities
Right-of-use lease assets (a)	$	44,491	$	59,815

Short-term lease liabilities	$	9,443	$	9,784
Long-term lease liabilities	39,922		55,590
Total operating lease liabilities (b)	$	49,365	$	65,374
(a) Included in other assets
(b) Included in accrued and other current liabilities and other long-term liabilities, as applicable


(in thousands)	March 31, 2024			March 31, 2023
Supplemental Cash Flow
Cash paid for amounts included in the measurement of operating lease liabilities (a)	$	11,523		$	11,058
Right-of-use assets obtained in exchange for new operating lease obligations	4,789			2,526
Decrease in right-of-use assets and operating lease liabilities due to lease remeasurement	15,371			—
(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)	6.8			7.0
Weighted average discount rate (percent)	3.4		%	2.3		%

Schedule of Maturities of Operating Lease Liabilities


Maturities of operating lease liabilities were as follows (in thousands):
Year Ending March 31,
2025	$	10,779
2026	9,021
2027	8,615
2028	7,170
2029	5,888
Thereafter	13,780
Total lease liabilities	$	55,253
Less: Imputed interest	(5,888)
Present value of lease liabilities	$	49,365

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities:
Net income	$ 102,539	$ 96,574	$ 67,319
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	13,961	12,838	11,572
Amortization of intangible and other assets	23,688	22,716	25,314
Provision for inventory reserves	4,229	1,522	1,553
Provision for credit losses	814	2,013	1,498
Share-based and other executive compensation	11,537	9,751	8,450
Net gain on disposals of property, plant and equipment	(2,677)	104	(85)
Net pension benefit	67	150	31
Impairment of assets	1,600	156	0
Net deferred taxes	(2,497)	(6,011)	(3,261)
Changes in operating assets and liabilities:
Accounts receivable	(17,897)	1,105	(26,729)
Inventories	10,364	(11,422)	(49,403)
Prepaid expenses and other current assets	4,608	(1,282)	3,479
Other assets	1,146	458	626
Accounts payable and other current liabilities	12,293	(7,000)	27,983
Retirement benefits payable and other liabilities	557	(219)	742
Net cash provided by operating activities	164,332	121,453	69,089
Cash flows from investing activities:
Capital expenditures	(16,575)	(13,951)	(15,653)
Proceeds from sale of assets held for investment	1,665	0	0
Proceeds from sale of assets	2,185	120	139
Cash paid for acquisitions	(32,729)	(58,335)	(35,942)
Net cash used in investing activities	(45,454)	(72,166)	(51,456)
Cash flows from financing activities:
Borrowings on lines of credit	112,319	143,177	94,000
Repayments of lines of credit	(199,319)	(142,952)	(83,561)
Payments of deferred loan costs	0	(710)	(2,328)
Purchase of treasury shares	(15,268)	(39,072)	(19,311)
Proceeds from stock option activity	0	272	1,327
Proceeds from acquisition of redeemable noncontrolling interest shareholder	0	3,000	6,293
Dividends paid to shareholders	(11,805)	(10,555)	(9,459)
Net cash used in financing activities	(114,073)	(46,840)	(13,039)
Effect of exchange rate changes on cash and equivalents	(1,104)	(611)	1,937
Net change in cash and cash equivalents	3,701	1,836	6,531
Cash and cash equivalents, beginning of period	18,455	16,619	10,088
Cash and cash equivalents, end of period	22,156	18,455	16,619
Supplemental non-cash disclosure:
Cash paid during the year for interest	12,254	12,502	4,955
Cash paid during the year for income taxes	$ 39,295	$ 41,476	$ 20,485

LONG-TERM DEBT AND COMMITMENTS - Whitmore Term Loan (Details) - Secured Term Loan - Whitmore Manufacturing, LLC $ in Thousands	1 Months Ended
	Jan. 19, 2023 USD ($)
Debt Instrument [Line Items]
Debt instrument, periodic principal payment	$ 140
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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

INCOME TAXES - Summary of Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Balance at beginning of year	$ 11,784	$ 9,934
Increases related to prior year tax positions	173	0
Decreases related to prior year tax positions	(31)	0
Decreases related to lapses of statute of limitations	(1,049)	(690)
Increases related to current year tax positions	0	2,540
Balance at end of year	$ 10,877	$ 11,784

INCOME TAXES - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended			12 Months Ended
	Dec. 31, 2023	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022	Oct. 31, 2022	Dec. 15, 2020
Business Acquisition [Line Items]
Effective tax rate				27.00%	23.30%	26.40%
State and local income taxes, net of federal benefits				$ 6,358	$ 2,895	$ 4,765
Increase in effective tax rate due to state tax expense impact (net of federal benefits)				4.50%	2.30%
Tax indemnification asset release				$ 1,800
Indemnification loss, percent				1.30%
Nondeductible executive compensation				$ 1,196	$ 1,555	992
Effective income tax rate reconciliation, limitation, effective tax rate				0.90%	1.20%
Repatriation tax, net of tax credit				$ 491	$ 904	170
Effective income tax rate reconciliation, repatriation tax rate differential, percent				0.30%	0.70%
IRC section 250 deductions				$ (1,050)	$ (1,626)	(1,102)
IRC section 250 deductions, percent				(0.70%)	(1.30%)
Global intangible low-taxed income ("GILTI") inclusion, percent					0.90%
Global intangible low-taxed income ("GILTI") inclusion				$ 207	$ 1,123	580
Effective income tax rate reconciliation, deduction, amount					$ 600
Effective income tax rate reconciliation, deduction, percent					0.40%
Foreign tax credits, decrease, amount				207	$ 604	450
Effective income tax rate reconciliation, tax credit, foreign, decrease, percent					0.50%
Unrecognized tax benefits		$ 9,934		10,877	$ 11,784	9,934
Interest accrued					700
Penalties accrued					600
Tax contingency reserves					100
Tax indemnification asset release				1,789	0	0
Decrease in unrecognized tax benefits is reasonably possible				3,300
Lapse Of Statute
Business Acquisition [Line Items]
Unrecognized tax benefits				1,500
Interest accrued				200
Penalties accrued				200
Historical Positions
Business Acquisition [Line Items]
Interest accrued				1,200
Penalties accrued				500
Tax contingency reserves				1,700
CG and ACG acquisitions
Business Acquisition [Line Items]
Unrecognized tax benefits					1,600
Interest accrued					400
Penalties accrued					500
Tax contingency reserves		17,300		14,300		$ 17,300
Indemnification assets, range of outcomes, value, high								$ 12,500
Indemnification assets, amount as of acquisition date								$ 12,500
Tax indemnification asset release		$ 1,500	$ 5,300
Indemnification assets, release in period	$ 7,500		$ 5,000
Falcon Stainless, Inc.
Business Acquisition [Line Items]
Unrecognized tax benefits				2,400	2,800		$ 3,000
Interest accrued					100
Penalties accrued					$ 200
Tax contingency reserves				$ 200
Indemnification assets, range of outcomes, value, high							4,500
Indemnification assets, amount as of acquisition date							$ 3,000
Indemnification assets, release in period	$ 1,000

SHARE-BASED COMPENSATION - Stock Option Activity, Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cash received for options exercised	$ 0	$ 272	$ 1,327
Share-based Payment Arrangement, Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	0	0	0
Vested (in shares)	0	0	0
Exercises in period, intrinsic value	$ 0	$ 1,200	$ 5,800
Cash received for options exercised	0	300	1,300
Tax benefit from options exercised	$ 0	$ 300	$ 1,400

- 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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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iv)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(v)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

+ Details

FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Feb. 06, 2024	Mar. 31, 2023
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Acquisition deferred payments	$ 8,455		$ 1,853
Dust Free acquisition
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Acquisition deferred payments		$ 6,800

LONG-TERM DEBT AND COMMITMENTS - Aggregate Maturities of Long-Term Debt (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Debt Disclosure [Abstract]
2025	$ 0
2026	0
2027	166,000
2028	0
2029	0
Thereafter	0
Total debt	$ 166,000

- Definition

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

+ References + Details

CONTINGENCIES	12 Months Ended
CONTINGENCIES	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
CONTINGENCIES	CONTINGENCIES From time to time, we are involved in various claims and legal actions which arise in the ordinary course of business. There are not any matters pending that we currently believe are reasonably possible of having a material impact on our business, consolidated financial position, results of operations or cash flows.

ORGANIZATION AND OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Property, Plant and Equipment (Details)	Mar. 31, 2024
Minimum \| Land improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, estimated useful life	5 years
Minimum \| Buildings and improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, estimated useful life	7 years
Minimum \| Plant, office and lab equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, estimated useful life	5 years
Maximum \| Land improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, estimated useful life	40 years
Maximum \| Buildings and improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, estimated useful life	40 years
Maximum \| Plant, office and lab equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, estimated useful life	10 years

ORGANIZATION AND OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Details)		12 Months Ended
	Apr. 01, 2021	Mar. 31, 2024 USD ($) segment brand	Mar. 31, 2023 USD ($)	Mar. 31, 2022 USD ($)	Feb. 06, 2024 USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of business segments \| segment		3
Highly respected industrial brands (more than) \| brand		100
Allowance for expected credit losses for short-term receivables		$ 908,000	$ 1,365,000
Goodwill impairment loss		0	0	$ 0
Acquisition deferred payments		$ 8,455,000	1,853,000
Impairment Of Intangible Asset Finite Lived Statement Of Income Or Comprehensive Income Extensible Enumeration Not Disclosed Flag		true
Contingent consideration		$ 7,200,000	600,000
Dust Free acquisition
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Acquisition deferred payments					$ 6,800,000
Trade Names and Trademarks
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Impairment loss		1,500,000	0	0
Variable Interest Entity, Primary Beneficiary
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Interest sold (in percent)	50.00%
Variable Interest Entity, Primary Beneficiary \| Shell \| Whitmore Manufacturing, LLC
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Interest sold (in percent)	50.00%
Variable Interest Entity, Primary Beneficiary \| Shell \| Affiliated Entity \| Whitmore Manufacturing, LLC
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Interest sold (in percent)	50.00%
Selling, General and Administrative Expense
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Research and development costs		5,900,000	4,800,000	$ 4,800,000
Domestic
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deposits in banks		12,600,000	10,100,000
Foreign
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deposits in banks		$ 9,500,000	$ 8,400,000

RETIREMENT PLANS - Schedule of Net Pension (Benefit) Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Retirement Benefits [Abstract]
Service cost – benefits earned during the year	$ 0	$ 0	$ 43
Interest cost on projected benefit obligation	65	56	138
Expected return on assets	0	0	(120)
Net amortization and deferral	2	42	69
Pension plan termination	0	453	0
Curtailment impact	0	0	(30)
Net pension expense	$ 67	$ 551	$ 100
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Interest Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]	Other income (expense), net	Other income (expense), net	Other income (expense), net
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Expected Return (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other income (expense), net	Other income (expense), net	Other income (expense), net
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Amortization of Prior Service Cost (Credit), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other income (expense), net	Other income (expense), net	Other income (expense), net
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Settlement Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other income (expense), net	Other income (expense), net	Other income (expense), net
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Curtailment Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other income (expense), net	Other income (expense), net	Other income (expense), net

SHARE-BASED COMPENSATION - Restricted Stock Activity, Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock/units granted (in shares)	90,510
Unvested restricted shares outstanding (in shares)	221,563	232,051
Unrecognized compensation costs related to unvested restricted shares	$ 19.6
Weighted average vesting period	2 years 1 month 28 days
Fair value of restricted shares vested	$ 14.9	$ 10.2
Restricted Stock Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested restricted shares outstanding (in shares)	96,945	99,463
Restricted Stock Performance Shares \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance-based vesting range	0.00%
Restricted Stock Performance Shares \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance-based vesting range	200.00%
Restricted Stock Performance Shares \| Cliff Vesting
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock/units granted (in shares)	29,120	21,087
Vesting period	36 months
Restricted Stock Performance Shares \| Cliff Vesting \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance-based vesting range	0.00%
Restricted Stock Performance Shares \| Cliff Vesting \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance-based vesting range	200.00%

DETAILS OF CERTAIN CONSOLIDATED BALANCE SHEET CAPTIONS - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Prepaid expenses	$ 10,947	$ 9,485
Short-term tax indemnification assets	810	7,500
Income taxes receivable	1,955	1,344
Current derivative asset	1,186	877
Other current assets	942	1,073
Prepaid expenses and other current assets	$ 15,840	$ 20,279

GOODWILL AND INTANGIBLE ASSETS

12 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLE ASSETS

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

The changes in the carrying amount of goodwill for the years ended March 31, 2024 and 2023 were as follows (in thousands):


	Contractor Solutions		Specialized Reliability Solutions		Engineered Building Solutions		Total
Balance at April 1, 2022	$	190,152	$	9,499	$	25,007	$	224,658
Falcon acquisition	17,417		—		—		17,417
CG and ACG acquisitions	1,686		—		—		1,686
Shoemaker acquisition	6		—		—		6
Currency translation	(101)		(221)		(705)		(1,027)
Balance at March 31, 2023	$	209,160	$	9,278	$	24,302	$	242,740
Dust Free acquisition	3,951		—		—		3,951
Falcon acquisition	85		—		—		85
CG and ACG acquisitions	107		—		—		107
Other acquisitions	261		—		—		261
Currency translation	(20)		80		(13)		47
Balance at March 31, 2024	$	213,544	$	9,358	$	24,289	$	247,191

The following table provides information about our intangible assets for the years ended March 31, 2024 and 2023 (in thousands, except years):


		March 31, 2024				March 31, 2023
	Wtd Avg Life (Years)	Gross Amount		Accumulated Amortization		Gross Amount		Accumulated Amortization
Finite-lived intangible assets:
Patents	11	$	15,084	$	(9,306)	$	13,608	$	(8,546)
Customer lists and amortized trademarks	14	346,136		(103,407)		324,472		(81,901)
Non-compete agreements	6	1,000		(453)		950		(272)
Other	10	6,275		(2,649)		6,377		(2,235)
		$	368,495	$	(115,815)	$	345,407	$	(92,954)
Trade names and trademarks not being amortized (a):		$	66,139	$	—	$	66,450	$	—

(a) In the fiscal quarter ended March 31, 2024, we recorded a $1.5 million impairment relating to a trademark, included in selling, general and administrative expenses, for our Contractor Solutions segment.

Amortization expense for the years ended March 31, 2024, 2023 and 2022 was $22.9 million, $22.1 million and $24.8 million (including the amortization of inventory purchase accounting adjustment of $3.9 million) respectively. The following table presents the estimated future amortization of finite-lived intangible assets for the next five fiscal years ending March 31 (in thousands):


2025	$	23,412
2026	23,015
2027	21,937
2028	21,537
2029	21,460
Thereafter	141,319
Total	$	252,680

LEASES - Other Information for Operating Leases (Details)	Mar. 31, 2024	Mar. 31, 2023
Leases [Abstract]
Weighted average remaining lease term (in years)	6 years 9 months 18 days	7 years
Weighted average discount rate (percent)	3.40%	2.30%

RETIREMENT PLANS - Summary Of The Changes In The Plan's Pension Obligations (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Benefit obligation at beginning of year	$ 1,261	$ 1,447
Interest cost	65	56	$ 138
Actuarial gain	(3)	(136)
Benefits paid	(106)	(106)
Benefit obligation at end of year	1,217	1,261	$ 1,447
Accumulated benefit obligation	$ 1,217	$ 1,261

EARNINGS PER SHARE (Tables)

12 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Schedule of Reconciliation of Earnings Per Share

The following table sets forth the reconciliation of the numerator and the denominator of basic and diluted earnings per share for the years ended March 31, 2024, 2023 and 2022:


	March 31,
(amounts in thousands, except per share data)	2024		2023		2022
Net income	$	102,539	$	96,574	$	67,319

Income attributable to redeemable noncontrolling interest	(891)		(139)		(934)
Net income attributable to CSW Industrials, Inc.	$	101,648	$	96,435	$	66,385
Weighted average shares:
Common stock	15,427		15,401		15,646
Participating securities	106		108		109
Denominator for basic earnings per common share	15,533		15,509		15,755
Potentially dilutive securities	48		37		52
Denominator for diluted earnings per common share	15,581		15,546		15,807

Basic earnings per common share:	$	6.54	$	6.22	$	4.21




Diluted earnings per common share:	$	6.52	$	6.20	$	4.20

LEASES - Additional Information (Details)	Mar. 31, 2024
Minimum
Lessee, Lease, Description [Line Items]
Remaining lease term	1 year
Maximum
Lessee, Lease, Description [Line Items]
Remaining lease term	24 years

GOODWILL AND INTANGIBLE ASSETS - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Finite-Lived Intangible Assets, Net [Abstract]
Gross Amount	$ 368,495	$ 345,407
Accumulated Amortization	(115,815)	(92,954)
Indefinite-lived Intangible Assets [Line Items]
Impairment of assets	1,600	156	$ 0
Trade names and trademarks not being amortized (a):
Indefinite-lived Intangible Assets [Line Items]
Gross Amount	$ 66,139	66,450
Patents
Finite-Lived Intangible Assets [Line Items]
Wtd Avg Life (Years)	11 years
Finite-Lived Intangible Assets, Net [Abstract]
Gross Amount	$ 15,084	13,608
Accumulated Amortization	$ (9,306)	(8,546)
Customer lists and amortized trademarks
Finite-Lived Intangible Assets [Line Items]
Wtd Avg Life (Years)	14 years
Finite-Lived Intangible Assets, Net [Abstract]
Gross Amount	$ 346,136	324,472
Accumulated Amortization	$ (103,407)	(81,901)
Non-compete agreements
Finite-Lived Intangible Assets [Line Items]
Wtd Avg Life (Years)	6 years
Finite-Lived Intangible Assets, Net [Abstract]
Gross Amount	$ 1,000	950
Accumulated Amortization	$ (453)	(272)
Other
Finite-Lived Intangible Assets [Line Items]
Wtd Avg Life (Years)	10 years
Finite-Lived Intangible Assets, Net [Abstract]
Gross Amount	$ 6,275	6,377
Accumulated Amortization	$ (2,649)	$ (2,235)

SHARE-BASED COMPENSATION - Schedule of Share-Based Compensation (Details) - Restricted Stock - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 11,537	$ 9,751	$ 8,450
Related income tax benefit	(2,885)	(2,438)	(2,197)
Net share-based compensation expense	$ 8,652	$ 7,313	$ 6,253

- 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

SHARE-BASED COMPENSATION - Additional Information (Details) - Stock Compensation Plan - Equity And Incentive Compensation 2015 Plan - shares	Mar. 31, 2024	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of common stock granted (in shares)		1,230,000
Shares available for issuance (in shares)	336,032

- 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 - Schedule of Income Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Current
U.S. Federal	$ 28,832	$ 27,920	$ 20,139
State and local	8,057	6,135	5,271
Foreign	3,444	1,482	638
Provision for income taxes	40,333	35,537	26,048
Deferred
U.S. Federal	(2,560)	(3,549)	(1,578)
State and local	(10)	(2,471)	761
Foreign	178	(180)	(1,085)
Provision for income taxes	(2,392)	(6,200)	(1,902)
Total
U.S. Federal	26,272	24,371	18,561
State and local	8,047	3,664	6,032
Foreign	3,622	1,302	(447)
Provision for income taxes	$ 37,941	$ 29,337	$ 24,146

INCOME TAXES (Tables)

12 Months Ended

Mar. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Income Before Income Taxes

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


	Year Ended March 31,
	2024		2023		2022
U.S. Federal	$	127,647	$	118,181	$	87,607
Foreign	12,833		7,730		3,858
Income before income taxes	$	140,480	$	125,911	$	91,465

Schedule of Income Tax Expense

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


For the year ended:	Current		Deferred		Total
March 31, 2024
U.S. Federal	$	28,832	$	(2,560)	$	26,272
State and local	8,057		(10)		8,047
Foreign	3,444		178		3,622
Provision for income taxes	$	40,333	$	(2,392)	$	37,941
March 31, 2023
U.S. Federal	$	27,920	$	(3,549)	$	24,371
State and local	6,135		(2,471)		3,664
Foreign	1,482		(180)		1,302
Provision for income taxes	$	35,537	$	(6,200)	$	29,337
March 31, 2022
U.S. Federal	$	20,139	$	(1,578)	$	18,561
State and local	5,271		761		6,032
Foreign	638		(1,085)		(447)
Provision for income taxes	$	26,048	$	(1,902)	$	24,146

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

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


	Year Ended March 31,
	2024		2023		2022
Computed tax expense at statutory rate	$	29,501	$	26,441	$	19,206
Increase (reduction) in income taxes resulting from:
State and local income taxes, net of federal benefits	6,358		2,895		4,765
Tax indemnification asset release	1,789		—		—
Nondeductible executive compensation	1,196		1,555		992
Repatriation tax, net of tax credit	491		904		170
Uncertain tax positions	278		(224)		759
Other permanent differences	215		557		(143)
Global intangible low-taxed income ("GILTI") inclusion	207		1,123		580
IRC section 250 deductions	(1,050)		(1,626)		(1,102)
Vesting of stock-based compensation	(417)		(408)		(1,916)
Foreign tax credits	(207)		(604)		(450)


Valuation allowance	(132)		(96)		379

Effect of rates different than statutory	(120)		(114)		91
Other, net	(168)		(1,066)		815
Provision for income taxes	$	37,941	$	29,337	$	24,146

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

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at March 31, 2024 and 2023 are presented below (in thousands):


	March 31,
	2024		2023
Deferred tax assets:
Operating lease liabilities	$	11,852	$	15,684
Accrued compensation	6,777		6,636

Inventory reserves	3,877		3,422
Capitalized R&D	1,446		968
Transaction Costs	1,141		828
Accrued expenses	773		1,580
Pension and other employee benefits	384		452
Foreign tax credit carry-forward	292		284
Net operating loss carryforwards	—		144
Other, net	641		747
Deferred tax assets	27,183		30,745
Valuation allowance	(216)		(428)
Deferred tax assets, net of valuation allowance	26,967		30,317
Deferred tax liabilities:
Goodwill and intangible assets	(64,534)		(66,432)
Operating lease right-of-use assets	(10,609)		(14,337)
Property, plant and equipment	(7,725)		(7,299)
Repatriation reserve	(1,911)		(1,784)
Other, net	(1,796)		(2,148)
Deferred tax liabilities	(86,575)		(92,000)
Net deferred tax liabilities	$	(59,608)	$	(61,683)

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

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


	March 31,
	2024		2023
Balance at beginning of year	$	11,784	$	9,934
Increases related to prior year tax positions	173		—
Decreases related to prior year tax positions	(31)		—
Decreases related to lapses of statute of limitations	(1,049)		(690)
Increases related to current year tax positions	—		2,540

Balance at end of year	$	10,877	$	11,784

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Mar. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

LEASES - Maturities of Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Leases [Abstract]
2025	$ 10,779
2026	9,021
2027	8,615
2028	7,170
2029	5,888
Thereafter	13,780
Total lease liabilities	55,253
Less: Imputed interest	(5,888)
Present value of lease liabilities	$ 49,365	$ 65,374

SHARE-BASED COMPENSATION

12 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

SHARE-BASED COMPENSATION

We maintain the shareholder-approved 2015 Equity and Incentive Compensation Plan (the “2015 Plan”), which provides for the issuance of up to 1,230,000 shares of CSWI common stock through the grant of stock options, stock appreciation rights, restricted shares, restricted stock units, performance shares, performance units or other share-based awards, to employees, officers and non-employee directors. As of March 31, 2024, 336,032 shares were available for issuance under the 2015 Plan.

We recorded share-based compensation expense, net of estimated forfeitures, for restricted stock as follows for the years ended March 31, 2024, 2023 and 2022 (in thousands):


	Year Ended March 31,
	2024		2023		2022
Share-based compensation expense	$	11,537	$	9,751	$	8,450
Related income tax benefit (a)	(2,885)		(2,438)		(2,197)
Net share-based compensation expense	$	8,652	$	7,313	$	6,253

(a) Income tax benefit is estimated using the statutory rate

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


	Number of Shares	Weighted Average Exercise Price		Remaining Contractual Life (Years)	Aggregate Intrinsic Value (in Millions)
Outstanding and Exercisable at April 1, 2022	10,800	$	25.23
Exercised	(10,800)	25.23
Outstanding and Exercisable at March 31, 2023	—	—		0.0	$	—
Exercised	—	—
Outstanding and Exercisable at March 31, 2024	—	$	—	0.0	$	—

No options were granted or vested during the years ended March 31, 2024, 2023 and 2022, and all stock options were vested and recognized prior to the year ended March 31, 2019. The intrinsic value of options exercised during the years ended March 31, 2024, 2023 and 2022 was $0.0 million, $1.2 million and $5.8 million, respectively. Cash received for options exercised during the years ended March 31, 2024, 2023 and 2022 was $0.0 million, $0.3 million and $1.3 million, respectively, and the tax benefit received was $0.0 million, $0.3 million and $1.4 million, respectively. As of March 31, 2024, there were no outstanding stock options.

Restricted stock activity was as follows:


	Year Ended March 31, 2024
	Number of Shares	Weighted Average Grant Date Fair Value
Outstanding at April 1, 2023	232,051	$	138.14
Granted	90,510	185.62
Vested	(95,995)	89.51
Canceled	(5,003)	142.09
Outstanding at March 31, 2024	221,563	$	166.62

During the restriction period, the holders of restricted shares are entitled to vote and receive dividends. Unvested restricted shares outstanding as of March 31, 2024 and 2023 included 96,945 and 99,463 shares (at target), respectively, with performance-based vesting provisions, having vesting ranges from 0-200% based on predefined 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 years ended March 31, 2024 and 2023, respectively, with a vesting range of 0-200%.

At March 31, 2024, we had unrecognized compensation cost related to unvested restricted shares of $19.6 million, which will be amortized into net income over the remaining weighted average vesting period of 2.16 years. The total fair value of restricted shares vested during the years ended March 31, 2024 and 2023 was $14.9 million and $10.2 million, respectively.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 102,539	$ 96,574	$ 67,319
Other comprehensive income (loss):
Foreign currency translation adjustments	(1,947)	(3,752)	(44)
Cash flow hedging activity, net of taxes of $(326), $(41) and $(142), respectively	1,225	156	533
Pension and other postretirement effects, net of taxes of $(1), $(67) and $(138), respectively	5	261	433
Other comprehensive income (loss)	(717)	(3,335)	922
Comprehensive income	101,822	93,239	68,241
Less: Comprehensive income attributable to redeemable noncontrolling interest	(891)	(139)	(934)
Comprehensive income attributable to CSW Industrials, Inc.	$ 100,930	$ 93,100	$ 67,307

INCOME TAXES - Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Deferred tax assets:
Operating lease liabilities	$ 11,852	$ 15,684
Accrued compensation	6,777	6,636
Inventory reserves	3,877	3,422
Capitalized R&D	1,446	968
Transaction Costs	1,141	828
Accrued expenses	773	1,580
Pension and other employee benefits	384	452
Foreign tax credit carry-forward	292	284
Net operating loss carryforwards	0	144
Other, net	641	747
Deferred tax assets	27,183	30,745
Valuation allowance	(216)	(428)
Deferred tax assets, net of valuation allowance	26,967	30,317
Deferred tax liabilities:
Goodwill and intangible assets	(64,534)	(66,432)
Operating lease right-of-use assets	(10,609)	(14,337)
Property, plant and equipment	(7,725)	(7,299)
Repatriation reserve	(1,911)	(1,784)
Other, net	(1,796)	(2,148)
Deferred tax liabilities	(86,575)	(92,000)
Net deferred tax liabilities	$ (59,608)	$ (61,683)

RETIREMENT PLANS - Summary The Expected Cash Benefit Payments For The Plans (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Retirement Benefits [Abstract]
2025	$ 100
2026	100
2027	100
2028	100
2029	100
Thereafter	$ 500

GOODWILL AND INTANGIBLE ASSETS - Schedule of Estimated Future Amortization of Finite-Lived Intangible Assets (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2025	$ 23,412
2026	23,015
2027	21,937
2028	21,537
2029	21,460
Thereafter	141,319
Total	$ 252,680

INVENTORY

12 Months Ended

Mar. 31, 2024

Inventory Disclosure [Abstract]

INVENTORY

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

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


	March 31,
	2024		2023
Raw materials and supplies	$	44,866	$	48,300
Work in process	5,194		5,250
Finished goods	109,695		113,104
Total inventories	159,755		166,654

Less: Obsolescence reserve	(9,006)		(5,085)
Inventories, net	$	150,749	$	161,569

LEASES - Operating Lease Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Leases [Abstract]
Right-of-use lease assets	$ 44,491	$ 59,815
Short-term lease liabilities	9,443	9,784
Long-term lease liabilities	39,922	55,590
Total operating lease liabilities	$ 49,365	$ 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

LEASES - Supplemental Cash Flow (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Leases [Abstract]
Cash paid for amounts included in the measurement of operating lease liabilities	$ 11,523	$ 11,058
Right-of-use assets obtained in exchange for new operating lease obligations	4,789	2,526
Decrease in right-of-use assets and operating lease liabilities due to lease remeasurement	$ 15,371	$ 0

SEGMENTS - Schedule of Sales and Long-Lived Assets by Geographic Area (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues, net	$ 792,840	$ 757,904	$ 626,435
Long-lived assets	$ 711,917	$ 720,396	$ 695,213
Net Revenues \| Geographic Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage	100.00%	100.00%	100.00%
Long-lived Assets \| Geographic Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage	100.00%	100.00%	100.00%
U.S.
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues, net	$ 703,282	$ 678,126	$ 559,296
Long-lived assets	$ 672,887	$ 679,731	$ 651,477
U.S. \| Net Revenues \| Geographic Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage	88.70%	89.50%	89.30%
U.S. \| Long-lived Assets \| Geographic Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage	94.50%	94.40%	93.70%
Non-U.S.
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues, net	$ 89,558	$ 79,778	$ 67,139
Long-lived assets	$ 39,030	$ 40,665	$ 43,736
Non-U.S. \| Net Revenues \| Geographic Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage	11.30%	10.50%	10.70%
Non-U.S. \| Long-lived Assets \| Geographic Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage	5.50%	5.60%	6.30%

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479941/924-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

SHARE-BASED COMPENSATION - Restricted Stock Activity (Details) - Restricted Stock	12 Months Ended
	Mar. 31, 2024 $ / shares shares
Number of Shares
Outstanding at beginning of period (in shares) \| shares	232,051
Granted (in shares) \| shares	90,510
Vested (in shares) \| shares	(95,995)
Canceled (in shares) \| shares	(5,003)
Outstanding at end of period (in shares) \| shares	221,563
Weighted Average Grant Date Fair Value
Outstanding at beginning of period (in USD per share) \| $ / shares	$ 138.14
Granted (in USD per share) \| $ / shares	185.62
Vested (in USD per share) \| $ / shares	89.51
Canceled (in USD per share) \| $ / shares	142.09
Outstanding at end of period (in USD per share) \| $ / shares	$ 166.62

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

12 Months Ended

Mar. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Variable Interest Entities

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


	March 31,
	2024		2023
Cash	$	5,909	$	7,519
Accounts receivable, net	8,094		7,376
Inventories, net	3,851		2,971
Prepaid expenses and other current assets	138		115
Property, plant and equipment, net	14,241		11,923
Intangible assets, net	5,669		6,478
Other assets	315		137
Total assets	$	38,217	$	36,519

Accounts payable	$	6,004	$	6,274
Accrued and other current liabilities	1,463		1,417
Other long-term liabilities	206		66
Total liabilities	$	7,673	$	7,757

Schedule of Redeemable Noncontrolling Interest

Changes in redeemable noncontrolling interest for the year ended March 31, 2024 were as follows (in thousands):


	March 31,
	2024		2023
Balance at beginning of the year	$	18,464	$	15,325

Net income attributable to redeemable noncontrolling interest	891		139
Contributions from noncontrolling interest	—		3,000


Balance at end of the year	$	19,355	$	18,464

- Definition

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

+ References + Details

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Earnings Per Share [Abstract]
Net income	$ 102,539	$ 96,574	$ 67,319
Income attributable to redeemable noncontrolling interest	(891)	(139)	(934)
Net income attributable to CSW Industrials, Inc.	$ 101,648	$ 96,435	$ 66,385
Weighted average shares:
Common stock (in shares)	15,427	15,401	15,646
Participating securities (in shares)	106	108	109
Denominator for basic earnings per common share (in shares)	15,533	15,509	15,755
Potentially dilutive securities (in shares)	48	37	52
Denominator for diluted earnings per common share (in shares)	15,581	15,546	15,807
Basic earnings per common share: (in USD per share)	$ 6.54	$ 6.22	$ 4.21
Diluted earnings per common share: (in USD per share)	$ 6.52	$ 6.20	$ 4.20

ORGANIZATION AND OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Mar. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

ORGANIZATION AND OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

CSWI is a diversified industrial growth company with a strategic focus on providing niche, value-added products in the end markets we serve. We operate in three business segments: Contractor Solutions, 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, general industrial, plumbing, energy, rail transportation and mining. Drawing on our innovative and proven technologies, we seek to deliver solutions to our professional customers that require superior performance and reliability. The reputation of our product portfolio is built on more than 100 well-respected brand names, such as AC Guard®, Air Sentry®, Balco®, Cover GuardTM, Deacon®, Dust Free®, Falcon Stainless®, Greco®, Jet-Lube®, Kopr-Kote®, Leak Freeze®, Metacaulk®, No. 5®, OilSafe®, RectorSeal®, Safe-T-Switch®, Shoemaker Manufacturing®, Smoke Guard®, TRUaire® and Whitmore®.

Basis of Presentation – The consolidated financial position, results of operations and cash flows included in this Annual Report on Form 10-K for the fiscal year ended March 31, 2024 (“Annual Report”) include all revenues, costs, assets and liabilities directly attributable to CSWI and have been prepared in accordance with United States (“U.S.”) generally accepted accounting principles (“GAAP”). The consolidated financial statements are for us and our consolidated subsidiaries, each of which is a wholly-owned subsidiary, except our 50% investment in a variable interest entity for which we have determined that we are the primary beneficiary and therefore have consolidated into our financial statements. All significant intercompany transactions have been eliminated in consolidation.

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

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

•Timing and amount of revenue recognition;

•Deferred taxes and tax reserves; and

•Valuation of goodwill and indefinite-lived intangible assets.

Cash and Cash Equivalents – We consider all highly liquid instruments purchased with original maturities of three months or less and money market accounts to be cash equivalents. We maintain our cash and cash equivalents at financial institutions for which the combined account balances in individual institutions may exceed insurance coverage and, as a result, there is a concentration of credit risk related to amounts on deposit in excess of insurance coverage. We had deposits in domestic banks of $12.6 million and $10.1 million at March 31, 2024 and 2023, respectively, and balances of $9.5 million and $8.4 million were held in foreign banks at March 31, 2024 and 2023, respectively.

Accounts Receivable, Allowance for Credit Losses and Credit Risk – Trade accounts receivables are recorded at the invoiced amounts and do not bear interest. We record an allowance for credit losses on trade receivables that, when deducted from the gross trade receivables balance, presents the net amount expected to be collected. We estimate the allowance based on an aging schedule and according to historical losses as determined from our billings and collections history. This may be adjusted after consideration of customer-specific factors such as financial difficulties, liquidity issues or insolvency, as well as both current and forecasted macroeconomic conditions as of the reporting date. We adjust the allowance and recognize credit losses in the income statement each period. Trade receivables are written off against the allowance in the period when the receivable is deemed to be uncollectible. Subsequent recoveries of amounts previously written off are reflected as a reduction to periodic credit losses in the income statement. Our allowance for expected credit losses for trade receivables as of March 31, 2024 was $0.9 million, compared to $1.4 million as of March 31, 2023.

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

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

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

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


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

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

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

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

Accounting Standards Codification ("ASC") 350 allows an optional qualitative assessment, prior to a quantitative assessment test, to determine whether it is more likely than not that the fair value of a reporting unit exceeds its carrying amount. We bypassed the qualitative assessment and proceeded directly to the quantitative test. If the carrying value of a reporting unit exceeds it fair value, the goodwill of that reporting unit is impaired and an impairment loss is recorded equal to the excess of the carrying value over its fair value. We estimate the fair value of our reporting units based on an income approach, whereby we calculate the fair value of a reporting unit base on the present value of estimated future cash flows. A discounted cash flow analysis requires us to make various judgmental assumptions about future sales, operating margins, growth rates and discount rates, which are based on our budgets, business plans, economic projections, anticipated future cash flows and market participants and are considered non-recurring Level III inputs within the fair value hierarchy. No goodwill impairment loss was recognized as a result of the impairment tests for the years ended March 31, 2024, 2023 or 2022.

We have intangible assets consisting of patents, trademarks, customer lists and non-compete agreements. Definite-lived intangible assets are assessed for impairment whenever events or changes in circumstances indicate the carrying amount may not be recoverable. In addition, we have other trademarks that are considered to have indefinite lives. We test indefinite-lived intangible assets for impairment at least annually as of January 31 or whenever events or circumstances indicate that the carrying amount may not be recoverable. Significant assumptions used in the impairment test include the discount rate, royalty rate, future sales projections and terminal value growth rate. These inputs are considered non-recurring Level III inputs within the fair value hierarchy. An impairment loss would be recognized when estimated future cash flows are less than their carrying

amount. We recorded a $1.5 million impairment of a trademark for the year ended March 31, 2024, and no impairment for the fiscal years ended March 31, 2023 and 2022.

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

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

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

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

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

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

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

Recurring fair value measurements include redeemable noncontrolling interest, investments in derivative instruments and contingent consideration liability. The redemption value of the redeemable noncontrolling interest is estimated using a discounted cash flow analysis, which requires management judgment with respect to future revenue, operating margins, growth rates and discount rates and is classified as Level III under the fair value hierarchy. The fair value measurements of our derivative instruments are determined using models that maximize the use of the observable market inputs including interest rate curves, and are classified as Level II under the fair value hierarchy. The fair value of the contingent consideration liability is determined using either a scenario-based analysis on forecasted future results or an option pricing model simulation that determines an average projected payment value across numerous iterations. The contingent consideration liability is initially recorded at fair value on the acquisition date and is remeasured quarterly based on the then assessed fair value, with any change in the fair value recorded in Other income (expense), net in the Consolidated Statements of Operations. The change in the fair value of the contingent consideration can result from changes in future operations, forecasted revenue and in assumed discount rates. The fair value measurement is based on significant inputs that are not observable in the market and is classified as Level III under the fair value hierarchy. As of March 31, 2024 and 2023, the contingent consideration liability reported in the balance sheets was $7.2 million and $0.6 million, respectively.

The redemption value of the redeemable noncontrolling interest is included in Note 3. The fair values of our derivative instruments are included in Note 10. The fair value of our contingent consideration is included in Note 13.

Leases – We determine if a contract is or contains a lease at inception by evaluating whether the contract conveys the right to control the use of an identified asset. Right-of-Use (“ROU”) assets and lease liabilities are initially recognized at the commencement date based on the present value of remaining lease payments over the lease term calculated using our incremental borrowing rate, unless the implicit rate is readily determinable. ROU assets represent the right to use an underlying asset for the lease term, including any upfront lease payments made and excluding lease incentives. Lease liabilities represent the obligation to make future lease payments throughout the lease term. As most of our operating leases do not provide an implicit rate, we apply our incremental borrowing rate to determine the present value of remaining lease payments. Our incremental borrowing rate is determined based on information available at the commencement date of the lease. The lease term includes renewal periods when we are reasonably certain to exercise the option to renew. The ROU asset is amortized over the

expected lease term. Lease and non-lease components, when present on our leases, are accounted for separately. Leases with an initial term of 12 months or less are excluded from recognition in the balance sheet, and the expense for these short-term leases and for operating leases is recognized on a straight-line basis over the lease term. We have certain lease contracts with terms and conditions that provide for variability in the payment amount based on changes in facts or circumstances occurring after the commencement date. These variable lease payments are recognized in our consolidated income statements as the obligation is incurred. As of March 31, 2024, we did not have material leases that imposed significant restrictions or covenants, material related party leases or sale-leaseback arrangements.

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

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

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

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

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

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

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

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

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

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

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

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

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

Research and Development ("R&D") – R&D costs are expensed as incurred. Costs incurred for R&D primarily include salaries and benefits and consumable supplies, as well as rent, professional fees, utilities and the depreciation of property and equipment used in R&D activities. R&D costs included in selling, general and administrative expense were $5.9 million, $4.8 million and $4.8 million for the years ended March 31, 2024, 2023 and 2022, respectively.

Share-based Compensation – Share-based compensation is measured at the grant-date fair value. The exercise price of stock option awards and the fair value of restricted share awards are set at the closing price of our common stock on the Nasdaq Global Select Market on the date of grant, which is the date such grants are authorized by our Board of Directors. The fair value of performance-based restricted share awards is determined using a Monte Carlo simulation model incorporating all possible outcomes against the Russell 2000 Index. The fair value of share-based payment arrangements is amortized on a straight-line basis to compensation expense over the period in which the restrictions lapse based on the expected number of shares that will vest. Share-based compensation expense, net of estimated forfeitures, is included in selling, general and administrative expenses. The forfeiture rate is estimated upon grant and is adjusted when actual forfeitures occur. Upon the vesting of granted shares, the participants may elect to cover tax withholdings by selling back a portion of vested shares to the Company. In such cases, we repurchase the shares from the participant to satisfy the minimum tax withholding requirements on their behalf and report such share repurchase as a financing cash outflow in the consolidated statement of cash flows. To cover the exercise of options and vesting of restricted shares, we generally issue new shares from our authorized but unissued share pool, although we may instead issue treasury shares in certain circumstances.

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

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

Unremitted Earnings – During the fiscal quarter ended March 31, 2023, we lifted our assertion that the earnings of Greco Canada are indefinitely invested outside of the U.S. As of fiscal year ended March 31, 2024, we assert that all of our foreign earnings of the U.K., Australian, Vietnam and Canadian subsidiaries will be remitted to the U.S. through distributions. A provision was made for taxes that may become payable upon distribution of earnings from our foreign subsidiaries. Deferred income tax has not been recognized on any remaining basis difference that is permanently invested outside the United States.

Uncertain Tax Positions – We establish income tax liabilities to remove some or all of the income tax benefit of any of our income tax positions based upon one of the following: (1) the tax position is not “more likely than not” to be sustained, (2) the tax position is “more likely than not” to be sustained, but for a lesser amount or (3) the tax position is “more likely than not” to be sustained, but not in the financial period in which the tax position was originally taken. The amount of income taxes we pay is subject to ongoing audits by federal, state, and foreign taxing authorities, which often result in proposed assessments. We establish reserves for open tax years for uncertain tax positions that may be subject to challenge by various taxing authorities. The consolidated tax provision and related accruals include the impact of such reasonably estimable losses and related interest and penalties as deemed appropriate.

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

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

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

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

Segments - We conduct our operations through three business segments based on how we manage the business. Our Chief Executive Officer views our business, assesses performance and allocates resources using financial information generated and

reported at the reportable segment level. We evaluate segment performance and allocate resources based on each reportable segment's operating income. Our reportable segments are as follows:

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

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

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

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

Accounting Developments

Pronouncements not yet implemented

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which provides updates to qualitative and quantitative reportable segment disclosure requirements, including enhanced disclosures about significant segment expenses and increased interim disclosure requirements, among others. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted, and the amendments should be applied retrospectively. This ASU will be effective for our Form 10-K for fiscal 2025 and our Form 10-Q for the first quarter of fiscal 2026. We are currently evaluating the impact this ASU may have on our financial statement disclosures.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which provides qualitative and quantitative updates to the rate reconciliation and income taxes paid disclosures, among others, in order to enhance the transparency of income tax disclosures, including consistent categories and greater disaggregation of information in the rate reconciliation and disaggregation by jurisdiction of income taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. This ASU should be applied prospectively; however, retrospective application is also permitted. This ASU will be effective for our Form 10-K for fiscal 2026. We are currently evaluating the impact this ASU may have on our financial statement disclosures.

LONG-TERM DEBT AND COMMITMENTS (Tables)

12 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Schedule of Long-Term Debt

Debt consists of the following (in thousands):


	March 31,
	2024		2023
Revolving Credit Facility, interest rate of 6.68% and 6.21% (a), respectively	$	166,000	$	253,000


Less: Current portion	—		—
Long-term debt	$	166,000	$	253,000

(a) Represents the unhedged interest rate effective on March 31, 2024, and 2023, respectively.

Schedule of Aggregate Maturities of Long-Term Debt

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


2025	$	—
2026	—
2027	166,000
2028	—
2029	—
Thereafter	—
Total	$	166,000

OTHER COMPREHENSIVE INCOME (LOSS) (Tables)

12 Months Ended

Mar. 31, 2024

Equity [Abstract]

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

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


	March 31,
	2024		2023
Currency translation adjustments:
Balance at beginning of period	$	(8,190)	$	(4,438)
Foreign currency translation adjustments	(1,947)		(3,752)
Balance at end of period	$	(10,137)	$	(8,190)
Interest rate swaps:
Balance at beginning of period	$	(114)	$	(270)
Unrealized gain, net of taxes of $(639) and $(60), respectively (a)	2,404		225
Reclassification of losses (gains) included in interest expense, net of taxes of $313 and $18, respectively	(1,179)		(69)

Other comprehensive income	1,225		156
Balance at end of period	$	1,111	$	(114)
Defined benefit plans:
Balance at beginning of period	$	(105)	$	(366)

Amortization of net loss, net of taxes of $(1) and $(9), respectively (b)	2		33
Net gain arising during the year, net of taxes of $(1) and $(24), respectively (b)	3		92

Pension termination, net of taxes of $0 and $(34), respectively	—		127
Currency translation impact	—		9
Other comprehensive income	5		261
Balance at end of period	$	(100)	$	(105)

(a) Unrealized gains are reclassified to earnings as underlying cash interest payments are made. We expect to recognize a gain of $0.9 million, net of deferred taxes, over the next twelve months related to a designated cash flow hedge based on its fair value as of March 31, 2024.

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

RELATED PARTY TRANSACTIONS	12 Months Ended
RELATED PARTY TRANSACTIONS	Mar. 31, 2024
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONSWe had no related party transactions in the three years ended March 31, 2024, 2023 and 2022.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 2
-Subparagraph (e)
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

+ Details

FAIR VALUE MEASUREMENTS	12 Months Ended
FAIR VALUE MEASUREMENTS	Mar. 31, 2024
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS The fair value of interest rate swaps discussed in Note 10 are determined using Level II inputs. The carrying value of our debt, included in Note 8, approximates fair value as it bears interest at floating rates. The carrying amounts of other financial instruments (i.e., cash and cash equivalents, accounts receivable, net, accounts payable) approximated their fair values at March 31, 2024 and 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. The fair value of the contingent consideration liability is determined using either a scenario-based analysis on forecasted future results or an option pricing model simulation that determines an average projected payment value across numerous iterations. The contingent consideration liability is recorded at fair value on the acquisition date and is remeasured quarterly based on the then assessed fair value. The increases or decreases in the fair value of the contingent consideration can result from changes in future operations, forecasted revenue and in assumed discount rates. The fair value measurement is based on significant inputs that are not observable in the market and is classified as Level III under the fair value hierarchy. As of March 31, 2024 and 2023, the contingent consideration liability reported in the balance sheets was $7.2 million and $0.6 million, respectively.

- 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

INCOME TAXES - Reconciliation of Income Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Computed tax expense at statutory rate	$ 29,501	$ 26,441	$ 19,206
Increase (reduction) in income taxes resulting from:
State and local income taxes, net of federal benefits	6,358	2,895	4,765
Tax indemnification asset release	1,789	0	0
Nondeductible executive compensation	1,196	1,555	992
Repatriation tax, net of tax credit	491	904	170
Uncertain tax positions	278	(224)	759
Other permanent differences	215	557	(143)
Global intangible low-taxed income ("GILTI") inclusion	207	1,123	580
IRC section 250 deductions	(1,050)	(1,626)	(1,102)
Vesting of stock-based compensation	(417)	(408)	(1,916)
Foreign tax credits	(207)	(604)	(450)
Valuation allowance	(132)	(96)	379
Effect of rates different than statutory	(120)	(114)	91
Other, net	(168)	(1,066)	815
Provision for income taxes	$ 37,941	$ 29,337	$ 24,146

INCOME TAXES - Schedule of Income Before Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Income Tax Disclosure [Abstract]
U.S. Federal	$ 127,647	$ 118,181	$ 87,607
Foreign	12,833	7,730	3,858
Income before income taxes	$ 140,480	$ 125,911	$ 91,465

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(11))
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479557/942-235-S99-1

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 25
-Paragraph 1
-SubTopic 20
-Topic 940
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481913/940-20-25-1

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(10))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(15))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

+ Details

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

12 Months Ended

Mar. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Property, Plant and Equipment, Net

Generally, the estimated useful lives of assets are:


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

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


	March 31,
	2024		2023
Land and improvements	$	3,162	$	3,226
Buildings and improvements	54,411		52,975
Plant, office and laboratory equipment	127,344		112,271
Construction in progress	11,409		12,466
	196,326		180,938
Less: Accumulated depreciation	(103,515)		(92,703)
Property, plant and equipment, net	$	92,811	$	88,235

CONSOLIDATION OF VARIABLE INTEREST ENTITY AND REDEEMABLE NONCONTROLLING INTEREST

12 Months Ended

Mar. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

CONSOLIDATION OF VARIABLE INTEREST ENTITY AND REDEEMABLE NONCONTROLLING INTEREST

Whitmore Joint Venture

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

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


	March 31,
	2024		2023
Cash	$	5,909	$	7,519
Accounts receivable, net	8,094		7,376
Inventories, net	3,851		2,971
Prepaid expenses and other current assets	138		115
Property, plant and equipment, net	14,241		11,923
Intangible assets, net	5,669		6,478
Other assets	315		137
Total assets	$	38,217	$	36,519

Accounts payable	$	6,004	$	6,274
Accrued and other current liabilities	1,463		1,417
Other long-term liabilities	206		66
Total liabilities	$	7,673	$	7,757

For the year ended March 31, 2024, 2023 and 2022, the Whitmore JV generated net income of $1.8 million, $0.3 million and $1.9 million, respectively.

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 year ended March 31, 2024 were as follows (in thousands):


	March 31,
	2024		2023
Balance at beginning of the year	$	18,464	$	15,325

Net income attributable to redeemable noncontrolling interest	891		139
Contributions from noncontrolling interest	—		3,000


Balance at end of the year	$	19,355	$	18,464

LONG-TERM DEBT AND COMMITMENTS - Schedule of Long-Term Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Debt Instrument [Line Items]
Less: Current portion	$ 0	$ 0
Long-term debt	$ 166,000	$ 253,000
Revolving Credit Facility
Debt Instrument [Line Items]
Interest rate	6.68%	6.21%
Revolving Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Revolving credit facility, amount outstanding	$ 166,000	$ 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

RETIREMENT PLANS (Tables)

12 Months Ended

Mar. 31, 2024

Retirement Benefits [Abstract]

Summary of Assumptions Related to Retirement Plan

The following are assumptions related to the Plans:


	March 31,
	2024		2023		2022
Assumptions used to determine benefit obligations:
Discount rate	5.5	%	5.4	%	4.0	%

Assumptions used to determine net pension expense:
Discount rate	5.4	%	4.0	%	3.3	%

Schedule of Changes in Projected Benefit Obligations

The summary of the changes in the Restoration Plan's pension obligations:


	March 31,
(in thousands)	2024		2023
Benefit obligation at beginning of year	$	1,261	$	1,447
Interest cost	65		56
Actuarial gain	(3)		(136)
Benefits paid	(106)		(106)
Benefit obligation at end of year	$	1,217	$	1,261
Accumulated benefit obligation	$	1,217	$	1,261

Summary of Amounts Recognized in Balance Sheet

The following summarizes amounts recognized in the balance sheets for the Restoration Plan:


	March 31,
(in thousands)	2024		2023

Current liabilities	$	(103)	$	(103)
Noncurrent liabilities	(1,114)		(1,158)
Unfunded status	$	(1,217)	$	(1,261)

Schedule of Pension Plan

Net pension expense for the Plans was:


	Year Ended March 31,
(in thousands)	2024		2023		2022
Service cost – benefits earned during the year	$	—	$	—	$	43
Interest cost on projected benefit obligation	65		56		138
Expected return on assets	—		—		(120)
Net amortization and deferral	2		42		69

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

Net pension expense	$	67	$	551	$	100

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

Summary of Expected Cash Benefit Payments

The following table summarizes the expected cash benefit payments for the Restoration Plan for fiscal years ending March 31 (in millions):


2025	$	0.1
2026	0.1
2027	0.1
2028	0.1
2029	0.1
Thereafter	0.5

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2024	Mar. 31, 2023
Statement of Financial Position [Abstract]
Common shares, par value (in USD per share)	$ 0.01	$ 0.01
Common shares, authorized (in shares)	50,000,000	50,000,000
Common shares, issued (in shares)	16,466,000	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)	952,000	902,000

REVENUE RECOGNITION (Details) $ in Thousands	12 Months Ended
REVENUE RECOGNITION (Details) $ in Thousands	Mar. 31, 2024 USD ($) segment	Mar. 31, 2023 USD ($)	Mar. 31, 2022 USD ($)
Disaggregation of Revenue [Line Items]
Number of business segments \| segment	3
Net revenues	$ 792,840	$ 757,904	$ 626,435
Change in Contract Liabilities [Roll Forward]
Balance at beginning of period	637
Revenue recognized	(607)
New contracts and revenue added to existing contracts	518
Balance at end of period	548	637
Contractor Solutions
Disaggregation of Revenue [Line Items]
Net revenues	528,641	506,634	413,207
Specialized Reliability Solutions
Disaggregation of Revenue [Line Items]
Net revenues	149,458	147,301	115,932
Engineered Building Solutions
Disaggregation of Revenue [Line Items]
Net revenues	$ 114,741	103,969	97,296
Build-to-order
Disaggregation of Revenue [Line Items]
Retainage, percentage of transaction price not collectible until overall construction project is complete	10.00%
Net revenues	$ 99,760	89,964	88,690
Build-to-order \| Contractor Solutions
Disaggregation of Revenue [Line Items]
Net revenues	0	0	0
Build-to-order \| Specialized Reliability Solutions
Disaggregation of Revenue [Line Items]
Net revenues	0	0	0
Build-to-order \| Engineered Building Solutions
Disaggregation of Revenue [Line Items]
Net revenues	$ 99,760	89,964	88,690
Installation Services \| Total Consolidated Revenue \| Product Concentration Risk
Disaggregation of Revenue [Line Items]
Percentage of total consolidated revenue	2.00%
Book-and-ship
Disaggregation of Revenue [Line Items]
Net revenues	$ 693,080	667,940	537,745
Book-and-ship \| Contractor Solutions
Disaggregation of Revenue [Line Items]
Net revenues	528,641	506,634	413,207
Book-and-ship \| Specialized Reliability Solutions
Disaggregation of Revenue [Line Items]
Net revenues	149,458	147,301	115,932
Book-and-ship \| Engineered Building Solutions
Disaggregation of Revenue [Line Items]
Net revenues	$ 14,981	$ 14,005	$ 8,606

DETAILS OF CERTAIN CONSOLIDATED BALANCE SHEET CAPTIONS - Schedule of Accrued and Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Compensation and related benefits	$ 29,175	$ 27,096
Rebates and marketing agreements	15,910	16,158
Income tax payable	2,166	403
Operating lease liabilities	9,443	9,784
Acquisition deferred payments	167	3,427
Non-income taxes liabilities	1,381	1,802
Billings in excess of costs	548	637
Other accrued expenses	8,659	8,081
Accrued and other current liabilities	$ 67,449	$ 67,388

SHARE-BASED COMPENSATION - Stock Option Activity (Details) - Share-based Payment Arrangement, Option - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Number of Shares
Outstanding at beginning of period (in shares)	0	10,800
Exercised (in shares)	0	(10,800)
Outstanding at end of period (in shares)	0	0
Exercisable at end of period (in shares)	0
Weighted Average Exercise Price
Outstanding at beginning of period (in USD per share)	$ 0	$ 25.23
Exercised (in USD per share)	0	25.23
Outstanding at end of period (in USD per share)	0	$ 0
Exercisable at end of period (in USD per share)	$ 0
Outstanding, remaining contractual life	0 years	0 years
Exercisable, remaining contractual life	0 years
Outstanding, aggregate intrinsic value	$ 0.0	$ 0.0
Exercisable, aggregate intrinsic value	$ 0.0

OTHER COMPREHENSIVE INCOME (LOSS) (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	$ 525,675	$ 469,086	$ 415,449
Foreign currency translation adjustments	(717)	(3,335)	922
Other comprehensive income	101,822	93,239	68,241
Balance at end of period	615,723	525,675	469,086
Expected gain from currency cash flow hedge, next 12 months	900
Currency translation adjustments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	(8,190)	(4,438)
Foreign currency translation adjustments	(1,947)	(3,752)
Balance at end of period	(10,137)	(8,190)	(4,438)
Interest rate swaps
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	(114)	(270)
Unrealized gain, net of taxes	2,404	225
Reclassification of losses (gains) included in interest expense, net of taxes	(1,179)	(69)
Other comprehensive income	1,225	156
Balance at end of period	1,111	(114)	(270)
Unrealized losses, tax	(639)	(60)
Reclassification from AOCI, tax	313	18
Defined benefit plans
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	(105)	(366)
Other comprehensive income	5	261
Balance at end of period	(100)	(105)	$ (366)
Amortization of net loss, net of taxes
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Reclassification of losses (gains) included in interest expense, net of taxes	2	33
Reclassification from AOCI, tax	(1)	(9)
Net gain arising during the year, net of taxes
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Other comprehensive income	3	92
Other comprehensive (loss) income, tax	(1)	(24)
Pension termination
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Other comprehensive income	0	127
Other comprehensive (loss) income, tax	0	(34)
Currency translation impact
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Other comprehensive income	$ 0	$ 9

INCOME TAXES

12 Months Ended

Mar. 31, 2024

Income Tax Disclosure [Abstract]

INCOME TAXES

In August 2022, the Inflation Reduction Act of 2022 (“IRA”) was signed into law. Among other things, the IRA imposes a fifteen percent corporate alternative minimum tax (the “Corporate AMT”) for tax years beginning after December 31, 2022 and levies a one percent excise tax on net share repurchases after December 31, 2022. The excise tax on the share repurchase portion of the IRA did not have an impact on our results of operations or financial position for the year ended March 31, 2023 or March 31, 2024. We do not expect the Corporate AMT, excise tax or other provisions of the IRA to have a material impact on our consolidated financial statements.

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


	Year Ended March 31,
	2024		2023		2022
U.S. Federal	$	127,647	$	118,181	$	87,607
Foreign	12,833		7,730		3,858
Income before income taxes	$	140,480	$	125,911	$	91,465

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


For the year ended:	Current		Deferred		Total
March 31, 2024
U.S. Federal	$	28,832	$	(2,560)	$	26,272
State and local	8,057		(10)		8,047
Foreign	3,444		178		3,622
Provision for income taxes	$	40,333	$	(2,392)	$	37,941
March 31, 2023
U.S. Federal	$	27,920	$	(3,549)	$	24,371
State and local	6,135		(2,471)		3,664
Foreign	1,482		(180)		1,302
Provision for income taxes	$	35,537	$	(6,200)	$	29,337
March 31, 2022
U.S. Federal	$	20,139	$	(1,578)	$	18,561
State and local	5,271		761		6,032
Foreign	638		(1,085)		(447)
Provision for income taxes	$	26,048	$	(1,902)	$	24,146

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


	Year Ended March 31,
	2024		2023		2022
Computed tax expense at statutory rate	$	29,501	$	26,441	$	19,206
Increase (reduction) in income taxes resulting from:
State and local income taxes, net of federal benefits	6,358		2,895		4,765
Tax indemnification asset release	1,789		—		—
Nondeductible executive compensation	1,196		1,555		992
Repatriation tax, net of tax credit	491		904		170
Uncertain tax positions	278		(224)		759
Other permanent differences	215		557		(143)
Global intangible low-taxed income ("GILTI") inclusion	207		1,123		580
IRC section 250 deductions	(1,050)		(1,626)		(1,102)
Vesting of stock-based compensation	(417)		(408)		(1,916)
Foreign tax credits	(207)		(604)		(450)


Valuation allowance	(132)		(96)		379

Effect of rates different than statutory	(120)		(114)		91
Other, net	(168)		(1,066)		815
Provision for income taxes	$	37,941	$	29,337	$	24,146

The effective tax rates for the years ended March 31, 2024, 2023 and 2022 were 27.0%, 23.3% and 26.4%, respectively. As compared with the statutory rate for the year ended March 31, 2024, the provision for income taxes was primarily impacted by state tax expense (net of federal benefits), which increased the provision by $6.4 million and effective rate by 4.5%; impact of the tax indemnification asset release, which increased the provision by $1.8 million and the effective tax rate by 1.3%; executive compensation limitation, which increased the provision by $1.2 million and the effective tax rate by 0.9%; impact of repatriation of foreign earnings, which increased the provision by $0.5 million and the effective rate by 0.3%. This was partially offset by IRC section 250 deductions, which decreased the provision by $1.1 million and the effective tax rate by 0.7%.

As compared with the statutory rate for the year ended March 31, 2023, the provision for income taxes was primarily impacted by the state tax expense, which increased the provision by $2.9 million and the effective rate by 2.3%, executive compensation limitation, which increased the provision by $1.6 million and the effective rate by 1.2%; impact of GILTI inclusions, which increased the provision by $1.1 million and the effective tax rate by 0.9%; impact of repatriation of foreign earnings, which increased the provision by $0.9 million and the effective rate by 0.7% and the additional non-deductible expenses. which increased the provision by $0.6 million and the effective rate by 0.4%. This was offset by IRC section 250 deductions, which decreased the provision by $1.6 million and the effective tax rate by 1.3%; foreign tax credits, which decreased the provision by $0.6 million and the effective tax rate by 0.5%.

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at March 31, 2024 and 2023 are presented below (in thousands):


	March 31,
	2024		2023
Deferred tax assets:
Operating lease liabilities	$	11,852	$	15,684
Accrued compensation	6,777		6,636

Inventory reserves	3,877		3,422
Capitalized R&D	1,446		968
Transaction Costs	1,141		828
Accrued expenses	773		1,580
Pension and other employee benefits	384		452
Foreign tax credit carry-forward	292		284
Net operating loss carryforwards	—		144
Other, net	641		747
Deferred tax assets	27,183		30,745
Valuation allowance	(216)		(428)
Deferred tax assets, net of valuation allowance	26,967		30,317
Deferred tax liabilities:
Goodwill and intangible assets	(64,534)		(66,432)
Operating lease right-of-use assets	(10,609)		(14,337)
Property, plant and equipment	(7,725)		(7,299)
Repatriation reserve	(1,911)		(1,784)
Other, net	(1,796)		(2,148)
Deferred tax liabilities	(86,575)		(92,000)
Net deferred tax liabilities	$	(59,608)	$	(61,683)

As of March 31, 2024, we had immaterial valuation allowance related to foreign tax credits. During the year ended March 31, 2024, we utilized the remaining net operating loss carryforward and released the related valuation allowance. As of March 31, 2023, we had immaterial valuation allowance related to operating loss carryforward and foreign tax credits.

A provision was made for taxes that may become payable upon distribution of earnings from our foreign subsidiaries. Deferred income tax has not been recognized on any remaining basis difference that is permanently invested outside the United States.

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


	March 31,
	2024		2023
Balance at beginning of year	$	11,784	$	9,934
Increases related to prior year tax positions	173		—
Decreases related to prior year tax positions	(31)		—
Decreases related to lapses of statute of limitations	(1,049)		(690)
Increases related to current year tax positions	—		2,540

Balance at end of year	$	10,877	$	11,784

During the year ended March 31, 2024, we released a reserve of $1.5 million including accrued interest of $0.2 million and accrued penalty of $0.2 million, as a result of the lapse of statute for the 2019 period. We also recorded additional uncertain tax positions reserve of $1.7 million, including accrued interest of $1.2 million and accrued penalty of $0.5 million on historical tax positions. We also recorded an additional $0.2 million reserve and a corresponding tax indemnification asset through purchase accounting in connection with the Falcon acquisition during the measurement period.

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

In connection with the Falcon acquisition that closed in October 2022, the Company recognized a UTP of $3.0 million related to pre-acquisition tax periods. In addition, in accordance with the tax indemnification included in the Falcon acquisition 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 $3.0 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. During the three months ended December 31, 2023, as a result of the statute expiration of the 2019 federal tax return, $1.0 million UTP was released. The related $1.0 million tax indemnification asset expired concurrently and was recognized as non-cash other expense on the statement of income, which is not deductible for income tax purposes. As of March 31, 2024, the UTP reserve and offsetting indemnification asset related to Falcon's pre-acquisition period were $2.4 million. The Falcon UTP reserves and offsetting indemnification asset will either be settled or expire upon the closure of the tax statutes for the pre-acquisition period.

In connection with the TRUaire acquisition closed in December 2020, the Company recognized a UTP of $17.3 million related to pre-acquisition tax periods. In addition, in accordance with the tax indemnification included in the purchase agreement, the sellers provided a contractual indemnification to the Company for up to $12.5 million related to UTPs taken in pre-acquisition years, and we recognized a tax indemnification asset of $12.5 million. This tax indemnification asset expired in 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. During the three months ended December 31, 2023, the remaining $7.5 million tax indemnification asset expired and was recognized as non-cash other expense on the statement of income, which is not deductible for income tax purposes. As of March 31, 2024, the UTP accrual related to TRUaire's pre-acquisition tax periods was $14.3 million and is expected to be released in the future as the statutes on the open tax years expire.

The Company expects $3.3 million of existing reserves for UTPs to either be settled or expire within the next 12 months as the statutes of limitations expire. Our federal income tax returns remain subject to examination for the years ended March 31, 2023, 2022 and 2021. Our income tax returns for TRUaire's pre-acquisition periods including calendar years 2018, 2019 and 2020 remain subject to examinations. Our income tax returns in certain state income tax jurisdictions remain subject to examination for various periods for the period ended September 30, 2015 and subsequent years.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
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-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Paragraph 1
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

SHAREHOLDERS' EQUITY	12 Months Ended
SHAREHOLDERS' EQUITY	Mar. 31, 2024
Equity [Abstract]
SHAREHOLDERS' EQUITY	SHAREHOLDERS' EQUITY Share Repurchase Programs On November 7, 2018, we announced that our Board of Directors authorized a program to repurchase up to $75.0 million of our common stock over a two-year time period. On October 30, 2020, we announced that our Board of Directors authorized a new program to repurchase up to $100.0 million of our common stock, which replaced the previously announced $75.0 million program. On December 16, 2022, we announced that our Board of Directors authorized a new $100.0 million share repurchase program, which replaced the previously announced $100.0 million program. Under the current repurchase program, shares may be repurchased from time to time in the open market or in privately negotiated transactions. Repurchases will be made at our discretion, based on ongoing assessments of the capital needs of the business, the market price of our common stock and general market conditions. Our Board of Directors has established an expiration of December 31, 2024 for completion of the new repurchase program; however, the program may be limited or terminated at any time at our discretion without notice. Under the current $100.0 million repurchase program, 53,133 shares were repurchased during the year ended March 31, 2024 for $10.5 million and no shares were repurchased during the year ended March 31, 2023. Under the prior $100.0 million repurchase program, no shares were repurchased during the year ended March 31, 2024 and 336,347 shares were repurchased during the year ended March 31, 2023 for $35.7 million. A total of 462,462 shares had been repurchased for an aggregate amount of $50.1 million under the prior $100.0 million program. As of March 31, 2024, a total of 53,133 shares were repurchased for an aggregate amount of $10.5 million under the current $100.0 million program. Dividends On April 4, 2019, we announced we had commenced a dividend program and that our Board of Directors approved a regular quarterly dividend of $0.135 per share. On April 15, 2021, we announced a quarterly dividend increase to $0.15 per share. On April 14, 2022, we announced a quarterly dividend increase to $0.17 per share. On April 14, 2023, we announced a quarterly dividend increase to $0.19 per share. On April 12, 2024, we announced a quarterly dividend increase to $0.21 per share, which dividend was paid on May 10, 2024 to shareholders of record as of April 26, 2024. Any future dividends at the existing $0.21 per share quarterly rate or otherwise will be reviewed individually and declared by our Board of Directors in its discretion. Total dividends of $11.9 million and $10.6 million were paid during the years ended March 31, 2024 and 2023, respectively.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

DERIVATIVE INSTRUMENTS AND HEDGE ACCOUNTING (Tables)

12 Months Ended

Mar. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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

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


	March 31,
	2024		2023
Current derivative asset	$	1,186	$	877
Non-current derivative assets	221		—
Non-current derivative liabilities	—		1,021

SHARE-BASED COMPENSATION (Tables)

12 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Share-Based Compensation Expense

We recorded share-based compensation expense, net of estimated forfeitures, for restricted stock as follows for the years ended March 31, 2024, 2023 and 2022 (in thousands):


	Year Ended March 31,
	2024		2023		2022
Share-based compensation expense	$	11,537	$	9,751	$	8,450
Related income tax benefit (a)	(2,885)		(2,438)		(2,197)
Net share-based compensation expense	$	8,652	$	7,313	$	6,253

(a) Income tax benefit is estimated using the statutory rate

Schedule of Stock Options Activity


	Number of Shares	Weighted Average Exercise Price		Remaining Contractual Life (Years)	Aggregate Intrinsic Value (in Millions)
Outstanding and Exercisable at April 1, 2022	10,800	$	25.23
Exercised	(10,800)	25.23
Outstanding and Exercisable at March 31, 2023	—	—		0.0	$	—
Exercised	—	—
Outstanding and Exercisable at March 31, 2024	—	$	—	0.0	$	—

Schedule of Restricted Stock Activity

Restricted stock activity was as follows:


	Year Ended March 31, 2024
	Number of Shares	Weighted Average Grant Date Fair Value
Outstanding at April 1, 2023	232,051	$	138.14
Granted	90,510	185.62
Vested	(95,995)	89.51
Canceled	(5,003)	142.09
Outstanding at March 31, 2024	221,563	$	166.62

ACQUISITIONS	12 Months Ended
ACQUISITIONS	Mar. 31, 2024
Business Combination and Asset Acquisition [Abstract]
ACQUISITIONS	ACQUISITIONS Dust Free, LP On February 6, 2024, we acquired 100% of the outstanding equity of Dust Free, LP ("Dust Free"), based in Royse City, Texas, for an aggregate purchase price of $34.7 million (including $0.6 million cash acquired), comprised of cash consideration of $27.9 million and contingent considerations initially measured at $6.8 million based on Dust Free meeting defined operational and financial targets over a period of 6 years. The cash consideration was funded with cash on hand and borrowings under our existing Revolving Credit Facility (as defined in Note 8). The Dust Free products offer residential and commercial indoor air quality and HVAC/R applications and supplement our Contractor Solutions segment's existing product portfolio. As of the acquisition date, the estimated fair value of the contingent consideration was classified as a long-term liability of $6.8 million, of which $2.1 million was determined using an option pricing model simulation that determines an average projected payment value across numerous iterations and $4.7 million was determined using a scenario-based analysis on forecasted future results. During the year ended March 31, 2024, we incurred $0.7 million in transaction expenses in connection with the Dust Free acquisition, which were included in selling, general and administrative expenses in the Consolidated Statement of Operations under the Contractor Solution segment. The Dust Free acquisition was accounted for as a business combination under FASB Accounting Standards Codification Topic 805, Business Combinations ("Topic 805"). The excess of the purchase price over the preliminary fair value of the identifiable assets acquired was $4.0 million allocated to goodwill, which represents the value expected to be obtained from owning products that are complementary to our existing plumbing offerings and provide a meaningful value proposition to our customers. The preliminary allocation of the fair value of the net assets acquired comprises customer lists ($20.1 million), trademark ($1.6 million), accounts receivable ($2.9 million), cash ($0.6 million), inventory ($3.9 million), other current asset ($0.4 million) and equipment ($3.6 million), net of current liabilities (2.3 million). Customer lists are being amortized over 15 years and the definite-life trademark ($0.6 million) is being amortized over 2 years while the indefinite-life trademark ($1.0 million) and goodwill are not being amortized. The Company's evaluation of the facts and circumstances available as of February 6, 2024, to assign fair values to assets acquired is ongoing. We expect to finalize the purchase price allocation as soon as practicable, but no later than one year from the acquisition date. Goodwill and all intangible assets are deductible and amortized over 15 years for income tax purposes. Dust Free activity has been included in our Contractor Solutions segment since the acquisition date. No pro forma information has been provided due to immateriality. 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), comprised of 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, which they were. The cash consideration was funded with cash on hand and borrowings under our existing Revolving Credit Facility (as defined in Note 8). Falcon's products are well known among the professional trades for supplying enhanced water flow delivery and supplement our Contractor Solutions segment's existing product portfolio. The Falcon acquisition was accounted for as a business combination under FASB Accounting Standards Codification Topic 805, Business Combinations ("Topic 805"). The excess of the purchase price over the 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 customers. The allocation of the fair value of the net assets acquired comprises customer lists ($17.7 million), trademark ($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 ($3.0 million), net of current liabilities (0.7 million) and other liabilities ($8.4 million). Customer lists are being amortized over 15 years, while the trademark and goodwill are not being amortized. The Company completed the analysis of the assets acquired, liabilities assumed and the related allocation during the three months ended December 31, 2023. 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. 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 consideration initially measured at $0.4 million based on CG and ACG meeting defined financial targets over a period of 5 years. In conjunction with the acquisition, we agreed to pay an additional $3.7 million, comprised of cash consideration of $1.5 million and 5-year annuity payments (value of $2.2 million) to a third party to secure the related intellectual property. The total cash consideration at closing of $19.5 million was funded with cash on hand and borrowings under our existing Revolving Credit Facility (as defined in Note 8). CG and ACG product lines further expand Contractor Solutions’ offering of leading HVAC/R accessories, including lineset covers and HVAC/R condenser protection cages. Through these differentiated products, our Contractor Solutions segment expects to achieve incremental ductless and ducted HVAC/R market penetration. As of the acquisition date, the estimated fair value of the contingent consideration was classified as a long-term liability of $0.4 million and was determined using an option pricing model simulation that determines an average projected payment value across numerous iterations. The CG and ACG acquisition was accounted for as a business combination under Topic 805. The excess of the purchase price over 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 customers. The allocation of the fair value of the net 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 completed the analysis of the assets acquired, liabilities assumed and the related allocation during the three months ended September 30, 2023. Goodwill and all intangible assets are deductible and amortized over 15 years for income tax purposes. CG and ACG activity has been included in our Contractor Solutions segment since the acquisition date. The additional $3.7 million we agreed to pay a third party was accounted for as an acquisition of intellectual property and is amortized over 15 years. Shoemaker Manufacturing, LLC On December 15, 2021, we acquired 100% of outstanding equity of Shoemaker Manufacturing, LLC (“Shoemaker”), based in Cle Elum, Washington, for an aggregate purchase price of $43.6 million, including working capital and closing cash adjustments and expected contingent consideration. Shoemaker offers high-quality customizable GRD for commercial and residential markets, and expands CSWI’s HVAC/R product offering and regional exposure in the northwest U.S. The aggregate purchase price was comprised of cash consideration of $38.6 million (including $1.2 million cash acquired), 25,483 shares of the Company's common stock valued at $3.0 million at transaction close and additional contingent consideration of up to $2.0 million based on Shoemaker meeting a defined financial target during the quarter ended March 31, 2022, which was achieved. The cash consideration was funded with cash on hand and borrowings under our existing Revolving Credit Facility. The 25,483 shares of common stock delivered to the sellers as consideration were issued from treasury shares. As of the acquisition date, the estimated fair value of the contingent consideration obligation was classified as a current liability of $2.0 million and was determined using a scenario-based analysis on forecasted future results. In May 2022, the full earn-out amount of $2.0 million was remitted to the sellers as the performance obligation had been met. During the year ended March 31, 2022, we incurred $0.7 million in transaction expenses in connection with the Shoemaker acquisition, which were included in selling, general and administrative expenses in the Consolidated Statement of Operations under the Contractor Solution segment. The Shoemaker acquisition was accounted for as a business combination under Topic 805. The excess of the purchase price over the fair value of the identifiable assets acquired was $8.1 million allocated to goodwill, which represents the value expected to be obtained from owning a more extensive GRD product portfolio for the HVAC/R market and increased regional exposure to the northwest U.S. The allocation of the fair value of the net assets acquired included customer lists ($23.0 million), trademarks ($6.5 million), noncompete agreements ($0.7 million), backlog ($0.3 million), inventory ($3.6 million), accounts receivable ($1.7 million), cash ($1.2 million), equipment ($1.4 million) and prepaid expenses ($0.2 million), net of current liabilities ($3.1 million). Customer lists, noncompete agreements and backlog are being amortized over 15 years, 5 years and 1 month, respectively, while trademarks and goodwill are not being amortized. The Company completed the analysis of tangible assets, intangible assets, liabilities assumed and the related allocation during the three months ended December 31, 2022. Goodwill and all intangible assets are deductible and amortized over 15 years for income tax purposes. Shoemaker activity has been included in our Contractor Solutions segment since the acquisition date.

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Pay vs Performance Disclosure
Net income	$ 101,648	$ 96,435	$ 66,385

- Definition

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

+ References

+ Details

SHAREHOLDERS' EQUITY (Details) - USD ($)								8 Months Ended	12 Months Ended		41 Months Ended
SHAREHOLDERS' EQUITY (Details) - USD ($)	May 10, 2024	Apr. 12, 2024	Apr. 14, 2023	Apr. 14, 2022	Apr. 15, 2021	Apr. 04, 2019	Nov. 07, 2018	Dec. 31, 2024	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Dec. 16, 2022	Oct. 30, 2020
Equity, Class of Treasury Stock [Line Items]
Repurchased amount											$ 50,100,000
Dividend declared (in USD per share)			$ 0.19	$ 0.17	$ 0.15	$ 0.135
Dividends paid									$ 11,900,000	$ 10,600,000
Subsequent Event
Equity, Class of Treasury Stock [Line Items]
Dividend declared (in USD per share)		$ 0.21
Forecast
Equity, Class of Treasury Stock [Line Items]
Dividend declared (in USD per share)								$ 0.21
Dividends paid (in USD per share)	$ 0.21
2018 Share Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Authorized repurchase amount							$ 75,000,000
Repurchase program period in force							2 years
2020 Share Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Authorized repurchase amount									$ 100,000,000		$ 100,000,000	$ 100,000,000	$ 100,000,000
Shares repurchased (in shares)									0	336,347	462,462
Repurchased amount										$ 35,700,000	$ 100,000,000
2022 Share Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Authorized repurchase amount									$ 100,000,000		$ 100,000,000	$ 100,000,000
Shares repurchased (in shares)									53,133	0	53,133
Repurchased amount									$ 10,500,000

SEGMENTS - Schedule of Financial Information of Reporting Segments (Details) $ in Thousands	12 Months Ended
	Mar. 31, 2024 USD ($) segment	Mar. 31, 2023 USD ($)	Mar. 31, 2022 USD ($)
Segment Reporting [Abstract]
Number of reportable segments \| segment	3
Segment Reporting Information [Line Items]
Revenues, net	$ 792,840	$ 757,904	$ 626,435
Operating income	159,118	139,066	97,380
Depreciation and amortization	38,290	34,957	36,408
Total assets	1,043,326	1,043,453	995,360
Impairment of assets	1,600	156	0
Contractor Solutions
Segment Reporting Information [Line Items]
Revenues, net	528,641	506,634	413,207
Specialized Reliability Solutions
Segment Reporting Information [Line Items]
Revenues, net	149,458	147,301	115,932
Engineered Building Solutions
Segment Reporting Information [Line Items]
Revenues, net	114,741	103,969	97,296
Operating Segments
Segment Reporting Information [Line Items]
Revenues, net	792,840	757,904	626,435
Operating income	183,007	159,269	116,223
Depreciation and amortization	38,117	34,757	35,958
Total assets	1,027,485	1,031,427	983,044
Operating Segments \| Contractor Solutions
Segment Reporting Information [Line Items]
Revenues, net	528,641	506,634	413,207
Operating income	142,037	126,204	96,115
Depreciation and amortization	30,231	26,951	27,879
Total assets	806,261	823,750	782,267
Operating Segments \| Specialized Reliability Solutions
Segment Reporting Information [Line Items]
Revenues, net	149,458	147,301	115,932
Operating income	22,266	20,176	9,007
Depreciation and amortization	6,074	6,035	6,016
Total assets	139,968	136,248	126,380
Operating Segments \| Engineered Building Solutions
Segment Reporting Information [Line Items]
Revenues, net	114,741	103,969	97,296
Operating income	18,704	12,889	11,101
Depreciation and amortization	1,812	1,771	2,063
Total assets	81,256	71,429	74,397
Intersegment revenue
Segment Reporting Information [Line Items]
Revenues, net	8,008	7,287	3,390
Intersegment revenue \| Contractor Solutions
Segment Reporting Information [Line Items]
Revenues, net	7,853	7,142	3,280
Intersegment revenue \| Specialized Reliability Solutions
Segment Reporting Information [Line Items]
Revenues, net	155	145	110
Intersegment revenue \| Engineered Building Solutions
Segment Reporting Information [Line Items]
Revenues, net	0	0	0
Eliminations and Other
Segment Reporting Information [Line Items]
Revenues, net	0	0	0
Eliminations and Other
Segment Reporting Information [Line Items]
Revenues, net	(8,008)	(7,287)	(3,390)
Operating income	(23,889)	(20,203)	(18,843)
Depreciation and amortization	173	200	450
Total assets	$ 15,841	$ 12,026	$ 12,316

DERIVATIVE INSTRUMENTS AND HEDGE ACCOUNTING

12 Months Ended

Mar. 31, 2024

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 to hedge our exposure to variability in cash flows from interest payments on our Whitmore Term Loan. On January 9, 2023, the interest rate swap was terminated and resulted 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 March 31, 2024, we had $100.0 million of notional amount in outstanding designated interest rate swaps with third parties.

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


	March 31,
	2024		2023
Current derivative asset	$	1,186	$	877
Non-current derivative assets	221		—
Non-current derivative liabilities	—		1,021

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

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

RELATED PARTY TRANSACTIONS (Details) - USD ($)	12 Months Ended
RELATED PARTY TRANSACTIONS (Details) - USD ($)	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Related Party Transactions [Abstract]
Related party transaction	$ 0	$ 0	$ 0

Audit Information	12 Months Ended
Audit Information	Mar. 31, 2024
Audit Information [Abstract]
Auditor Name	GRANT THORNTON LLP
Auditor Location	Dallas, Texas
Auditor Firm ID	248

RETIREMENT PLANS - Employee Stock Ownership Plan (Details) - USD ($) $ in Millions	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]
Award requisite service period	1 year
Period of credited service after which participant's interest in contributions to ESOP fully vest	3 years
Contributions to the ESOP	$ 4.8	$ 3.1	$ 2.3
ESOP expense recorded	$ 4.4
CSWI
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]
Shares held in ESOP (in shares)	497,835	537,293

EARNINGS PER SHARE

12 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

EARNINGS PER SHARE

The following table sets forth the reconciliation of the numerator and the denominator of basic and diluted earnings per share for the years ended March 31, 2024, 2023 and 2022:


	March 31,
(amounts in thousands, except per share data)	2024		2023		2022
Net income	$	102,539	$	96,574	$	67,319

Income attributable to redeemable noncontrolling interest	(891)		(139)		(934)
Net income attributable to CSW Industrials, Inc.	$	101,648	$	96,435	$	66,385
Weighted average shares:
Common stock	15,427		15,401		15,646
Participating securities	106		108		109
Denominator for basic earnings per common share	15,533		15,509		15,755
Potentially dilutive securities	48		37		52
Denominator for diluted earnings per common share	15,581		15,546		15,807

Basic earnings per common share:	$	6.54	$	6.22	$	4.21




Diluted earnings per common share:	$	6.52	$	6.20	$	4.20

DETAILS OF CERTAIN CONSOLIDATED BALANCE SHEET CAPTIONS - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Land and improvements	$ 3,162	$ 3,226
Buildings and improvements	54,411	52,975
Plant, office and laboratory equipment	127,344	112,271
Construction in progress	11,409	12,466
Property, plant and equipment, gross	196,326	180,938
Less: Accumulated depreciation	(103,515)	(92,703)
Property, plant and equipment, net	92,811	88,235
Property, Plant and Equipment [Line Items]
Depreciation	13,961	12,838	$ 11,572
Cost of revenue, depreciation	9,100	8,400	8,300
Property, Plant and Equipment
Property, Plant and Equipment [Line Items]
Depreciation	$ 13,900	$ 12,900	$ 11,600

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Income Statement [Abstract]
Revenues, net	$ 792,840	$ 757,904	$ 626,435
Cost of revenues	(442,095)	(439,690)	(370,473)
Gross profit	350,745	318,214	255,962
Selling, general and administrative expenses	(191,627)	(179,148)	(158,582)
Operating income	159,118	139,066	97,380
Interest expense, net	(12,723)	(13,197)	(5,449)
Other income (expense), net	(5,915)	42	(466)
Income before income taxes	140,480	125,911	91,465
Provision for income taxes	(37,941)	(29,337)	(24,146)
Net income	102,539	96,574	67,319
Income attributable to redeemable noncontrolling interest	(891)	(139)	(934)
Net income attributable to CSW Industrials, Inc.	$ 101,648	$ 96,435	$ 66,385
Basic earnings per common share: (in USD per share)	$ 6.54	$ 6.22	$ 4.21
Diluted earnings per common share: (in USD per share)	$ 6.52	$ 6.20	$ 4.20
Weighted average number of shares outstanding:
Basic (in shares)	15,533	15,509	15,755
Diluted (in shares)	15,581	15,546	15,807

Cover Page - USD ($) $ in Millions	12 Months Ended
Cover Page - USD ($) $ in Millions	Mar. 31, 2024	May 20, 2024	Sep. 30, 2023
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Mar. 31, 2024
Current Fiscal Year End Date	--03-31
Document Transition Report	false
Entity File Number	001-37454
Entity Registrant Name	CSW INDUSTRIALS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	47-2266942
Entity Address, Address Line One	5420 Lyndon B. Johnson Freeway, Suite 500
Entity Address, City or Town	Dallas
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75240
City Area Code	214
Local Phone Number	884-3777
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	CSWI
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 2,686.9
Entity Common Stock, Shares Outstanding		15,527,723
Documents Incorporated by Reference	Certain information contained in the definitive proxy statement for the registrant’s Annual Meeting of Stockholders is incorporated by reference into Part III hereof.
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Entity Central Index Key	0001624794

GOODWILL AND INTANGIBLE ASSETS - Schedule of Changes in Carrying Amount of Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Goodwill [Roll Forward]
Beginning balance	$ 242,740	$ 224,658
Goodwill acquisitions		17,417
Currency translation	47	(1,027)
Ending balance	247,191	242,740
Dust Free acquisition
Goodwill [Roll Forward]
Goodwill acquisitions	3,951
Falcon acquisition
Goodwill [Roll Forward]
Goodwill acquisitions	85
CG and ACG acquisitions
Goodwill [Roll Forward]
Goodwill acquisitions	107	1,686
Shoemaker acquisition
Goodwill [Roll Forward]
Goodwill acquisitions		6
Other acquisitions
Goodwill [Roll Forward]
Goodwill acquisitions	261
Contractor Solutions
Goodwill [Roll Forward]
Beginning balance	209,160	190,152
Goodwill acquisitions		17,417
Currency translation	(20)	(101)
Ending balance	213,544	209,160
Contractor Solutions \| Dust Free acquisition
Goodwill [Roll Forward]
Goodwill acquisitions	3,951
Contractor Solutions \| Falcon acquisition
Goodwill [Roll Forward]
Goodwill acquisitions	85
Contractor Solutions \| CG and ACG acquisitions
Goodwill [Roll Forward]
Goodwill acquisitions	107	1,686
Contractor Solutions \| Shoemaker acquisition
Goodwill [Roll Forward]
Goodwill acquisitions		6
Contractor Solutions \| Other acquisitions
Goodwill [Roll Forward]
Goodwill acquisitions	261
Specialized Reliability Solutions
Goodwill [Roll Forward]
Beginning balance	9,278	9,499
Goodwill acquisitions		0
Currency translation	80	(221)
Ending balance	9,358	9,278
Specialized Reliability Solutions \| Dust Free acquisition
Goodwill [Roll Forward]
Goodwill acquisitions	0
Specialized Reliability Solutions \| Falcon acquisition
Goodwill [Roll Forward]
Goodwill acquisitions	0
Specialized Reliability Solutions \| CG and ACG acquisitions
Goodwill [Roll Forward]
Goodwill acquisitions	0	0
Specialized Reliability Solutions \| Shoemaker acquisition
Goodwill [Roll Forward]
Goodwill acquisitions		0
Specialized Reliability Solutions \| Other acquisitions
Goodwill [Roll Forward]
Goodwill acquisitions	0
Engineered Building Solutions
Goodwill [Roll Forward]
Beginning balance	24,302	25,007
Goodwill acquisitions		0
Currency translation	(13)	(705)
Ending balance	24,289	24,302
Engineered Building Solutions \| Dust Free acquisition
Goodwill [Roll Forward]
Goodwill acquisitions	0
Engineered Building Solutions \| Falcon acquisition
Goodwill [Roll Forward]
Goodwill acquisitions	0
Engineered Building Solutions \| CG and ACG acquisitions
Goodwill [Roll Forward]
Goodwill acquisitions	0	0
Engineered Building Solutions \| Shoemaker acquisition
Goodwill [Roll Forward]
Goodwill acquisitions		$ 0
Engineered Building Solutions \| Other acquisitions
Goodwill [Roll Forward]
Goodwill acquisitions	$ 0

SEGMENTS (Tables)

12 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Schedule of Financial Information of Reporting Segments

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


Year Ended March 31, 2024
(in thousands)	Contractor Solutions		Specialized Reliability Solutions		Engineered Building Solutions		Subtotal - Reportable Segments		Eliminations and Other		Total
Revenues, net to external customers	$	528,641	$	149,458	$	114,741	$	792,840	$	—	$	792,840
Intersegment revenue	7,853		155		—		8,008		(8,008)		—
Operating income	142,037		22,266		18,704		183,007		(23,889)		159,118
Depreciation and amortization	30,231		6,074		1,812		38,117		173		38,290


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


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


TOTAL ASSETS
(Amounts in thousands)	Contractor Solutions		Specialized Reliability Solutions		Engineered Building Solutions		Subtotal - Reportable Segments		Eliminations and Other		Total
March 31, 2024	$	806,261	$	139,968	$	81,256	$	1,027,485	$	15,841	$	1,043,326
March 31, 2023	823,750		136,248		71,429		1,031,427		12,026		1,043,453
March 31, 2022	782,267		126,380		74,397		983,044		12,316		995,360

Schedule of Revenues and Long-Lived Assets by Geographic Area

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


	Year Ended March 31,
	2024				2023				2022
U.S.	$	703,282	88.7	%	$	678,126	89.5	%	$	559,296	89.3	%
Non-U.S. (a)	89,558		11.3	%	79,778		10.5	%	67,139		10.7	%
Revenues, net	$	792,840	100.0	%	$	757,904	100.0	%	$	626,435	100.0	%

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


	Year Ended March 31,
	2024				2023				2022
U.S.	$	672,887	94.5	%	$	679,731	94.4	%	$	651,477	93.7	%
Non-U.S.	39,030		5.5	%	40,665		5.6	%	43,736		6.3	%
Long-lived assets (a)	$	711,917	100.0	%	$	720,396	100.0	%	$	695,213	100.0	%

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

DERIVATIVE INSTRUMENTS AND HEDGE ACCOUNTING - Fair Value of Derivatives (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Derivatives, Fair Value [Line Items]
Current derivative asset	$ 1,186	$ 877
Non-current derivative liabilities	125,298	137,117
Hedging Instrument \| Interest Rate Swap
Derivatives, Fair Value [Line Items]
Current derivative asset	1,186	877
Non-current derivative assets	221	0
Non-current derivative liabilities	$ 0	$ 1,021

REVENUE RECOGNITION

12 Months Ended

Mar. 31, 2024

Revenue from Contract with Customer [Abstract]

REVENUE RECOGNITION

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

Build-to-order products are architecturally-specified building products generally sold into the construction industry. Revenue generated from sales of products under build-to-order transactions are currently reflected in the results of our Engineered Building Solutions segment. Occasionally, our built-to-order business lines enter into arrangements for the delivery of a customer-specified product and the provision of installation services. These orders are generally negotiated as a package and are commonly subject to retainage by the customer, which means the final 10% of the transaction price, when applicable, is not collectible until the overall construction project into which our products are incorporated is complete. The lead times for transfer to the customer can be up to 12 weeks. Revenue for goods is recognized at a point in time, but installation services are recognized over time as those services are performed. Installation services represented approximately 2% of total consolidated revenue for the year ended March 31, 2024.

Book-and-ship products are sold across all of our end markets. Revenue generated from sales of products under book-and-ship transactions have historically been presented in the Contractor Solutions, Engineered Building Solutions and Specialized Reliability Solutions segments. These sales are typically priced on a product-by-product basis using price lists provided to our customers. The lead times for transfer to the customer is usually one week or less as these items are generally built to stock. Revenue for products sold under these arrangements is recognized at a point in time.

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


	Year Ended March 31, 2024
	Contractor Solutions		Specialized Reliability Solutions		Engineered Building Solutions		Total
Build-to-order	$	—	$	—	$	99,760	$	99,760
Book-and-ship	528,641		149,458		14,981		693,080
Net revenues	$	528,641	$	149,458	$	114,741	$	792,840


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


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

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


Balance at April 1, 2023	$	637
Revenue recognized	(607)

New contracts and revenue added to existing contracts	518
Balance at March 31, 2024	$	548

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

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

CONSOLIDATION OF VARIABLE INTEREST ENTITY AND REDEEMABLE NONCONTROLLING INTEREST - Narrative (Details) - USD ($) $ in Thousands		12 Months Ended
	Apr. 01, 2021	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Variable Interest Entity [Line Items]
Net income		$ 101,648	$ 96,435	$ 66,385
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Interest sold (in percent)	50.00%
Net income		$ 1,800	$ 300	$ 1,900
Initiating member's equity interest	90.00%
Variable Interest Entity, Primary Beneficiary \| Shell \| Whitmore Manufacturing, LLC
Variable Interest Entity [Line Items]
Interest sold (in percent)	50.00%
Consideration received	$ 13,400
Proceeds from sale of variable interest entity	5,300
Intangible assets received on disposal of variable interest entity	$ 8,100

REVENUE RECOGNITION (Tables)

12 Months Ended

Mar. 31, 2024

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

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


	Year Ended March 31, 2024
	Contractor Solutions		Specialized Reliability Solutions		Engineered Building Solutions		Total
Build-to-order	$	—	$	—	$	99,760	$	99,760
Book-and-ship	528,641		149,458		14,981		693,080
Net revenues	$	528,641	$	149,458	$	114,741	$	792,840


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


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

Schedule of Contract Liabilities

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


Balance at April 1, 2023	$	637
Revenue recognized	(607)

New contracts and revenue added to existing contracts	518
Balance at March 31, 2024	$	548

LEASES

12 Months Ended

Mar. 31, 2024

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 24 years, some of which include escalation clauses and/or options to extend or terminate the leases. We do not currently have any financing lease arrangements.


(in thousands)	March 31, 2024		March 31, 2023
Components of Operating Lease Expenses
Operating lease expense	$	10,375	$	10,793
Short-term lease expense	694		815
Total operating lease expense (a)	$	11,069	$	11,608
(a) Included in cost of revenues and selling, general and administrative expense

(in thousands)	March 31, 2024		March 31, 2023
Operating Lease Assets and Liabilities
Right-of-use lease assets (a)	$	44,491	$	59,815

Short-term lease liabilities	$	9,443	$	9,784
Long-term lease liabilities	39,922		55,590
Total operating lease liabilities (b)	$	49,365	$	65,374
(a) Included in other assets
(b) Included in accrued and other current liabilities and other long-term liabilities, as applicable


(in thousands)	March 31, 2024			March 31, 2023
Supplemental Cash Flow
Cash paid for amounts included in the measurement of operating lease liabilities (a)	$	11,523		$	11,058
Right-of-use assets obtained in exchange for new operating lease obligations	4,789			2,526
Decrease in right-of-use assets and operating lease liabilities due to lease remeasurement	15,371			—
(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)	6.8			7.0
Weighted average discount rate (percent)	3.4		%	2.3		%


Maturities of operating lease liabilities were as follows (in thousands):
Year Ending March 31,
2025	$	10,779
2026	9,021
2027	8,615
2028	7,170
2029	5,888
Thereafter	13,780
Total lease liabilities	$	55,253
Less: Imputed interest	(5,888)
Present value of lease liabilities	$	49,365

RETIREMENT PLANS

12 Months Ended

Mar. 31, 2024

Retirement Benefits [Abstract]

RETIREMENT PLANS

We had a frozen qualified defined benefit pension plan (the “Qualified Plan”) that covered certain of our U.S. employees. In September 2019, the Qualified Plan was terminated and resulted in an overall termination charge of $7.0 million.

We maintain a frozen unfunded retirement restoration plan (the “Restoration Plan”) that is a non-qualified plan providing for the payment to participating employees, upon retirement, of the difference between the maximum annual payment permissible under the Qualified Plan pursuant to federal limitations and the amount that would otherwise have been payable under the Qualified Plan. The Restoration Plan was closed to new participants on January 1, 2015 and was amended to freeze benefit accruals and to modify certain ancillary benefits effective as of September 30, 2015. As of March 31, 2024 and 2023, the Restoration Plan reported liabilities of $1.2 million and $1.3 million, respectively.

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

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

The following are assumptions related to the Plans:


	March 31,
	2024		2023		2022
Assumptions used to determine benefit obligations:
Discount rate	5.5	%	5.4	%	4.0	%

Assumptions used to determine net pension expense:
Discount rate	5.4	%	4.0	%	3.3	%

The summary of the changes in the Restoration Plan's pension obligations:


	March 31,
(in thousands)	2024		2023
Benefit obligation at beginning of year	$	1,261	$	1,447
Interest cost	65		56
Actuarial gain	(3)		(136)
Benefits paid	(106)		(106)
Benefit obligation at end of year	$	1,217	$	1,261
Accumulated benefit obligation	$	1,217	$	1,261

The following summarizes amounts recognized in the balance sheets for the Restoration Plan:


	March 31,
(in thousands)	2024		2023

Current liabilities	$	(103)	$	(103)
Noncurrent liabilities	(1,114)		(1,158)
Unfunded status	$	(1,217)	$	(1,261)

Net pension expense for the Plans was:


	Year Ended March 31,
(in thousands)	2024		2023		2022
Service cost – benefits earned during the year	$	—	$	—	$	43
Interest cost on projected benefit obligation	65		56		138
Expected return on assets	—		—		(120)
Net amortization and deferral	2		42		69

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

Net pension expense	$	67	$	551	$	100

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

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

The following table summarizes the expected cash benefit payments for the Restoration Plan for fiscal years ending March 31 (in millions):


2025	$	0.1
2026	0.1
2027	0.1
2028	0.1
2029	0.1
Thereafter	0.5

Defined Contribution Plan

Effective October 1, 2015, we began to sponsor a defined contribution plan covering substantially all of our U.S. employees. Employees may contribute to this plan, and these contributions are matched 100% by us up to 6.0% of eligible earnings. We also contribute an additional percentage of eligible earnings to employees regardless of their level of participation in the plan, which is discretionary and varies based on profitability. We made total contributions to the plan of $6.3 million and $5.7 million during the years ended March 31, 2024 and 2023, respectively.

Employee Stock Ownership Plan

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

We recorded total contributions to the ESOP of $4.8 million, $3.1 million and $2.3 million during the years ended March 31, 2024, 2023 and 2022, respectively, based on performance in the prior year. During the year ended March 31, 2024, $4.4 million was recorded to expense based on performance in the year ended March 31, 2024 and is expected to be contributed to the ESOP during the year ending March 31, 2025.

The ESOP held 497,835 and 537,293 shares of CSWI common stock as of March 31, 2024 and 2023, respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480482/715-20-55-17

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (q)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//715/tableOfContent

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (o)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (p)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480126/715-20-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480266/715-60-50-3

+ Details

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

12 Months Ended

Mar. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation

Variable Interest Entities

Use of Estimates

•Timing and amount of revenue recognition;

•Deferred taxes and tax reserves; and

•Valuation of goodwill and indefinite-lived intangible assets.

Cash and Cash Equivalents

Accounts Receivable, Allowance for Doubtful Accounts and Credit Risk

Credit Risks

Inventories and Related Reserves

Property, Plant and Equipment


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

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

Valuation of Goodwill and Intangible Assets

Intangible Assets

amount.

Property Held for Investment

Deferred Loan Costs

Fair Values of Financial Instruments

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

Leases

Derivative Instruments and Hedge Accounting

Pension Obligations

Redeemable Noncontrolling Interests

Revenue Recognition

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

Research and Development ("R&D")

Share-based Compensation

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

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

Unremitted Earnings

Uncertain Tax Positions

Earnings Per Share

Foreign Currency Translation

Segments

reported at the reportable segment level. We evaluate segment performance and allocate resources based on each reportable segment's operating income. Our reportable segments are as follows:

Accounting Developments

Pronouncements not yet implemented

LONG-TERM DEBT AND COMMITMENTS - Revolving Credit Agreement (Details) - USD ($)			12 Months Ended
	May 18, 2021	Dec. 11, 2015	Mar. 31, 2024	Mar. 31, 2023	Dec. 15, 2022	Dec. 01, 2020	Sep. 15, 2017
Revolving Credit Facility
Debt Instrument [Line Items]
Percentage of voting equity interests in first-tier foreign subsidiaries	65.00%
Revolving Credit Facility \| LIBOR
Debt Instrument [Line Items]
Spread on interest rate	1.00%
Revolving Credit Facility \| Federal Funds Effective Rate
Debt Instrument [Line Items]
Spread on interest rate	0.50%
Revolving Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Debt instrument term		5 years
Maximum borrowing capacity	$ 400,000,000	$ 250,000,000			$ 500,000,000	$ 300,000,000
Accordion feature	150,000,000	$ 50,000,000
Line of credit facility, maximum borrowing capacity, sublimit							$ 125,000,000
Debt discount and issuance costs	$ 2,300,000				$ 700,000
Proceeds from lines of credit			$ 112,300,000
Repayments of long-term debt			199,300,000
Revolving credit facility, amount outstanding			166,000,000	$ 253,000,000
Revolving credit facility, remaining borrowing capacity			$ 334,000,000	$ 247,000,000
Maximum leverage ratio	3.00
Maximum leverage ratio, temporary increase	3.75
Duration of temporary increase for maximum leverage ratio	18 months
Minimum fixed charge coverage ratio	1.25
Revolving Credit Facility \| Line of Credit \| Minimum
Debt Instrument [Line Items]
Commitment fee percentage	0.15%
Revolving Credit Facility \| Line of Credit \| Minimum \| Prime Rate
Debt Instrument [Line Items]
Spread on interest rate	0.25%
Revolving Credit Facility \| Line of Credit \| Minimum \| LIBOR
Debt Instrument [Line Items]
Spread on interest rate	1.25%
Revolving Credit Facility \| Line of Credit \| Maximum
Debt Instrument [Line Items]
Commitment fee percentage	0.40%
Revolving Credit Facility \| Line of Credit \| Maximum \| Prime Rate
Debt Instrument [Line Items]
Spread on interest rate	1.50%
Revolving Credit Facility \| Line of Credit \| Maximum \| LIBOR
Debt Instrument [Line Items]
Spread on interest rate	2.50%
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

DETAILS OF CERTAIN CONSOLIDATED BALANCE SHEET CAPTIONS - Schedule of Other Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Deferred income taxes	$ 59,967	$ 62,144
Operating lease liabilities	39,922	55,590
Tax Reserve	16,954	16,509
Derivative liability	0	1,021
Acquisition deferred payments	8,455	1,853
Other long-term liabilities	$ 125,298	$ 137,117

CONSOLIDATION OF VARIABLE INTEREST ENTITY AND REDEEMABLE NONCONTROLLING INTEREST - Changes in Redeemable Noncontrolling Interest- (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Redeemable Noncontrolling Interest, Equity [Roll Forward]
Beginning balance	$ 18,464
Ending balance	19,355	$ 18,464
Variable Interest Entity, Primary Beneficiary
Redeemable Noncontrolling Interest, Equity [Roll Forward]
Beginning balance	18,464	15,325
Net income attributable to redeemable noncontrolling interest	891	139
Contributions from noncontrolling interest	0	3,000
Ending balance	$ 19,355	$ 18,464

RETIREMENT PLANS - Summary Of Amounts Recognized In The Balance Sheets Plans (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Retirement Benefits [Abstract]
Current liabilities	$ (103)	$ (103)
Noncurrent liabilities	(1,114)	(1,158)
Unfunded status	$ (1,217)	$ (1,261)

OTHER COMPREHENSIVE INCOME (LOSS)

12 Months Ended

Mar. 31, 2024

Equity [Abstract]

OTHER COMPREHENSIVE INCOME (LOSS)

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


	March 31,
	2024		2023
Currency translation adjustments:
Balance at beginning of period	$	(8,190)	$	(4,438)
Foreign currency translation adjustments	(1,947)		(3,752)
Balance at end of period	$	(10,137)	$	(8,190)
Interest rate swaps:
Balance at beginning of period	$	(114)	$	(270)
Unrealized gain, net of taxes of $(639) and $(60), respectively (a)	2,404		225
Reclassification of losses (gains) included in interest expense, net of taxes of $313 and $18, respectively	(1,179)		(69)

Other comprehensive income	1,225		156
Balance at end of period	$	1,111	$	(114)
Defined benefit plans:
Balance at beginning of period	$	(105)	$	(366)

Amortization of net loss, net of taxes of $(1) and $(9), respectively (b)	2		33
Net gain arising during the year, net of taxes of $(1) and $(24), respectively (b)	3		92

Pension termination, net of taxes of $0 and $(34), respectively	—		127
Currency translation impact	—		9
Other comprehensive income	5		261
Balance at end of period	$	(100)	$	(105)

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

GOODWILL AND INTANGIBLE ASSETS - Additional Information (Detail) $ in Millions	3 Months Ended	12 Months Ended
	Jun. 30, 2021 segment	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)	Mar. 31, 2022 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Number of reportable segments \| segment	3
Amortization of intangible assets		$ 22.9	$ 22.1	$ 24.8
Amortization of inventory purchase accounting adjustment		$ 3.9	$ 3.9	$ 3.9

RETIREMENT PLANS - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended		12 Months Ended
	Jan. 31, 2023	Sep. 30, 2019	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Defined Benefit Plan Disclosure [Line Items]
Overall termination charge, pre-tax			$ 0	$ 0	$ 30
Postemployment Retirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Restoration plan reported liabilities			$ 1,200	$ 1,300
U.S. \| Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Overall termination charge, pre-tax		$ 7,000
Canadian Plan \| Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Overall termination charge, pre-tax	$ 500
Overall termination charge, net of tax	$ 400

DETAILS OF CERTAIN CONSOLIDATED BALANCE SHEET CAPTIONS - Schedule of Accounts Receivable (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, gross	$ 143,573	$ 124,118
Less: Allowance for credit losses	(908)	(1,365)
Accounts receivable, net	142,665	122,753
Accounts receivable trade
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, gross	138,475	121,164
Other receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, gross	$ 5,098	$ 2,954

RETIREMENT PLANS - Assumptions Used To Determine Benefit Obligations And Net Pension Expense (Details)	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Retirement Benefits [Abstract]
Assumptions used to determine benefit obligations: Discount rate	5.50%	5.40%	4.00%
Assumptions used to determine net pension expense: Discount rate	5.40%	4.00%	3.30%

INVENTORY - Schedule of Inventories, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Inventory Disclosure [Abstract]
Raw materials and supplies	$ 44,866	$ 48,300
Work in process	5,194	5,250
Finished goods	109,695	113,104
Total inventories	159,755	166,654
Less: Obsolescence reserve	(9,006)	(5,085)
Inventories, net	$ (150,749)	$ (161,569)

LONG-TERM DEBT AND COMMITMENTS

12 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

LONG-TERM DEBT AND COMMITMENTS

Debt consists of the following (in thousands):


	March 31,
	2024		2023
Revolving Credit Facility, interest rate of 6.68% and 6.21% (a), respectively	$	166,000	$	253,000


Less: Current portion	—		—
Long-term debt	$	166,000	$	253,000

(a) Represents the unhedged interest rate effective on March 31, 2024, and 2023, respectively.

Revolving Credit Facility Agreement

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

On May 18, 2021, we entered into a Second Amended and Restated Credit Agreement (the “Second Credit Agreement”), which replaced the First Credit Agreement and provided for a $400.0 million revolving credit facility that contained a $25.0 million sublimit for the issuance of letters of credit and a $10.0 million sublimit for swingline loans, with an additional $150.0 million accordion feature. The Second Credit Agreement is scheduled to mature on May 18, 2026. The Company incurred a total of $2.3 million in underwriting fees, which are being amortized over the life of the Second Credit Agreement. Borrowings under the Second Credit Agreement bore interest at either base rate plus between 0.25% to 1.5% or one-month LIBOR plus between 1.25% to 2.5%, based on the Company’s leverage ratio calculated on a quarterly basis. The base rate is

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

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

During the year ended March 31, 2024, we borrowed $112.3 million and repaid $199.3 million under the Revolving Credit Facility. As of March 31, 2024 and 2023, we had $166.0 million and $253.0 million, respectively, in our outstanding balance, which resulted in borrowing capacity under the Revolving Credit Facility of $334.0 million and $247.0 million, respectively. The financial covenants contained in the Revolving Credit Facility require the maintenance of a maximum leverage ratio of 3.00 to 1.00, subject to a temporary increase to 3.75 to 1.00 for 18 months following the consummation of permitted acquisitions with consideration in excess of certain threshold amounts set forth in the Revolving Credit Facility. The Revolving Credit Facility Agreement also requires the maintenance of a minimum fixed charge coverage ratio of 1.25 to 1.00, the calculations and terms of which are defined in the Revolving Credit Facility Agreement. Covenant compliance is tested quarterly, and we were in compliance with all covenants as of March 31, 2024.

Interest payments on the first $100.0 million under the Revolving Credit Facility are hedged under an interest rate swap agreement as described in Note 10.

Whitmore Term Loan

Prior to January 20, 2023, Whitmore Manufacturing, LLC (one of our wholly-owned operating subsidiaries) maintained a secured term loan related to the warehouse, corporate office building and remodel of the existing manufacturing and R&D facility. The term loan required a payment of $140,000 each quarter. Borrowings under the term loan bore interest at a variable annual rate equal to one-month LIBOR plus 2.0%. On January 20, 2023, the Whitmore Term Loan was paid off using borrowings under our existing Revolving Credit Facility discussed above. As of March 31, 2024 and 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.

Future Minimum Debt Payments

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


2025	$	—
2026	—
2027	166,000
2028	—
2029	—
Thereafter	—
Total	$	166,000

GOODWILL AND INTANGIBLE ASSETS (Tables)

12 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Changes in Carrying Amount of Goodwill

The changes in the carrying amount of goodwill for the years ended March 31, 2024 and 2023 were as follows (in thousands):


	Contractor Solutions		Specialized Reliability Solutions		Engineered Building Solutions		Total
Balance at April 1, 2022	$	190,152	$	9,499	$	25,007	$	224,658
Falcon acquisition	17,417		—		—		17,417
CG and ACG acquisitions	1,686		—		—		1,686
Shoemaker acquisition	6		—		—		6
Currency translation	(101)		(221)		(705)		(1,027)
Balance at March 31, 2023	$	209,160	$	9,278	$	24,302	$	242,740
Dust Free acquisition	3,951		—		—		3,951
Falcon acquisition	85		—		—		85
CG and ACG acquisitions	107		—		—		107
Other acquisitions	261		—		—		261
Currency translation	(20)		80		(13)		47
Balance at March 31, 2024	$	213,544	$	9,358	$	24,289	$	247,191

Schedule of Intangible Assets

The following table provides information about our intangible assets for the years ended March 31, 2024 and 2023 (in thousands, except years):


		March 31, 2024				March 31, 2023
	Wtd Avg Life (Years)	Gross Amount		Accumulated Amortization		Gross Amount		Accumulated Amortization
Finite-lived intangible assets:
Patents	11	$	15,084	$	(9,306)	$	13,608	$	(8,546)
Customer lists and amortized trademarks	14	346,136		(103,407)		324,472		(81,901)
Non-compete agreements	6	1,000		(453)		950		(272)
Other	10	6,275		(2,649)		6,377		(2,235)
		$	368,495	$	(115,815)	$	345,407	$	(92,954)
Trade names and trademarks not being amortized (a):		$	66,139	$	—	$	66,450	$	—

Schedule of Estimated Future Amortization For Intangible Assets

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


2025	$	23,412
2026	23,015
2027	21,937
2028	21,537
2029	21,460
Thereafter	141,319
Total	$	252,680

- 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
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-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

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Current assets:
Cash and cash equivalents	$ 22,156	$ 18,455
Accounts receivable, net	142,665	122,753
Inventories, net	150,749	161,569
Prepaid expenses and other current assets	15,840	20,279
Total current assets	331,410	323,056
Property, plant and equipment, net	92,811	88,235
Goodwill	247,191	242,740
Intangible assets, net	318,819	318,903
Other assets	53,095	70,519
Total assets	1,043,326	1,043,453
Current liabilities:
Accounts payable	48,387	40,651
Accrued and other current liabilities	67,449	67,388
Total current liabilities	115,836	108,039
Long-term debt	166,000	253,000
Retirement benefits payable	1,114	1,158
Other long-term liabilities	125,298	137,117
Total liabilities	408,248	499,314
Commitments and contingencies (Note 17)
Redeemable noncontrolling interest	19,355	18,464
Equity:
Common shares, $0.01 par value Shares authorized - 50,000 Shares issued - 16,378 and 16,283, respectively	164	163
Preferred shares, $0.01 par value Shares authorized (10,000) and issued (0)	0	0
Additional paid-in capital	137,253	123,336
Treasury shares, at cost (952 and 902 shares, respectively)	(95,643)	(82,734)
Retained earnings	583,075	493,319
Accumulated other comprehensive loss	(9,126)	(8,409)
Total equity	615,723	525,675
Total liabilities and equity	$ 1,043,326	$ 1,043,453

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
Cash flow hedging activity, taxes	$ (326)	$ (41)	$ (142)
Pension and other postretirement effect, taxes	$ (1)	$ (67)	$ (138)

DETAILS OF CERTAIN CONSOLIDATED BALANCE SHEET CAPTIONS

12 Months Ended

Mar. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

DETAILS OF CERTAIN CONSOLIDATED BALANCE SHEET CAPTIONS

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


	March 31,
	2024		2023
Accounts receivable trade	$	138,475	$	121,164
Other receivables	5,098		2,954
	143,573		124,118
Less: Allowance for credit losses	(908)		(1,365)
Accounts receivable, net	$	142,665	$	122,753

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


	March 31,
	2024		2023
Prepaid expenses	$	10,947	$	9,485
Short-term tax indemnification assets	810		7,500
Income taxes receivable	1,955		1,344
Current derivative asset	1,186		877
Other current assets	942		1,073
	$	15,840	$	20,279

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


	March 31,
	2024		2023
Land and improvements	$	3,162	$	3,226
Buildings and improvements	54,411		52,975
Plant, office and laboratory equipment	127,344		112,271
Construction in progress	11,409		12,466
	196,326		180,938
Less: Accumulated depreciation	(103,515)		(92,703)
Property, plant and equipment, net	$	92,811	$	88,235

Depreciation of property, plant and equipment was $13.9 million, $12.9 million and $11.6 million for the years ended March 31, 2024, 2023 and 2022, respectively. Of these amounts, cost of revenues includes $9.1 million, $8.4 million and $8.3 million, respectively.

Other assets consist of the following (in thousands):


	March 31,
	2024		2023
Right-of-use lease assets	$	44,491	$	59,815
Long-term tax indemnification assets	1,621		2,849
Deferred financing fees	1,595		2,363
Rent receivable	1,998		2,028
Property held for investment	418		418
Deferred income taxes	359		462

Other	2,613		2,584
Other assets	$	53,095	$	70,519

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


	March 31,
	2024		2023
Compensation and related benefits	$	29,175	$	27,096
Rebates and marketing agreements	15,910		16,158
Income tax payable	2,166		403
Operating lease liabilities	9,443		9,784
Acquisition deferred payments	167		3,427
Non-income taxes liabilities	1,381		1,802
Billings in excess of costs	548		637
Other accrued expenses	8,659		8,081
Accrued and other current liabilities	$	67,449	$	67,388

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


	March 31,
	2024		2023
Deferred income taxes	$	59,967	$	62,144
Operating lease liabilities	39,922		55,590
Tax Reserve	16,954		16,509
Derivative liability	—		1,021
Acquisition deferred payments	8,455		1,853

Other long-term liabilities	$	125,298	$	137,117

LEASES - Components of Operating Lease Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Leases [Abstract]
Operating lease expense	$ 10,375	$ 10,793
Short-term lease expense	694	815
Total operating lease expense	$ 11,069	$ 11,608

DETAILS OF CERTAIN CONSOLIDATED BALANCE SHEET CAPTIONS - Schedule of Other Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Right-of-use lease assets	$ 44,491	$ 59,815
Long-term tax indemnification assets	1,621	2,849
Deferred financing fees	1,595	2,363
Rent receivable	1,998	2,028
Property held for investment	418	418
Deferred income taxes	359	462
Other	2,613	2,584
Other assets	$ 53,095	$ 70,519

DERIVATIVE INSTRUMENTS AND HEDGE ACCOUNTING - Additional Information (Details) - Interest Rate Swap - USD ($) $ in Millions	Jan. 09, 2023	Mar. 31, 2024	Feb. 07, 2023
Derivative [Line Items]
Derivative, cash received on hedge	$ 0.2
Amount of hedged item			$ 100.0
Notional amount		$ 100.0
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Derivative [Line Items]
Derivative, fixed interest rate			3.85%

INVENTORY (Tables)

12 Months Ended

Mar. 31, 2024

Inventory Disclosure [Abstract]

Schedule of Inventories, Net

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


	March 31,
	2024		2023
Raw materials and supplies	$	44,866	$	48,300
Work in process	5,194		5,250
Finished goods	109,695		113,104
Total inventories	159,755		166,654

Less: Obsolescence reserve	(9,006)		(5,085)
Inventories, net	$	150,749	$	161,569