0001624794-24-000058 | 10-Q | XBRL Viewer

OTHER COMPREHENSIVE INCOME (LOSS)

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


	Three Months Ended June 30,
	2024		2023
Currency translation adjustments:
Balance at beginning of period	$	(10,137)	$	(8,190)
Adjustments for foreign currency translation	(887)		514
Balance at end of period	$	(11,024)	$	(7,676)

Interest rate swaps:
Balance at beginning of period	$	1,111	$	(114)
Unrealized gains, net of taxes of $(100) and $(459), respectively (a)	376		1,728
Reclassification of gains included in interest expense, net of taxes of $83 and $66, respectively	(314)		(247)

Other comprehensive income	62		1,481
Balance at end of period	$	1,173	$	1,367

Defined benefit plans:
Balance at beginning of period	$	(100)	$	(105)
Amortization of net losses, net of taxes of $0 and $0, respectively (b)	—		1


Balance at end of period	$	(100)	$	(104)

(a) Unrealized gain (loss) is reclassified to earnings as underlying cash interest settlements are made or received. We expect to recognize a gain of $0.9 million, net of deferred taxes, over the next twelve months related to the designated cash flow hedge based on its fair value at June 30, 2024.

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

LONG-TERM DEBT - Schedule of Long-Term Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024
Debt Instrument [Line Items]
Less: Current portion	$ 0	$ 0
Long-term debt	$ 115,000	$ 166,000
Revolving Credit Facility
Debt Instrument [Line Items]
Interest rate	6.69%	6.68%
Revolving Credit Facility	$ 115,000	$ 166,000

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.

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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.

Revenue from Contract with Customer [Abstract]

REVENUE RECOGNITION (Tables)

3 Months Ended

Jun. 30, 2024

Schedule of Disaggregation of Revenue

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


	Three Months Ended June 30, 2024
	Contractor Solutions		Specialized Reliability Solutions		Engineered Building Solutions		Total
Build-to-order	$	—	$	—	$	27,178	$	27,178
Book-and-ship	158,538		36,745		3,716		198,999
Net revenues	$	158,538	$	36,745	$	30,894	$	226,177


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

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 March 31, 2024:	$	548
Revenue recognized during the period	(245)

New contracts and revenue added during the period	402
Balance at June 30, 2024	$	705

DERIVATIVE INSTRUMENTS AND HEDGE ACCOUNTING - Fair Value of Derivatives (Details) - Hedging Instrument - Interest Rate Swap - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024
Derivatives, Fair Value [Line Items]
Current derivative asset	$ 1,197	$ 1,186
Non-current derivative asset	$ 288	$ 221

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024
Current assets:
Cash and cash equivalents	$ 18,852	$ 22,156
Accounts receivable, net of allowance for expected credit losses of $945 and $908, respectively	143,195	142,665
Inventories, net	156,791	150,749
Prepaid expenses and other current assets	12,381	15,840
Total current assets	331,219	331,410
Property, plant and equipment, net of accumulated depreciation of $106,976 and $103,515, respectively	92,371	92,811
Goodwill	246,402	247,191
Intangible assets, net	312,898	318,819
Other assets	67,636	53,095
Total assets	1,050,526	1,043,326
Current liabilities:
Accounts payable	55,025	48,387
Accrued and other current liabilities	66,460	67,449
Total current liabilities	121,485	115,836
Long-term debt	115,000	166,000
Retirement benefits payable	1,103	1,114
Other long-term liabilities	143,166	125,298
Total liabilities	380,754	408,248
Commitments and contingencies (See Note 13)
Redeemable noncontrolling interest	19,614	19,355
Equity:
Common shares, $0.01 par value Shares authorized – 50,000 Shares issued – 16,504 and 16,466, respectively	164	164
Preferred shares, $0.01 par value Shares authorized (10,000) and issued (0)	0	0
Additional paid-in capital	143,970	137,253
Treasury shares, at cost (968 and 952 shares, respectively)	(102,406)	(95,643)
Retained earnings	618,381	583,075
Accumulated other comprehensive loss	(9,951)	(9,126)
Total equity	650,158	615,723
Total liabilities, redeemable noncontrolling interest and equity	$ 1,050,526	$ 1,043,326

SHARE-BASED COMPENSATION (Tables)

3 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Share-Based Compensation Expense

We recorded share-based compensation expense, net of estimated forfeitures, as follows for the three months ended June 30, 2024 and 2023 (in thousands):


	Three Months Ended June 30,
	2024		2023
Share-based compensation expense	$	3,746	$	2,805
Related income tax benefit (a)	(937)		(701)
Net share-based compensation expense	$	2,809	$	2,104

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

Schedule of Restricted Share Activity

Restricted share activity was as follows:


	Three Months Ended June 30, 2024
	Number of Shares	Weighted Average Grant Date Fair Value
Outstanding at March 31, 2024:	221,563	$	166.62
Granted (a)	38,656	328.75
Vested	(39,064)	190.43
Canceled	(818)	153.56
Outstanding at June 30, 2024	220,337	$	178.63

(a) Including incremental shares granted as a result of performance-based awards vested exceeding 100%

SEGMENTS (Tables)

3 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

Schedule of Schedule of Financial Information of Reporting Segments

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

Three Months Ended June 30, 2024:


(in thousands)	Contractor Solutions		Specialized Reliability Solutions		Engineered Building Solutions		Subtotal - Reportable Segments		Eliminations and Other		Total
Revenues, net to external customers	$	158,538	$	36,745	$	30,894	$	226,177	$	—	$	226,177
Intersegment revenue	1,880		46		—		1,926		(1,926)		—
Operating income	49,884		7,150		5,723		62,757		(7,697)		55,060

Three Months Ended June 30, 2023:


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

GOODWILL AND INTANGIBLE ASSETS - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2024	Mar. 31, 2024
Finite-Lived Intangible Assets, Net [Abstract]
Gross Amount	$ 368,412	$ 368,495
Accumulated Amortization	(121,746)	(115,815)
Trademarks not being amortized
Indefinite-lived Intangible Assets [Line Items]
Gross Amount	$ 66,232	66,139
Patents
Finite-Lived Intangible Assets [Line Items]
Weighted Avg Life (Years)	11 years
Finite-Lived Intangible Assets, Net [Abstract]
Gross Amount	$ 15,084	15,084
Accumulated Amortization	$ (9,491)	(9,306)
Customer lists and amortized trademarks
Finite-Lived Intangible Assets [Line Items]
Weighted Avg Life (Years)	14 years
Finite-Lived Intangible Assets, Net [Abstract]
Gross Amount	$ 346,003	346,136
Accumulated Amortization	$ (108,982)	(103,407)
Non-compete agreements
Finite-Lived Intangible Assets [Line Items]
Weighted Avg Life (Years)	6 years
Finite-Lived Intangible Assets, Net [Abstract]
Gross Amount	$ 1,000	1,000
Accumulated Amortization	$ (499)	(453)
Other
Finite-Lived Intangible Assets [Line Items]
Weighted Avg Life (Years)	10 years
Finite-Lived Intangible Assets, Net [Abstract]
Gross Amount	$ 6,325	6,275
Accumulated Amortization	$ (2,774)	$ (2,649)

SEGMENTS - Schedule of Schedule of Financial Information of Reporting Segments (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting Information [Line Items]
Revenues, net	$ 226,177	$ 203,360
Operating income	55,060	45,206
Contractor Solutions
Segment Reporting Information [Line Items]
Revenues, net	158,538	138,105
Specialized Reliability Solutions
Segment Reporting Information [Line Items]
Revenues, net	36,745	37,668
Engineered Building Solutions
Segment Reporting Information [Line Items]
Revenues, net	30,894	27,587
Reportable Segments
Segment Reporting Information [Line Items]
Revenues, net	226,177	203,360
Operating income	62,757	50,893
Reportable Segments \| Contractor Solutions
Segment Reporting Information [Line Items]
Revenues, net	158,538	138,105
Operating income	49,884	39,667
Reportable Segments \| Specialized Reliability Solutions
Segment Reporting Information [Line Items]
Revenues, net	36,745	37,668
Operating income	7,150	6,966
Reportable Segments \| Engineered Building Solutions
Segment Reporting Information [Line Items]
Revenues, net	30,894	27,587
Operating income	5,723	4,260
Intersegment revenue
Segment Reporting Information [Line Items]
Revenues, net	1,926	1,892
Intersegment revenue \| Contractor Solutions
Segment Reporting Information [Line Items]
Revenues, net	1,880	1,849
Intersegment revenue \| Specialized Reliability Solutions
Segment Reporting Information [Line Items]
Revenues, net	46	43
Intersegment revenue \| Engineered Building Solutions
Segment Reporting Information [Line Items]
Revenues, net	0	0
Eliminations and Other, excluding Intersegment revenue
Segment Reporting Information [Line Items]
Revenues, net	0	0
Eliminations and Other
Segment Reporting Information [Line Items]
Revenues, net	(1,926)	(1,892)
Operating income	$ (7,697)	$ (5,687)

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities:
Net income	$ 38,850	$ 31,056
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	3,622	3,239
Amortization of intangible and other assets	6,503	5,868
Provision for inventory reserves	517	2,509
Provision for credit losses	378	108
Share-based compensation	3,746	2,805
Gain on disposals of property, plant and equipment	(13)	(12)
Net pension benefit	16	17
Impairment of assets	0	92
Deferred taxes	2,084	843
Changes in operating assets and liabilities:
Accounts receivable	(998)	(4,319)
Inventories	(6,766)	2,141
Prepaid expenses and other current assets	3,438	2,443
Other assets	28	(788)
Accounts payable and other current liabilities	10,923	3,233
Retirement benefits payable and other liabilities	327	1,022
Net cash provided by operating activities	62,655	50,257
Cash flows from investing activities:
Capital expenditures	(3,101)	(4,971)
Proceeds from sale of assets	13	12
Cash paid for investments	(500)	0
Cash paid for acquisitions	(163)	(112)
Proceeds from acquisitions true-up	470	0
Net cash used in investing activities	(3,281)	(5,071)
Cash flows from financing activities:
Borrowings on line of credit	7,723	15,432
Repayments of line of credit	(58,723)	(58,432)
Purchase of treasury shares	(7,891)	(2,864)
Dividends	(3,262)	(2,947)
Net cash used in financing activities	(62,153)	(48,811)
Effect of exchange rate changes on cash and equivalents	(525)	(42)
Net change in cash and cash equivalents	(3,304)	(3,667)
Cash and cash equivalents, beginning of period	22,156	18,455
Cash and cash equivalents, end of period	$ 18,852	$ 14,788

SHARE-BASED COMPENSATION - Restricted Stock Activity, Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2024
Restricted Stock Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested restricted shares outstanding (in shares)	96,509	98,029
Restricted Stock Performance Shares \| Cliff Vesting
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	36 months
Stock/units granted (in shares)	18,962	29,120
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 Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested restricted shares outstanding (in shares)	220,337		221,563
Stock/units granted (in shares)	38,656
Unrecognized compensation costs related to unvested restricted shares	$ 22.5
Weighted average vesting period	2 years 2 months 12 days
Fair value of restricted shares granted	$ 6.3	$ 5.8
Fair value of restricted shares vested	$ 9.0	$ 7.5

EARNINGS PER SHARE

3 Months Ended

Jun. 30, 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 three months ended June 30, 2024 and 2023 (amounts in thousands, except per share data):


	Three Months Ended June 30,
	2024		2023
Net income	$	38,850	$	31,056
Less: Income attributable to redeemable noncontrolling interest	(259)		(445)
Net income attributable to CSW Industrials, Inc. shareholders	$	38,591	$	30,611

Weighted average shares:
Common stock	15,432		15,410
Participating securities	102		110
Denominator for basic earnings per common share	15,534		15,520
Potentially dilutive securities	62		27
Denominator for diluted earnings per common share	15,596		15,547

Net income per share attributable to CSW Industrials, Inc. shareholders:
Basic	$	2.48	$	1.97
Diluted	$	2.47	$	1.97

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Cash flow hedging activity, taxes	$ (16)	$ (394)
Pension and other postretirement effect, taxes	$ 0	$ 0

DERIVATIVE INSTRUMENTS AND HEDGE ACCOUNTING (Tables)

3 Months Ended

Jun. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Fair Value of Derivatives

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


	June 30, 2024		March 31, 2024
Current derivative asset	$	1,197	$	1,186
Non-current derivative asset	288		221

SHARE-BASED COMPENSATION

3 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

SHARE-BASED COMPENSATION

Refer to Note 5 to our consolidated financial statements included in our Annual Report for a description of the 2015 Equity and Incentive Compensation Plan (the "2015 Plan"). As of June 30, 2024, 298,174 shares were available for issuance under the 2015 Plan.

We recorded share-based compensation expense, net of estimated forfeitures, as follows for the three months ended June 30, 2024 and 2023 (in thousands):


	Three Months Ended June 30,
	2024		2023
Share-based compensation expense	$	3,746	$	2,805
Related income tax benefit (a)	(937)		(701)
Net share-based compensation expense	$	2,809	$	2,104

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

Restricted share activity was as follows:


	Three Months Ended June 30, 2024
	Number of Shares	Weighted Average Grant Date Fair Value
Outstanding at March 31, 2024:	221,563	$	166.62
Granted (a)	38,656	328.75
Vested	(39,064)	190.43
Canceled	(818)	153.56
Outstanding at June 30, 2024	220,337	$	178.63

(a) Including incremental shares granted as a result of performance-based awards vested exceeding 100%

During the restriction period, the holders of restricted shares are entitled to vote and receive dividends. Unvested restricted shares outstanding as of June 30, 2024 and 2023 included 96,509 and 98,029 shares (at target), respectively, with performance-based vesting provisions, and a vesting range of 0%-200% based on pre-defined performance targets with market conditions. Performance-based awards accrue dividend equivalents, which are settled upon (and to the extent of) vesting of the underlying award and do not have the right to vote until vested. Performance-based awards are earned upon the achievement of objective performance targets and are payable in common shares. Compensation expense is calculated based on the fair market value as determined by a Monte Carlo simulation and is recognized over a 36-month cliff vesting period. We granted 18,962 and 29,120 awards with performance-based vesting provisions during the three months ended June 30, 2024 and 2023, respectively.

At June 30, 2024, we had unrecognized compensation cost related to unvested restricted shares of $22.5 million, which will be amortized into net income over the remaining weighted average vesting period of approximately 2.2 years. The total fair value of restricted shares granted during the three months ended June 30, 2024 and 2023 was $6.3 million and $5.8 million, respectively. The total fair value of restricted shares vested during the three months ended June 30, 2024 and 2023 was $9.0 million and $7.5 million, respectively.

DERIVATIVE INSTRUMENTS AND HEDGE ACCOUNTING

3 Months Ended

Jun. 30, 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.

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 on May 18, 2026. As of June 30, 2024 and March 31, 2024, we had $100.0 million and $100.0 million, respectively, of notional amount in outstanding designated interest rate swaps with third parties.

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


	June 30, 2024		March 31, 2024
Current derivative asset	$	1,197	$	1,186
Non-current derivative asset	288		221

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

Current and non-current derivative assets are reported in our 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 liabilities, respectively.

INVENTORIES (Tables)

3 Months Ended

Jun. 30, 2024

Inventory Disclosure [Abstract]

Schedule of Inventories

Inventories consist of the following (in thousands):


	June 30, 2024		March 31, 2024
Raw materials and supplies	$	46,183	$	44,866
Work in process	5,388		5,194
Finished goods	113,381		109,695
Total inventories	164,952		159,755
Less: Obsolescence reserve	(8,161)		(9,006)
Inventories, net	$	156,791	$	150,749

SEGMENTS

3 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

SEGMENTS

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

•Contractor Solutions

•Specialized Reliability Solutions

•Engineered Building Solutions

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

Three Months Ended June 30, 2024:


(in thousands)	Contractor Solutions		Specialized Reliability Solutions		Engineered Building Solutions		Subtotal - Reportable Segments		Eliminations and Other		Total
Revenues, net to external customers	$	158,538	$	36,745	$	30,894	$	226,177	$	—	$	226,177
Intersegment revenue	1,880		46		—		1,926		(1,926)		—
Operating income	49,884		7,150		5,723		62,757		(7,697)		55,060

Three Months Ended June 30, 2023:


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

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.

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SHARE-BASED COMPENSATION - Schedule of Share-Based Compensation (Details) - Restricted Stock - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 3,746	$ 2,805
Related income tax benefit	(937)	(701)
Net share-based compensation expense	$ 2,809	$ 2,104

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.

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CONSOLIDATION OF VARIABLE INTEREST ENTITY AND REDEEMABLE NONCONTROLLING INTEREST - Variable Interest Entities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024
Variable Interest Entity [Line Items]
Cash	$ 18,852	$ 22,156
Inventories, net	156,791	150,749
Prepaid expenses and other current assets	12,381	15,840
Property, plant and equipment, net	92,371	92,811
Total assets	1,050,526	1,043,326
Other long-term liabilities	143,166	125,298
Total liabilities	380,754	408,248
Variable Interest Entity
Variable Interest Entity [Line Items]
Cash	6,281	5,909
Accounts receivable, net	8,362	8,094
Inventories, net	3,148	3,851
Prepaid expenses and other current assets	332	138
Property, plant and equipment, net	14,270	14,241
Intangible assets, net	5,466	5,669
Other assets	412	315
Total assets	38,271	38,217
Accounts payable	5,872	6,004
Accrued and other current liabilities	1,052	1,463
Other long-term liabilities	278	206
Total liabilities	$ 7,202	$ 7,673

SHAREHOLDERS' EQUITY (Tables)

3 Months Ended

Jun. 30, 2024

Schedule of Stockholders Equity

The number of shares of common stock issued and treasury stock, and associated share activity, are as follows:


	June 30, 2024		June 30, 2023
	Common Stock	Treasury Stock	Common Stock	Treasury Stock
Balance at beginning of the year	16,465,776	952,394	16,377,820	902,157
Vesting of performance shares	39,064	14,283	54,065	20,614
Reissuance of treasury shares	—	(17,186)	—	(35,477)
Restricted stock awards activities	(798)	—	(541)	—
Share repurchases	—	18,792	—	—
Ending balance	16,504,042	968,283	16,431,344	887,294

SHARE-BASED COMPENSATION - Additional Information (Details)	Jun. 30, 2024 shares
2015 Plan \| Stock Compensation Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for issuance (in shares)	298,174

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.

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net income	$ 38,591	$ 30,611

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

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Organization, Consolidation and Presentation of Financial Statements [Abstract]

GOODWILL AND INTANGIBLE ASSETS - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of intangible assets	$ 5.9	$ 5.7

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

3 Months Ended

Jun. 30, 2024

Schedule of Variable Interest Entities

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


	June 30, 2024		March 31, 2024
Cash	$	6,281	$	5,909
Accounts receivable, net	8,362		8,094
Inventories, net	3,148		3,851
Prepaid expenses and other current assets	332		138
Property, plant and equipment, net	14,270		14,241
Intangible assets, net	5,466		5,669
Other assets	412		315
Total assets	$	38,271	$	38,217

Accounts payable	$	5,872	$	6,004
Accrued and other current liabilities	1,052		1,463
Other long-term liabilities	278		206
Total liabilities	$	7,202	$	7,673

Schedule of Changes in Redeemable Noncontrolling Interest

Changes in redeemable noncontrolling interest for the three-month periods ended June 30, 2024 and June 30, 2023 were as follows (in thousands):


	June 30, 2024		June 30, 2023
Balance at beginning of the year	$	19,355	$	18,464

Net income attributable to redeemable noncontrolling interest	259		445



Ending Balance	$	19,614	$	18,909

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.

Schedule of Long-Term Debt

DERIVATIVE INSTRUMENTS AND HEDGE ACCOUNTING - Additional Information (Details) - Interest Rate Swap - USD ($) $ in Millions	Jun. 30, 2024	Mar. 31, 2024	Feb. 07, 2023
Derivative [Line Items]
Derivative, amount of hedged item			$ 100.0
Derivative, fixed interest rate			3.85%
Notional amount	$ 100.0	$ 100.0

LONG-TERM DEBT (Tables)

3 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Debt consists of the following (in thousands):


	June 30, 2024		March 31, 2024
Revolving Credit Facility, interest rate of 6.69% and 6.68% (a)	$	115,000	$	166,000


Less: Current portion	—		—
Long-term debt	$	115,000	$	166,000

(a) Represents the interest rate effective on June 30, 2024, and March 31, 2024, respectively, excluding the impact from the interest rate swap.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

INCOME TAXES	3 Months Ended
INCOME TAXES	Jun. 30, 2024
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES For the three months ended June 30, 2024, we earned $52.8 million from operations before taxes and provided for income taxes of $13.9 million, resulting in an effective tax rate of 26.4%. The provision for income taxes differed from the statutory rate for the three months ended June 30, 2024 primarily due to state income tax (net of federal benefit), provision for global intangible low-taxed income ("GILTI"), executive compensation limitations, and increases to penalties and interest on uncertain tax positions ("UTP"); offset by foreign tax credits and excess tax deductions related to equity compensation and foreign-derived intangible income ("FDII"). For the three months ended June 30, 2023, we earned $41.5 million from operations before taxes and provided for income taxes of $10.5 million, resulting in an effective tax rate of 25.2%. The provision for income taxes differed from the statutory rate for the three months ended June 30, 2023 primarily due to state income tax (net of federal benefit), executive compensation limitations, stock-based compensation deferred tax asset ("DTA") write-offs, and GILTI; offset by excess tax deductions related to FDII, non-controlling interest, foreign tax credits and R&D credits. The Company expects $3.6 million of reserves for UTPs to either be settled or expire within the next 12 months as the statutes of limitations expire. The Organization for Economic Cooperation and Development introduced a framework under Pillar Two which includes a global minimum tax rate of 15%. Many jurisdictions in which we do business have started to enact laws implementing Pillar Two. We are monitoring these developments and currently do not believe these rules will have a material impact on our financial condition and/or consolidated results.

The entire disclosure for income tax.

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Revenue from Contract with Customer [Abstract]

REVENUE RECOGNITION

3 Months Ended

Jun. 30, 2024

REVENUE RECOGNITION

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


	Three Months Ended June 30, 2024
	Contractor Solutions		Specialized Reliability Solutions		Engineered Building Solutions		Total
Build-to-order	$	—	$	—	$	27,178	$	27,178
Book-and-ship	158,538		36,745		3,716		198,999
Net revenues	$	158,538	$	36,745	$	30,894	$	226,177


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

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


Balance at March 31, 2024:	$	548
Revenue recognized during the period	(245)

New contracts and revenue added during the period	402
Balance at June 30, 2024	$	705

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.

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CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024
Statement of Financial Position [Abstract]
Accounts receivable, allowance for expected credit losses	$ 945	$ 908
Property, plant and equipment, accumulated depreciation	$ 106,976	$ 103,515
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)	16,504,000	16,466,000
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)	968,000	952,000

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended
INCOME TAXES (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023
Income Tax Examination [Line Items]
Income (loss) from continuing operations before income taxes	$ 52,800	$ 41,511
Provision for income taxes	$ 13,950	$ 10,455
Effective tax rate	26.40%	25.20%
Falcon Stainless, Inc.
Income Tax Examination [Line Items]
Decrease in unrecognized tax benefits is reasonably possible	$ 3,600

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

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Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 38,850	$ 31,056
Other comprehensive income (loss):
Foreign currency translation adjustments	(887)	514
Cash flow hedging activity, net of taxes of $(16) and $(394), respectively	62	1,481
Pension and other postretirement effects, net of taxes of $0 and $0, respectively	0	1
Other comprehensive income (loss)	(825)	1,996
Comprehensive income	38,025	33,052
Less: Comprehensive income attributable to redeemable noncontrolling interest	(259)	(445)
Comprehensive income attributable to CSW Industrials, Inc.	$ 37,766	$ 32,607

SHAREHOLDERS' EQUITY

3 Months Ended

Jun. 30, 2024

SHAREHOLDERS' EQUITY

Common stock

The number of shares of common stock issued and treasury stock, and associated share activity, are as follows:


	June 30, 2024		June 30, 2023
	Common Stock	Treasury Stock	Common Stock	Treasury Stock
Balance at beginning of the year	16,465,776	952,394	16,377,820	902,157
Vesting of performance shares	39,064	14,283	54,065	20,614
Reissuance of treasury shares	—	(17,186)	—	(35,477)
Restricted stock awards activities	(798)	—	(541)	—
Share repurchases	—	18,792	—	—
Ending balance	16,504,042	968,283	16,431,344	887,294

Share Repurchase Program

On November 7, 2018, we announced that our Board of Directors authorized a program to repurchase up to $75.0 million of our common stock over a two-year period. On October 30, 2020, we announced that our Board of Directors authorized a new program to repurchase up to $100.0 million of our common stock, which replaced the prior announced $75.0 million program. On December 16, 2022, we announced that our Board of Directors authorized a new $100.0 million share repurchase program, which replaced the previously announced $100.0 million program. Under the current repurchase program, shares may be repurchased from time to time in the open market or in privately negotiated transactions. Repurchases will be made at our discretion, based on ongoing assessments of the capital needs of the business, the market price of our common stock and general market conditions. Our Board of Directors has established an expiration date of December 31, 2024, for completion of the current repurchase program; however, the program may be limited or terminated at any time at our discretion without notice.

Under the current $100.0 million repurchase program, a total 18,792 were repurchased for the three months ended June 30, 2024 for $4.7 million and no shares were repurchased for the three months ended June 30, 2023.

In connection with the vesting of share awards, a total of 14,283 shares for $3.3 million and 20,614 shares for $2.9 million were tendered by employees to satisfy minimum tax withholding requirements during the three months ended June 30, 2024 and 2023, respectively.

Dividends

On April 14, 2023, we announced a quarterly dividend increase to $0.19 per share. On April 12, 2024, we announced another quarterly dividend increase to $0.21 per share. Total dividends of $3.3 million and $2.9 million were paid during the three months ended June 30, 2024 and 2023, respectively.

On July 12, 2024, we announced a quarterly dividend of $0.21 per share payable on August 9, 2024 to shareholders of record as of July 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.

The entire disclosure for equity.

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LONG-TERM DEBT

3 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

LONG-TERM DEBT

Debt consists of the following (in thousands):


	June 30, 2024		March 31, 2024
Revolving Credit Facility, interest rate of 6.69% and 6.68% (a)	$	115,000	$	166,000


Less: Current portion	—		—
Long-term debt	$	115,000	$	166,000

(a) Represents the interest rate effective on June 30, 2024, and March 31, 2024, respectively, excluding the impact from the interest rate swap.

Revolving Credit Facility

As discussed in Note 8 to our consolidated financial statements included in our Annual Report, prior to December 2022, we maintained 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 ("Second Credit Agreement"). The credit facility is scheduled to mature on May 18, 2026. Borrowings under the Second Credit Agreement bore interest at either base rate plus between 0.25% to 1.50% or LIBOR plus between 1.25% to 2.50%, 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 0.40% based on the Company's leverage ratio for the unutilized portion of this facility. Interest and commitment fees are payable at least quarterly and the outstanding principal balance is due at the maturity date. The Second Credit Agreement is secured by a first priority lien on all tangible and intangible assets and stock issued by the Company and its domestic subsidiaries, subject to specified exceptions, and 65% of the voting equity interests in its first-tier foreign subsidiaries.

On December 15, 2022, the Company entered into an Incremental Assumption Agreement No. 1 and Amendment No. 2 to the Second Credit Agreement (the “Second Amendment”) to utilize a portion of the accordion feature, thus increasing the commitment from $400.0 million to $500.0 million, and concurrently reduced the available incremental accordion by a corresponding amount (the term "Revolving Credit Facility" as used throughout this document refers to the 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 in connection with the Second Amendment, which are being amortized over the remaining term of the Second Credit Agreement.

During the three months ended June 30, 2024, we borrowed $7.7 million and repaid $58.7 million under the Revolving Credit Facility. As of June 30, 2024 and March 31, 2024, we had $115.0 million and $166.0 million, respectively, of outstanding borrowings under the Revolving Credit Facility, which resulted in borrowing capacity under the Revolving Credit Facility of $385.0 million and $334.0 million, respectively. The financial covenants contained in the Second Credit Agreement require the maintenance of a maximum leverage ratio of 3.00 to 1.00, subject to a temporary increase to 3.75 to 1.00 for 18 months following the consummation of permitted acquisitions with consideration in excess of certain threshold amounts set forth in the Second Credit Agreement. The Second Credit Agreement also requires the maintenance of a minimum fixed charge coverage ratio of 1.25 to 1.00, the calculations and terms of which are defined in the Second Credit Agreement. Covenant compliance is tested quarterly, and we were in compliance with all covenants as of June 30, 2024.

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

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
Revenues, net	$ 226,177	$ 203,360
Cost of revenues	(118,756)	(111,193)
Gross profit	107,421	92,167
Selling, general and administrative expenses	(52,361)	(46,961)
Operating income	55,060	45,206
Interest expense, net	(2,520)	(4,009)
Other income, net	260	314
Income before income taxes	52,800	41,511
Provision for income taxes	(13,950)	(10,455)
Net income	38,850	31,056
Less: Income attributable to redeemable noncontrolling interest	(259)	(445)
Net income attributable to CSW Industrials, Inc.	$ 38,591	$ 30,611
Net income per share attributable to CSW Industrials, Inc.
Basic (in USD per share)	$ 2.48	$ 1.97
Diluted (in USD per share)	$ 2.47	$ 1.97
Weighted average number of shares outstanding:
Basic (in shares)	15,534	15,520
Diluted (in shares)	15,596	15,547

REVENUE RECOGNITION (Details) - USD ($) $ in Thousands	3 Months Ended
REVENUE RECOGNITION (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Net revenues	$ 226,177	$ 203,360
Change in Contract Liabilities [Roll Forward]
Balance at beginning of period	548
Revenue recognized during the period	(245)
New contracts and revenue added during the period	402
Balance at end of period	705
Build-to-order
Disaggregation of Revenue [Line Items]
Net revenues	27,178	23,938
Book-and-ship
Disaggregation of Revenue [Line Items]
Net revenues	198,999	179,422
Contractor Solutions
Disaggregation of Revenue [Line Items]
Net revenues	158,538	138,105
Contractor Solutions \| Build-to-order
Disaggregation of Revenue [Line Items]
Net revenues	0	0
Contractor Solutions \| Book-and-ship
Disaggregation of Revenue [Line Items]
Net revenues	158,538	138,105
Specialized Reliability Solutions
Disaggregation of Revenue [Line Items]
Net revenues	36,745	37,668
Specialized Reliability Solutions \| Build-to-order
Disaggregation of Revenue [Line Items]
Net revenues	0	0
Specialized Reliability Solutions \| Book-and-ship
Disaggregation of Revenue [Line Items]
Net revenues	36,745	37,668
Engineered Building Solutions
Disaggregation of Revenue [Line Items]
Net revenues	30,894	27,587
Engineered Building Solutions \| Build-to-order
Disaggregation of Revenue [Line Items]
Net revenues	27,178	23,938
Engineered Building Solutions \| Book-and-ship
Disaggregation of Revenue [Line Items]
Net revenues	$ 3,716	$ 3,649

GOODWILL AND INTANGIBLE ASSETS - Schedule of Estimated Future Amortization of Finite-lived Intangible Assets (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2025	$ 17,398
2026	23,015
2027	21,937
2028	21,537
2029	21,460
Thereafter	141,319
Total	$ 246,666

LONG-TERM DEBT - Revolving Credit Facility (Details)			3 Months Ended
LONG-TERM DEBT - Revolving Credit Facility (Details)	Dec. 15, 2022 USD ($)	May 18, 2021	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Mar. 31, 2024 USD ($)	Feb. 07, 2023 USD ($)	Dec. 14, 2022 USD ($)
Debt Instrument [Line Items]
Borrowings on line of credit			$ 7,723,000	$ 15,432,000
Repayments of long-term debt			(58,723,000)	$ (58,432,000)
Interest Rate Swap
Debt Instrument [Line Items]
Derivative, amount of hedged item						$ 100,000,000
Line of Credit
Debt Instrument [Line Items]
Maximum leverage ratio		3
Revolving Credit Facility
Debt Instrument [Line Items]
Percentage of voting equity interests in first-tier foreign subsidiaries	0.65
Revolving credit facility, amount outstanding			115,000,000		$ 166,000,000
Revolving Credit Facility \| Fed Funds Rate
Debt Instrument [Line Items]
Spread on interest rate	0.50%
Revolving Credit Facility \| LIBOR
Debt Instrument [Line Items]
Spread on interest rate	1.00%
Revolving Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 500,000,000						$ 400,000,000
Line of credit facility, accordion feature	150,000,000
Underwriting fees	$ 700,000
Borrowings on line of credit			7,700,000
Repayments of long-term debt			(58,700,000)
Revolving credit facility, amount outstanding			115,000,000		166,000,000
Line of credit facility, remaining borrowing capacity			$ 385,000,000		$ 334,000,000
Maximum leverage ratio		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 \| London Interbank Offered Rate
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 \| London Interbank Offered Rate
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

INVENTORIES (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024
Inventory Disclosure [Abstract]
Raw materials and supplies	$ 46,183	$ 44,866
Work in process	5,388	5,194
Finished goods	113,381	109,695
Total inventories	164,952	159,755
Less: Obsolescence reserve	(8,161)	(9,006)
Inventories, net	$ 156,791	$ 150,749

INVENTORIES

3 Months Ended

Jun. 30, 2024

Inventory Disclosure [Abstract]

INVENTORIES

Inventories consist of the following (in thousands):


	June 30, 2024		March 31, 2024
Raw materials and supplies	$	46,183	$	44,866
Work in process	5,388		5,194
Finished goods	113,381		109,695
Total inventories	164,952		159,755
Less: Obsolescence reserve	(8,161)		(9,006)
Inventories, net	$	156,791	$	150,749

ORGANIZATION AND OPERATIONS AND SUMMARY OF ACCOUNTING POLICIES	3 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
ORGANIZATION AND OPERATIONS AND SUMMARY OF ACCOUNTING POLICIES	ORGANIZATION AND OPERATIONS AND SUMMARY OF ACCOUNTING POLICIES CSW Industrials, Inc. (“CSWI,” “we,” “our” or “us”) is a diversified industrial growth company with a strategic focus on providing niche, value-added products in the end markets we serve. We operate in three business segments: Contractor Solutions, Specialized Reliability Solutions and Engineered Building Solutions. Our products include mechanical products for heating, ventilation, air conditioning and refrigeration (“HVAC/R”), plumbing products, grilles, registers and diffusers (“GRD”), building safety solutions and high-performance specialty lubricants and sealants. End markets that we serve include HVAC/R, architecturally-specified building products, plumbing, general industrial, energy, rail transportation and mining. Our manufacturing operations are concentrated in the United States (“U.S.”), Vietnam and Canada, and we have distribution operations in the U.S., Australia, Canada and the United Kingdom (“U.K.”). Our products are sold directly to end users or through designated channels in over 100 countries around the world, primarily including the U.S., Canada, the U.K. and Australia. Drawing on our innovative and proven technologies, we seek to deliver solutions primarily to contractors that place a premium on superior performance and reliability. We believe our brands are well-known in the specific end markets we serve and have a reputation for high quality. We rely on both organic growth and inorganic growth through acquisitions to provide an increasingly broad portfolio of performance optimizing solutions that meet our customers’ ever-changing needs. We have a successful record of making attractive, synergistic acquisitions in support of this objective, and we remain focused on identifying additional acquisition opportunities in our core end markets. Many of our products are used to protect the capital assets of our customers that are expensive to repair or replace and are critical to their operations. We have a source of recurring revenue from the maintenance, repair and overhaul and consumable nature of many of our products. We also provide some custom engineered products that strengthen and enhance our customer relationships. The reputation of our product portfolio is built on more than 100 well-respected brand names, such as AC Guard®, Air Sentry®, Balco®, Cover Guard®, 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 statements included in this Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2024 (“Quarterly Report”), include all revenues, costs, assets and liabilities directly attributable to CSWI and have been prepared in accordance with 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 ("VIE") for which we have determined that we are the primary beneficiary and therefore have consolidated into our financial statements. All significant intercompany transactions have been eliminated in consolidation. The consolidated financial statements reflect all adjustments that are, in the opinion of management, necessary to present a fair statement of CSWI’s financial position as of June 30, 2024, and the results of operations for the three-month period ended June 30, 2024 and 2023. All adjustments are of a normal, recurring nature. The year-end consolidated balance sheet data was derived from audited financial statements but does not include all disclosures required by U.S. GAAP. These consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the notes thereto included in CSWI’s Annual Report on Form 10-K for the fiscal year ended March 31, 2024 (the “Annual Report”). Accounting Policies We have consistently applied the accounting policies described in our Annual Report in preparing these consolidated financial statements. 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.

CONTINGENCIES	3 Months Ended
CONTINGENCIES	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
CONTINGENCIES	CONTINGENCIES From time to time, we are involved in various claims and legal actions that arise in the ordinary course of business. There are no matters pending, whether individually or in the aggregate, that we currently believe have a reasonable possibility of having a material impact to our business, consolidated financial position, results of operations or cash flows.

CONSOLIDATION OF VARIABLE INTEREST ENTITY AND REDEEMABLE NONCONTROLLING INTEREST - Additional Information (Details) - USD ($) $ in Thousands		3 Months Ended
	Apr. 01, 2021	Jun. 30, 2024	Jun. 30, 2023
Variable Interest Entity [Line Items]
Net income		$ 38,591	$ 30,611
Variable Interest Entity
Variable Interest Entity [Line Items]
Net income		$ 500	$ 900
Interest sold (in percent)	50.00%
Initiating member's equity interest	90.00%
Period of written notice	2 years

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

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.

GOODWILL AND INTANGIBLE ASSETS - Schedule of Changes in Carrying Amount of Goodwill (Details) $ in Thousands	3 Months Ended
	Jun. 30, 2024 USD ($)
Goodwill [Roll Forward]
Balance at beginning of period	$ 247,191
Dust Free acquisition	(724)
Currency translation	(65)
Balance at end of period	246,402
Contractor Solutions
Goodwill [Roll Forward]
Balance at beginning of period	213,544
Dust Free acquisition	(724)
Currency translation	20
Balance at end of period	212,840
Specialized Reliability Solutions
Goodwill [Roll Forward]
Balance at beginning of period	9,358
Dust Free acquisition	0
Currency translation	5
Balance at end of period	9,363
Engineered Building Solutions
Goodwill [Roll Forward]
Balance at beginning of period	24,289
Dust Free acquisition	0
Currency translation	(90)
Balance at end of period	$ 24,199

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

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SEGMENTS - Additional Information (Details)	3 Months Ended
SEGMENTS - Additional Information (Details)	Jun. 30, 2024 segment
Segment Reporting [Abstract]
Number of reportable segments	3

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, 2023	$ 525,675	$ 163	$ (82,734)	$ 123,336	$ 493,319	$ (8,409)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation	2,805			2,805
Stock activity under stock plans	(2,864)		(2,864)
Reissuance of treasury shares	4,818		2,526	2,292
Net income	30,611				30,611
Dividends	(2,947)			18	(2,965)
Other comprehensive (loss) income, net of tax	1,996					1,996
Balance at end of period at Jun. 30, 2023	560,094	163	(83,072)	128,451	520,965	(6,413)
Balance at beginning of period at Mar. 31, 2024	615,723	164	(95,643)	137,253	583,075	(9,126)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation	3,746			3,746
Stock activity under stock plans	(3,313)		(3,313)
Reissuance of treasury shares	4,159		1,211	2,948
Repurchase of common shares	(4,661)		(4,661)
Net income	38,591				38,591
Dividends	(3,262)			23	(3,285)
Other comprehensive (loss) income, net of tax	(825)					(825)
Balance at end of period at Jun. 30, 2024	$ 650,158	$ 164	$ (102,406)	$ 143,970	$ 618,381	$ (9,951)

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

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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Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLE ASSETS (Tables)

3 Months Ended

Jun. 30, 2024

Schedule of Changes in Carrying Amount of Goodwill

The changes in the carrying amount of goodwill as of June 30, 2024 and March 31, 2024 were as follows (in thousands):


	Contractor Solutions		Specialized Reliability Solutions		Engineered Building Solutions		Total
Balance at March 31, 2024	$	213,544	$	9,358	$	24,289	$	247,191
Dust Free acquisition	(724)		—		—		(724)


Currency translation	20		5		(90)		(65)
Balance at June 30, 2024	$	212,840	$	9,363	$	24,199	$	246,402

Schedule of Intangible Assets

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


		June 30, 2024				March 31, 2024
	Weighted Avg Life (Years)	Gross Amount		Accumulated Amortization		Gross Amount		Accumulated Amortization
Finite-lived intangible assets:
Patents	11	$	15,084	$	(9,491)	$	15,084	$	(9,306)
Customer lists and amortized trademarks	14	346,003		(108,982)		346,136		(103,407)
Non-compete agreements	6	1,000		(499)		1,000		(453)
Other	10	6,325		(2,774)		6,275		(2,649)
		$	368,412	$	(121,746)	$	368,495	$	(115,815)
Trademarks not being amortized:		$	66,232	$	—	$	66,139	$	—

Schedule of Estimated Future Amortization for Intangible Assets

The following table shows the estimated future amortization for intangible assets, as of June 30, 2024, for the remainder of the current fiscal year and the next four fiscal years ending March 31 (in thousands):


2025	$	17,398
2026	23,015
2027	21,937
2028	21,537
2029	21,460
Thereafter	141,319
Total	$	246,666

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

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LEASES - Other Information for Operating Leases (Details)	Jun. 30, 2024	Jun. 30, 2023
Leases [Abstract]
Weighted average remaining lease term (in years)	7 years 11 months 8 days	6 years 9 months 25 days
Weighted average discount rate	4.80%	2.30%

LEASES - Components of Operating Lease Expenses (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Leases [Abstract]
Operating lease expense	$ 3,037	$ 2,719
Short-term lease expense	219	192
Total operating lease expense	$ 3,256	$ 2,911

FAIR VALUE MEASUREMENTS	3 Months Ended
FAIR VALUE MEASUREMENTS	Jun. 30, 2024
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS The fair value of the interest rate swap contract (as discussed in Note 9) is determined using Level 2 inputs. The carrying value of our debt (discussed in Note 7) approximates fair value as it bears interest at variable rates. The carrying amounts of other financial instruments (i.e., cash and cash equivalents, accounts receivable, net, accounts payable) approximate their fair values as of June 30, 2024 and March 31, 2024 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 related to acquisitions 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 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 June 30, 2024 and March 31, 2024, the contingent consideration liability reported in the balance sheets was $7.2 million and $7.2 million, respectively.

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.

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LEASES - Additional Information (Details)	Jun. 30, 2024
Minimum
Lessee, Lease, Description [Line Items]
Remaining lease term	1 year
Maximum
Lessee, Lease, Description [Line Items]
Remaining lease term	24 years

OTHER COMPREHENSIVE INCOME (LOSS) (Tables)

3 Months Ended

Jun. 30, 2024