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Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Sep. 30, 2015	Nov. 06, 2015
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2015
Document Fiscal Year Focus	2016
Document Fiscal Period Focus	Q2
Trading Symbol	CSWI
Entity Registrant Name	CSW INDUSTRIALS, INC.
Entity Central Index Key	0001624794
Current Fiscal Year End Date	--03-31
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		15,583,332

Condensed Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Income Statement [Abstract]
Revenues, net	$ 83,744	$ 68,094	$ 172,654	$ 136,891
Cost of revenues	(42,901)	(34,919)	(91,367)	(69,919)
Gross profit	40,843	33,175	81,287	66,972
General and administrative expenses	(9,860)	(8,673)	(22,481)	(16,315)
Selling and distribution expenses	(9,556)	(10,640)	(21,851)	(21,206)
Research and development expenses	(649)	(1,451)	(1,889)	(2,897)
Impairment loss		(662)		(662)
Operating income	20,778	11,749	35,066	25,892
Interest expense, net	(832)	(178)	(1,499)	(346)
Other (expense) income, net	(113)	1,008	(178)	1,488
Income before income taxes	19,833	12,579	33,389	27,034
Provision for income taxes	(6,871)	(4,341)	(11,777)	(9,048)
Net income	$ 12,962	$ 8,238	$ 21,612	$ 17,986
Net earnings per common share:
Basic	$ 0.83	$ 0.53	$ 1.39	$ 1.15
Diluted	$ 0.83	$ 0.52	$ 1.38	$ 1.14

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Statement of Comprehensive Income [Abstract]
Net income	$ 12,962	$ 8,238	$ 21,612	$ 17,986
Other comprehensive income (loss):
Foreign currency translation adjustments, net of taxes of $1,245 and $1,007, respectively	(2,312)	(1,912)	(1,217)	(597)
Cash flow hedging activity, net of taxes of $(102)	(313)		215
Pension and other postretirement effects, net of taxes of $(2,611)	4,848		4,848	(146)
Other comprehensive income (loss)	2,223	(1,912)	3,846	(743)
Comprehensive income	$ 15,185	$ 6,326	$ 25,458	$ 17,243

- Definition

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

+ References + Details

Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Statement of Comprehensive Income [Abstract]
Foreign currency translation adjustments, taxes	$ 1,245	$ 1,007	$ 663	$ 300
Cash flow hedging activity, taxes	169		(102)
Pension and other postretirement effects, taxes	$ (2,611)		$ (2,611)	$ 73

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2015	Mar. 31, 2015
Current assets:
Cash and cash equivalents	$ 53,945	$ 20,448
Restricted cash		2,385
Bank time deposits	7,006	9,248
Accounts receivable, net of allowance of $1,290 and $1,692, respectively	56,447	48,941
Inventories, net	55,055	47,175
Prepaid expenses and other current assets	11,973	6,812
Total current assets	184,426	135,009
Property, plant and equipment, net of accumulated depreciation of $55,774 and $52,954, respectively	60,265	56,837
Goodwill	55,730	40,645
Intangible assets, net	80,491	40,997
Other assets	12,683	13,033
Total assets	393,595	286,521
Current liabilities:
Accounts payable	11,689	8,960
Accrued and other current liabilities	18,339	16,001
Current portion of long-term debt	17,436	13,561
Total current liabilities	47,464	38,522
Long-term debt	76,738	13,143
Retirement benefits payable	1,644	22,545
Other long-term liabilities	14,886	7,710
Total liabilities	140,732	81,920
Equity:
Common shares, $0.01 par value Shares authorized - 50,000 Shares issued - 15,583	156	12
Preferred shares, $0.01 par value Shares authorized - 10,000 Shares issued - 0	0	1,000
Additional paid-in capital	29,058	7,810
Treasury shares, at cost	0	(2,712)
Retained earnings	230,096	208,784
Accumulated other comprehensive loss	(6,447)	(10,293)
Total equity	252,863	204,601
Total liabilities and equity	$ 393,595	$ 286,521

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2015	Mar. 31, 2015
Statement of Financial Position [Abstract]
Accounts receivable, allowance	$ 1,290	$ 1,692
Property, plant and equipment, accumulated depreciation	$ 55,774	$ 52,954
Common shares, par value	$ 0.01	$ 0.01
Common shares, authorized	50,000,000	50,000,000
Common shares, issued	15,583,000	15,583,000
Preferred shares, par value	$ 0.01	$ 0.01
Preferred shares, authorized	10,000,000	10,000,000
Preferred shares, issued	0	0

Condensed Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Capital Southwest Corporation [Member]	Accumulated Other Comprehensive Loss [Member]
Net income	$ 17,986
Other comprehensive income, net of tax	(743)
Net income	8,238
Other comprehensive income, net of tax	(1,912)
Balance at beginning of period at Mar. 31, 2015	204,601			$ 208,784	$ 6,110	$ (10,293)
Net income	21,612			21,612
Dividends	(300)			(300)
Other comprehensive income, net of tax	3,846					3,846
Effects of Share Distribution and contributions from Capital Southwest	23,104	$ 156	$ 29,058		$ (6,110)
Balance at end of period at Sep. 30, 2015	252,863	156	29,058	230,096		(6,447)
Net income	12,962
Other comprehensive income, net of tax	2,223
Balance at end of period at Sep. 30, 2015	$ 252,863	$ 156	$ 29,058	$ 230,096		$ (6,447)

- Definition

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

+ References + Details

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Cash flows from operating activities:
Net income	$ 21,612	$ 17,986
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	3,256	2,980
Amortization of intangible assets	3,293	2,267
Net gain on sales of property, plant and equipment	(203)	(1,711)
Impairment of assets		662
Pension plan curtailment benefit	(8,020)
Net deferred taxes	8,027	(687)
Changes in operating assets and liabilities:
Accounts receivable, net	(1,178)	(1,205)
Inventories, net	477	(1,073)
Prepaid expenses and other current assets	(6,334)	(181)
Other assets	258	120
Accounts payable and accrued and other current liabilities	393	(1,071)
Retirement obligations and other liabilities	14	1,768
Net cash provided by operating activities	21,595	19,855
Cash flows from investing activities:
Capital expenditures	(3,192)	(6,350)
Proceeds from sale of assets held for investment		3,547
Proceeds from sale of assets	71	6,361
Net change in bank time deposits and restricted cash	4,440	719
Cash paid for acquisitions	(68,849)	(4,524)
Net cash used in investing activities	(67,530)	(247)
Cash flows from financing activities:
Borrowings on lines of credit	70,000	4,822
Repayments on lines of credit	(2,531)	(13,333)
Cash contribution from Capital Southwest	13,000
Dividends paid	(300)	(450)
Net cash provided by (used in) financing activities	80,169	(8,961)
Effect of exchange rate changes on cash and cash equivalents	(737)	(433)
Net increase in cash and cash equivalents	33,497	10,214
Cash and cash equivalents, beginning of period	20,448	15,411
Cash and cash equivalents, end of period	53,945	$ 25,625
Supplemental non-cash disclosure:
Pension plan assets contributed by Capital Southwest	$ 10,357

Organization and Operations and Summary of Accounting Policies

6 Months Ended

Sep. 30, 2015

Accounting Policies [Abstract]

Organization and Operations and Summary of Accounting Policies

1.	ORGANIZATION AND OPERATIONS AND SUMMARY OF ACCOUNTING POLICIES

CSW Industrials, Inc. (“CSWI,” the “Company,” “we,” “our” or “us”) is a diversified industrial growth company with well-established, scalable platforms and deep domain expertise across three segments: Industrial Products; Coatings, Sealants and Adhesives; and Specialty Chemicals. Our broad portfolio of leading products provides performance optimizing solutions to our customers. Our products include mechanical products for heating, ventilating and air conditioning (“HVAC”) and refrigeration applications, coatings and sealants and high performance specialty lubricants. Markets that we serve include plumbing, industrial, HVAC, energy, rail, architecturally specified building products, mining, and other general industrial markets.

The Share Distribution

On December 2, 2014, Capital Southwest Corporation (“Capital Southwest”) announced its plan to spin-off certain of its industrial products, coatings, sealants and adhesives and specialty chemicals businesses by means of a distribution of the outstanding shares of common stock of CSWI on a pro rata basis to holders of Capital Southwest common stock (the “Share Distribution”). The Share Distribution occurred on September 30, 2015, and CSWI became an independent, publicly traded company. Prior to the Share Distribution, Capital Southwest contributed to CSWI all of the outstanding capital stock of The RectorSeal Corporation (“RectorSeal”), The Whitmore Manufacturing Company (“Whitmore”), Jet-Lube, Inc. (“Jet-Lube”), Strathmore Holdings, LLC. (“Strathmore”), Balco, Inc. (“Balco”), Smoke Guard, Inc. (“Smoke Guard”) and CapStar Holdings Corporation (“CapStar”), $13.0 million in cash and pension assets of $10.4 million (CSWI assumed both the pension plan assets and obligations associated with the defined benefit pension plan), and net of $0.3 million in equity issuance costs. The following is a brief description of each business:

•

RectorSeal formulates and manufactures specialty chemical products including pipe thread sealants, firestop sealants, plastic solvent cements and other formulations. RectorSeal also makes specialty tools for tradesmen and innovative systems for containing flames and smoke from building fires.

•

Whitmore manufactures high performance, specialty lubricants for heavy equipment used in surface mining, railroad and other industries. Whitmore also manufactures lubrication equipment, specifically for rail applications, and lubrication-centric reliability solutions for a wide variety of industries, and produces water-based coatings for the automotive and primary metals industries.

•

Jet-Lube is a world leader in anti-seize compounds, thread sealants and specialty lubrication products and greases for the energy industry.

•

Strathmore is engaged in the manufacturing of paint for sale to industrial clients and is a leading manufacturer of specialized industrial coating products including urethanes, epoxies, acrylics and alkyds.

•

Balco is engaged in the fabrication of aluminum and plastic extrusions and other materials related to safety, slip resistance and emergency egress.

•

Smoke Guard manufactures certified custom safety products for the commercial construction market and other markets requiring smoke and fire protection.

•

CapStar acquires, holds and manages certain real estate and other assets. The operations of CapStar are not material to us.

Basis of Presentation

CSWI began operations on September 30, 2015 as a result of the Share Distribution. With the exception of cash funded at inception and the contributed capital stock of the businesses discussed above, we did not own any material assets prior to the Share Distribution. The historical financial position, results of operations and cash flows included in this Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2015 (“Quarterly Report”) represent the condensed consolidated financial statements of the businesses discussed above. As these businesses were under common control of Capital Southwest for all historical periods, the financial statements have been consolidated for all historical periods and equity accounts presented in the Balance Sheet as of March 31, 2015 represent the combined equity accounts of these businesses. Equity accounts presented in the Balance Sheet as of September 30, 2015 represent the equity of CSWI. The condensed consolidated financial statements have been prepared on a standalone basis and are derived from the underlying accounting records of the underlying businesses in conformity with United States (“U.S.”) generally accepted accounting principles (“GAAP”).

The condensed consolidated financial statements include all revenues, costs, assets and liabilities directly attributable to the businesses discussed above. However, the condensed consolidated financial statements may not include all of the expenses that would have been incurred had the businesses been operating as separate publicly-traded (“standalone”) companies during the periods presented and may not reflect the consolidated results of operations, financial position, and cash flows as a standalone company during the periods presented. All significant intercompany balances and transactions have been eliminated in consolidation.

The accompanying condensed consolidated balance sheet as of September 30, 2015, the related condensed consolidated statements of income and comprehensive income for the three and six months ended September 30, 2015 and 2014, and the condensed consolidated statements of cash flows for the six months ended September 30, 2015 and 2014, of CSWI are unaudited. In management’s opinion, all adjustments comprising normal recurring adjustments necessary for the fair statement of such condensed consolidated financial statements have been made.

The accompanying condensed consolidated financial statements and notes in this Quarterly Report are presented as permitted by Regulation S-X and do not contain certain information included in annual financial statements and notes thereto. Accordingly, the accompanying condensed consolidated financial information should be read in conjunction with the audited combined financial statements presented in our Information Statement filed as Exhibit 99.1 to our Registration Statement on Form 10 filed with the SEC on September 9, 2015 (the “Information Statement”).

Certain prior period balances have been reclassified to conform to current period presentation with no effect on previously reported net income or cash flows from operations.

Accounting Policies

We have consistently applied the accounting policies described in our Information Statement in preparing these condensed consolidated financial statements.

Accounting Developments

In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, “Revenue from Contracts with Customers (Topic 606),” which supersedes the revenue recognition requirements in “Revenue Recognition (Topic 605).” The standard is principle-based and provides a five-step model to determine when and how revenue is recognized. The core principle is that a company should recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. There are also expanded disclosure requirements in this ASU. In July 2015, the FASB voted to delay the effective date of ASU 2014-09 by one year. As a result, public entities will apply the new standard for annual reporting periods beginning after December 15, 2017, including interim periods within those reporting periods. Early adoption as of the original public entity effective date is permitted. We are currently evaluating the impact of ASU No. 2014-09 on our consolidated financial condition and results of operations.

In June 2014, the FASB issued ASU No. 2014-12 “Compensation-Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period.” This ASU was issued to address share-based payment awards with a performance target affecting vesting that could be achieved after the employee’s requisite service period. This ASU is effective for annual periods and interim periods within those annual periods beginning after December 15, 2015. This ASU may be applied either (a) prospectively to all awards granted or modified after the effective date or (b) retrospectively to all awards with performance targets that are outstanding as of the beginning of the earliest annual period presented in the financial statements and to all new or modified awards thereafter. We are currently evaluating the impact of ASU No. 2014-12 on our consolidated financial condition and results of operations.

In April 2015, the FASB issued ASU No. 2015-03, “Interest—Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs.” This ASU requires debt issuance costs be presented in the balance sheet as a direct deduction from the carrying value of the associated debt liability. Amortization of those costs should be reported as interest expense. This ASU is effective for financial statements issued for annual and interim periods beginning after December 15, 2015, and early adoption is permitted for financial statements that have not been previously issued. The new guidance should be applied on a retrospective basis for each period presented in the balance sheet. We are currently evaluating the impact of ASU No. 2015-03 on our consolidated financial condition and results of operations.

In April 2015, the FASB issued ASU No. 2015-05, “Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement.” This ASU provides guidance to customers about whether a cloud computing arrangement includes software. If a cloud computing arrangement includes a software license, the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. The new guidance does not change the accounting for a customer’s accounting for service contracts. This ASU is effective for annual periods, including interim periods within those annual periods, beginning after December 15, 2015, and early adoption is permitted. We are currently evaluating the impact of ASU No. 2015-05 on our consolidated financial condition and results of operations.

In September 2015, the FASB issued ASU No. 2015-16, “Simplifying the Accounting for Measurement Period Adjustments,” which eliminates the requirement to retrospectively account for measurement period adjustments related to a business combination. This ASU is effective for annual periods, including interim periods within those annual periods, beginning after December 15, 2015, and is to be applied prospectively. Early adoption is permitted. We are currently evaluating the impact of ASU No. 2015-16 on our consolidated financial condition and results of operations.

Acquisitions

6 Months Ended

Sep. 30, 2015

Business Combinations [Abstract]

Acquisitions

2.	ACQUISITIONS

Strathmore Products, Inc.

Effective April 1, 2015, we acquired the assets of Strathmore, a leading manufacturer of specialized industrial coating products including urethanes, epoxies, acrylics and alkyds, for $68.8 million, plus up to an additional $16.5 million within a prescribed period of time following March 31, 2017, depending on the achievement of certain performance metrics during the fiscal years ending March 31, 2016 and 2017. A liability of $2.0 million was recorded based on the projected achievement of the performance metrics as estimated using the Monte Carlo simulation methodology. The acquisition was funded from borrowings of $70 million, which are described in Note 7. Transaction costs incurred in connection with the acquisition were approximately $2.5 million (including $0.2 million incurred during the fiscal year ended March 31, 2015) and are reported in general and administrative expenses in the accompanying consolidated statements of income. The excess of the purchase price over the fair value of the identifiable assets acquired was $15.1 million and was allocated to goodwill, which will be deductible for income tax purposes. Goodwill represents the value expected to be achieved from an increased market presence in the industrial coatings sector and a platform from which to grow through end-market and geographic expansion. The fair value of the assets acquired includes trade names and trademarks, customer relationships and non-compete agreements of $14.9 million, $27.4 million and $0.4 million, respectively. Customer relationships and the non-compete agreements are being amortized over 15 years and five years, respectively, while trade names, trademarks and goodwill are not being amortized.

The following table summarizes the preliminary estimates of fair values of assets acquired and liabilities assumed (in thousands):


Accounts receivable	$	4,902
Inventory		8,447
Property, plant and equipment		3,761
Intangible assets		42,650
Other, net		241
Current liabilities		(4,297	)

Net tangible and intangible assets		55,704
Goodwill		15,095

Purchase price	$	70,799

Strathmore has been included in the Coatings, Sealants and Adhesives segment since its effective acquisition date. Net revenue attributable to Strathmore since the date of acquisition was $30.4 million. Pro forma information regarding Strathmore is provided below (in thousands, except per share amounts):


	Three months ended September 30,
	2015		2014
Revenues, net	$	83,744	$	85,208
Operating income		20,778		13,839
Net income		12,962		9,236
Earnings per share – Basic	$	0.83	$	0.59
Earnings per share – Diluted		0.83		0.59


	Six months ended September 30,
	2015		2014
Revenues, net	$	172,654	$	169,593
Operating income		35,066		29,936
Net income		21,612		20,041
Earnings per share – Basic	$	1.39	$	1.29
Earnings per share – Diluted		1.38		1.28

SureSeal Manufacturing

On January 2, 2015, we acquired selected assets and the SureSeal brand from SureSeal Manufacturing in Tacoma, Washington, a producer and distributor of waterless floor drain trap seals for an initial purchase price of $8.1 million. Of the total purchase price, $3.2 million has been paid using $2.9 million funded from borrowings and $0.3 million from available cash. The remaining purchase price is contingent upon SureSeal achieving certain performance metrics during the three- and six-year periods following the acquisition, and is based on a multiple of the lesser of gross margin or 67% of net sales during the final 12 months of the measurement period. A liability of $4.9 million was originally recorded based on the achievement of the performance metrics as estimated using a weighted average probability model. The excess of the purchase price over the fair value of the identifiable assets acquired was $4.5 million and was allocated to goodwill, which will be deductible for income tax purposes. Goodwill represents the value expected to be obtained from a more extensive product portfolio and leveraging our larger distributor network. The identifiable tangible and intangible assets included customer lists, trademarks and names, patents and a non-compete agreement of $1.8 million, $0.9 million, $0.6 million, and $0.1 million, respectively, as well as equipment of $0.2 million. Patents, customer lists and the non-compete agreement are being amortized over 15 years, 10 years and five years, respectively, while trademarks and goodwill are not being amortized. The SureSeal product line activity has been included in the Industrial Products segment since its acquisition date. No pro forma information has been provided due to immateriality.

Evo-Crete and Polyslab product lines

On August 15, 2014, we acquired the Evo-Crete and Polyslab product lines for $4.5 million from the Evolve Group located in Brisbane, Queensland and formed a new entity, RectorSeal Australia, Pty. Ltd. RectorSeal Australia focuses on the plumbing, HVAC and irrigation markets. Evo-Crete and Polyslab will continue to be manufactured in Australia. The purchase was funded from borrowings of $3.0 million with the remainder funded from internal working capital. The excess of the purchase price over the fair value of the identifiable assets acquired was $1.5 million and was allocated to goodwill, which will be deductible for income tax purposes. Goodwill represents the value expected to be obtained from a more extensive HVAC product portfolio and expansion of existing RectorSeal product sales into the Australian market. The fair value of the assets acquired include customer lists, patents, trademarks and a non-compete agreement of $1.2 million, $0.7 million, $0.4 million, and $0.1 million, respectively, as well as property, plant, and equipment in the amount of $0.7 million. Customer lists, patents and the non-compete agreement are being amortized over 15 years, 10 years and five years, respectively, while trademarks and goodwill are not being amortized. The RectorSeal Australia activity has been included in the Industrial Products segment since the acquisition date. No pro forma information has been provided due to immateriality.

- Definition

The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable).

+ References

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+ Details

Inventories

6 Months Ended

Sep. 30, 2015

Inventory Disclosure [Abstract]

Inventories

3.	INVENTORIES

Inventories consist of the following (in thousands):


	September 30, 2015			March 31, 2015
Raw materials and supplies	$	29,690		$	21,837
Work in process		5,298			5,626
Finished goods		26,378			25,325

Total inventories		61,366			52,788
Less: LIFO reserve		(5,304	)		(5,456	)
Less: Obsolescence reserve		(1,007	)		(157	)

Inventories, net	$	55,055		$	47,175

Goodwill and Intangible Assets

6 Months Ended

Sep. 30, 2015

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

4.	GOODWILL AND INTANGIBLE ASSETS

Changes in the carrying amount of goodwill for the period ended September 30, 2015 were as follows (in thousands):


	Industrial Products			Coatings, Sealants and Adhesives		Specialty Chemicals		Total
Balance at March 31, 2015	$	36,323		$	920	$	3,402	$	40,645
Acquisition of Strathmore		—			15,095		—		15,095
Currency translation		(10	)		—		—		(10	)

Balance at September 30, 2015	$	36,313		$	16,015	$	3,402	$	55,730

Intangible assets consist of the following (in thousands):


		September 30, 2015					March 31, 2015
	Useful Life (Years)	Ending Gross Amount		Accumulated Amortization			Ending Gross Amount		Accumulated Amortization
Finite-lived intangible assets:
Patents	5-20	$	14,396	$	(8,108	)	$	14,284	$	(7,608	)
Customer lists and amortized trademarks	10-20		64,516		(14,114	)		37,091		(11,516	)
Non-compete agreements (1)	5-12		897		(294	)		2,877		(2,458	)
Other	4-5		452		(179	)		412		(137	)

		$	80,261	$	(22,695	)	$	54,664	$	(21,719	)

Trade names and trademarks not being amortized:		$	22,925	$	—		$	8,052	$	—

(1)	During the six months ended September 30, 2015, we wrote off $2.3 million of expired and fully amortized non-compete agreements.

Amortization expense for the three-month periods ended September 30, 2015 and 2014 was $1.6 million and $1.2 million, respectively. Amortization expense for the six-month periods ended September 30, 2015 and 2014 was $3.3 million and $2.3 million, respectively. The following table shows the estimated future amortization for intangible assets as of September 30, 2015, for the remainder of the current fiscal year and the next five years ending March 31 (in thousands):


2016	$	3,127
2017		6,271
2018		6,141
2019		6,049
2020		5,270
2021		4,978

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

+ References + Details

Accrued and Other Current Liabilities

6 Months Ended

Sep. 30, 2015

Payables and Accruals [Abstract]

Accrued and Other Current Liabilities

5.	ACCRUED AND OTHER CURRENT LIABILITIES

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


	September 30, 2015		March 31, 2015
Compensation and related benefits	$	9,400	$	9,212
Rebates and marketing agreements		2,036		1,515
Commissions		1,152		1,157
Sales and property taxes		1,173		373
Other accrued expenses		4,578		3,744

Total accrued and other current liabilities	$	18,339	$	16,001

Share-Based Compensation

6 Months Ended

Sep. 30, 2015

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Share-Based Compensation

6.	SHARE-BASED COMPENSATION

In September 2015, in connection with the Share Distribution, we adopted our 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 well as the issuance of awards in connection with the Share Distribution.

In connection with the Share Distribution, all stock option and restricted stock awards granted by Capital Southwest were adjusted and each holder of an award received both Capital Southwest and CSWI stock options and restricted stock awards.

•

Each Capital Southwest stock option was converted into both a Capital Southwest stock option and a CSWI stock option, with adjustments made to the exercise prices and number of shares subject to each option in order to preserve the aggregate intrinsic value of the original Capital Southwest stock option as measured immediately before and immediately after the Share Distribution, subject to rounding. The adjusted Capital Southwest stock options and CSWI stock options will be subject to substantially the same terms, vesting conditions, post-termination exercise rules and other restrictions that applied to the original Capital Southwest stock options immediately before the Share Distribution. Options generally expire 10 years from the date of grant and are generally exercisable on or after the first anniversary of the date of grant in five annual installments. The fair value of stock options is determined using the Black-Scholes pricing model and such fair value is expensed on a straight-line basis over the requisite service period.

•

The Capital Southwest restricted stock awards will remain outstanding and the awardees additionally received one share of CSWI restricted stock for each share of Capital Southwest restricted stock held, which shares are subject to substantially the same terms, vesting conditions and other restrictions applicable to the Capital Southwest restricted stock award immediately before the Share Distribution. Restricted Stock awards generally have full voting and dividend rights, but are restricted with regard to sale or transfer. Unless otherwise specified in the award agreement, the restrictions do not expire for a minimum of one year and a maximum of five years and are subject to forfeiture during the restriction period. Typically, restricted share grants have staggered vesting periods over one to five years from the grant date. The fair value of restricted stock is based on the closing price of common stock on the date of grant and such fair value is expensed on a straight-line basis over the requisite service period.

The issuance of share-based compensation awards occurred in conjunction with the Share Distribution after the market closed on September 30, 2015. As such, no grant, exercise or cancelation activity occurred during the six months ended September 30, 2015. We will record compensation expense for share-based awards granted by CSWI to CSWI employees and share-based awards granted by Capital Southwest to employees who are now employed by CSWI.

Share-based awards outstanding under the 2015 Plan as of September 30, 2015 were as follows:


	Stock Options				Restricted Shares
	Number of Shares (1)		Weighted Average Exercise Price		Number of Shares		Weighted Average Grant Date Fair Value
Outstanding at September 30, 2015 (2)		368,487	$	24.40		141,960	$	17.11

(1)	22,906 options were exercisable as of September 30, 2015.

(2)	Stock options and restricted shares presented in this table represent outstanding CSWI awards, including awards held by Capital Southwest employees.

At September 30, 2015, we had unrecognized compensation cost related to non-vested stock options of $1.0 million, which will be amortized into net income over the remaining weighted average vesting period of approximately 2.4 years. At September 30, 2015, we had unrecognized compensation cost related to unvested restricted shares of $1.1 million, which will be amortized into net income over the remaining weighted average vesting period of approximately 2.3 years. The calculation of unrecognized compensation cost and weighted average periods include share-based awards granted by CSWI to CSWI employees and share-based awards granted by Capital Southwest to employees who are now employed by CSWI.

Long-Term Debt

6 Months Ended

Sep. 30, 2015

Debt Disclosure [Abstract]

Long-Term Debt

7.	LONG-TERM DEBT

Debt consists of the following (in thousands):


	September 30, 2015			March 31, 2015
RectorSeal line of credit, interest rate of 2.5% and 1.77%, respectively	$	12,500		$	13,000
Strathmore acquisition term loan, interest rate of 3.19%		68,250			—
Whitmore term loan, interest rate of 2.19% and 2.17%, respectively		13,424			13,704

Total debt		94,174			26,704
Less: Current portion		(17,436	)		(13,561	)

Long-term debt	$	76,738		$	13,143

RectorSeal Line of Credit

As of September 30, 2015, RectorSeal had a $30.0 million secured line of credit with a bank available for acquisitions and general corporate purposes. On July 21, 2015, the maturity date on the line of credit was extended to July 31, 2016. Quarterly interest payments are required. Borrowings under the line of credit bear interest at a variable annual rate of either the one month London Interbank Offered Rate (“LIBOR”) plus 1.5% or 0.75% less than the bank floating rate. The line of credit is secured by accounts receivable, inventory, equipment, investments, and other assets of RectorSeal (excluding its subsidiaries). As of September 30, 2015 and March 31, 2015, RectorSeal had $12.5 million and $13.0 million, respectively, in outstanding borrowings under the line of credit. The agreement contains certain restrictive covenants requiring RectorSeal to maintain a minimum tangible net worth (excluding its subsidiaries). Covenant compliance is tested quarterly and RectorSeal was in compliance with all covenants as of September 30, 2015.

Strathmore Acquisition Term Loan

As of September 30, 2015, Whitmore had a secured term loan outstanding to support our acquisition of Strathmore. The term loan matures on April 27, 2020 and is secured by the assets of Whitmore and Strathmore, excluding certain real property. The term loan has a quarterly payment schedule that began on July 31, 2015. We have quarterly payments of $875,000 in each of the next two quarters and $1.3 million in each of the following two quarters. Borrowings under the term loan bear interest at a variable annual rate equal to one month LIBOR plus 3.0%. Whitmore had $68.3 million and $0 in outstanding borrowings under the term loan as of September 30, 2015 and March 31, 2015, respectively.

Whitmore Line of Credit

As of September 30, 2015, Whitmore had a $20.0 million secured line of credit with a syndicate of four commercial banks available for general corporate purposes. The line of credit matures on April 27, 2020. Borrowings under the line of credit bear interest at a variable annual rate of 0.5% less than the bank floating rate. As of March 31, 2014, Whitmore had outstanding borrowings of $4.3 million under the line of credit. Whitmore paid the entire balance during the quarter ended December 31, 2014. As of September 30, 2015 and March 31, 2015, Whitmore had no outstanding borrowings under the line of credit.

Whitmore Term Loan

As of September 30, 2015, Whitmore had a secured term loan outstanding related to a newly constructed warehouse and corporate office building and the remodel of an existing manufacturing and research and development facility. The term loan matures on July 31, 2029, and we have quarterly payments of $140,000 due in each of the next four quarters. Borrowings under the term loan bear interest at a variable annual rate equal to one month LIBOR plus 2.0%. As of September 30, 2015 and March 31, 2015, Whitmore had $13.4 million and $13.7 million, respectively, in outstanding borrowings under the term loan.

The Whitmore line of credit and term loans are secured by the Whitmore property referenced above and other assets of Whitmore. The agreements contain certain restrictive covenants requiring Whitmore to limit capital expenditures, maintain a minimum fixed charge coverage ratio and a maximum leverage ratio. Covenant compliance is tested quarterly and Whitmore was in compliance with all covenants as of September 30, 2015.

Balco Line of Credit

As of September 30, 2015, Balco had a $1.5 million unsecured revolving line of credit with a bank available for working capital purposes. The line of credit matured on October 29, 2015 and was not renewed. Borrowings under the line of credit bore interest at a variable annual rate of 0.5% less than the U.S. prime interest rate, with a floor of 3.75%. As of September 30, 2015 and March 31, 2015, Balco had no outstanding borrowings under the line of credit.

Future Minimum Debt Payments

As of September 30, 2015, our future minimum debt payments are as follows for fiscal years ending March 31 (in thousands):


2016	$	2,031
2017		18,311
2018		7,561
2019		7,561
2020		5,811
Thereafter		52,899

Total	$	94,174

Earnings Per Share

6 Months Ended

Sep. 30, 2015

Earnings Per Share [Abstract]

Earnings Per Share

8.	EARNINGS PER SHARE

On September 30, 2015, 15.6 million CSWI common shares were distributed to Capital Southwest shareholders in connection with the Share Distribution. For comparative purposes, and to provide a more meaningful calculation for weighted average shares, this amount was assumed to be outstanding as of the beginning of each period presented in the calculation of basic weighted average shares. In addition, for the dilutive weighted average share calculations, the dilutive securities outstanding at September 30, 2015 were also assumed to be outstanding at each of the periods presented.

The following table sets forth the reconciliation of the numerator and the denominator of basic and diluted earnings per share for the three and six months ended September 30, 2015 and 2014 (amounts in thousands, except per share data):


	Three Months Ended September 30,
	2015		2014
Numerator:
Net income for basic and diluted earnings per share	$	12,962	$	8,238


Denominator:
Weighted average common shares outstanding, basic		15,583		15,583
Potentially dilutive securities (1)		128		128

Weighted average common shares outstanding, diluted		15,711		15,711


Earnings per common share:
Basic	$	0.83	$	0.53
Diluted		0.83		0.52

	Six Months Ended September 30,
	2015		2014
Numerator:
Net income for basic and diluted earnings per share	$	21,612	$	17,986


Denominator:
Weighted average common shares outstanding, basic		15,583		15,583
Potentially dilutive securities (1)		128		128

Weighted average common shares outstanding, diluted		15,711		15,711


Earnings per common share:
Basic	$	1.39	$	1.15
Diluted		1.38		1.14

(1)	We have excluded 32,877 shares from all periods presented as their effect would have been anti-dilutive.

Derivative Instruments and Hedge Accounting

6 Months Ended

Sep. 30, 2015

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments and Hedge Accounting

9.	DERIVATIVE INSTRUMENTS AND HEDGE ACCOUNTING

As required by our debt agreements, we enter into interest rate swap agreements to hedge exposure to floating interest rates on certain portions of our debt. As of September 30, 2015 and March 31, 2015, we had $47.5 million and $13.7 million, respectively, of notional amount in outstanding designated interest rate swaps with third parties. All interest rate swaps are highly effective. At September 30, 2015, the maximum remaining length of any interest rate swap contract in place was approximately 13.8 years.

We are exposed to risk from credit-related losses resulting from nonperformance by counterparties to our financial instruments. We perform credit evaluation of our counterparties under interest rate swap agreements and expect all counterparties to meet their obligations. We have not experienced credit losses from our counterparties.

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


	September 30, 2015		March 31, 2015
Current derivative liabilities	$	611	$	—
Non-current derivative liabilities		913		1,206

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

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
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-Section 45
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-URI http://asc.fasb.org/extlink&oid=6441202&loc=d3e80720-113993

Reference 2: http://www.xbrl.org/2003/role/presentationRef
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-Topic 815
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
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Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 13: http://www.xbrl.org/2003/role/presentationRef
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Reference 14: http://www.xbrl.org/2003/role/presentationRef
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Reference 19: http://www.xbrl.org/2003/role/presentationRef
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+ Details

Fair Value Measurements

6 Months Ended

Sep. 30, 2015

Fair Value Disclosures [Abstract]

Fair Value Measurements

10.

FAIR VALUE MEASUREMENTS

The fair value of interest rate swaps disclosed in Note 9 are determined using Level 2 inputs. The carrying value of our debt, included in Note 7, approximates fair value as it bears interest at floating rates. The carrying amounts of other financial instruments (i.e., cash and cash equivalents, restricted cash, bank time deposits, accounts receivable, net, accounts payable) approximated their fair values at September 30, 2015 and March 31, 2015 due to their short-term nature.

The fair values of contingent payments disclosed in Note 2 are estimated using Level 3 inputs. The contingent payment related to the Strathmore acquisition utilized the Monte Carlo simulation methodology and employed 200,000 trials using a risk neutral Geometric Brownian Motion methodology. The volatility used in the Monte Carlo analysis was based on the observed equity volatility of comparable companies, and the risk free discount rate was the U.S. treasury rate corresponding to the respective term of each earn-out. The most significant factor in the valuation is Strathmore’s projected earnings before interest, taxes, depreciation and amortization. The contingent payment related to the acquisition of the SureSeal assets utilized the weighted average probability method using forecasted sales and gross margin. The most significant factor in the valuation is projected net revenues resulting from sales of SureSeal products. The fair value of contingent payments was $8.1 million and $5.8 million as of September 30, 2015 and March 31, 2015, respectively. Aside from the increase due to the contingent consideration related to Strathmore, all other changes in the fair value of contingent payments during the six months ended September 30, 2015 represent the impact of the passage of time and are recorded in General and administrative expenses.

- 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

Retirement Plans

6 Months Ended

Sep. 30, 2015

Compensation and Retirement Disclosure [Abstract]

Retirement Plans

11.

RETIREMENT PLANS

We maintain a qualified defined benefit pension plan (the “Qualified Plan”) that covers substantially all of our U.S. employees. Benefits are based on years of service and an average of the highest five consecutive years of compensation during the last ten years of employment. The Qualified Plan is closed to any employees hired or re-hired on or after January 1, 2015. The Qualified Plan has been amended to freeze benefit accruals and to modify certain ancillary benefits provided under the Qualified Plan effective as of September 30, 2015. A remeasurement was performed at September 30, 2015 to reflect the amendment of the Qualified Plan that froze participation and all future benefit accruals. The freeze of the Qualified Plan as of September 30, 2015 required the immediate recognition of a curtailment gain due to the accelerated recognition of all remaining prior service costs (benefits) and the decrease in the projected benefit obligation. The freeze of the Qualified Plan will reduce net periodic pension expense for the remainder of the current year based on the remeasurement.

The funding policy of the Qualified Plan is to contribute annual amounts that are currently deductible for federal income tax purposes. No contributions were made during the three or six month periods ended September 30, 2015 and 2014.

The following tables set forth the Qualified Plan’s net pension (benefit) expense recognized in our condensed consolidated financial statements (in thousands):


	Three months ended September 30,
	2015			2014
Service cost – benefits earned during the period	$	1,272		$	710
Interest cost on projected benefit obligation		746			691
Expected return on assets		(715	)		(625	)
Amortization of net prior service (benefit) cost		(42	)		(70	)
Curtailment benefit		(8,051	)		—

Net pension (benefit) expense	$	(6,790	)	$	706


	Six months ended September 30,
	2015			2014
Service cost – benefits earned during the period	$	2,042		$	1,520
Interest cost on projected benefit obligation		1,382			1,256
Expected return on assets		(1,324	)		(1,203	)
Amortization of net prior service (benefit) cost		(27	)		29
Curtailment benefit		(8,051	)		—

Net pension (benefit) expense	$	(5,978	)	$	1,602

The curtailment benefit is recorded in Cost of revenues ($2.7 million), General and administrative expenses ($2.3 million), Selling and distribution expenses ($2.4 million) and Research and development expenses ($0.7 million).

We maintain an unfunded retirement restoration plan (the “Restoration Plan”) that is a non-qualified plan providing for the payment to participating employees, upon retirement, 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 following table sets forth the Restoration Plan’s net pension expense recognized in our condensed consolidated financial statements (in thousands):


	Three months ended September 30,
	2015		2014
Service cost – benefits earned during the period	$	10	$	15
Interest cost on projected benefit obligation		19		16
Amortization of net prior service cost		1		(2	)
Amortization of net actuarial loss		16		—
Curtailment expense		31		—

Net pension expense	$	77	$	29


	Six months ended September 30,
	2015		2014
Service cost – benefits earned during the period	$	27	$	33
Interest cost on projected benefit obligation		36		33
Amortization of net prior service cost		5		16
Amortization of net actuarial loss		20		—
Curtailment expense		31		—

Net pension expense	$	119	$	82

Related Party Disclosures

6 Months Ended

Sep. 30, 2015

Related Party Disclosures

12.

RELATED PARTY DISCLOSURES

We paid management fees of $0.1 million for the three months ended both September 30, 2015 and 2014 and $0.2 million for the six months ended both September 30, 2015 and 2014 to a management company subsidiary of Capital Southwest for services rendered during each respective period. These amounts are presented as general and administrative expenses in the consolidated statements of income. Following the Share Distribution, CSWI is no longer liable for the payment of management fees.

We paid dividends to our former sole shareholder, Capital Southwest, of $0.1 million and $0.2 million for the three months ended September 30, 2015 and 2014, respectively, and $0.3 million and $0.5 million for the six months ended September 30, 2015 and 2014, respectively. Any future payment of dividends to CSWI’s shareholders will be at the discretion of our Board of Directors and will depend upon various factors then existing, including earnings, financial condition, results of operations, capital requirements, level of indebtedness, any contractual restrictions with respect to payment of dividends, restrictions imposed by applicable law, general business conditions and other factors that the Board of Directors may deem relevant. We do not currently expect to pay dividends on our common stock for the foreseeable future following the Share Distribution.

As of September 30, 2015, 950,838 shares of Capital Southwest stock were held under the employee stock-ownership plan and 238,252 shares of Capital Southwest stock were held in the qualified defined benefit pension plan.

As of September 30, 2015, we owed Capital Southwest $1.2 million for costs incurred related to the organization and start-up activities of CSWI.

Tax Matters Agreement – We entered into a tax matters agreement with Capital Southwest (the “Tax Matters Agreement”). The Tax Matters Agreement generally governs our and Capital Southwest’s respective rights, responsibilities and obligations with respect to taxes in connection with the Share Distribution. The Tax Matters Agreement provides that we will be liable for taxes incurred by Capital Southwest as a result of our taking or failing to take certain actions that result in the Share Distribution failing to meet the requirements of a tax-free distribution under the Code. The Tax Matters Agreement also restricts our and Capital Southwest’s ability to take actions that could cause the Share Distribution to fail to meet the requirements of a tax-free distribution under the Code. These restrictions may prevent us and Capital Southwest from entering into transactions that might be advantageous to us or our stockholders. The term of the Tax Matters Agreement is perpetual, unless the agreement is terminated by mutual consent of both parties.

Employee Matters Agreement –We entered into an employee matters agreement with Capital Southwest prior to the Distribution Date (the “Employee Matters Agreement”). The Employee Matters Agreement allocates liabilities and responsibilities between us and Capital Southwest relating to employee compensation and benefit plans and programs, including the treatment of certain employment agreements, outstanding annual and long-term incentive awards, and health and welfare benefit obligations and provide for the cooperation between us and Capital Southwest in the sharing of employee information.

In general, following the Share Distribution, we will be responsible for all employment and benefit-related obligations and liabilities related to those individuals employed by Capital Southwest or one of the contributed businesses prior to the Share Distribution and whose employment was transferred to us in connection with the Share Distribution. In general, Capital Southwest will be responsible for any employment and benefit-related obligations and liabilities of any employees who continue to be employees of Capital Southwest following the Share Distribution. The term of the Employee Matters Agreement is perpetual, unless the agreement is terminated by mutual consent of both parties.

- 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 + Details

Contingencies

6 Months Ended

Sep. 30, 2015

Commitments and Contingencies Disclosure [Abstract]

Contingencies

13.

CONTINGENCIES

From time to time, we are involved in various claims and legal actions that 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 to our business, consolidated financial position, results of operations or cash flows.

Taxes

6 Months Ended

Sep. 30, 2015

Income Tax Disclosure [Abstract]

Taxes

14.

TAXES

For the three months ended September 30, 2015, we earned $19.8 million before taxes and provided for income taxes of $6.9 million, resulting in an effective tax rate of 34.6%. For the six months ended September 30, 2015, we earned $33.4 million before taxes and provided for income taxes of $11.8 million, resulting in an effective tax rate of 35.3%. For the three months ended September 30, 2014, we earned $12.6 million before taxes and provided for income taxes of $4.3 million, resulting in an effective tax rate of 34.5%. For the six months ended September 30, 2014, we earned $27.0 million before taxes and provided for income taxes of $9.0 million, resulting in an effective tax rate of 33.5%. The effective tax rate has generally increased during the three- and six-months ended September 30, 2015 and varied from the U.S. federal statutory rate for the three and six months ended September 30, 2015 primarily due to decreased activity in countries with lower statutory rates and an increase in state taxes due to increased domestic operations activity in states with higher statutory rates.

Other Comprehensive Income

6 Months Ended

Sep. 30, 2015

Equity [Abstract]

Other Comprehensive Income

15.

OTHER COMPREHENSIVE INCOME

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


	Three Months ended September 30,
	2015			2014
Currency translation adjustments:
Balance at beginning of period	$	(2,782	)	$	2,714
Adjustments for foreign currency translation, net of taxes of $1,245 and $1,007, respectively		(2,312	)		(1,912	)

Balance at end of period	$	(5,094	)	$	802


Interest rate swaps:
Balance at beginning of period	$	(678	)	$	—
Unrealized gains, net of taxes of $229		(433	)		—
Reclassification of losses included in interest expense, net, net of taxes of $(63)		120			—

Other comprehensive income (loss)		(313	)		—

Balance at end of period	$	(991	)	$	—


Defined benefit plans:
Balance at beginning of period	$	(5,210	)	$	952
Amortization of net prior service benefit, net of taxes of $8 (1)		(15	)		—
Amortization of net loss, net of taxes of $(7) (1)		13			—
Curtailment, net of taxes of $(2,612)		4,850			—

Other comprehensive income (loss)		4,848			—

Balance at end of period	$	(362	)	$	952


	Six Months ended September 30,
	2015			2014
Currency translation adjustments:
Balance at beginning of period	$	(3,877	)	$	1,399
Adjustments for foreign currency translation, net of taxes of $663 and $300, respectively		(1,217	)		(597	)

Balance at end of period	$	(5,094	)	$	802


Interest rate swaps:
Balance at beginning of period	$	(1,206	)	$	—
Unrealized gains, net of taxes of $(20)		37			—
Reclassification of gains (losses) included in interest expense, net, net of taxes of $(97)		178			—

Other comprehensive income (loss)		215			—

Balance at end of period	$	(991	)	$	—


Defined benefit plans:
Balance at beginning of period	$	(5,210	)	$	1,098
Amortization of net prior service benefit, net of taxes of $8 and $0, respectively (1)		(15	)		53
Amortization of net loss, net of taxes of $(7) and $0, respectively (1)		13			(199	)
Curtailment, net of taxes of $(2,612)		4,850			—

Other comprehensive income (loss)		4,848			(146	)

Balance at end of period	$	(362	)	$	952

(1)	Amortization of prior service costs and actuarial losses out of Accumulated other comprehensive loss are included in the computation of net periodic pension expenses. See Note 11 for additional information.

We expect to recognize a loss of $0.4 million, net of deferred taxes, into earnings in the next twelve months related to designated cash flow hedges based on their fair values at September 30, 2015.

- Definition

The entire disclosure for comprehensive income, which includes, but is not limited to, 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-Glossary Reclassification Adjustments
-URI http://asc.fasb.org/extlink&oid=6522872

+ Details

Segments

6 Months Ended

Sep. 30, 2015

Segment Reporting [Abstract]

Segments

16.

SEGMENTS

We conduct our operations through three business segments based on type of product and how we manage the business:

•

Industrial Products includes specialty mechanical products, fire and smoke protection products, architecturally-specified building products and storage, filtration and application equipment for use with our specialty chemicals and other products for general industrial application.

•

Coatings, Sealants and Adhesives is comprised of coatings and penetrants, pipe thread sealants, firestopping sealants and caulks and adhesives/solvent cements.

•

Specialty Chemicals includes lubricants and greases, drilling compounds, anti-seize compounds, chemical formulations and degreasers and cleaners.

Our corporate headquarters does not constitute a separate segment. We evaluate segment performance and allocate resources based on each reportable segment’s operating income. 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 CapStar and corporate functions. No individual customer accounted for more than 10% of consolidated net revenues. Currently, we do not allocate interest expense, interest income or other income (expense) by segment.

Three months ended September 30, 2015


(in thousands)	Industrial Products		Coatings, Sealants and Adhesives		Specialty Chemicals		Subtotal – Reportable Segments		Eliminations and Other			Total
Revenues, net	$	36,186	$	27,971	$	19,771	$	83,928	$	(184	)	$	83,744
Operating income		11,668		4,938		4,961		21,567		(789	)		20,778

Three months ended September 30, 2014


(in thousands)	Industrial Products		Coatings, Sealants and Adhesives		Specialty Chemicals		Subtotal – Reportable Segments		Eliminations and Other			Total
Revenues, net	$	29,902	$	13,539	$	24,322	$	67,763	$	331		$	68,094
Operating income		4,651		2,944		4,173		11,768		(19	)		11,749

Six months ended September 30, 2015


(in thousands)	Industrial Products		Coatings, Sealants and Adhesives		Specialty Chemicals		Subtotal – Reportable Segments		Eliminations and Other			Total
Revenues, net	$	76,162	$	56,420	$	39,934	$	172,516	$	138		$	172,654
Operating income		21,358		6,778		7,691		35,827		(761	)		35,066

Six months ended September 30, 2014


(in thousands)	Industrial Products		Coatings, Sealants and Adhesives		Specialty Chemicals		Subtotal – Reportable Segments		Eliminations and Other		Total
Revenues, net	$	64,159	$	26,230	$	45,897	$	136,286	$	605	$	136,891
Operating income		11,458		6,407		8,026		25,891		1		25,892

Total assets as of:


(in thousands)	Industrial Products		Coatings, Sealants and Adhesives		Specialty Chemicals		Subtotal – Reportable Segments		Eliminations and Other		Total
September 30, 2015	$	150,757	$	119,223	$	92,493	$	362,473	$	31,122	$	393,595
March 31, 2015		152,187		38,604		77,937		268,728		17,793		286,521

Geographic Information — We attribute sales 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 United States, accounted for more than 10% of consolidated net revenues or total long-lived assets. Sales and long-lived assets by geographic area are as follows (in thousands):


	For the three months ended September 30,
	2015				2014
U.S.	$	69,860	83.4	%	$	52,680	77.4	%
Non-U.S.		13,884	16.6	%		15,414	22.6	%

Revenues, net	$	83,744	100.0	%	$	68,094	100.0	%


	For the six months ended September 30,
	2015				2014
U.S.	$	145,593	84.3	%	$	105,639	77.2	%
Non-U.S.		27,061	15.7	%		31,252	22.8	%

Revenues, net	$	172,654	100.0	%	$	136,891	100.0	%


	As of
	September 30, 2015				March 31, 2015
U.S.	$	195,602	93.5	%	$	134,117	90.3	%
Non-U.S.		13,567	6.5	%		14,457	9.7	%

Long-lived assets	$	209,169	100.0	%	$	148,574	100.0	%

- 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/presentationRef
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-Name Accounting Standards Codification
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+ Details

Subsequent Events

6 Months Ended

Sep. 30, 2015

Subsequent Events [Abstract]

Subsequent Events

17.

SUBSEQUENT EVENTS

On October 1, 2015, we acquired substantially all of the assets of Deacon Industries, Inc. (“Deacon”), based in Washington, Pennsylvania for $12.0 million. The acquisition was funded by $11.0 million of borrowings under the RectorSeal Line of Credit and $1.0 million cash on hand. Deacon is a leading manufacturer of high temperature sealants and injectable packings with applications in a variety of industrial end markets, both on an emergency and maintenance basis. Following the acquisition date, Deacon’s results of operations will be included in our Coatings, Sealants and Adhesives segment.

Organization and Operations and Summary of Accounting Policies (Policies)	6 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
Basis of Presentation	*Basis of Presentation* CSWI began operations on September 30, 2015 as a result of the Share Distribution. With the exception of cash funded at inception and the contributed capital stock of the businesses discussed above, we did not own any material assets prior to the Share Distribution. The historical financial position, results of operations and cash flows included in this Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2015 (“Quarterly Report”) represent the condensed consolidated financial statements of the businesses discussed above. As these businesses were under common control of Capital Southwest for all historical periods, the financial statements have been consolidated for all historical periods and equity accounts presented in the Balance Sheet as of March 31, 2015 represent the combined equity accounts of these businesses. Equity accounts presented in the Balance Sheet as of September 30, 2015 represent the equity of CSWI. The condensed consolidated financial statements have been prepared on a standalone basis and are derived from the underlying accounting records of the underlying businesses in conformity with United States (“U.S.”) generally accepted accounting principles (“GAAP”). The condensed consolidated financial statements include all revenues, costs, assets and liabilities directly attributable to the businesses discussed above. However, the condensed consolidated financial statements may not include all of the expenses that would have been incurred had the businesses been operating as separate publicly-traded (“standalone”) companies during the periods presented and may not reflect the consolidated results of operations, financial position, and cash flows as a standalone company during the periods presented. All significant intercompany balances and transactions have been eliminated in consolidation. The accompanying condensed consolidated balance sheet as of September 30, 2015, the related condensed consolidated statements of income and comprehensive income for the three and six months ended September 30, 2015 and 2014, and the condensed consolidated statements of cash flows for the six months ended September 30, 2015 and 2014, of CSWI are unaudited. In management’s opinion, all adjustments comprising normal recurring adjustments necessary for the fair statement of such condensed consolidated financial statements have been made. The accompanying condensed consolidated financial statements and notes in this Quarterly Report are presented as permitted by Regulation S-X and do not contain certain information included in annual financial statements and notes thereto. Accordingly, the accompanying condensed consolidated financial information should be read in conjunction with the audited combined financial statements presented in our Information Statement filed as Exhibit 99.1 to our Registration Statement on Form 10 filed with the SEC on September 9, 2015 (the “Information Statement”). Certain prior period balances have been reclassified to conform to current period presentation with no effect on previously reported net income or cash flows from operations.
Accounting Policies	*Accounting Policies* We have consistently applied the accounting policies described in our Information Statement in preparing these condensed consolidated financial statements.
Accounting Developments	*Accounting Developments* In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, “Revenue from Contracts with Customers (Topic 606),” which supersedes the revenue recognition requirements in “Revenue Recognition (Topic 605).” The standard is principle-based and provides a five-step model to determine when and how revenue is recognized. The core principle is that a company should recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. There are also expanded disclosure requirements in this ASU. In July 2015, the FASB voted to delay the effective date of ASU 2014-09 by one year. As a result, public entities will apply the new standard for annual reporting periods beginning after December 15, 2017, including interim periods within those reporting periods. Early adoption as of the original public entity effective date is permitted. We are currently evaluating the impact of ASU No. 2014-09 on our consolidated financial condition and results of operations. In June 2014, the FASB issued ASU No. 2014-12 “Compensation-Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period.” This ASU was issued to address share-based payment awards with a performance target affecting vesting that could be achieved after the employee’s requisite service period. This ASU is effective for annual periods and interim periods within those annual periods beginning after December 15, 2015. This ASU may be applied either (a) prospectively to all awards granted or modified after the effective date or (b) retrospectively to all awards with performance targets that are outstanding as of the beginning of the earliest annual period presented in the financial statements and to all new or modified awards thereafter. We are currently evaluating the impact of ASU No. 2014-12 on our consolidated financial condition and results of operations. In April 2015, the FASB issued ASU No. 2015-03, “Interest—Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs.” This ASU requires debt issuance costs be presented in the balance sheet as a direct deduction from the carrying value of the associated debt liability. Amortization of those costs should be reported as interest expense. This ASU is effective for financial statements issued for annual and interim periods beginning after December 15, 2015, and early adoption is permitted for financial statements that have not been previously issued. The new guidance should be applied on a retrospective basis for each period presented in the balance sheet. We are currently evaluating the impact of ASU No. 2015-03 on our consolidated financial condition and results of operations. In April 2015, the FASB issued ASU No. 2015-05, “Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement.” This ASU provides guidance to customers about whether a cloud computing arrangement includes software. If a cloud computing arrangement includes a software license, the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. The new guidance does not change the accounting for a customer’s accounting for service contracts. This ASU is effective for annual periods, including interim periods within those annual periods, beginning after December 15, 2015, and early adoption is permitted. We are currently evaluating the impact of ASU No. 2015-05 on our consolidated financial condition and results of operations. In September 2015, the FASB issued ASU No. 2015-16, “Simplifying the Accounting for Measurement Period Adjustments,” which eliminates the requirement to retrospectively account for measurement period adjustments related to a business combination. This ASU is effective for annual periods, including interim periods within those annual periods, beginning after December 15, 2015, and is to be applied prospectively. Early adoption is permitted. We are currently evaluating the impact of ASU No. 2015-16 on our consolidated financial condition and results of operations.

Acquisitions (Tables)

6 Months Ended

Sep. 30, 2015

Business Combinations [Abstract]

Summary of Preliminary Estimates of Fair Values of Assets Acquired and Liabilities Assumed

The following table summarizes the preliminary estimates of fair values of assets acquired and liabilities assumed (in thousands):


Accounts receivable	$	4,902
Inventory		8,447
Property, plant and equipment		3,761
Intangible assets		42,650
Other, net		241
Current liabilities		(4,297	)

Net tangible and intangible assets		55,704
Goodwill		15,095

Purchase price	$	70,799

Summary of Pro Forma Information

Pro forma information regarding Strathmore is provided below (in thousands, except per share amounts):


	Three months ended September 30,
	2015		2014
Revenues, net	$	83,744	$	85,208
Operating income		20,778		13,839
Net income		12,962		9,236
Earnings per share – Basic	$	0.83	$	0.59
Earnings per share – Diluted		0.83		0.59


	Six months ended September 30,
	2015		2014
Revenues, net	$	172,654	$	169,593
Operating income		35,066		29,936
Net income		21,612		20,041
Earnings per share – Basic	$	1.39	$	1.29
Earnings per share – Diluted		1.38		1.28

Inventories (Tables)

6 Months Ended

Sep. 30, 2015

Inventory Disclosure [Abstract]

Schedule of Inventories

Inventories consist of the following (in thousands):


	September 30, 2015			March 31, 2015
Raw materials and supplies	$	29,690		$	21,837
Work in process		5,298			5,626
Finished goods		26,378			25,325

Total inventories		61,366			52,788
Less: LIFO reserve		(5,304	)		(5,456	)
Less: Obsolescence reserve		(1,007	)		(157	)

Inventories, net	$	55,055		$	47,175

Goodwill and Intangible Assets (Tables)

6 Months Ended

Sep. 30, 2015

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Changes in Carrying Amount of Goodwill

Changes in the carrying amount of goodwill for the period ended September 30, 2015 were as follows (in thousands):


	Industrial Products			Coatings, Sealants and Adhesives		Specialty Chemicals		Total
Balance at March 31, 2015	$	36,323		$	920	$	3,402	$	40,645
Acquisition of Strathmore		—			15,095		—		15,095
Currency translation		(10	)		—		—		(10	)

Balance at September 30, 2015	$	36,313		$	16,015	$	3,402	$	55,730

Schedule of Intangible Assets

Intangible assets consist of the following (in thousands):


		September 30, 2015					March 31, 2015
	Useful Life (Years)	Ending Gross Amount		Accumulated Amortization			Ending Gross Amount		Accumulated Amortization
Finite-lived intangible assets:
Patents	5-20	$	14,396	$	(8,108	)	$	14,284	$	(7,608	)
Customer lists and amortized trademarks	10-20		64,516		(14,114	)		37,091		(11,516	)
Non-compete agreements (1)	5-12		897		(294	)		2,877		(2,458	)
Other	4-5		452		(179	)		412		(137	)

		$	80,261	$	(22,695	)	$	54,664	$	(21,719	)

Trade names and trademarks not being amortized:		$	22,925	$	—		$	8,052	$	—

(1)	During the six months ended September 30, 2015, we wrote off $2.3 million of expired and fully amortized non-compete agreements.

Schedule of Estimated Future Amortization For Intangible Assets

The following table shows the estimated future amortization for intangible assets as of September 30, 2015, for the remainder of the current fiscal year and the next five years ending March 31 (in thousands):


2016	$	3,127
2017		6,271
2018		6,141
2019		6,049
2020		5,270
2021		4,978

Accrued and Other Current Liabilities (Tables)

6 Months Ended

Sep. 30, 2015

Payables and Accruals [Abstract]

Schedule of Accrued and Other Current Liabilities

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


	September 30, 2015		March 31, 2015
Compensation and related benefits	$	9,400	$	9,212
Rebates and marketing agreements		2,036		1,515
Commissions		1,152		1,157
Sales and property taxes		1,173		373
Other accrued expenses		4,578		3,744

Total accrued and other current liabilities	$	18,339	$	16,001

Share-Based Compensation (Tables)

6 Months Ended

Sep. 30, 2015

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Schedule of Share-Based Awards Outstanding

Share-based awards outstanding under the 2015 Plan as of September 30, 2015 were as follows:


	Stock Options				Restricted Shares
	Number of Shares (1)		Weighted Average Exercise Price		Number of Shares		Weighted Average Grant Date Fair Value
Outstanding at September 30, 2015 (2)		368,487	$	24.40		141,960	$	17.11

(1)	22,906 options were exercisable as of September 30, 2015.

(2)	Stock options and restricted shares presented in this table represent outstanding CSWI awards, including awards held by Capital Southwest employees.

Long-Term Debt (Tables)

6 Months Ended

Sep. 30, 2015

Debt Disclosure [Abstract]

Schedule of Long-Term Debt

Debt consists of the following (in thousands):


	September 30, 2015			March 31, 2015
RectorSeal line of credit, interest rate of 2.5% and 1.77%, respectively	$	12,500		$	13,000
Strathmore acquisition term loan, interest rate of 3.19%		68,250			—
Whitmore term loan, interest rate of 2.19% and 2.17%, respectively		13,424			13,704

Total debt		94,174			26,704
Less: Current portion		(17,436	)		(13,561	)

Long-term debt	$	76,738		$	13,143

Aggregate Maturities of Long-Term Debt

As of September 30, 2015, our future minimum debt payments are as follows for fiscal years ending March 31 (in thousands):


2016	$	2,031
2017		18,311
2018		7,561
2019		7,561
2020		5,811
Thereafter		52,899

Total	$	94,174

Earnings Per Share (Tables)

6 Months Ended

Sep. 30, 2015

Earnings Per Share [Abstract]

Reconciliation of Numerator of Basic and Diluted Earnings Per Share


	Three Months Ended September 30,
	2015		2014
Numerator:
Net income for basic and diluted earnings per share	$	12,962	$	8,238


Denominator:
Weighted average common shares outstanding, basic		15,583		15,583
Potentially dilutive securities (1)		128		128

Weighted average common shares outstanding, diluted		15,711		15,711


Earnings per common share:
Basic	$	0.83	$	0.53
Diluted		0.83		0.52

	Six Months Ended September 30,
	2015		2014
Numerator:
Net income for basic and diluted earnings per share	$	21,612	$	17,986


Denominator:
Weighted average common shares outstanding, basic		15,583		15,583
Potentially dilutive securities (1)		128		128

Weighted average common shares outstanding, diluted		15,711		15,711


Earnings per common share:
Basic	$	1.39	$	1.15
Diluted		1.38		1.14

(1)	We have excluded 32,877 shares from all periods presented as their effect would have been anti-dilutive.

Derivative Instruments and Hedge Accounting (Tables)

6 Months Ended

Sep. 30, 2015

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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):


	September 30, 2015		March 31, 2015
Current derivative liabilities	$	611	$	—
Non-current derivative liabilities		913		1,206

Retirement Plans (Tables)

6 Months Ended

Sep. 30, 2015

Qualified Plan [Member]

Schedule of Pension Plan

The following tables set forth the Qualified Plan’s net pension (benefit) expense recognized in our condensed consolidated financial statements (in thousands):


	Three months ended September 30,
	2015			2014
Service cost – benefits earned during the period	$	1,272		$	710
Interest cost on projected benefit obligation		746			691
Expected return on assets		(715	)		(625	)
Amortization of net prior service (benefit) cost		(42	)		(70	)
Curtailment benefit		(8,051	)		—

Net pension (benefit) expense	$	(6,790	)	$	706


	Six months ended September 30,
	2015			2014
Service cost – benefits earned during the period	$	2,042		$	1,520
Interest cost on projected benefit obligation		1,382			1,256
Expected return on assets		(1,324	)		(1,203	)
Amortization of net prior service (benefit) cost		(27	)		29
Curtailment benefit		(8,051	)		—

Net pension (benefit) expense	$	(5,978	)	$	1,602

Restoration Plan [Member]

Schedule of Pension Plan

The following table sets forth the Restoration Plan’s net pension expense recognized in our condensed consolidated financial statements (in thousands):


	Three months ended September 30,
	2015		2014
Service cost – benefits earned during the period	$	10	$	15
Interest cost on projected benefit obligation		19		16
Amortization of net prior service cost		1		(2	)
Amortization of net actuarial loss		16		—
Curtailment expense		31		—

Net pension expense	$	77	$	29


	Six months ended September 30,
	2015		2014
Service cost – benefits earned during the period	$	27	$	33
Interest cost on projected benefit obligation		36		33
Amortization of net prior service cost		5		16
Amortization of net actuarial loss		20		—
Curtailment expense		31		—

Net pension expense	$	119	$	82

Other Comprehensive Income (Tables)

6 Months Ended

Sep. 30, 2015

Equity [Abstract]

Analysis of Changes in Accumulated Other Comprehensive Income (Loss)

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


	Three Months ended September 30,
	2015			2014
Currency translation adjustments:
Balance at beginning of period	$	(2,782	)	$	2,714
Adjustments for foreign currency translation, net of taxes of $1,245 and $1,007, respectively		(2,312	)		(1,912	)

Balance at end of period	$	(5,094	)	$	802


Interest rate swaps:
Balance at beginning of period	$	(678	)	$	—
Unrealized gains, net of taxes of $229		(433	)		—
Reclassification of losses included in interest expense, net, net of taxes of $(63)		120			—

Other comprehensive income (loss)		(313	)		—

Balance at end of period	$	(991	)	$	—


Defined benefit plans:
Balance at beginning of period	$	(5,210	)	$	952
Amortization of net prior service benefit, net of taxes of $8 (1)		(15	)		—
Amortization of net loss, net of taxes of $(7) (1)		13			—
Curtailment, net of taxes of $(2,612)		4,850			—

Other comprehensive income (loss)		4,848			—

Balance at end of period	$	(362	)	$	952


	Six Months ended September 30,
	2015			2014
Currency translation adjustments:
Balance at beginning of period	$	(3,877	)	$	1,399
Adjustments for foreign currency translation, net of taxes of $663 and $300, respectively		(1,217	)		(597	)

Balance at end of period	$	(5,094	)	$	802


Interest rate swaps:
Balance at beginning of period	$	(1,206	)	$	—
Unrealized gains, net of taxes of $(20)		37			—
Reclassification of gains (losses) included in interest expense, net, net of taxes of $(97)		178			—

Other comprehensive income (loss)		215			—

Balance at end of period	$	(991	)	$	—


Defined benefit plans:
Balance at beginning of period	$	(5,210	)	$	1,098
Amortization of net prior service benefit, net of taxes of $8 and $0, respectively (1)		(15	)		53
Amortization of net loss, net of taxes of $(7) and $0, respectively (1)		13			(199	)
Curtailment, net of taxes of $(2,612)		4,850			—

Other comprehensive income (loss)		4,848			(146	)

Balance at end of period	$	(362	)	$	952

(1)	Amortization of prior service costs and actuarial losses out of Accumulated other comprehensive loss are included in the computation of net periodic pension expenses. See Note 11 for additional information.

Segments (Tables)

6 Months Ended

Sep. 30, 2015

Segment Reporting [Abstract]

Schedule of Segments

Three months ended September 30, 2015


(in thousands)	Industrial Products		Coatings, Sealants and Adhesives		Specialty Chemicals		Subtotal – Reportable Segments		Eliminations and Other			Total
Revenues, net	$	36,186	$	27,971	$	19,771	$	83,928	$	(184	)	$	83,744
Operating income		11,668		4,938		4,961		21,567		(789	)		20,778

Three months ended September 30, 2014


(in thousands)	Industrial Products		Coatings, Sealants and Adhesives		Specialty Chemicals		Subtotal – Reportable Segments		Eliminations and Other			Total
Revenues, net	$	29,902	$	13,539	$	24,322	$	67,763	$	331		$	68,094
Operating income		4,651		2,944		4,173		11,768		(19	)		11,749

Six months ended September 30, 2015


(in thousands)	Industrial Products		Coatings, Sealants and Adhesives		Specialty Chemicals		Subtotal – Reportable Segments		Eliminations and Other			Total
Revenues, net	$	76,162	$	56,420	$	39,934	$	172,516	$	138		$	172,654
Operating income		21,358		6,778		7,691		35,827		(761	)		35,066

Six months ended September 30, 2014


(in thousands)	Industrial Products		Coatings, Sealants and Adhesives		Specialty Chemicals		Subtotal – Reportable Segments		Eliminations and Other		Total
Revenues, net	$	64,159	$	26,230	$	45,897	$	136,286	$	605	$	136,891
Operating income		11,458		6,407		8,026		25,891		1		25,892

Total assets as of:


(in thousands)	Industrial Products		Coatings, Sealants and Adhesives		Specialty Chemicals		Subtotal – Reportable Segments		Eliminations and Other		Total
September 30, 2015	$	150,757	$	119,223	$	92,493	$	362,473	$	31,122	$	393,595
March 31, 2015		152,187		38,604		77,937		268,728		17,793		286,521

Schedule of Sales and Long-Lived Assets by Geographic Area

Sales and long-lived assets by geographic area are as follows (in thousands):


	For the three months ended September 30,
	2015				2014
U.S.	$	69,860	83.4	%	$	52,680	77.4	%
Non-U.S.		13,884	16.6	%		15,414	22.6	%

Revenues, net	$	83,744	100.0	%	$	68,094	100.0	%


	For the six months ended September 30,
	2015				2014
U.S.	$	145,593	84.3	%	$	105,639	77.2	%
Non-U.S.		27,061	15.7	%		31,252	22.8	%

Revenues, net	$	172,654	100.0	%	$	136,891	100.0	%


	As of
	September 30, 2015				March 31, 2015
U.S.	$	195,602	93.5	%	$	134,117	90.3	%
Non-U.S.		13,567	6.5	%		14,457	9.7	%

Long-lived assets	$	209,169	100.0	%	$	148,574	100.0	%

Organization and Operations and Summary of Accounting Policies (The Share Distribution) - Additional Information (Detail) - USD ($) $ in Thousands		6 Months Ended
	Sep. 30, 2015	Sep. 30, 2015
Cash contribution from Capital Southwest		$ 13,000
Pension plan assets contributed by Capital Southwest		$ 10,357
Capital Southwest Corporation [Member]
Cash contribution from Capital Southwest	$ 13,000
Pension plan assets contributed by Capital Southwest	10,400
Equity issuance cost	$ 300

Acquisitions (Strathmore Products, Inc.) - Additional Information (Detail) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended		12 Months Ended
	Apr. 01, 2015	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Mar. 31, 2015
Business Acquisition [Line Items]
Net revenue		$ 83,744	$ 68,094	$ 172,654	$ 136,891
Strathmore Products, Inc [Member]
Business Acquisition [Line Items]
Purchase price, amount transferred	$ 68,800
Additional contingent consideration payable	16,500
Contingent consideration liability recognized	2,000
Purchase price, funded from borrowings	70,000
Transaction costs	2,500					$ 200
Excess of the purchase price over the fair value of the identifiable assets acquired	15,100
Strathmore Products, Inc [Member] \| Coatings, Sealants and Adhesives [Member]
Business Acquisition [Line Items]
Net revenue				$ 30,400
Strathmore Products, Inc [Member] \| Customer Relationships [Member]
Business Acquisition [Line Items]
Fair value of the assets acquired	$ 27,400
Assets acquired, amortization period	15 years
Strathmore Products, Inc [Member] \| Non-compete Agreements [Member]
Business Acquisition [Line Items]
Fair value of the assets acquired	$ 400
Assets acquired, amortization period	5 years
Strathmore Products, Inc [Member] \| Trade Names and Trademarks [Member]
Business Acquisition [Line Items]
Fair value of the assets acquired	$ 14,900

Acquisitions (Strathmore Products, Inc.) - Summary of Preliminary Estimates of Fair Values of Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Thousands	Sep. 30, 2015	Mar. 31, 2015
Business Acquisition [Line Items]
Goodwill	$ 55,730	$ 40,645
Strathmore Products, Inc [Member]
Business Acquisition [Line Items]
Accounts receivable	4,902
Inventory	8,447
Property, plant and equipment	3,761
Intangible assets	42,650
Other, net	241
Current liabilities	(4,297)
Net tangible and intangible assets	55,704
Goodwill	15,095
Purchase price	$ 70,799

Acquisitions (Strathmore Products, Inc.) - Summary of Pro Forma Information (Detail) - Strathmore Products, Inc [Member] - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Business Acquisition [Line Items]
Revenues, net	$ 83,744	$ 85,208	$ 172,654	$ 169,593
Operating income	20,778	13,839	35,066	29,936
Net income	$ 12,962	$ 9,236	$ 21,612	$ 20,041
Earnings per share - Basic	$ 0.83	$ 0.59	$ 1.39	$ 1.29
Earnings per share - Diluted	$ 0.83	$ 0.59	$ 1.38	$ 1.28

Acquisitions (SureSeal Manufacturing) - Additional Information (Detail) - USD ($) $ in Thousands		6 Months Ended
	Jan. 02, 2015	Sep. 30, 2015	Sep. 30, 2014
Business Acquisition [Line Items]
Purchase price, paid from available cash		$ 68,849	$ 4,524
Sure Seal Brand [Member]
Business Acquisition [Line Items]
Purchase price	$ 8,100
Purchase price, amount transferred	3,200
Purchase price, funded from borrowings	2,900
Purchase price, paid from available cash	$ 300
Contingent consideration, first performance measurement period	3 years
Contingent consideration, second performance measurement period	6 years
Contingent consideration, payment condition net sales target percentage	67.00%
Contingent consideration payment condition measurement period	12 months
Contingent consideration liability recognized	$ 4,900
Excess of the purchase price over the fair value of the identifiable assets acquired	4,500
Fair value of equipment acquired	200
Sure Seal Brand [Member] \| Trade Names and Trademarks [Member]
Business Acquisition [Line Items]
Fair value of the assets acquired	900
Sure Seal Brand [Member] \| Customer Lists [Member]
Business Acquisition [Line Items]
Fair value of the assets acquired	$ 1,800
Assets acquired, amortization period	10 years
Sure Seal Brand [Member] \| Patents [Member]
Business Acquisition [Line Items]
Fair value of the assets acquired	$ 600
Assets acquired, amortization period	15 years
Sure Seal Brand [Member] \| Non-compete Agreements [Member]
Business Acquisition [Line Items]
Fair value of the assets acquired	$ 100
Assets acquired, amortization period	5 years

Acquisitions (Evo-Crete and Polyslab product lines) - Additional Information (Detail) - Evo-Crete and Polyslab Product Lines [Member] $ in Millions	Aug. 15, 2015 USD ($)
Business Acquisition [Line Items]
Purchase price	$ 4.5
Purchase price, funded from borrowings	3.0
Excess of the purchase price over the fair value of the identifiable assets acquired	1.5
Fair value of property, plant, and equipment acquired	0.7
Trademarks Not Being Amortized [Member]
Business Acquisition [Line Items]
Fair value of the assets acquired	0.4
Non-compete Agreements [Member]
Business Acquisition [Line Items]
Fair value of the assets acquired	$ 0.1
Assets acquired, amortization period	5 years
Customer Lists [Member]
Business Acquisition [Line Items]
Fair value of the assets acquired	$ 1.2
Assets acquired, amortization period	15 years
Patents [Member]
Business Acquisition [Line Items]
Fair value of the assets acquired	$ 0.7
Assets acquired, amortization period	10 years

Inventories - Schedule of Inventories (Detail) - USD ($) $ in Thousands	Sep. 30, 2015	Mar. 31, 2015
Inventory Disclosure [Abstract]
Raw materials and supplies	$ 29,690	$ 21,837
Work in process	5,298	5,626
Finished goods	26,378	25,325
Total inventories	61,366	52,788
Less: LIFO reserve	(5,304)	(5,456)
Less: Obsolescence reserve	(1,007)	(157)
Inventories, net	$ 55,055	$ 47,175

Goodwill and Intangible Assets - Schedule of Changes in Carrying Amount of Goodwill (Detail) $ in Thousands	6 Months Ended
	Sep. 30, 2015 USD ($)
Goodwill [Line Items]
Beginning balance	$ 40,645
Acquisition of Strathmore	15,095
Currency translation	(10)
Ending balance	55,730
Industrial Products [Member]
Goodwill [Line Items]
Beginning balance	36,323
Currency translation	(10)
Ending balance	36,313
Coatings, Sealants and Adhesives [Member]
Goodwill [Line Items]
Beginning balance	920
Acquisition of Strathmore	15,095
Currency translation	0
Ending balance	16,015
Specialty Chemicals [Member]
Goodwill [Line Items]
Beginning balance	3,402
Currency translation	0
Ending balance	$ 3,402

Goodwill and Intangible Assets - Schedule of Intangible Assets (Detail) - USD ($) $ in Thousands	6 Months Ended
	Sep. 30, 2015	Mar. 31, 2015
Intangible Assets [Line Items]
Gross Amount	$ 80,261	$ 54,664
Accumulated Amortization	(22,695)	(21,137)
Trade Names and Trademarks [Member]
Intangible Assets [Line Items]
Gross Amount	22,925	8,052
Non-compete Agreements [Member]
Intangible Assets [Line Items]
Gross Amount	897	2,877
Accumulated Amortization	$ (294)	(2,458)
Non-compete Agreements [Member] \| Minimum [Member]
Intangible Assets [Line Items]
Useful Life	5 years
Non-compete Agreements [Member] \| Maximum [Member]
Intangible Assets [Line Items]
Useful Life	12 years
Patents [Member]
Intangible Assets [Line Items]
Gross Amount	$ 14,396	14,284
Accumulated Amortization	$ (8,108)	(7,608)
Patents [Member] \| Minimum [Member]
Intangible Assets [Line Items]
Useful Life	5 years
Patents [Member] \| Maximum [Member]
Intangible Assets [Line Items]
Useful Life	20 years
Customer Lists and Amortized Trademarks [Member]
Intangible Assets [Line Items]
Gross Amount	$ 64,516	37,091
Accumulated Amortization	$ (14,114)	(11,516)
Customer Lists and Amortized Trademarks [Member] \| Minimum [Member]
Intangible Assets [Line Items]
Useful Life	10 years
Customer Lists and Amortized Trademarks [Member] \| Maximum [Member]
Intangible Assets [Line Items]
Useful Life	20 years
Other [Member]
Intangible Assets [Line Items]
Gross Amount	$ 452	412
Accumulated Amortization	$ (179)	$ (233)
Other [Member] \| Minimum [Member]
Intangible Assets [Line Items]
Useful Life	4 years
Other [Member] \| Maximum [Member]
Intangible Assets [Line Items]
Useful Life	5 years

Goodwill and Intangible Assets - Schedule of Intangible Assets (Parenthetical) (Detail) $ in Millions	6 Months Ended
	Sep. 30, 2015 USD ($)
Non-compete Agreements [Member]
Intangible Assets [Line Items]
Write off of expired and fully amortized intangible assets	$ (2.3)

Goodwill and Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of intangible assets	$ 1,600	$ 1,200	$ 3,293	$ 2,267

Goodwill and Intangible Assets - Schedule of Estimated Future Amortization For Intangible Assets (Detail) $ in Thousands	Sep. 30, 2015 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2016	$ 3,127
2017	6,271
2018	6,141
2019	6,049
2020	5,270
2021	$ 4,978

Accrued Expenses - Schedule of Accrued and Other Current Liabilities (Detail) - USD ($) $ in Thousands	Sep. 30, 2015	Mar. 31, 2015
Payables and Accruals [Abstract]
Compensation and related benefits	$ 9,400	$ 9,212
Rebates and marketing agreements	2,036	1,515
Commissions	1,152	1,157
Sales and property taxes	1,173	373
Other accrued expenses	4,578	3,744
Total accrued and other current liabilities	$ 18,339	$ 16,001

Share-Based Compensation - Additional Information (Detail) - 2015 Plan [Member] $ in Millions	1 Months Ended	6 Months Ended
	Sep. 30, 2015 USD ($) shares	Sep. 30, 2015 USD ($) Installments shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, in connection with share distribution, number of shares granted		0
Share-based compensation, in connection with share distribution, number of shares cancelled		0
Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of annual installments, options exercisable \| Installments		5
Unrecognized compensation costs related to non-vested stock option \| $	$ 1.0	$ 1.0
Weighted average vesting period		2 years 4 months 24 days
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awardees received additional shares for each share held	1
Weighted average vesting period		2 years 3 months 18 days
Unrecognized compensation costs related to unvested restricted shares \| $	$ 1.1	$ 1.1
Maximum [Member] \| Stock Compensation Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of common stock granted	1,230,000	1,230,000
Maximum [Member] \| Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation, expiration period		10 years
Maximum [Member] \| Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation, expiration period	5 years
Share based compensation, vesting period	5 years
Minimum [Member] \| Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation, expiration period	1 year
Share based compensation, vesting period	1 year

Share-Based Compensation - Schedule of Share-Based Awards Outstanding (Detail) - 2015 Plan [Member]	Sep. 30, 2015 $ / shares shares
Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Options, Number of Shares, Outstanding \| shares	368,487
Stock Options, Weighted Average Exercise Price, Outstanding \| $ / shares	$ 24.40
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted Shares, Number of Shares, Outstanding \| shares	141,960
Restricted Shares, Weighted Average Exercise Grant Date, Fair Value, Outstanding \| $ / shares	$ 17.11

Share-Based Compensation - Schedule of Share-Based Awards Outstanding (Parenthetical) (Detail)	Sep. 30, 2015 shares
2015 Plan [Member] \| Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of options exercisable	22,906

Long-Term Debt - Schedule of Long-Term Debt (Detail) - USD ($) $ in Thousands	Sep. 30, 2015	Mar. 31, 2015	Mar. 31, 2014
Debt Instrument [Line Items]
Total	$ 94,174	$ 26,704
Less: Current portion	(17,436)	(13,561)
Long-term debt	76,738	13,143
RectorSeal [Member] \| Line of Credit [Member]
Debt Instrument [Line Items]
Line of credit	12,500	13,000
Strathmore [Member] \| Acquisition Term Loan [Member]
Debt Instrument [Line Items]
Term loan	68,250	0
Whitmore [Member] \| Line of Credit [Member]
Debt Instrument [Line Items]
Line of credit	0	0	$ 4,300
Whitmore [Member] \| Secured Term Loan [Member]
Debt Instrument [Line Items]
Term loan	$ 13,424	$ 13,704

Long-Term Debt - Schedule of Long-Term Debt (Parenthetical) (Detail)	Sep. 30, 2015	Mar. 31, 2015
RectorSeal [Member] \| Line of Credit [Member]
Debt Instrument [Line Items]
Interest rate	2.50%	1.77%
Strathmore [Member] \| Acquisition Term Loan [Member]
Debt Instrument [Line Items]
Interest rate	3.19%
Whitmore [Member] \| Secured Term Loan [Member]
Debt Instrument [Line Items]
Interest rate	2.19%	2.17%

Long-Term Debt (RectorSeal Line of Credit) - Additional Information (Detail) - RectorSeal [Member] - Line of Credit [Member] - USD ($)	6 Months Ended
	Sep. 30, 2015	Mar. 31, 2015
Debt Instrument [Line Items]
Available borrowing capacity under credit facility	$ 30,000,000
Line of credit	$ 12,500,000	$ 13,000,000
London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Spread on interest rate	1.50%
Prime Rate [Member]
Debt Instrument [Line Items]
Spread on interest rate	(0.75%)

- 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

Long-Term Debt (Strathmore Acquisition Term Loan) - Additional Information (Detail) - Strathmore [Member] - Acquisition Term Loan [Member] - USD ($)	3 Months Ended				6 Months Ended
	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Mar. 31, 2015
Debt Instrument [Line Items]
Term loan					$ 68,250,000	$ 0
London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Spread on interest rate					3.00%
Scenario, Forecast [Member]
Debt Instrument [Line Items]
Debt instrument, periodic principal payment	$ 1,300,000	$ 1,300,000	$ 875,000	$ 875,000

Long-Term Debt (Whitmore Line of Credit) - Additional Information (Detail) - Whitmore [Member] - Line of Credit [Member] - USD ($)	6 Months Ended
	Sep. 30, 2015	Mar. 31, 2015	Mar. 31, 2014
Debt Instrument [Line Items]
Available borrowing capacity under credit facility	$ 20,000,000
Line of credit	$ 0	$ 0	$ 4,300,000
Prime Rate [Member]
Debt Instrument [Line Items]
Spread on interest rate	(0.50%)

- Definition

+ References + Details

Long-Term Debt (Whitmore Term Loan) - Additional Information (Detail) - Whitmore [Member] - Secured Term Loan [Member] - USD ($)	3 Months Ended				6 Months Ended
	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Sep. 30, 2015	Mar. 31, 2015
Debt Instrument [Line Items]
Term loan				$ 13,424,000	$ 13,424,000	$ 13,704,000
London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Spread on interest rate					2.00%
Scenario, Forecast [Member]
Debt Instrument [Line Items]
Debt instrument, periodic principal payment	$ 140,000	$ 140,000	$ 140,000	$ 140,000

Long-Term Debt (Balco Line of Credit) - Additional Information (Detail) - Balco [Member] - USD ($)	6 Months Ended
	Sep. 30, 2015	Mar. 31, 2015
Debt Instrument [Line Items]
Available borrowing capacity under credit facility	$ 1,500,000
Floor interest rate percentage	3.75%
Line of credit	$ 0	$ 0
Prime Rate [Member]
Debt Instrument [Line Items]
Spread on interest rate	(0.50%)

- Definition

+ References + Details

Long-Term Debt - Aggregate Maturities of Long-Term Debt (Detail) - USD ($) $ in Thousands	Sep. 30, 2015	Mar. 31, 2015
Maturities of Long-term Debt [Abstract]
2016	$ 2,031
2017	18,311
2018	7,561
2019	7,561
2020	5,811
Thereafter	52,899
Total	$ 94,174	$ 26,704

Earnings Per Share - Additional Information (Detail) - shares shares in Thousands	Sep. 30, 2015	Mar. 31, 2015
Earnings Per Share [Abstract]
Common shares, issued	15,583	15,583

Earnings Per Share - Reconciliation of Numerator of Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Numerator:
Net income for basic and diluted earnings per share	$ 12,962	$ 8,238	$ 21,612	$ 17,986
Denominator:
Weighted average common shares outstanding, basic	15,583	15,583	15,583	15,583
Potentially dilutive securities	128	128	128	128
Weighted average common shares outstanding, diluted	15,711	15,711	15,711	15,711
Earnings per common share:
Basic	$ 0.83	$ 0.53	$ 1.39	$ 1.15
Diluted	$ 0.83	$ 0.52	$ 1.38	$ 1.14

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References + Details

- Definition

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

+ References + Details

Earnings Per Share - Reconciliation of Numerator of Basic and Diluted Earnings Per Share (Parenthetical) (Detail) - shares	3 Months Ended		6 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Earnings Per Share [Abstract]
Antidilutive securities excluded from computation of earnings per share	32,877	32,877	32,877	32,877

Derivative Instruments and Hedge Accounting - Additional Information (Detail) - Interest Rate Swap [Member] - USD ($) $ in Millions	6 Months Ended
	Sep. 30, 2015	Mar. 31, 2015
Derivative [Line Items]
Notional amount	$ 47.5	$ 13.7
Maximum remaining length of interest rate swap contract	13 years 9 months 18 days

Derivative Instruments and Hedge Accounting - Fair Value of Derivatives (Detail) - USD ($) $ in Thousands	Sep. 30, 2015	Mar. 31, 2015
Derivatives, Fair Value [Line Items]
Accrued expenses and other current liabilities	$ 18,339	$ 16,001
Other long-term liabilities	14,886	7,710
Hedging Instrument [Member] \| Interest Rate Swap [Member]
Derivatives, Fair Value [Line Items]
Accrued expenses and other current liabilities	611
Other long-term liabilities	$ 913	$ 1,206

Fair Value Measurements - Additional Information (Detail) - Fair Value, Inputs, Level 3 [Member] - Estimate of Fair Value Measurement [Member] $ in Millions	6 Months Ended
	Sep. 30, 2015 USD ($) Trial	Mar. 31, 2015 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of trials employed for measuring fair value \| Trial	200,000
Contingent consideration liability recognized \| $	$ 8.1	$ 5.8

Retirement Plans - Additional Information (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Defined Benefit Plan Disclosure [Line Items]
Curtailment benefit			$ (8,020,000)
Qualified Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan number of consecutive years of highest compensation			5 years
Defined benefit plan number of years of employment			10 years
Contributions made under defined benefit plan	$ 0	$ 0	$ 0	$ 0
Curtailment benefit	$ (8,051,000)		(8,051,000)
Qualified Plan [Member] \| Cost of Revenues [Member]
Defined Benefit Plan Disclosure [Line Items]
Curtailment benefit			(2,700,000)
Qualified Plan [Member] \| General and Administrative Expenses [Member]
Defined Benefit Plan Disclosure [Line Items]
Curtailment benefit			(2,300,000)
Qualified Plan [Member] \| Selling and Distribution Expenses [Member]
Defined Benefit Plan Disclosure [Line Items]
Curtailment benefit			(2,400,000)
Qualified Plan [Member] \| Research and Development Expenses [Member]
Defined Benefit Plan Disclosure [Line Items]
Curtailment benefit			$ (700,000)

Retirement Plans - Schedule of Net Pension (Benefit) Expense Recognized - Qualified Plan (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Defined Benefit Plan Disclosure [Line Items]
Curtailment benefit			$ (8,020)
Qualified Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost - benefits earned during the period	$ 1,272	$ 710	2,042	$ 1,520
Interest cost on projected benefit obligation	746	691	1,382	1,256
Expected return on assets	(715)	(625)	(1,324)	(1,203)
Amortization of net prior service (benefit) cost	(42)	(70)	(27)	29
Curtailment benefit	(8,051)		(8,051)
Net pension (benefit) expense	$ (6,790)	$ 706	$ (5,978)	$ 1,602

Retirement Plans - Schedule of Net Pension Expense Recognized - Restoration Plan (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Defined Benefit Plan Disclosure [Line Items]
Curtailment benefit			$ (8,020)
Restoration Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost - benefits earned during the period	$ 10	$ 15	27	$ 33
Interest cost on projected benefit obligation	19	16	36	33
Amortization of net prior service (benefit) cost	1	(2)	5	16
Amortization of net actuarial loss	16		20
Curtailment benefit	31		31
Net pension (benefit) expense	$ 77	$ 29	$ 119	$ 82

Related Party Disclosures - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Related Party Transaction [Line Items]
General and administrative expenses	$ 9,860	$ 8,673	$ 22,481	$ 16,315
Dividends paid			300	450
Subsidiary of Capital Southwest Corporation [Member] \| Management Fees [Member]
Related Party Transaction [Line Items]
General and administrative expenses	100	100	200	200
Capital Southwest Corporation [Member]
Related Party Transaction [Line Items]
Dividends paid	$ 100	$ 200	$ 300	$ 500
Related party, stock held in employee stock-ownership plan	950,838		950,838
Costs incurred related to the organization and start-up activities	$ 1,200		$ 1,200
Capital Southwest Corporation [Member] \| Qualified Plan [Member]
Related Party Transaction [Line Items]
Related party, stock held in qualified defined benefit pension plan	238,252		238,252

Taxes - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Income Tax Disclosure [Abstract]
Income before income taxes	$ 19,833	$ 12,579	$ 33,389	$ 27,034
Provision for income taxes	$ 6,871	$ 4,341	$ 11,777	$ 9,048
Effective tax rate	34.60%	34.50%	35.30%	33.50%

Other Comprehensive Income - Analysis of Changes in Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance at beginning of period			$ 204,601
Other comprehensive income (loss)	$ 2,223	$ (1,912)	3,846	$ (743)
Balance at end of period	252,863		252,863
Currency Translation Adjustments [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance at beginning of period	(2,782)	2,714	(3,877)	1,399
Other comprehensive income (loss)	(2,312)	(1,912)	(1,217)	(597)
Balance at end of period	(5,094)	802	(5,094)	802
Interest Rate Swaps [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance at beginning of period	(678)		(1,206)
Unrealized gains, net of tax	(433)		37
Reclassification from AOCI, net of tax	120		178
Other comprehensive income (loss)	(313)		215
Balance at end of period	(991)		(991)
Defined Benefit Plans [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance at beginning of period	(5,210)	952	(5,210)	1,098
Other comprehensive income (loss)	4,848	0	4,848	(146)
Balance at end of period	(362)	$ 952	(362)	952
Defined Benefit Plans, Amortization of Net Prior Service Benefits [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Reclassification from AOCI, net of tax	(15)		(15)	53
Defined Benefit Plans, Amortization of Net Loss [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Reclassification from AOCI, net of tax	13		13	$ (199)
Defined Benefit Plans, Curtailment [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Reclassification from AOCI, net of tax	$ 4,850		$ 4,850

Other Comprehensive Income - Analysis of Changes in Accumulated Other Comprehensive Income (Loss) (Parenthetical) (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Currency Translation Adjustments [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Adjustments for foreign currency translation, tax	$ 1,245	$ 1,007	$ 663	$ 300
Interest Rate Swaps [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Unrealized gains, tax	229		(20)
Reclassification from AOCI, tax	(63)		(97)
Defined Benefit Plans, Amortization of Net Prior Service Benefits [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Reclassification from AOCI, tax	8		8	0
Defined Benefit Plans, Amortization of Net Loss [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Reclassification from AOCI, tax	(7)		(7)	$ 0
Defined Benefit Plans, Curtailment [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Reclassification from AOCI, tax	$ (2,612)		$ (2,612)

Other Comprehensive Income - Additional Information (Detail) $ in Millions	6 Months Ended
	Sep. 30, 2015 USD ($)
Equity [Abstract]
Losses on cash flow hedges expected to be reclassified to earnings within next 12 months	$ 0.4

Segments - Additional Information (Detail)	6 Months Ended
Segments - Additional Information (Detail)	Sep. 30, 2015 Segments
Segment Reporting [Abstract]
Number of business segments	3

Segments - Schedule of Segments (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Mar. 31, 2015
Segment Reporting Information [Line Items]
Revenues, net	$ 83,744	$ 68,094	$ 172,654	$ 136,891
Operating income	20,778	11,749	35,066	25,892
Total assets	393,595		393,595		$ 286,521
Operating Segments [Member]
Segment Reporting Information [Line Items]
Revenues, net	83,928	67,763	172,516	136,286
Operating income	21,567	11,768	35,827	25,891
Total assets	362,473		362,473		268,728
Operating Segments [Member] \| Industrial Products [Member]
Segment Reporting Information [Line Items]
Revenues, net	36,186	29,902	76,162	64,159
Operating income	11,668	4,651	21,358	11,458
Total assets	150,757		150,757		152,187
Operating Segments [Member] \| Coatings, Sealants and Adhesives [Member]
Segment Reporting Information [Line Items]
Revenues, net	27,971	13,539	56,420	26,230
Operating income	4,938	2,944	6,778	6,407
Total assets	119,223		119,223		38,604
Operating Segments [Member] \| Specialty Chemicals [Member]
Segment Reporting Information [Line Items]
Revenues, net	19,771	24,322	39,934	45,897
Operating income	4,961	4,173	7,691	8,026
Total assets	92,493		92,493		77,937
Eliminations and Other [Member]
Segment Reporting Information [Line Items]
Revenues, net	(184)	331	138	605
Operating income	(789)	$ (19)	(761)	$ 1
Total assets	$ 31,122		$ 31,122		$ 17,793

Segments - Schedule of Sales and Long-Lived Assets by Geographic Area (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Mar. 31, 2015
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues	$ 83,744	$ 68,094	$ 172,654	$ 136,891
Long-lived assets	$ 209,169		$ 209,169		$ 148,574
Net Revenues [Member] \| Geographic Concentration Risk [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage	100.00%	100.00%	100.00%	100.00%
Long Lived Assets [Member] \| Geographic Concentration Risk [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage			100.00%		100.00%
U.S. [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues	$ 69,860	$ 52,680	$ 145,593	$ 105,639
Long-lived assets	$ 195,602		$ 195,602		$ 134,117
U.S. [Member] \| Net Revenues [Member] \| Geographic Concentration Risk [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage	83.40%	77.40%	84.30%	77.20%
U.S. [Member] \| Long Lived Assets [Member] \| Geographic Concentration Risk [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage			93.50%		90.30%
Non-U.S. [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues	$ 13,884	$ 15,414	$ 27,061	$ 31,252
Long-lived assets	$ 13,567		$ 13,567		$ 14,457
Non-U.S. [Member] \| Net Revenues [Member] \| Geographic Concentration Risk [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage	16.60%	22.60%	15.70%	22.80%
Non-U.S. [Member] \| Long Lived Assets [Member] \| Geographic Concentration Risk [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage			6.50%		9.70%

Subsequent Events - Additional Information (Detail) - USD ($) $ in Thousands		6 Months Ended
	Oct. 01, 2015	Sep. 30, 2015	Sep. 30, 2014
Subsequent Event [Line Items]
Purchase price, paid from available cash		$ 68,849	$ 4,524
Deacon [Member] \| Subsequent Event [Member]
Subsequent Event [Line Items]
Purchase price, amount transferred	$ 12,000
Purchase price, funded from borrowings	11,000
Purchase price, paid from available cash	$ 1,000