View Filing Data

Print Document View Excel Document

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Jun. 30, 2016	Aug. 05, 2016
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2016
Document Fiscal Year Focus	2017
Document Fiscal Period Focus	Q1
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		15,694,685

Condensed Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Income Statement [Abstract]
Revenues, net	$ 84,107	$ 88,909
Cost of revenues	(45,904)	(48,465)
Gross profit	38,203	40,444
Selling, general and administrative expenses	(29,711)	(26,156)
Impairment expenses	(1,082)
Operating income	7,410	14,288
Interest expense, net	(748)	(667)
Other income (expense), net	538	(65)
Income before income taxes	7,200	13,556
Provision for income taxes	(3,104)	(4,906)
Net income	$ 4,096	$ 8,650
Net earnings per common share:
Basic	$ 0.26	$ 0.56
Diluted	$ 0.26	$ 0.55

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Statement of Comprehensive Income [Abstract]
Net income	$ 4,096	$ 8,650
Other comprehensive (loss) income:
Foreign currency translation adjustments	(1,324)	1,095
Cash flow hedging activity, net of taxes	(223)	528
Pension and other postretirement effects, net of taxes	10
Other comprehensive (loss) income	(1,537)	1,623
Comprehensive income	$ 2,559	$ 10,273

Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Statement of Comprehensive Income [Abstract]
Cash flow hedging activity, taxes	$ 120	$ (284)
Pension and other postretirement effects, taxes	$ (5)

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2016	Mar. 31, 2016
Current assets:
Cash and cash equivalents	$ 21,710	$ 25,987
Bank time deposits	13,183	13,278
Accounts receivable, net of allowance of $1,213 and $1,208, respectively	58,825	52,637
Inventories, net	50,695	51,634
Prepaid expenses and other current assets	11,375	11,985
Total current assets	155,788	155,521
Property, plant and equipment, net of accumulated depreciation of $59,275 and $59,035, respectively	63,519	64,357
Goodwill	67,440	67,757
Intangible assets, net	86,827	88,727
Other assets	15,939	15,898
Total assets	389,513	392,260
Current liabilities:
Accounts payable	10,946	9,912
Accrued and other current liabilities	17,051	21,090
Current portion of long-term debt	561	561
Total current liabilities	28,558	31,563
Long-term debt	83,981	89,121
Retirement benefits payable	1,605	1,746
Other long-term liabilities	12,626	11,820
Total liabilities	126,770	134,250
Equity:
Common shares, $0.01 par value Shares authorized - 50,000 Shares issued - 15,713 and 15,659, respectively	156	156
Preferred shares, $0.01 par value Shares authorized - 10,000 Shares issued - 0
Additional paid-in capital	34,327	31,597
Treasury shares, at cost	(556)
Retained earnings	238,051	233,955
Accumulated other comprehensive loss	(9,235)	(7,698)
Total equity	262,743	258,010
Total liabilities and equity	$ 389,513	$ 392,260

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2016	Mar. 31, 2016
Statement of Financial Position [Abstract]
Accounts receivable, allowance	$ 1,213	$ 1,208
Property, plant and equipment, accumulated depreciation	$ 59,275	$ 59,035
Common shares, par value	$ 0.01	$ 0.01
Common shares, authorized	50,000,000	50,000,000
Common shares, issued	15,713,000	15,659,000
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 Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Cash flows from operating activities:
Net income	$ 4,096	$ 8,650
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	2,141	1,673
Amortization of intangible and other assets	1,986	1,657
Provision for doubtful accounts		73
Share-based and other executive compensation	2,730
Net loss (gain) on sales of property, plant and equipment	(266)	(52)
Net pension (benefit) expense	(313)	852
Impairment of assets	1,082
Net deferred taxes	553	(825)
Changes in operating assets and liabilities:
Accounts receivable, net	(5,977)	(7,123)
Inventories, net	586	(550)
Prepaid expenses and other current assets	69	217
Other assets	54
Accounts payable and other current liabilities	(2,486)	5,474
Retirement benefits payable and other liabilities	(404)
Other long-term liabilities		130
Net cash provided by operating activities	3,851	10,176
Cash flows from investing activities:
Capital expenditures	(2,772)	(1,873)
Proceeds from sale of assets held for investment	252
Proceeds from sale of assets		63
Net change in bank time deposits	(39)	3,611
Cash paid for acquisitions		(68,868)
Net cash used in investing activities	(2,559)	(67,067)
Cash flows from financing activities:
Payments on revolving credit agreement	(5,000)
Borrowings on lines of credit		70,000
Repayments of lines of credit	(140)	(1,515)
Purchase of treasury shares	(556)
Dividends paid to Capital Southwest		(240)
Net cash (used in) provided by financing activities	(5,696)	68,245
Effect of exchange rate changes on cash and cash equivalents	127	83
Net change in cash and cash equivalents	(4,277)	11,437
Cash and cash equivalents, beginning of period	25,987	20,448
Cash and cash equivalents, end of period	$ 21,710	$ 31,885

Organization and Operations and Summary of Significant Accounting Policies

3 Months Ended

Jun. 30, 2016

Accounting Policies [Abstract]

Organization and Operations and Summary of Significant 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. Drawing on our innovative and proven technologies, we seek to deliver solutions to our professional customers that require superior performance and reliability. Our diverse product portfolio includes more than 100 highly respected industrial brands including RectorSeal No. 5 ™ thread sealants, KOPR KOTE™ anti-seize lubricants, Safe-T-Switch^® condensate overflow shutoff devices, KATS^® coatings, Air Sentry^® breathers and RailPlex^® tank car coatings. Additionally, we recently acquired Deacon^® high temperature sealants and AC Leak Freeze^® to stop refrigerant leaks. Our products are well known in the specific markets we serve and have a reputation for high quality and reliability. Markets that we serve include HVAC, industrial, rail, plumbing, architecturally-specified building products, energy, mining and other general industrial markets.

The Share Distribution

On September 30, 2015, Capital Southwest Corporation (“Capital Southwest”) spun-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”). CSWI became an independent, publicly traded company at the time of the Share Distribution.

Basis of Presentation

The condensed consolidated financial statements included in this Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2016 (“Quarterly Report”) includes all revenues, costs, assets and liabilities directly attributable to CSWI and have been prepared in accordance with United States (“U.S.”) generally accepted accounting principles (“GAAP”).

The condensed consolidated financial statements reflect all adjustments that are, in the opinion of management, necessary to present a fair statement of CSWI’s financial position as of June 30, 2016, and the results of operations for the three months ended June 30, 2016 and 2015, respectively. All adjustments are of a normal, recurring nature. All significant intercompany balances and transactions have been eliminated in consolidation.

These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the notes thereto included in CSWI’s Annual Report on Form 10-K for the fiscal year ended March 31, 2016 (the “Annual Report”).

Accounting Policies

We have consistently applied the accounting policies described in our Annual Report in preparing these condensed consolidated financial statements. We have not made any changes in significant accounting policies disclosed in the Annual Report.

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 has been subsequently amended with additional ASUs including ASU No. 2016-12, issued in May 2016. ASU No. 2014-09, as amended, 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 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 adopted the amendments of this ASU for the quarter ended June 30, 2016, and it did not have a material impact on our consolidated financial condition and results of operations.

In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842),” to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. A lessee should recognize in the statement of financial position a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term. The recognition, measurement, and presentation of expenses and cash flows arising from a lease by a lessee have not significantly changed from previous U.S. GAAP. This ASU is effective for annual periods, including interim periods within those annual periods, beginning after December 15, 2018. Modified retrospective application is permitted with certain practical expedients. Early adoption is permitted. We are currently evaluating the impact of ASU No. 2016-02 on our consolidated financial condition and results of operations.

In March 2016, the FASB issued ASU No. 2016-09, “Compensation – Stock Compensation (Topic 718),” which simplifies the accounting for share-based compensation. The areas for simplification in this ASU involve several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. This ASU is effective for annual periods, including interim periods within those annual periods, beginning after December 15, 2016. Early adoption is permitted. We are currently evaluating the impact of ASU No. 2016-09 on our consolidated financial condition and results of operations.

Acquisitions

3 Months Ended

Jun. 30, 2016

Business Combinations [Abstract]

Acquisitions

2.	ACQUISITIONS

AC Leak Freeze

On December 16, 2015, we acquired substantially all of the assets of AC Leak Freeze^® (“Leak Freeze”), based in Baltimore, Maryland for $16.3 million in cash funded by borrowings under CSWI’s Revolving Credit Facility (discussed in Note 7). Leak Freeze is a leading manufacturer of original equipment manufacturer-approved air conditioning and refrigerant leak repair solutions. The excess of the purchase price over the fair value of the identifiable assets acquired was $5.7 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 specialty chemical product portfolio for the HVAC market and leveraging our larger distributor network. The allocation of the fair value of the assets acquired included customer lists, trademarks and trade names and a non-compete agreement of $8.1 million, $1.4 million and $0.2 million, respectively, as well as inventory in the amount of $0.7 million. Customer lists and the non-compete agreement are being amortized over 10 years and five years, respectively, while trademarks and trade names and goodwill are not being amortized. Leak Freeze activity has been included in our Specialty Chemicals segment since the acquisition date. No pro forma information has been provided due to immateriality.

Deacon Industries, Inc.

On October 1, 2015, we acquired substantially all of the assets of Deacon Industries, Inc. (“Deacon”), based in Washington, Pennsylvania for $12.6 million. The acquisition was funded by $11.0 million of borrowings under a line of credit and $1.1 million cash on hand. The remaining $0.5 million of the purchase price represents a payment contingent upon the achievement of certain performance metrics during the fiscal year ending March 31, 2017. 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. The excess of the purchase price over the fair value of the identifiable assets acquired was $4.1 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 sealant and injectable packing product portfolio and leveraging our larger distributor network. The allocation of the fair value of the assets acquired included customer lists, know-how, trademarks and trade names and a non-compete agreement of $2.9 million, $2.6 million, $1.1 million, and $0.1 million, respectively, as well as property, plant, and equipment and inventory in the amounts of $0.9 million and $0.5 million, respectively. Customer lists, know-how and the non-compete agreement are being amortized over 15 years, 10 years and five years, respectively, while trademarks and trade names and goodwill are not being amortized. Deacon activity has been included in our Coatings, Sealants & Adhesives 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

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=65885119&loc=d3e1497-128463

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=65885119&loc=d3e1490-128463

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=65885119&loc=d3e1392-128463

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 30
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=35744584&loc=d3e7008-128479

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=65885119&loc=d3e1486-128463

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 30
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=35744584&loc=d3e6927-128479

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=73530397&loc=d3e4845-128472

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=65885119&loc=d3e1524-128463

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 30
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=35744584&loc=d3e7000-128479

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 20
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=73530397&loc=d3e4922-128472

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 20
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=73530397&loc=d3e4934-128472

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 20
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=73530397&loc=d3e4926-128472

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 20
-Section 50
-Paragraph 4A
-URI http://asc.fasb.org/extlink&oid=73530397&loc=SL65897772-128472

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=65885119&loc=d3e1383-128463

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 30
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=35744584&loc=d3e6996-128479

+ Details

Inventories

3 Months Ended

Jun. 30, 2016

Inventory Disclosure [Abstract]

Inventories

3.	INVENTORIES

Inventories consist of the following (in thousands):


	June 30, 2016			March 31, 2016
Raw materials and supplies	$	25,004		$	26,019
Work in process		4,509			5,432
Finished goods		27,248			26,087

Total inventories		56,761			57,538
Less: LIFO reserve		(5,302	)		(5,302	)
Less: Obsolescence reserve		(764	)		(602	)

Inventories, net	$	50,695		$	51,634

Intangible Assets

3 Months Ended

Jun. 30, 2016

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

4.	INTANGIBLE ASSETS

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


			June 30, 2016					March 31, 2016
	Wtd Avg Life (Years)		Gross Amount		Accumulated Amortization			Gross Amount		Accumulated Amortization
Finite-lived intangible assets:
Patents (a)		12	$	11,987	$	(6,469	)	$	14,458	$	(8,600	)
Customer lists and amortized trademarks		12		71,074		(18,490	)		71,475		(17,080	)
Non-compete agreements		5		1,310		(467	)		1,310		(405	)
Other		12		4,173		(443	)		3,769		(354	)

			$	88,544	$	(25,869	)	$	91,012	$	(26,439	)

Trade names and trademarks not being amortized			$	24,152	$	—		$	24,154	$	—

(a)	During the three months ended June 30, 2016, we wrote off $2.4 million of patents that were fully amortized.

Amortization expense for the three months ended June 30, 2016 and 2015 was $2.0 million and $1.7 million, respectively. The following table shows the estimated future amortization for intangible assets as of June 30, 2016, for the remainder of the current fiscal year and the next five years ending March 31 (in thousands):


2017	$	5,377
2018		7,233
2019		6,385
2020		6,142
2021		5,919
2022		5,484

Executive Compensation

3 Months Ended

Jun. 30, 2016

Executive Officer [Member]

Executive Compensation

5.	EXECUTIVE COMPENSATION

On August 28, 2014, the Board of Directors of Capital Southwest (our former parent company) adopted an executive compensation plan consisting of grants of nonqualified stock options, restricted stock and cash incentive awards to executive officers of Capital Southwest (the “Executive Compensation Plan”). The Executive Compensation Plan was intended to align the compensation of Capital Southwest’s executive officers with Capital Southwest’s key strategic objective of increasing the market value of Capital Southwest’s shares through a transformative transaction for the benefit of Capital Southwest’s shareholders. Under the Executive Compensation Plan, Joseph B. Armes, Kelly Tacke and Bowen S. Diehl were to receive an amount equal to 6.0% of the aggregate appreciation in Capital Southwest’s share price from August 28, 2014 (using a base price of $36.16 per share) to the Trigger Event Date (later to be determined to be December 29, 2015, as discussed below) (the “Total Payment Amount”) The initial plan component consisted of nonqualified options awarded to purchase a total of 258,000 shares of Capital Southwest common stock. The second plan component consisted of total awards of 127,000 shares of Capital Southwest restricted common stock, which have voting rights, but do not have cash dividend rights. The final plan component consisted of cash incentive payments awarded to each of Mr. Armes, Ms. Tacke and Mr. Diehl in an amount equal to the excess of each awardee’s allocable portion of the Total Payment Amount over the aggregate value of the awardee’s restricted common stock and nonqualified option awards under the Executive Compensation Plan, calculated as of the Trigger Event Date. The equity based awards vest and become exercisable as follows: (1) 1/3 on the Trigger Event Date; (2) 1/3 on the first anniversary of the Trigger Event Date; and (3) 1/3 on the second anniversary of the Trigger Event Date. Generally, entitlement to such awards is conditioned on the awardee remaining in the employment of Capital Southwest or its subsidiaries on the vesting date, or in the event the employment of the awardee was transferred to CSWI, continuing employment by CSWI. Effective immediately with the spin-off of CSWI, both Joseph B. Armes and Kelly Tacke became employees of CSWI and Bowen Diehl remained an employee of Capital Southwest.

On September 8, 2015, the Board of Directors of Capital Southwest designated the Share Distribution as a transformative transaction for purposes of the Executive Compensation Plan and amended the award agreements granted under the Executive Compensation Plan to provide for accelerated vesting of the awards held by an executive in the event of a termination of such executive’s service effected by the executive for good reason, by the employer without cause, or as a result of the disability or death of the executive. As a result of the Share Distribution completed on September 30, 2015, the Trigger Event Date was determined to be December 29, 2015.

As of December 29, 2015, the cash component of the Executive Compensation Plan was calculated based on the volume weighted average price of Capital Southwest and CSWI common stock for the 20 trading days ended December 29, 2015. Effective with the Share Distribution, CSWI entered into an Employee Matters Agreement with Capital Southwest. Under this agreement, Capital Southwest retained the obligation to fund the cash incentive awards granted under the Executive Compensation Plan, and all liabilities with respect to such cash incentive awards remained liabilities of Capital Southwest. During the three months ended June 30, 2016, we recorded total executive compensation expense for the cash incentive payments of $1.3 million for Mr. Armes and Ms. Tacke, and total stock compensation expense of $1.1 million. Within those amounts were $1.2 million and $1.0 million of cash incentive and stock compensation expenses, respectively, which were accelerated as a result of our chief financial officer transition in June 2016.

Share-Based Compensation

3 Months Ended

Jun. 30, 2016

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 and Capital Southwest approved our 2015 Equity and Incentive Compensation Plan (the “2015 Plan”), which provides for the issuance of up to 2,000,000 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. As of June 30, 2016, 1,366,166 shares were available for issuance under the 2015 Plan, which includes the impact of 510,447 shares issued in connection with the Share Distribution to convert outstanding Capital Southwest equity awards into CSWI equity awards.

We recorded share-based compensation as follows for the three months ended June 30, 2016 (in thousands):


	Three Months Ended June 30, 2016
	Stock Options			Restricted Shares			Total
Share-based compensation expense (a)	$	471		$	799		$	1,270
Related income tax benefit		(165	)		(280	)		(445	)

Net share-based compensation expense	$	306		$	519		$	825

(a)

Includes impact of acceleration of expense for chief financial officer transition ($0.4 million and $0.5 million for stock options and restricted shares, respectively).

No share-based compensation expense was recorded prior to October 1, 2015.

Stock option activity is as follows:


	Three Months Ended June 30, 2016
	Number of Shares			Weighted Average Exercise Price		Remaining Contractual Life (Years)		Aggregate Intrinsic Value (in millions)
Outstanding at April 1, 2016		362,513		$	24.53
Granted		—			—
Exercised		—			—
Canceled		(14,938	)		23.11

Outstanding at June 30, 2016		347,575		$	24.59		5.6	$	2.8

Exercisable at June 30, 2016		197,080		$	24.19		3.9	$	1.7

At June 30, 2016, we had unrecognized compensation cost related to non-vested stock options of $0.4 million, which will be amortized into net income over the remaining weighted average vesting period of approximately 1.6 years. No options were granted or exercised during the three months ended June 30, 2016 or 2015. The total fair value of stock options vested during the three months ended June 30, 2016 was $0.3 million.

Restricted share activity is as follows:


	Three Months Ended June 30, 2016
	Number of Shares			Weighted Average Grant Date Fair Value
Outstanding at April 1, 2016		181,977		$	23.72
Granted		54,909			24.65
Vested		(28,667	)		15.19
Canceled		(16,992	)		28.95

Outstanding at June 30, 2016		191,227		$	24.80

During the restriction period, the holders of restricted shares are entitled to vote and receive dividends, except for restricted shares awarded under the executive compensation plan (as discussed in Note 5). At June 30, 2016, we had unrecognized compensation cost related to unvested restricted shares of $3.1 million, which will be amortized into net income over the remaining weighted average vesting period of approximately 2.1 years. The total fair value of restricted shares vested during the three months ended June 30, 2016 was $0.4 million.

Restricted shares granted during the three months ended June 30, 2016 includes 49,373 shares with performance-based vesting provisions, and vesting ranges from 0-100% based on pre-defined performance targets with market conditions. Performance-based restricted shares are earned upon the achievement of performance targets, and is payable in common shares. Compensation expense is recognized over a 36-month cliff vesting period based on the fair market value of our common shares on the date of grant.

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

+ References + Details

Long-Term Debt

3 Months Ended

Jun. 30, 2016

Debt Disclosure [Abstract]

Long-Term Debt

7.	LONG-TERM DEBT

Debt consists of the following (in thousands):


	June 30, 2016			March 31, 2016
Revolving Credit Facility, interest rate of 2.20% and 2.18%, respectively	$	71,539		$	76,539
Whitmore term loan, interest rate of 2.47% and 2.43%, respectively		13,003			13,143

Total debt		84,542			89,682
Less: Current portion		(561	)		(561	)

Long-term debt	$	83,981		$	89,121

Revolving Credit Facility Agreement

On December 11, 2015, we entered into a five-year $250.0 million revolving credit facility agreement (“Revolving Credit Facility”), with an additional $50.0 million accordion feature, with JPMorgan Chase Bank, N.A., as administrative agent, and the other lenders party thereto. Borrowings under this facility bear interest at a rate of prime plus 0.75% or London Interbank Offered Rate (“LIBOR”) plus 1.75%, which may be adjusted based on our leverage ratio. We pay a commitment fee 0.25% for the unutilized portion of the Revolving Credit Facility. Interest and commitment fees are payable at least quarterly and the outstanding principal balance is due at maturity. This facility is secured by substantially all of our assets. During April 2016, we repaid $5.0 million of the amount that was outstanding at March 31, 2016 under this facility, and as of June 30, 2016, we had $71.5 million in outstanding borrowings under this facility. The Revolving Credit Facility contains certain customary restrictive covenants, including a requirement to maintain a minimum fixed charge coverage of ratio of 1.25 to 1.00 and a maximum leverage ratio of Funded Debt to EBITDA (as defined in the agreement) of 3.00 to 1.00. Covenant compliance is tested quarterly and we were in compliance with all covenants as of June 30, 2016.

Whitmore Term Loan

As of June 30, 2016, The Whitmore Manufacturing Company (one of our wholly-owned operating subsidiaries) had a secured term loan outstanding related to a recently 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 June 30, 2016 and March 31, 2016, Whitmore had $13.0 million and $13.1 million, respectively, in outstanding borrowings under the term loan.

Strathmore Acquisition Term Loan

Whitmore had a $70.0 million secured term loan outstanding to support the acquisition of the assets of Strathmore Products, Inc. (“Strathmore”) in April 2015. The term loan was scheduled to mature on April 27, 2020 and was secured by the assets of Whitmore and Strathmore, excluding certain real property. Borrowings under the term loan bore interest at a variable annual rate equal to one month LIBOR plus 3.0%. We made quarterly payments of $875,000 in both July 2015 and October 2015. The remaining principal balance of $68.3 million was repaid on December 11, 2015 with borrowings under the Revolving Credit Facility, and the term loan was terminated.

Earnings Per Share

3 Months Ended

Jun. 30, 2016

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 throughout all periods presented up to and including September 30, 2015 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 throughout all periods presented up to and including September 30, 2015.

The following table sets forth the reconciliation of the numerator and the denominator of basic and diluted earnings per share for the three months ended June 30, 2016 and 2015 (amounts in thousands, except per share data):


	Three Months Ended June 30,
	2016		2015
Net income for basic and diluted earnings per share	$	4,096	$	8,650
Weighted average shares:
Common stock		15,478		15,441
Participating securities		239		142

Denominator for basic earnings per common share		15,717		15,583
Potentially dilutive securities (a)		61		41

Denominator for diluted earnings per common share		15,778		15,624

Earnings per common share:
Basic	$	0.26	$	0.56
Diluted		0.26		0.55

(a)

No shares were excluded for anti-dilution for the three months ended June 30, 2016. We have excluded 29,877 shares for the three months ended June 30, 2015 as their effect would have been anti-dilutive.

Derivative Instruments and Hedge Accounting

3 Months Ended

Jun. 30, 2016

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments and Hedge Accounting

9.	DERIVATIVE INSTRUMENTS AND HEDGE ACCOUNTING

We enter into interest rate swap agreements to hedge exposure to floating interest rates on certain portions of our debt. As of June 30, 2016 and March 31, 2016, we had $45.6 million and $46.4 million, respectively, of notional amount in outstanding designated interest rate swaps with third parties. All interest rate swaps are highly effective. At June 30, 2016, the maximum remaining length of any interest rate swap contract in place was approximately 13.1 years. The fair value of interest rate swaps designated as hedging instruments are summarized below (in thousands):


	June 30, 2016		March 31, 2016
Current derivative liabilities	$	538	$	511
Non-current derivative liabilities		1,682		1,366

In anticipation of Great Britain’s exit from the European Union, we entered into a foreign exchange forward contract to hedge our exposure associated with assets denominated in British pounds. As of June 30, 2016, we had $2.7 million of notional amount in outstanding forward contracts with third parties. At June 30, 2016, the maximum remaining length of forward contracts in place was approximately three months. The fair value of foreign exchange forward contracts, which are not designated as hedging instruments, are summarized below (in thousands):


	June 30, 2016		March 31, 2016
Current derivative assets	$	197	$	—

The net impact of changes in fair value of foreign exchange forward contracts was a gain of $0.2 million for the three months ended June 30, 2016 and is included in other income (expense), net on our condensed consolidated statements of income.

Current derivative assets are reported in our condensed consolidated balance sheets in prepaid expenses and other current assets. Current and non-current derivative liabilities are reported in our condensed consolidated balance sheets in accrued and other current liabilities and other long-term liabilities, respectively. The impact of changes in fair value of interest rate swaps is included in Note 14.

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 and expect all counterparties to meet their obligations. We have not experienced credit losses from our counterparties.

- 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
-SubTopic 30
-Section 45
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6441202&loc=d3e80720-113993

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5624171-113959

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=64837297&loc=d3e41620-113959

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5624163-113959

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5579240-113959

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4D
-URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5624177-113959

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 30
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=35736893&loc=d3e80784-113994

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=64837297&loc=d3e41641-113959

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5579245-113959

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4H
-URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5624258-113959

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 30
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=35736893&loc=d3e80748-113994

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4K
-URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5708775-113959

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4J
-URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5708773-113959

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4A
-URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5618551-113959

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1B
-URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5580258-113959

Reference 16: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4E
-URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5624181-113959

Reference 17: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 25
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6886632&loc=d3e76258-113986

Reference 18: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=64837297&loc=d3e41638-113959

Reference 19: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(n))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

+ Details

Fair Value Measurements

3 Months Ended

Jun. 30, 2016

Fair Value Disclosures [Abstract]

Fair Value Measurements

10.

FAIR VALUE MEASUREMENTS

The fair value of interest rate swaps and foreign exchange forward contracts (as discussed 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 June 30, 2016 and March 31, 2016 due to their short-term nature.

The fair values of acquisition-related contingent payments are estimated using Level 3 inputs. The contingent payment related to the acquisition of the Deacon assets utilized the weighted average probability method using forecasted sales. The most significant factor in the valuation is projected net revenues resulting from sales of Deacon products. The contingent payment related to the acquisition of assets from SureSeal Manufacturing (“SureSeal”) 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 $5.9 million as of June 30, 2016 and March 31, 2016, respectively. During the three months ended June 30, 2016, the increase in the fair value of the contingent payments due to accretion ($0.2 million) was offset by a change in estimate ($0.2 million). All changes in the fair value of contingent payments are recorded in selling, general and administrative expense.

- 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

3 Months Ended

Jun. 30, 2016

Compensation and Retirement Disclosure [Abstract]

Retirement Plans

11.

RETIREMENT PLANS

We maintain a frozen qualified defined benefit pension plan (the “Qualified Plan”) that covers certain of our U.S. employees. The Qualified Plan was previously closed to any employees hired or re-hired on or after January 1, 2015 and it was also amended to freeze benefit accruals and to modify certain ancillary benefits provided under the Qualified Plan effective as of September 30, 2015. 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 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 month periods ended June 30, 2016 and 2015.

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 June 30,
	2016			2015
Service cost - benefits earned during the period	$	—		$	770
Interest cost on projected benefit obligation		650			636
Expected return on assets		(1,018	)		(609	)
Amortization of net prior year service cost		—			15

Net pension expense (benefit)	$	(368	)	$	812

We also maintain a frozen unfunded retirement restoration plan (the “Restoration Plan”) that is a non-qualified plan providing for the payment to participating employees, upon retirement, 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. As with the Qualified Plan, the Restoration Plan was closed to new participants on January 1, 2015 and amended to freeze benefit accruals and to modify certain ancillary benefits effective as of September 30, 2015.

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


	Three Months Ended June 30,
	2016		2015
Service cost - benefits earned during the period	$	—	$	17
Interest cost on projected benefit obligation		19		17
Amortization of net actuarial loss		8		8

Net pension expense	$	27	$	42

Contingencies

3 Months Ended

Jun. 30, 2016

Commitments and Contingencies Disclosure [Abstract]

Contingencies

12.

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.

Income Taxes

3 Months Ended

Jun. 30, 2016

Income Tax Disclosure [Abstract]

Income Taxes

13.

INCOME TAXES

For the three months ended June 30, 2016, we earned $7.2 million before taxes and provided for income taxes of $3.1 million, resulting in an effective tax rate of 43.1%. For the three months ended June 30, 2015, we earned $13.6 million before taxes and provided for income taxes of $4.9 million, resulting in an effective tax rate of 36.2%. The provision for income taxes was impacted by $0.6 million relating to reserves for uncertain tax positions and the effect of changes in tax rates, which increased our anticipated effective rate by 8.5% for the three months ended June 30, 2016. Other items impacting the variance in the effective tax rate from the U.S. federal statutory rate include foreign operations activity in countries with lower statutory rates and domestic operations activity in states with higher statutory rates.

Other Comprehensive Income

3 Months Ended

Jun. 30, 2016

Equity [Abstract]

Other Comprehensive Income

14.

OTHER COMPREHENSIVE INCOME

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


	Three Months Ended June 30,
	2016			2015
Currency translation adjustments:
Balance at beginning of period	$	(5,248	)	$	(3,877	)
Adjustments for foreign currency translation		(1,324	)		1,095

Balance at end of period	$	(6,572	)	$	(2,782	)

Interest rate swaps:
Balance at beginning of period	$	(1,221	)	$	(1,206	)
Unrealized gains (losses), net of taxes of $167 and $(251), respectively		(309	)		467
Reclassification of losses included in interest expense, net, net of taxes of $(47) and $(33), respectively		86			61

Other comprehensive income (loss)		(223	)		528

Balance at end of period	$	(1,444	)	$	(678	)

Defined benefit plans:
Balance at beginning of period	$	(1,229	)	$	(5,210	)
Amortization of net loss, net of taxes of $(5) (a)		10			—

Balance at end of period	$	(1,219	)	$	(5,210	)

(a)

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 $0.3 million, net of deferred taxes, over the next twelve months related to designated cash flow hedges based on their fair values at June 30, 2016.

- 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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=66004124&loc=d3e689-108580

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=66004124&loc=SL7669619-108580

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=66004124&loc=d3e640-108580

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 17
-URI http://asc.fasb.org/extlink&oid=66004124&loc=d3e716-108580

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 16
-URI http://asc.fasb.org/extlink&oid=66004124&loc=d3e709-108580

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=66004124&loc=d3e637-108580

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 14
-URI http://asc.fasb.org/extlink&oid=66004124&loc=d3e681-108580

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Reclassification Adjustments
-URI http://asc.fasb.org/extlink&oid=6522872

+ Details

Segments

3 Months Ended

Jun. 30, 2016

Segment Reporting [Abstract]

Segments

15.

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 corporate and other functions. No individual customer accounted for more than 10% of consolidated net revenues. Currently, we do not allocate interest expense, net or other income (expense), net by segment.

Three months ended June 30, 2016


(in thousands)	Industrial Products		Coatings, Sealants and Adhesives		Specialty Chemicals		Subtotal – Reportable Segments		Eliminations and Other			Total
Revenues, net	$	43,475	$	23,424	$	17,187	$	84,086	$	21		$	84,107
Operating income		10,607		1,649		1,121		13,377		(5,967	)		7,410

Three months ended June 30, 2015


(in thousands)	Industrial Products		Coatings, Sealants and Adhesives		Specialty Chemicals		Subtotal – Reportable Segments		Eliminations and Other		Total
Revenues, net	$	39,976	$	28,449	$	20,163	$	88,588	$	321	$	88,909
Operating income		9,686		1,845		2,730		14,261		27		14,288

- 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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8981-108599

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e9038-108599

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 33
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8971-108599

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8595-108599

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8380-108599

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 35
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8984-108599

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e9031-108599

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e9054-108599

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8538-108599

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 29
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8864-108599

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8924-108599

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8906-108599

+ Details

Organization and Operations and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Jun. 30, 2016
Accounting Policies [Abstract]
Basis of Presentation	*Basis of Presentation* The condensed consolidated financial statements included in this Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2016 (“Quarterly Report”) includes all revenues, costs, assets and liabilities directly attributable to CSWI and have been prepared in accordance with United States (“U.S.”) generally accepted accounting principles (“GAAP”). The condensed consolidated financial statements reflect all adjustments that are, in the opinion of management, necessary to present a fair statement of CSWI’s financial position as of June 30, 2016, and the results of operations for the three months ended June 30, 2016 and 2015, respectively. All adjustments are of a normal, recurring nature. All significant intercompany balances and transactions have been eliminated in consolidation. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the notes thereto included in CSWI’s Annual Report on Form 10-K for the fiscal year ended March 31, 2016 (the “Annual Report”).
Accounting Policies	*Accounting Policies* We have consistently applied the accounting policies described in our Annual Report in preparing these condensed consolidated financial statements. We have not made any changes in significant accounting policies disclosed in the Annual Report.
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 has been subsequently amended with additional ASUs including ASU No. 2016-12, issued in May 2016. ASU No. 2014-09, as amended, 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 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 adopted the amendments of this ASU for the quarter ended June 30, 2016, and it did not have a material impact on our consolidated financial condition and results of operations. In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842),” to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. A lessee should recognize in the statement of financial position a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term. The recognition, measurement, and presentation of expenses and cash flows arising from a lease by a lessee have not significantly changed from previous U.S. GAAP. This ASU is effective for annual periods, including interim periods within those annual periods, beginning after December 15, 2018. Modified retrospective application is permitted with certain practical expedients. Early adoption is permitted. We are currently evaluating the impact of ASU No. 2016-02 on our consolidated financial condition and results of operations. In March 2016, the FASB issued ASU No. 2016-09, “Compensation – Stock Compensation (Topic 718),” which simplifies the accounting for share-based compensation. The areas for simplification in this ASU involve several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. This ASU is effective for annual periods, including interim periods within those annual periods, beginning after December 15, 2016. Early adoption is permitted. We are currently evaluating the impact of ASU No. 2016-09 on our consolidated financial condition and results of operations.

Inventories (Tables)

3 Months Ended

Jun. 30, 2016

Inventory Disclosure [Abstract]

Schedule of Inventories

Inventories consist of the following (in thousands):


	June 30, 2016			March 31, 2016
Raw materials and supplies	$	25,004		$	26,019
Work in process		4,509			5,432
Finished goods		27,248			26,087

Total inventories		56,761			57,538
Less: LIFO reserve		(5,302	)		(5,302	)
Less: Obsolescence reserve		(764	)		(602	)

Inventories, net	$	50,695		$	51,634

Intangible Assets (Tables)

3 Months Ended

Jun. 30, 2016

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets

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


			June 30, 2016					March 31, 2016
	Wtd Avg Life (Years)		Gross Amount		Accumulated Amortization			Gross Amount		Accumulated Amortization
Finite-lived intangible assets:
Patents (a)		12	$	11,987	$	(6,469	)	$	14,458	$	(8,600	)
Customer lists and amortized trademarks		12		71,074		(18,490	)		71,475		(17,080	)
Non-compete agreements		5		1,310		(467	)		1,310		(405	)
Other		12		4,173		(443	)		3,769		(354	)

			$	88,544	$	(25,869	)	$	91,012	$	(26,439	)

Trade names and trademarks not being amortized			$	24,152	$	—		$	24,154	$	—

(a)	During the three months ended June 30, 2016, we wrote off $2.4 million of patents that were fully amortized.

Schedule of Estimated Future Amortization for Intangible Assets

The following table shows the estimated future amortization for intangible assets as of June 30, 2016, for the remainder of the current fiscal year and the next five years ending March 31 (in thousands):


2017	$	5,377
2018		7,233
2019		6,385
2020		6,142
2021		5,919
2022		5,484

Share-Based Compensation (Tables)

3 Months Ended

Jun. 30, 2016

Schedule of Share-Based Compensation

We recorded share-based compensation as follows for the three months ended June 30, 2016 (in thousands):


	Three Months Ended June 30, 2016
	Stock Options			Restricted Shares			Total
Share-based compensation expense (a)	$	471		$	799		$	1,270
Related income tax benefit		(165	)		(280	)		(445	)

Net share-based compensation expense	$	306		$	519		$	825

(a)

Includes impact of acceleration of expense for chief financial officer transition ($0.4 million and $0.5 million for stock options and restricted shares, respectively).

Stock Options [Member]

Schedule of Share Based Awards Outstanding

Stock option activity is as follows:


	Three Months Ended June 30, 2016
	Number of Shares			Weighted Average Exercise Price		Remaining Contractual Life (Years)		Aggregate Intrinsic Value (in millions)
Outstanding at April 1, 2016		362,513		$	24.53
Granted		—			—
Exercised		—			—
Canceled		(14,938	)		23.11

Outstanding at June 30, 2016		347,575		$	24.59		5.6	$	2.8

Exercisable at June 30, 2016		197,080		$	24.19		3.9	$	1.7

Restricted Shares [Member]

Schedule of Share Based Awards Outstanding

Restricted share activity is as follows:


	Three Months Ended June 30, 2016
	Number of Shares			Weighted Average Grant Date Fair Value
Outstanding at April 1, 2016		181,977		$	23.72
Granted		54,909			24.65
Vested		(28,667	)		15.19
Canceled		(16,992	)		28.95

Outstanding at June 30, 2016		191,227		$	24.80

Long-Term Debt (Tables)

3 Months Ended

Jun. 30, 2016

Debt Disclosure [Abstract]

Schedule of Long-Term Debt

Debt consists of the following (in thousands):


	June 30, 2016			March 31, 2016
Revolving Credit Facility, interest rate of 2.20% and 2.18%, respectively	$	71,539		$	76,539
Whitmore term loan, interest rate of 2.47% and 2.43%, respectively		13,003			13,143

Total debt		84,542			89,682
Less: Current portion		(561	)		(561	)

Long-term debt	$	83,981		$	89,121

Earnings Per Share (Tables)

3 Months Ended

Jun. 30, 2016

Earnings Per Share [Abstract]

Reconciliation of Earnings Per Share


	Three Months Ended June 30,
	2016		2015
Net income for basic and diluted earnings per share	$	4,096	$	8,650
Weighted average shares:
Common stock		15,478		15,441
Participating securities		239		142

Denominator for basic earnings per common share		15,717		15,583
Potentially dilutive securities (a)		61		41

Denominator for diluted earnings per common share		15,778		15,624

Earnings per common share:
Basic	$	0.26	$	0.56
Diluted		0.26		0.55

(a)

Derivative Instruments and Hedge Accounting (Tables)

3 Months Ended

Jun. 30, 2016

Fair Value of Derivatives

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


	June 30, 2016		March 31, 2016
Current derivative liabilities	$	538	$	511
Non-current derivative liabilities		1,682		1,366

Not Designated as Hedging Instrument [Member]

Fair Value of Derivatives

The fair value of foreign exchange forward contracts, which are not designated as hedging instruments, are summarized below (in thousands):


	June 30, 2016		March 31, 2016
Current derivative assets	$	197	$	—

Retirement Plans (Tables)

3 Months Ended

Jun. 30, 2016

Qualified Plan [Member]

Schedule of Net Pension (Benefit) Expense

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 June 30,
	2016			2015
Service cost - benefits earned during the period	$	—		$	770
Interest cost on projected benefit obligation		650			636
Expected return on assets		(1,018	)		(609	)
Amortization of net prior year service cost		—			15

Net pension expense (benefit)	$	(368	)	$	812

Restoration Plan [Member]

Schedule of Net Pension (Benefit) Expense

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


	Three Months Ended June 30,
	2016		2015
Service cost - benefits earned during the period	$	—	$	17
Interest cost on projected benefit obligation		19		17
Amortization of net actuarial loss		8		8

Net pension expense	$	27	$	42

Other Comprehensive Income (Tables)

3 Months Ended

Jun. 30, 2016

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 June 30,
	2016			2015
Currency translation adjustments:
Balance at beginning of period	$	(5,248	)	$	(3,877	)
Adjustments for foreign currency translation		(1,324	)		1,095

Balance at end of period	$	(6,572	)	$	(2,782	)

Interest rate swaps:
Balance at beginning of period	$	(1,221	)	$	(1,206	)
Unrealized gains (losses), net of taxes of $167 and $(251), respectively		(309	)		467
Reclassification of losses included in interest expense, net, net of taxes of $(47) and $(33), respectively		86			61

Other comprehensive income (loss)		(223	)		528

Balance at end of period	$	(1,444	)	$	(678	)

Defined benefit plans:
Balance at beginning of period	$	(1,229	)	$	(5,210	)
Amortization of net loss, net of taxes of $(5) (a)		10			—

Balance at end of period	$	(1,219	)	$	(5,210	)

(a)

Segments (Tables)

3 Months Ended

Jun. 30, 2016

Segment Reporting [Abstract]

Schedule of Segments

Three months ended June 30, 2016


(in thousands)	Industrial Products		Coatings, Sealants and Adhesives		Specialty Chemicals		Subtotal – Reportable Segments		Eliminations and Other			Total
Revenues, net	$	43,475	$	23,424	$	17,187	$	84,086	$	21		$	84,107
Operating income		10,607		1,649		1,121		13,377		(5,967	)		7,410

Three months ended June 30, 2015


(in thousands)	Industrial Products		Coatings, Sealants and Adhesives		Specialty Chemicals		Subtotal – Reportable Segments		Eliminations and Other		Total
Revenues, net	$	39,976	$	28,449	$	20,163	$	88,588	$	321	$	88,909
Operating income		9,686		1,845		2,730		14,261		27		14,288

Organization and Operations and Summary of Accounting Policies (The Share Distribution) - Additional Information (Detail)	3 Months Ended
	Jun. 30, 2016 Brand
Minimum [Member]
Highly respected industrial brands	100

Acquisitions (AC Leak Freeze) - Additional Information (Detail) - USD ($) $ in Thousands		3 Months Ended
	Dec. 16, 2015	Jun. 30, 2015
Business Acquisition [Line Items]
Purchase price, paid from cash		$ 68,868
Leak Freeze [Member]
Business Acquisition [Line Items]
Purchase price, paid from cash	$ 16,300
Excess of purchase price over fair value of identifiable assets acquired	5,700
Fair value of inventory acquired	700
Leak Freeze [Member] \| Customer Lists [Member]
Business Acquisition [Line Items]
Fair value of the assets acquired	$ 8,100
Assets acquired, amortization period	10 years
Leak Freeze [Member] \| Non-compete Agreements [Member]
Business Acquisition [Line Items]
Fair value of the assets acquired	$ 200
Assets acquired, amortization period	5 years
Leak Freeze [Member] \| Trade Names and Trademarks [Member]
Business Acquisition [Line Items]
Fair value of the assets acquired	$ 1,400

Acquisitions (Deacon Industries, Inc.) - Additional Information (Detail) - USD ($) $ in Thousands		3 Months Ended
	Oct. 01, 2015	Jun. 30, 2015
Business Acquisition [Line Items]
Purchase price, paid from available cash		$ 68,868
Deacon [Member]
Business Acquisition [Line Items]
Purchase price, amount transferred	$ 12,600
Purchase price, funded from borrowings	11,000
Purchase price, paid from available cash	1,100
Contingent consideration liability recognized	500
Excess of purchase price over fair value of identifiable assets acquired	4,100
Fair value of property, plant and equipment acquired	900
Fair value of inventory acquired	500
Deacon [Member] \| Customer Lists [Member]
Business Acquisition [Line Items]
Fair value of the assets acquired	$ 2,900
Assets acquired, amortization period	15 years
Deacon [Member] \| Know How [Member]
Business Acquisition [Line Items]
Fair value of the assets acquired	$ 2,600
Assets acquired, amortization period	10 years
Deacon [Member] \| Non-compete Agreements [Member]
Business Acquisition [Line Items]
Fair value of the assets acquired	$ 100
Assets acquired, amortization period	5 years
Deacon [Member] \| Trade Names and Trademarks [Member]
Business Acquisition [Line Items]
Fair value of the assets acquired	$ 1,100

Inventories - Schedule of Inventories (Detail) - USD ($) $ in Thousands	Jun. 30, 2016	Mar. 31, 2016
Inventory Disclosure [Abstract]
Raw materials and supplies	$ 25,004	$ 26,019
Work in process	4,509	5,432
Finished goods	27,248	26,087
Total inventories	56,761	57,538
Less: LIFO reserve	(5,302)	(5,302)
Less: Obsolescence reserve	(764)	(602)
Inventories, net	$ 50,695	$ 51,634

Intangible Assets - Schedule of Intangible Assets (Detail) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2016	Mar. 31, 2016
Intangible Assets [Line Items]
Gross Amount	$ 88,544	$ 91,012
Accumulated Amortization	(25,869)	(26,439)
Trade Names and Trademarks [Member]
Intangible Assets [Line Items]
Gross Amount	$ 24,152	24,154
Patents [Member]
Intangible Assets [Line Items]
Useful Life	12 years
Gross Amount	$ 11,987	14,458
Accumulated Amortization	$ (6,469)	(8,600)
Customer Lists and Amortized Trademarks [Member]
Intangible Assets [Line Items]
Useful Life	12 years
Gross Amount	$ 71,074	71,475
Accumulated Amortization	$ (18,490)	(17,080)
Non-compete Agreements [Member]
Intangible Assets [Line Items]
Useful Life	5 years
Gross Amount	$ 1,310	1,310
Accumulated Amortization	$ (467)	(405)
Other [Member]
Intangible Assets [Line Items]
Useful Life	12 years
Gross Amount	$ 4,173	3,769
Accumulated Amortization	$ (443)	$ (354)

Intangible Assets - Schedule of Intangible Assets (Parenthetical) (Detail) $ in Millions	3 Months Ended
	Jun. 30, 2016 USD ($)
Patents [Member]
Intangible Assets [Line Items]
Write off of expired and fully amortized intangible assets	$ 2.4

Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Amortization of intangible assets	$ 1,986	$ 1,657

Intangible Assets - Schedule of Estimated Future Amortization for Intangible Assets (Detail) $ in Thousands	Jun. 30, 2016 USD ($)
Intangible Assets, Net (Excluding Goodwill) [Abstract]
2017	$ 5,377
2018	7,233
2019	6,385
2020	6,142
2021	5,919
2022	$ 5,484

Executive Compensation - Additional Information (Detail) - Executive Officer [Member] - USD ($) $ / shares in Units, $ in Millions				3 Months Ended	16 Months Ended
	Dec. 29, 2017	Dec. 29, 2016	Dec. 29, 2015	Jun. 30, 2016	Dec. 29, 2015	Sep. 30, 2015	Aug. 28, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Executive compensation expense for the cash incentive payments				$ 1.3
Stock compensation expense				1.1
Accelerated compensation expense for cash incentive payments				1.2
Accelerated compensation expense for stock compensation payments				$ 1.0
Stock Appreciation Rights (SARs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of aggregate appreciation to be received					6.00%
Share Price							$ 36.16
Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of common stock granted						258,000
Restricted Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of common stock granted						127,000
Trigger Event [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity based awards vest and become exercisable			33.00%
Scenario, Forecast [Member] \| Trigger Event [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity based awards vest and become exercisable	33.00%	33.00%

Share-Based Compensation - Additional Information (Detail) - 2015 Plan [Member] - Stock Compensation Plan [Member] - shares	3 Months Ended
	Jun. 30, 2016	Sep. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for issuance	1,366,166
Share Distribution [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued related to spin-off	510,447
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of common stock granted		2,000,000

Share-Based Compensation - Schedule of Share-Based Compensation (Detail) - 2015 Plan [Member] - USD ($)		3 Months Ended
	Sep. 30, 2015	Jun. 30, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 0	$ 1,270,000
Related income tax benefit		(445,000)
Net share-based compensation expense		825,000
Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense		471,000
Related income tax benefit		(165,000)
Net share-based compensation expense		306,000
Restricted Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense		799,000
Related income tax benefit		(280,000)
Net share-based compensation expense		$ 519,000

Share-Based Compensation - Schedule of Share-Based Compensation (Parenthetical) (Detail) - 2015 Plan [Member] - Chief Financial Officer [Member] $ in Millions	3 Months Ended
	Jun. 30, 2016 USD ($)
Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Accelerated compensation expense for stock compensation payments	$ 0.4
Restricted Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Accelerated compensation expense for stock compensation payments	$ 0.5

Share-Based Compensation (Stock Option Activity) - Additional Information (Detail) - 2015 Plan [Member] - USD ($)		3 Months Ended
	Sep. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation expense	$ 0	$ 1,270,000
Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation expense		471,000
Unrecognized compensation costs related to non-vested stock option		$ 400,000
Weighted average vesting period		1 year 7 months 6 days
Stock options, number of shares, granted		0	0
Stock options, number of shares, exercised		0	0
Stock options, vested, fair value		$ 300,000

Share-Based Compensation - Stock Option Activity (Detail) - 2015 Plan [Member] - Stock Options [Member] - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Shares, Outstanding, Beginning balance	362,513
Number of Shares, Granted	0	0
Number of Shares, Exercised	0	0
Number of Shares, Canceled	(14,938)
Number of Shares, Outstanding, Ending balance	347,575
Exercisable at June 30, 2016, Number of shares	197,080
Weighted Average Exercise Price, Outstanding, Beginning balance	$ 24.53
Weighted Average Exercise Price, Granted	0
Weighted Average Exercise Price, Exercised	0
Weighted Average Exercise Price, Canceled	23.11
Weighted Average Exercise Price, Outstanding, Ending balance	24.59
Exercisable at June 30, 2016 , Exercise Price	$ 24.19
Outstanding, Remaining Contractual Life	5 years 7 months 6 days
Exercisable, Remaining Contractual Life	3 years 10 months 24 days
Outstanding, Aggregate Intrinsic Value	$ 2.8
Exercisable, Aggregate Intrinsic Value	$ 1.7

Share-Based Compensation - Restricted Share Activity (Detail) - 2015 Plan [Member] - Restricted Shares [Member]	3 Months Ended
	Jun. 30, 2016 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Shares, Outstanding, Beginning balance \| shares	181,977
Number of Shares, Granted \| shares	54,909
Number of Shares, Vested \| shares	(28,667)
Number of Shares, Canceled \| shares	(16,992)
Number of Shares, Outstanding, Ending balance \| shares	191,227
Weighted Average Grant Date Fair Value, Outstanding, Beginning balance \| $ / shares	$ 23.72
Weighted Average Grant Date Fair Value, Granted \| $ / shares	24.65
Weighted Average Grant Date Fair Value, Vested \| $ / shares	15.19
Weighted Average Grant Date Fair Value, Canceled \| $ / shares	28.95
Weighted Average Grant Date Fair Value, Outstanding, Ending balance \| $ / shares	$ 24.80

Share-Based Compensation (Restricted Stock Activity) - Additional Information (Detail) - 2015 Plan [Member] $ in Millions	3 Months Ended
	Jun. 30, 2016 USD ($) shares
Restricted Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation costs related to unvested restricted shares \| $	$ 3.1
Weighted average vesting period	2 years 1 month 6 days
Fair value of restricted shares vested \| $	$ 0.4
Restricted shares granted \| shares	54,909
Restricted Stock Performance Shares [Member] \| Cliff Vesting [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted shares granted \| shares	49,373
Vesting period	36 months
Restricted Stock Performance Shares [Member] \| Cliff Vesting [Member] \| Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance-based vesting range	0.00%
Restricted Stock Performance Shares [Member] \| Cliff Vesting [Member] \| Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance-based vesting range	100.00%

Long-Term Debt - Schedule of Long-Term Debt (Detail) - USD ($) $ in Thousands	Jun. 30, 2016	Mar. 31, 2016
Debt Instrument [Line Items]
Total debt	$ 84,542	$ 89,682
Less: Current portion	(561)	(561)
Long-term debt	83,981	89,121
Total debt	84,542	89,682
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Line of credit	71,539	76,539
Whitmore [Member] \| Secured Term Loan [Member]
Debt Instrument [Line Items]
Term loan	$ 13,003	$ 13,143

- 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 - Schedule of Long-Term Debt (Parenthetical) (Detail)	Jun. 30, 2016	Mar. 31, 2016
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Interest rate	2.20%	2.18%
Secured Term Loan [Member] \| Whitmore [Member]
Debt Instrument [Line Items]
Interest rate	2.47%	2.43%

Long-Term Debt (Revolving Credit Agreement) - Additional Information (Detail)		1 Months Ended	3 Months Ended
	Dec. 11, 2015 USD ($)	Apr. 30, 2016 USD ($)	Jun. 30, 2016 USD ($)	Mar. 31, 2016 USD ($)
Debt Instrument [Line Items]
Line of credit amount repaid			$ 5,000,000
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Additional borrowing capacity with accordion feature	$ 250,000,000
Line of credit outstanding amount			$ 71,539,000	$ 76,539,000
Minimum fixed charge coverage ratio			1.25
Maximum leverage ratio of Funded Debt to EBITDA			3.00
Commitment fee paid	0.25%
Line of credit amount repaid		$ 5,000,000
Revolving Credit Facility [Member] \| Prime Rate [Member]
Debt Instrument [Line Items]
Spread on interest rate	0.75%
Revolving Credit Facility [Member] \| London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Spread on interest rate	1.75%
Revolving Credit Agreement, Accordion Feature [Member]
Debt Instrument [Line Items]
Additional borrowing capacity with accordion feature	$ 50,000,000

Long-Term Debt (Whitmore Term Loan) - Additional Information (Detail) - Whitmore [Member] - Secured Term Loan [Member] - USD ($)	3 Months Ended
	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016
Debt Instrument [Line Items]
Term loan					$ 13,003,000	$ 13,143,000
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 (Strathmore Acquisition Term Loan) - Additional Information (Detail) - Strathmore [Member] - Acquisition Term Loan [Member] - USD ($)		1 Months Ended		3 Months Ended
	Dec. 11, 2015	Oct. 31, 2015	Jul. 31, 2015	Jun. 30, 2016	Apr. 01, 2015
Debt Instrument [Line Items]
Term loan					$ 70,000,000
Debt instrument, periodic principal payment		$ 875,000	$ 875,000
Principal balance, repaid	$ 68,300,000
London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Spread on interest rate				3.00%

Earnings Per Share - Additional Information (Detail) - shares shares in Thousands	Jun. 30, 2016	Mar. 31, 2016	Sep. 30, 2015
Earnings Per Share [Abstract]
Common shares, issued	15,713	15,659	15,600

Earnings Per Share - Reconciliation of Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Earnings Per Share [Abstract]
Net income for basic and diluted earnings per share	$ 4,096	$ 8,650
Weighted average shares:
Common stock	15,478	15,441
Participating securities	239	142
Denominator for basic earnings per common share	15,717	15,583
Potentially dilutive securities	61	41
Denominator for diluted earnings per common share	15,778	15,624
Earnings per common share:
Basic	$ 0.26	$ 0.56
Diluted	$ 0.26	$ 0.55

Earnings Per Share - Reconciliation of Earnings Per Share (Parenthetical) (Detail) - shares	3 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Earnings Per Share [Abstract]
Antidilutive securities excluded from computation of earnings per share	0	29,877

Derivative Instruments and Hedge Accounting - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2016	Mar. 31, 2016
Interest Rate Swap [Member]
Derivative [Line Items]
Notional amount	$ 45.6	$ 45.6	$ 46.4
Interest Rate Swap [Member] \| Maximum [Member]
Derivative [Line Items]
Maximum remaining length of contract	13 years 1 month 6 days
Foreign Exchange Forward [Member]
Derivative [Line Items]
Notional amount	$ 2.7	$ 2.7
Foreign Exchange Forward [Member] \| Other Income [Member]
Derivative [Line Items]
Gain on changes in fair value of foreign exchange forward contracts	$ 0.2
Foreign Exchange Forward [Member] \| Maximum [Member]
Derivative [Line Items]
Maximum remaining length of contract		3 months

Derivative Instruments and Hedge Accounting - Fair Value of Derivatives (Detail) - USD ($) $ in Thousands	Jun. 30, 2016	Mar. 31, 2016
Derivatives, Fair Value [Line Items]
Accrued expenses and other current liabilities	$ 17,051	$ 21,090
Other long-term liabilities	12,626	11,820
Hedging Instrument [Member] \| Interest Rate Swap [Member]
Derivatives, Fair Value [Line Items]
Accrued expenses and other current liabilities	538	511
Other long-term liabilities	$ 1,682	$ 1,366

Derivative Instruments and Hedge Accounting - Fair Value of Foreign Exchange Forward Contracts Not Designated as Hedging Instruments (Detail) $ in Thousands	Jun. 30, 2016 USD ($)
Foreign Exchange Forward [Member] \| Not Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Current derivative assets	$ 197

Fair Value Measurements - Additional Information (Detail) - Fair Value, Inputs, Level 3 [Member] - Estimate of Fair Value Measurement [Member] - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2016	Mar. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration liability recognized	$ 5.9	$ 5.9
Increase in fair value of contingent payments due to accretion	0.2
Increase in fair value of contingent payments due to accretion offset by change in estimate	$ (0.2)

Retirement Plans (Defined Benefit Plans) - Additional Information (Detail) - Qualified Plan [Member] - USD ($)	3 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
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

Retirement Plans - Schedule of Net Pension (Benefit) Expense (Detail) - Qualified Plan [Member] - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Defined Benefit Plan Disclosure [Line Items]
Service cost - benefits earned during the period		$ 770
Interest cost on projected benefit obligation	$ 650	636
Expected return on assets	(1,018)	(609)
Amortization of net prior year service cost		15
Net pension expense (benefit)	$ (368)	$ 812

Retirement Plans (Restoration Plan) - Schedule of Net Pension (Benefit) Expense (Detail) - Restoration Plan [Member] - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Defined Benefit Plan Disclosure [Line Items]
Service cost - benefits earned during the period		$ 17
Interest cost on projected benefit obligation	$ 19	17
Amortization of net actuarial loss	8	8
Net pension expense (benefit)	$ 27	$ 42

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Income Tax Disclosure [Abstract]
Income before income taxes	$ 7,200	$ 13,556
Provision for income taxes	$ 3,104	$ 4,906
Effective tax rate	43.10%	36.20%
Reserves for uncertain tax positions	$ 600
Increased anticipated effective tax rate	8.50%

Other Comprehensive Income - Analysis of Changes in Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance at beginning of period	$ 258,010
Other comprehensive income (loss)	(1,537)	$ 1,623
Balance at end of period	262,743
Currency Translation Adjustments [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance at beginning of period	(5,248)	(3,877)
Other comprehensive income (loss)	(1,324)	1,095
Balance at end of period	(6,572)	(2,782)
Interest Rate Swaps [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance at beginning of period	(1,221)	(1,206)
Unrealized gains (losses), net of tax	(309)	467
Reclassification from AOCI, net of tax	86	61
Other comprehensive income (loss)	(223)	528
Balance at end of period	(1,444)	(678)
Defined Benefit Plans [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance at beginning of period	(1,229)	(5,210)
Balance at end of period	(1,219)	$ (5,210)
Defined Benefit Plans, Amortization of Net Loss [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Reclassification from AOCI, net of tax	$ 10

Other Comprehensive Income - Analysis of Changes in Accumulated Other Comprehensive Income (Loss) (Parenthetical) (Detail) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Interest Rate Swaps [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Unrealized gains (losses), tax	$ 167	$ (251)
Reclassification from AOCI, tax	(47)	$ (33)
Defined Benefit Plans, Amortization of Net Loss [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Reclassification from AOCI, tax	$ (5)

Other Comprehensive Income - Additional Information (Detail) $ in Millions	3 Months Ended
	Jun. 30, 2016 USD ($)
Equity [Abstract]
Losses on cash flow hedges expected to be reclassified to earnings within next 12 months	$ (0.3)

Segments - Additional Information (Detail)	3 Months Ended
Segments - Additional Information (Detail)	Jun. 30, 2016 Segments
Segment Reporting [Abstract]
Number of business segments	3

Segments - Summary of Financial Information of Reporting Segments Reconciled to Amounts Reported in Consolidated Financial Statements (Detail) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Segment Reporting Information [Line Items]
Revenues, net	$ 84,107	$ 88,909
Operating income	7,410	14,288
Operating Segments [Member]
Segment Reporting Information [Line Items]
Revenues, net	84,086	88,588
Operating income	13,377	14,261
Operating Segments [Member] \| Industrial Products [Member]
Segment Reporting Information [Line Items]
Revenues, net	43,475	39,976
Operating income	10,607	9,686
Operating Segments [Member] \| Coatings, Sealants and Adhesives [Member]
Segment Reporting Information [Line Items]
Revenues, net	23,424	28,449
Operating income	1,649	1,845
Operating Segments [Member] \| Specialty Chemicals [Member]
Segment Reporting Information [Line Items]
Revenues, net	17,187	20,163
Operating income	1,121	2,730
Eliminations and Other [Member]
Segment Reporting Information [Line Items]
Revenues, net	21	321
Operating income	$ (5,967)	$ 27