View Filing Data

Print Document View Excel Document

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Sep. 30, 2016	Nov. 04, 2016
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2016
Document Fiscal Year Focus	2017
Document Fiscal Period Focus	Q2
Trading Symbol	CSWI
Entity Registrant Name	CSW INDUSTRIALS, INC.
Entity Central Index Key	0001624794
Current Fiscal Year End Date	--03-31
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		15,812,793

Condensed Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Income Statement [Abstract]
Revenues, net	$ 80,131	$ 83,744	$ 164,238	$ 172,654
Cost of revenues	(44,468)	(42,901)	(90,372)	(91,367)
Gross profit	35,663	40,843	73,866	81,287
Selling, general and administrative expenses	(25,894)	(20,065)	(55,605)	(46,221)
Impairment expenses	(2,800)		(3,883)
Operating income	6,969	20,778	14,378	35,066
Interest expense, net	(742)	(832)	(1,490)	(1,499)
Other income (expense), net	753	(113)	1,291	(178)
Income before income taxes	6,980	19,833	14,179	33,389
Provision for income taxes	(3,138)	(6,871)	(6,242)	(11,777)
Net income	$ 3,842	$ 12,962	$ 7,937	$ 21,612
Net earnings per common share:
Basic	$ 0.24	$ 0.83	$ 0.51	$ 1.39
Diluted	$ 0.24	$ 0.83	$ 0.50	$ 1.38

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Statement of Comprehensive Income [Abstract]
Net income	$ 3,842	$ 12,962	$ 7,937	$ 21,612
Other comprehensive (loss) income:
Foreign currency translation adjustments	(608)	(2,312)	(1,932)	(1,217)
Cash flow hedging activity, net of taxes	156	(313)	(67)	215
Pension and other postretirement effects, net of taxes	(2)	4,848	8	4,848
Other comprehensive (loss) income	(454)	2,223	(1,991)	3,846
Comprehensive income	$ 3,388	$ 15,185	$ 5,946	$ 25,458

Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Statement of Comprehensive Income [Abstract]
Cash flow hedging activity, taxes	$ 22	$ 169	$ 257	$ (102)
Pension and other postretirement effects, taxes	$ 0	$ (2,611)	$ 0	$ (2,611)

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2016	Mar. 31, 2016
Current assets:
Cash and cash equivalents	$ 24,624	$ 25,987
Bank time deposits	10,373	13,278
Accounts receivable, net of allowance of $1,168 and $1,208, respectively	58,295	52,637
Inventories, net	49,414	51,634
Prepaid expenses and other current assets	12,498	11,985
Total current assets	155,204	155,521
Property, plant and equipment, net of accumulated depreciation of $61,179 and $59,035, respectively	63,524	64,357
Goodwill	67,375	67,757
Intangible assets, net	82,386	88,727
Other assets	15,888	15,898
Total assets	384,377	392,260
Current liabilities:
Accounts payable	10,203	9,912
Accrued and other current liabilities	20,258	21,090
Current portion of long-term debt	561	561
Total current liabilities	31,022	31,563
Long-term debt	71,841	89,121
Retirement benefits payable	1,505	1,746
Other long-term liabilities	13,634	11,820
Total liabilities	118,002	134,250
Equity:
Common shares, $0.01 par value Shares authorized - 50,000 Shares issued - 15,712 and 15,659, respectively	156	156
Preferred shares, $0.01 par value Shares authorized - 10,000 Shares issued - 0
Additional paid-in capital	34,585	31,597
Treasury shares, at cost	(569)
Retained earnings	241,892	233,955
Accumulated other comprehensive loss	(9,689)	(7,698)
Total equity	266,375	258,010
Total liabilities and equity	$ 384,377	$ 392,260

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2016	Mar. 31, 2016
Statement of Financial Position [Abstract]
Accounts receivable, allowance	$ 1,168	$ 1,208
Property, plant and equipment, accumulated depreciation	$ 61,179	$ 59,035
Common shares, par value	$ 0.01	$ 0.01
Common shares, authorized	50,000,000	50,000,000
Common shares, issued	15,712,000	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	6 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Cash flows from operating activities:
Net income	$ 7,937	$ 21,612
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	4,208	3,256
Amortization of intangible and other assets	3,818	3,293
Provision for inventory reserves	1,083
Share-based and other executive compensation	2,988
Net loss (gain) on sales of property, plant and equipment	(320)	(203)
Pension plan curtailment benefit		(8,020)
Net pension (benefit) expense	(542)
Impairment of assets	3,883
Net deferred taxes	(1,001)	8,027
Changes in operating assets and liabilities:
Accounts receivable, net	(5,488)	(1,178)
Inventories	1,056	477
Prepaid expenses and other current assets	(718)	(6,334)
Other assets	36	258
Accounts payable and other current liabilities	(887)	393
Retirement benefits payable and other liabilities	2,918	14
Net cash provided by operating activities	18,971	21,595
Cash flows from investing activities:
Capital expenditures	(5,075)	(3,192)
Proceeds from sale of assets	389	71
Net change in bank time deposits	2,681	4,440
Cash paid for acquisitions		(68,849)
Net cash used in investing activities	(2,005)	(67,530)
Cash flows from financing activities:
Borrowings on lines of credit		70,000
Repayments of lines of credit	(17,281)	(2,531)
Purchase of treasury shares	(569)
Cash contribution from Capital Southwest		13,000
Dividends paid to Capital Southwest		(300)
Net cash provided by (used in) financing activities	(17,850)	80,169
Effect of exchange rate changes on cash and cash equivalents	(479)	(737)
Net change in cash and cash equivalents	(1,363)	33,497
Cash and cash equivalents, beginning of period	25,987	20,448
Cash and cash equivalents, end of period	$ 24,624	$ 53,945

Organization and Operations and Summary of Significant Accounting Policies

6 Months Ended

Sep. 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.

Strathmore Restructuring

During the three months ended September 30, 2016, we initiated a restructuring program related to our Strathmore business, which is included in our Coatings, Sealants & Adhesives segment. The program was initiated in response to excess capacity due to contraction in the markets served by Strathmore, which caused us to perform a facility rationalization analysis. Restructuring charges are as follows (in thousands):


	Severance/ Retention		Asset Write- down (a)		Other (b)		Total
Three Months Ended September 30, 2016:
COS	$	338	$	—	$	—	$	338
SG&A		—		2,800		—		2,800

Total	$	338	$	2,800	$	—	$	3,138

Six Months Ended September 30, 2016:
COS	$	338	$	—	$	—	$	338
SG&A		160		2,800		—		2,960

Total	$	498	$	2,800	$	—	$	3,298

Total Expected Restructuring Charges (c):
COS	$	466	$	—	$	—	$	466
SG&A		160		2,800		1,699		4,659

Total	$	626	$	2,800	$	1,699	$	5,125

(a)	The initiation of the restructuring program triggered an analysis of our intangible assets recorded upon our acquisition of Strathmore. As a result of this analysis, we recorded an impairment of our Strathmore trademark.

(b)	Other consists of moving costs related to relocation of manufacturing activities, consulting fees for production and efficiency support and recruiting fees to increase staff in locations where production is being relocated. These charges will be expensed as incurred.

(c)	Total expected restructuring charges represent management’s best estimate to date. As the execution of the program is still in process, the amount and nature of actual restructuring charges incurred could vary from total expected charges.

As of September 30, 2016, the restructuring reserve resulting from this program consisted entirely of the severance recorded during the three months ended September 30, 2016 and is included in accrued and other current liabilities on our condensed consolidated balance sheet.

Basis of Presentation

The condensed consolidated financial statements included in this Quarterly Report on Form 10-Q for the quarterly period ended September 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 September 30, 2016, and the results of operations for the three and six months ended September 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.

In August 2016, the FASB issued ASU No. 2016-15, “Statement of Cash Flows (Topic 230) – Classification of Certain Cash Receipts and Cash Payments,” which clarifies how entities should classify certain cash receipts and cash payments on the statement of cash flows and how the predominance principle should be applied when cash receipts and cash payments have aspects of more than one class of cash flows. The new guidance should be applied on a retrospective basis for each period presented. ASU 2016-15 is effective for annual periods, including interim periods within those annual periods, beginning after December 15, 2017. Early adoption is permitted. We are currently evaluating the impact of ASU No. 2016-15 on our consolidated financial condition and results of operations.

In October 2016, the FASB issued ASU No. 2016-16, “Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory,” to improve the accounting for the income tax consequences of intra-entity transfers of assets other than inventory. This ASU aligns the recognition of income tax consequences for intra-entity transfers of assets other than inventory with International Financial Reporting Standards. Specifically, International Accounting Standards No. 12, “Income Taxes,” requires recognition of current and deferred income taxes resulting from an intra-entity transfer of any asset (including inventory) when the transfer occurs. This ASU is effective for annual periods, including interim periods within those annual periods, beginning after December 15, 2017. Early adoption is permitted. We are currently evaluating the impact of ASU No. 2016-16 on our consolidated financial condition and results of operations.

Acquisitions

6 Months Ended

Sep. 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

6 Months Ended

Sep. 30, 2016

Inventory Disclosure [Abstract]

Inventories

3.	INVENTORIES

Inventories consist of the following (in thousands):


	September 30, 2016			March 31, 2016
Raw materials and supplies	$	23,653		$	26,019
Work in process		4,207			5,432
Finished goods		28,160			26,087

Total inventories		56,020			57,538
Less: LIFO reserve		(5,302	)		(5,302	)
Less: Obsolescence reserve		(1,304	)		(602	)

Inventories, net	$	49,414		$	51,634

Intangible Assets

6 Months Ended

Sep. 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):


			September 30, 2016					March 31, 2016
	Wtd Avg Life		Gross Amount		Accumulated Amortization			Gross Amount		Accumulated Amortization
	(Years)
Finite-lived intangible assets:
Patents (a)		12	$	12,008	$	(6,735	)	$	14,458	$	(8,600	)
Customer lists and amortized trademarks		12		70,983		(19,930	)		71,475		(17,080	)
Non-compete agreements		5		1,042		(262	)		1,310		(405	)
Other		12		4,496		(570	)		3,769		(354	)

			$	88,529	$	(27,497	)	$	91,012	$	(26,439	)

Trade names and trademarks not being amortized (b)			$	21,354	$	—		$	24,154	$	—

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

(b)	During the six months ended September 30, 2016, we recognized a $2.8 million non-cash impairment charge related to the Strathmore trademark.

Amortization expense for the three and six months ended September 30, 2016 was $1.9 million and $3.8 million, respectively. Amortization expense for the three and six months ended September 30, 2015 was $1.6 million and $3.3 million, respectively. The following table shows the estimated future amortization for intangible assets as of September 30, 2016, for the remainder of the current fiscal year and the next five years ending March 31 (in thousands):


2017	$	3,545
2018		7,233
2019		6,385
2020		6,142
2021		5,919
2022		5,484

Executive Compensation

6 Months Ended

Sep. 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 and six months ended September 30, 2016, we recorded total executive compensation expense for the cash incentive payments of $0.2 million and $1.5 million, respectively, for Mr. Armes and Ms. Tacke, and total stock compensation (reversal) expense of $(0.3) million and $0.8 million, respectively. Within those amounts, for the six months ended September 30, 2016, 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

6 Months Ended

Sep. 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 September 30, 2016, 1,376,877 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 and six months ended September 30, 2016 (in thousands):


	Three Months Ended September 30, 2016
	Stock Options			Restricted Shares			Total
Share-based compensation expense	$	(105	)	$	191		$	86
Related income tax benefit		37			(67	)		(30	)

Net share-based compensation expense	$	(68	)	$	124		$	56


	Six Months Ended September 30, 2016
	Stock Options			Restricted Shares			Total
Share-based compensation expense	$	365		$	1,099		$	1,464
Related income tax benefit		(128	)		(385	)		(513	)

Net share-based compensation expense	$	237		$	714		$	951

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

Stock option activity is as follows:


	Six Months Ended September 30, 2016
	Number of Shares			Weighted Average Exercise Price		Remaining Contractual Life		Aggregate Intrinsic Value
						(Years)		(in millions)
Outstanding at April 1, 2016		362,513		$	24.53
Granted		—			—
Exercised		—			—
Canceled		(24,897	)		23.11

Outstanding at September 30, 2016		337,616		$	24.64		5.5	$	2.6

Exercisable at September 30, 2016		193,097		$	24.29		3.9	$	1.6

At September 30, 2016, we had unrecognized compensation cost related to non-vested stock options of $0.3 million, which will be amortized into net income over the remaining weighted average vesting period of approximately 1.5 years. No options were granted or exercised during the three or six months ended September 30, 2016 or 2015. The total fair value of stock options vested during the three and six months ended September 30, 2016 was $0.1 million and $0.4 million, respectively.

Restricted share activity is as follows:


	Six Months Ended September 30, 2016
	Number of Shares			Weighted Average Grant Date Fair Value
Outstanding at April 1, 2016		181,977		$	23.72
Granted		55,228			24.71
Vested		(29,667	)		15.93
Canceled		(18,063	)		29.06

Outstanding at September 30, 2016		189,475		$	24.72

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 September 30, 2016, we had unrecognized compensation cost related to unvested restricted shares of $2.8 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 and six months ended September 30, 2016 was $0.1 million and $0.5 million, respectively.

Restricted shares granted during the three and six months ended September 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 are 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

6 Months Ended

Sep. 30, 2016

Debt Disclosure [Abstract]

Long-Term Debt

7.	LONG-TERM DEBT

Debt consists of the following (in thousands):


	September 30,			March 31,
	2016			2016
Revolving Credit Facility, interest rate of 2.27% and 2.18%, respectively	$	59,539		$	76,539
Whitmore term loan, interest rate of 2.53% and 2.43%, respectively		12,863			13,143

Total debt		72,402			89,682
Less: Current portion		(561	)		(561	)

Long-term debt	$	71,841		$	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 and August 2016, we repaid $5.0 million and $12.0 million, respectively, of the amount that was outstanding at March 31, 2016 under this facility, and as of September 30, 2016, we had $59.5 million in outstanding borrowings under this facility. Additionally, during October 2016, we repaid $8.3 million of the amount that was outstanding at September 30, 2016 under this facility. The Revolving Credit Facility contains certain customary restrictive covenants, including a requirement to maintain a minimum fixed charge coverage 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 September 30, 2016.

Whitmore Term Loan

As of September 30, 2016, The Whitmore Manufacturing Company (one of our wholly-owned operating subsidiaries) had a secured term loan outstanding related to a 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 this term loan bear interest at a variable annual rate equal to one month LIBOR plus 2.0%. As of September 30, 2016 and March 31, 2016, Whitmore had $12.9 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

6 Months Ended

Sep. 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 and six months ended September 30, 2016 and 2015 (amounts in thousands, except per share data):


	Three Months Ended				Six Months Ended
	September 30,				September 30,
	2016		2015		2016		2015
Net income for basic and diluted earnings per share	$	3,842	$	12,962	$	7,937	$	21,612
Weighted average shares:
Common stock		15,481		15,441		15,484		15,441
Participating securities		214		142		222		142

Denominator for basic earnings per common share		15,695		15,583		15,706		15,583
Potentially dilutive securities (a)		68		128		65		128

Denominator for diluted earnings per common share		15,763		15,711		15,771		15,711

Earnings per common share:
Basic	$	0.24	$	0.83	$	0.51	$	1.39
Diluted		0.24		0.83		0.50		1.38

(a)	No shares were excluded for anti-dilution for the three and six months ended September 30, 2016. We have excluded 32,877 shares for the three and six months ended September 30, 2015 as their effect would have been anti-dilutive.

Derivative Instruments and Hedge Accounting

6 Months Ended

Sep. 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 September 30, 2016 and March 31, 2016, we had $44.8 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 September 30, 2016, the maximum remaining length of any interest rate swap contract in place was approximately 12.8 years. The fair value of interest rate swaps designated as hedging instruments are summarized below (in thousands):


	September 30,		March 31,
	2016		2016
Current derivative liabilities	$	448	$	511
Non-current derivative liabilities		1,535		1,366

The impact of changes in fair value of interest rate swaps is included in Note 14.

On June 17, 2016, we entered into a foreign exchange forward contract, not designated as a hedging instrument, to hedge our exposure associated with assets denominated in British pounds. The forward contract was settled on September 29, 2016 resulting in a net gain of $0.2 million, which was included in other income (expense), net on our condensed consolidated statements of income for the six months ended September 30, 2016.

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.

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

6 Months Ended

Sep. 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 September 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 following table sets forth the changes in fair value recognized in our condensed consolidated financial statements (in thousands):


	Six months ended
	September 30, 2016
	Deacon			SureSeal
Balance at beginning of period	$	392		$	5,462
Change due to accretion		—			447
Change in estimate		(392	)		—

Balance at end of period	$	—		$	5,909

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Retirement Plans

6 Months Ended

Sep. 30, 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 or six month periods ended September 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 September 30,
	2016			2015
Service cost - benefits earned during the period	$	—		$	1,272
Interest cost on projected benefit obligation		584			746
Expected return on assets		(786	)		(715	)
Amortization of net prior year service cost (benefit)		—			(42	)
Curtailment expense (benefit)		—			(8,051	)

Net pension expense (benefit)	$	(202	)	$	(6,790	)


	Six Months Ended September 30,
	2016			2015
Service cost - benefits earned during the period	$	—		$	2,042
Interest cost on projected benefit obligation		1,234			1,382
Expected return on assets		(1,804	)		(1,324	)
Amortization of net prior year service cost (benefit)		—			(27	)
Curtailment expense (benefit)		—			(8,051	)

Net pension expense (benefit)	$	(570	)	$	(5,978	)

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 September 30,
	2016			2015
Service cost - benefits earned during the period	$	—		$	10
Interest cost on projected benefit obligation		16			19
Amortization of net prior service cost		—			1
Amortization of net actuarial loss		(1	)		16
Curtailment expense		—			31

Net pension expense	$	15		$	77


	Six Months Ended September 30,
	2016			2015
Service cost - benefits earned during the period	$	—		$	27
Interest cost on projected benefit obligation		35			36
Amortization of net prior service cost		—			5
Amortization of net actuarial loss		7			20
Curtailment expense		—			31

Net pension expense	$	42		$	119

Contingencies

6 Months Ended

Sep. 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

6 Months Ended

Sep. 30, 2016

Income Tax Disclosure [Abstract]

Income Taxes

13.

INCOME TAXES

For the three months ended September 30, 2016, we earned $7.0 million before taxes and provided for income taxes of $3.1 million, resulting in an effective tax rate of 45.0%. For the six months ended September 30, 2016, we earned $14.2 million before taxes and provided for income taxes of $6.2 million, resulting in an effective tax rate of 44.0%. For the three months ended September 30, 2015, we earned $19.8 million before taxes and provided for income taxes of $6.9 million, resulting in an effective tax rate of 34.6%. For the six months ended September 30, 2015, we earned $33.4 million before taxes and provided for income taxes of $11.8 million, resulting in an effective tax rate of 35.3%. The provision for income taxes for the three months ended September 30, 2016 was impacted by $0.7 million primarily relating to reserves for uncertain tax positions, which increased our anticipated effective rate by 10.5%. The provision for income taxes for the six months ended September 30, 2016 was impacted by $1.3 million primarily relating to reserves for uncertain tax positions and the effect of changes in tax rates, which increased our anticipated effective rate by 9.5%. 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 (Loss)

6 Months Ended

Sep. 30, 2016

Equity [Abstract]

Other Comprehensive Income (Loss)

14.

OTHER COMPREHENSIVE INCOME (LOSS)

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


	Three Months Ended
	September 30,
	2016			2015
Currency translation adjustments:
Balance at beginning of period	$	(6,572	)	$	(2,782	)
Adjustments for foreign currency translation		(608	)		(2,312	)

Balance at end of period	$	(7,180	)	$	(5,094	)

Interest rate swaps:
Balance at beginning of period	$	(1,444	)	$	(678	)
Unrealized gains (losses), net of taxes of $(31) and $229, respectively (a)		57			(433	)
Reclassification of losses included in interest expense, net, net of taxes of $53 and $(63), respectively		99			120

Other comprehensive income (loss)		156			(313	)

Balance at end of period	$	(1,288	)	$	(991	)

Defined benefit plans:
Balance at beginning of period	$	(1,219	)	$	(5,210	)
Amortization of net prior service benefit, net of taxes of $0 and $8, respectively (b)		—			(15	)
Amortization of net loss, net of taxes of $0 and $(7), respectively (b)		(2	)		13
Curtailment, net of taxes of $(2,612)		—			4,850

Balance at end of period	$	(1,221	)	$	(362	)


	Six Months Ended
	September 30,
	2016			2015
Currency translation adjustments:
Balance at beginning of period	$	(5,248	)	$	(3,877	)
Adjustments for foreign currency translation		(1,932	)		(1,217	)

Balance at end of period	$	(7,180	)	$	(5,094	)

Interest rate swaps:
Balance at beginning of period	$	(1,221	)	$	(1,206	)
Unrealized gains (losses), net of taxes of $136 and $(20), respectively (a)		(252	)		37
Reclassification of losses included in interest expense, net, net of taxes of $99 and $(97), respectively		185			178

Other comprehensive income (loss)		(67	)		215

Balance at end of period	$	(1,288	)	$	(991	)

Defined benefit plans:
Balance at beginning of period	$	(1,229	)	$	(5,210	)
Amortization of net prior service benefit, net of taxes of $0 and $8, respectively (b)		—			(15	)
Amortization of net loss, net of taxes of $(4) and $(7), respectively (b)		8			13
Curtailment, net of taxes of $(2,612)		—			4,850

Balance at end of period	$	(1,221	)	$	(362	)

(a)	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 September 30, 2016.

(b)	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.

- 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

6 Months Ended

Sep. 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 September 30, 2016:


(in thousands)	Industrial Products		Coatings, Sealants and Adhesives			Specialty Chemicals		Subtotal – Reportable Segments		Eliminations and Other			Total
Revenues, net	$	41,858	$	23,006		$	15,245	$	80,109	$	22		$	80,131
Operating income		9,897		(1,616	)		1,232		9,513		(2,544	)		6,969

Three months ended September 30, 2015:


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

Six months ended September 30, 2016:


(in thousands)	Industrial Products		Coatings, Sealants and Adhesives		Specialty Chemicals		Subtotal – Reportable Segments		Eliminations and Other			Total
Revenues, net	$	85,333	$	46,371	$	32,490	$	164,194	$	44		$	164,238
Operating income		20,504		97		2,288		22,889		(8,511	)		14,378

Six months ended September 30, 2015:


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

- 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)	6 Months Ended
	Sep. 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 September 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 September 30, 2016, and the results of operations for the three and six months ended September 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. In August 2016, the FASB issued ASU No. 2016-15, “Statement of Cash Flows (Topic 230) – Classification of Certain Cash Receipts and Cash Payments,” which clarifies how entities should classify certain cash receipts and cash payments on the statement of cash flows and how the predominance principle should be applied when cash receipts and cash payments have aspects of more than one class of cash flows. The new guidance should be applied on a retrospective basis for each period presented. ASU 2016-15 is effective for annual periods, including interim periods within those annual periods, beginning after December 15, 2017. Early adoption is permitted. We are currently evaluating the impact of ASU No. 2016-15 on our consolidated financial condition and results of operations. In October 2016, the FASB issued ASU No. 2016-16, “Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory,” to improve the accounting for the income tax consequences of intra-entity transfers of assets other than inventory. This ASU aligns the recognition of income tax consequences for intra-entity transfers of assets other than inventory with International Financial Reporting Standards. Specifically, International Accounting Standards No. 12, “Income Taxes,” requires recognition of current and deferred income taxes resulting from an intra-entity transfer of any asset (including inventory) when the transfer occurs. This ASU is effective for annual periods, including interim periods within those annual periods, beginning after December 15, 2017. Early adoption is permitted. We are currently evaluating the impact of ASU No. 2016-16 on our consolidated financial condition and results of operations.

Organization and Operations and Summary of Significant Accounting Policies (Tables)

6 Months Ended

Sep. 30, 2016

Accounting Policies [Abstract]

Schedule of Restructuring Charges

Restructuring charges are as follows (in thousands):


	Severance/ Retention		Asset Write- down (a)		Other (b)		Total
Three Months Ended September 30, 2016:
COS	$	338	$	—	$	—	$	338
SG&A		—		2,800		—		2,800

Total	$	338	$	2,800	$	—	$	3,138

Six Months Ended September 30, 2016:
COS	$	338	$	—	$	—	$	338
SG&A		160		2,800		—		2,960

Total	$	498	$	2,800	$	—	$	3,298

Total Expected Restructuring Charges (c):
COS	$	466	$	—	$	—	$	466
SG&A		160		2,800		1,699		4,659

Total	$	626	$	2,800	$	1,699	$	5,125

(a)	The initiation of the restructuring program triggered an analysis of our intangible assets recorded upon our acquisition of Strathmore. As a result of this analysis, we recorded an impairment of our Strathmore trademark.

(b)	Other consists of moving costs related to relocation of manufacturing activities, consulting fees for production and efficiency support and recruiting fees to increase staff in locations where production is being relocated. These charges will be expensed as incurred.

(c)	Total expected restructuring charges represent management’s best estimate to date. As the execution of the program is still in process, the amount and nature of actual restructuring charges incurred could vary from total expected charges.

Inventories (Tables)

6 Months Ended

Sep. 30, 2016

Inventory Disclosure [Abstract]

Schedule of Inventories

Inventories consist of the following (in thousands):


	September 30, 2016			March 31, 2016
Raw materials and supplies	$	23,653		$	26,019
Work in process		4,207			5,432
Finished goods		28,160			26,087

Total inventories		56,020			57,538
Less: LIFO reserve		(5,302	)		(5,302	)
Less: Obsolescence reserve		(1,304	)		(602	)

Inventories, net	$	49,414		$	51,634

Intangible Assets (Tables)

6 Months Ended

Sep. 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):


			September 30, 2016					March 31, 2016
	Wtd Avg Life		Gross Amount		Accumulated Amortization			Gross Amount		Accumulated Amortization
	(Years)
Finite-lived intangible assets:
Patents (a)		12	$	12,008	$	(6,735	)	$	14,458	$	(8,600	)
Customer lists and amortized trademarks		12		70,983		(19,930	)		71,475		(17,080	)
Non-compete agreements		5		1,042		(262	)		1,310		(405	)
Other		12		4,496		(570	)		3,769		(354	)

			$	88,529	$	(27,497	)	$	91,012	$	(26,439	)

Trade names and trademarks not being amortized (b)			$	21,354	$	—		$	24,154	$	—

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

(b)	During the six months ended September 30, 2016, we recognized a $2.8 million non-cash impairment charge related to the Strathmore trademark.

Schedule of Estimated Future Amortization for Intangible Assets

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


2017	$	3,545
2018		7,233
2019		6,385
2020		6,142
2021		5,919
2022		5,484

Share-Based Compensation (Tables)

6 Months Ended

Sep. 30, 2016

Schedule of Share-Based Compensation

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


	Three Months Ended September 30, 2016
	Stock Options			Restricted Shares			Total
Share-based compensation expense	$	(105	)	$	191		$	86
Related income tax benefit		37			(67	)		(30	)

Net share-based compensation expense	$	(68	)	$	124		$	56


	Six Months Ended September 30, 2016
	Stock Options			Restricted Shares			Total
Share-based compensation expense	$	365		$	1,099		$	1,464
Related income tax benefit		(128	)		(385	)		(513	)

Net share-based compensation expense	$	237		$	714		$	951

Stock Options [Member]

Schedule of Share Based Awards Outstanding

Stock option activity is as follows:


	Six Months Ended September 30, 2016
	Number of Shares			Weighted Average Exercise Price		Remaining Contractual Life		Aggregate Intrinsic Value
						(Years)		(in millions)
Outstanding at April 1, 2016		362,513		$	24.53
Granted		—			—
Exercised		—			—
Canceled		(24,897	)		23.11

Outstanding at September 30, 2016		337,616		$	24.64		5.5	$	2.6

Exercisable at September 30, 2016		193,097		$	24.29		3.9	$	1.6

Restricted Shares [Member]

Schedule of Share Based Awards Outstanding

Restricted share activity is as follows:


	Six Months Ended September 30, 2016
	Number of Shares			Weighted Average Grant Date Fair Value
Outstanding at April 1, 2016		181,977		$	23.72
Granted		55,228			24.71
Vested		(29,667	)		15.93
Canceled		(18,063	)		29.06

Outstanding at September 30, 2016		189,475		$	24.72

Long-Term Debt (Tables)

6 Months Ended

Sep. 30, 2016

Debt Disclosure [Abstract]

Schedule of Long-Term Debt

Debt consists of the following (in thousands):


	September 30,			March 31,
	2016			2016
Revolving Credit Facility, interest rate of 2.27% and 2.18%, respectively	$	59,539		$	76,539
Whitmore term loan, interest rate of 2.53% and 2.43%, respectively		12,863			13,143

Total debt		72,402			89,682
Less: Current portion		(561	)		(561	)

Long-term debt	$	71,841		$	89,121

Earnings Per Share (Tables)

6 Months Ended

Sep. 30, 2016

Earnings Per Share [Abstract]

Reconciliation of Earnings Per Share


	Three Months Ended				Six Months Ended
	September 30,				September 30,
	2016		2015		2016		2015
Net income for basic and diluted earnings per share	$	3,842	$	12,962	$	7,937	$	21,612
Weighted average shares:
Common stock		15,481		15,441		15,484		15,441
Participating securities		214		142		222		142

Denominator for basic earnings per common share		15,695		15,583		15,706		15,583
Potentially dilutive securities (a)		68		128		65		128

Denominator for diluted earnings per common share		15,763		15,711		15,771		15,711

Earnings per common share:
Basic	$	0.24	$	0.83	$	0.51	$	1.39
Diluted		0.24		0.83		0.50		1.38

(a)	No shares were excluded for anti-dilution for the three and six months ended September 30, 2016. We have excluded 32,877 shares for the three and six months ended September 30, 2015 as their effect would have been anti-dilutive.

Derivative Instruments and Hedge Accounting (Tables)

6 Months Ended

Sep. 30, 2016

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Fair Value of Derivatives

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


	September 30,		March 31,
	2016		2016
Current derivative liabilities	$	448	$	511
Non-current derivative liabilities		1,535		1,366

Fair Value Measurements (Tables)

6 Months Ended

Sep. 30, 2016

Fair Value Disclosures [Abstract]

Summary of Changes in Fair Value

The following table sets forth the changes in fair value recognized in our condensed consolidated financial statements (in thousands):


	Six months ended
	September 30, 2016
	Deacon			SureSeal
Balance at beginning of period	$	392		$	5,462
Change due to accretion		—			447
Change in estimate		(392	)		—

Balance at end of period	$	—		$	5,909

Retirement Plans (Tables)

6 Months Ended

Sep. 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 September 30,
	2016			2015
Service cost - benefits earned during the period	$	—		$	1,272
Interest cost on projected benefit obligation		584			746
Expected return on assets		(786	)		(715	)
Amortization of net prior year service cost (benefit)		—			(42	)
Curtailment expense (benefit)		—			(8,051	)

Net pension expense (benefit)	$	(202	)	$	(6,790	)


	Six Months Ended September 30,
	2016			2015
Service cost - benefits earned during the period	$	—		$	2,042
Interest cost on projected benefit obligation		1,234			1,382
Expected return on assets		(1,804	)		(1,324	)
Amortization of net prior year service cost (benefit)		—			(27	)
Curtailment expense (benefit)		—			(8,051	)

Net pension expense (benefit)	$	(570	)	$	(5,978	)

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 September 30,
	2016			2015
Service cost - benefits earned during the period	$	—		$	10
Interest cost on projected benefit obligation		16			19
Amortization of net prior service cost		—			1
Amortization of net actuarial loss		(1	)		16
Curtailment expense		—			31

Net pension expense	$	15		$	77


	Six Months Ended September 30,
	2016			2015
Service cost - benefits earned during the period	$	—		$	27
Interest cost on projected benefit obligation		35			36
Amortization of net prior service cost		—			5
Amortization of net actuarial loss		7			20
Curtailment expense		—			31

Net pension expense	$	42		$	119

Other Comprehensive Income (Loss) (Tables)

6 Months Ended

Sep. 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
	September 30,
	2016			2015
Currency translation adjustments:
Balance at beginning of period	$	(6,572	)	$	(2,782	)
Adjustments for foreign currency translation		(608	)		(2,312	)

Balance at end of period	$	(7,180	)	$	(5,094	)

Interest rate swaps:
Balance at beginning of period	$	(1,444	)	$	(678	)
Unrealized gains (losses), net of taxes of $(31) and $229, respectively (a)		57			(433	)
Reclassification of losses included in interest expense, net, net of taxes of $53 and $(63), respectively		99			120

Other comprehensive income (loss)		156			(313	)

Balance at end of period	$	(1,288	)	$	(991	)

Defined benefit plans:
Balance at beginning of period	$	(1,219	)	$	(5,210	)
Amortization of net prior service benefit, net of taxes of $0 and $8, respectively (b)		—			(15	)
Amortization of net loss, net of taxes of $0 and $(7), respectively (b)		(2	)		13
Curtailment, net of taxes of $(2,612)		—			4,850

Balance at end of period	$	(1,221	)	$	(362	)


	Six Months Ended
	September 30,
	2016			2015
Currency translation adjustments:
Balance at beginning of period	$	(5,248	)	$	(3,877	)
Adjustments for foreign currency translation		(1,932	)		(1,217	)

Balance at end of period	$	(7,180	)	$	(5,094	)

Interest rate swaps:
Balance at beginning of period	$	(1,221	)	$	(1,206	)
Unrealized gains (losses), net of taxes of $136 and $(20), respectively (a)		(252	)		37
Reclassification of losses included in interest expense, net, net of taxes of $99 and $(97), respectively		185			178

Other comprehensive income (loss)		(67	)		215

Balance at end of period	$	(1,288	)	$	(991	)

Defined benefit plans:
Balance at beginning of period	$	(1,229	)	$	(5,210	)
Amortization of net prior service benefit, net of taxes of $0 and $8, respectively (b)		—			(15	)
Amortization of net loss, net of taxes of $(4) and $(7), respectively (b)		8			13
Curtailment, net of taxes of $(2,612)		—			4,850

Balance at end of period	$	(1,221	)	$	(362	)

(a)	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 September 30, 2016.

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

Segments (Tables)

6 Months Ended

Sep. 30, 2016

Segment Reporting [Abstract]

Schedule of Segments

Three months ended September 30, 2016:


(in thousands)	Industrial Products		Coatings, Sealants and Adhesives			Specialty Chemicals		Subtotal – Reportable Segments		Eliminations and Other			Total
Revenues, net	$	41,858	$	23,006		$	15,245	$	80,109	$	22		$	80,131
Operating income		9,897		(1,616	)		1,232		9,513		(2,544	)		6,969

Three months ended September 30, 2015:


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

Six months ended September 30, 2016:


(in thousands)	Industrial Products		Coatings, Sealants and Adhesives		Specialty Chemicals		Subtotal – Reportable Segments		Eliminations and Other			Total
Revenues, net	$	85,333	$	46,371	$	32,490	$	164,194	$	44		$	164,238
Operating income		20,504		97		2,288		22,889		(8,511	)		14,378

Six months ended September 30, 2015:


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

Organization and Operations and Summary of Accounting Policies (The Share Distribution) - Additional Information (Detail)	6 Months Ended
	Sep. 30, 2016 Brand
Minimum [Member]
Highly respected industrial brands	100

Organization and Operations and Summary of Accounting Policies - Schedule of Restructuring Charges (Detail) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Sep. 30, 2016	Sep. 30, 2016
Restructuring Cost and Reserve [Line Items]
Asset Write- down	$ 2,800	$ 3,883
Strathmore [Member]
Restructuring Cost and Reserve [Line Items]
Severance/ Retention	338	498
Asset Write- down	2,800	2,800
Total	3,138	3,298
Strathmore [Member] \| Expected Restructuring Charges [Member]
Restructuring Cost and Reserve [Line Items]
Severance/ Retention		626
Asset Write- down		2,800
Other		1,699
Total		5,125
Strathmore [Member] \| COS [Member]
Restructuring Cost and Reserve [Line Items]
Severance/ Retention	338	338
Total	338	338
Strathmore [Member] \| COS [Member] \| Expected Restructuring Charges [Member]
Restructuring Cost and Reserve [Line Items]
Severance/ Retention		466
Total		466
Strathmore [Member] \| SG&A [Member]
Restructuring Cost and Reserve [Line Items]
Severance/ Retention		160
Asset Write- down	2,800	2,800
Total	$ 2,800	2,960
Strathmore [Member] \| SG&A [Member] \| Expected Restructuring Charges [Member]
Restructuring Cost and Reserve [Line Items]
Severance/ Retention		160
Asset Write- down		2,800
Other		1,699
Total		$ 4,659

Acquisitions (AC Leak Freeze) - Additional Information (Detail) - USD ($) $ in Thousands		6 Months Ended
	Dec. 16, 2015	Sep. 30, 2015
Business Acquisition [Line Items]
Purchase price, paid from cash		$ 68,849
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		6 Months Ended
	Oct. 01, 2015	Sep. 30, 2015
Business Acquisition [Line Items]
Purchase price, paid from available cash		$ 68,849
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	Sep. 30, 2016	Mar. 31, 2016
Inventory Disclosure [Abstract]
Raw materials and supplies	$ 23,653	$ 26,019
Work in process	4,207	5,432
Finished goods	28,160	26,087
Total inventories	56,020	57,538
Less: LIFO reserve	(5,302)	(5,302)
Less: Obsolescence reserve	(1,304)	(602)
Inventories, net	$ 49,414	$ 51,634

Intangible Assets - Schedule of Intangible Assets (Detail) - USD ($) $ in Thousands	6 Months Ended
	Sep. 30, 2016	Mar. 31, 2016
Intangible Assets [Line Items]
Gross Amount	$ 88,529	$ 91,012
Accumulated Amortization	(27,497)	(26,439)
Trade Names and Trademarks [Member]
Intangible Assets [Line Items]
Gross Amount	$ 21,354	24,154
Patents [Member]
Intangible Assets [Line Items]
Useful Life	12 years
Gross Amount	$ 12,008	14,458
Accumulated Amortization	$ (6,735)	(8,600)
Customer Lists and Amortized Trademarks [Member]
Intangible Assets [Line Items]
Useful Life	12 years
Gross Amount	$ 70,983	71,475
Accumulated Amortization	$ (19,930)	(17,080)
Non-compete Agreements [Member]
Intangible Assets [Line Items]
Useful Life	5 years
Gross Amount	$ 1,042	1,310
Accumulated Amortization	$ (262)	(405)
Other [Member]
Intangible Assets [Line Items]
Useful Life	12 years
Gross Amount	$ 4,496	3,769
Accumulated Amortization	$ (570)	$ (354)

Intangible Assets - Schedule of Intangible Assets (Parenthetical) (Detail) $ in Millions	6 Months Ended
	Sep. 30, 2016 USD ($)
Patents [Member]
Intangible Assets [Line Items]
Write off of expired and fully amortized intangible assets	$ 2.4
Trade Names and Trademarks [Member]
Intangible Assets [Line Items]
Write off of expired and fully amortized intangible assets	$ 2.8

Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Amortization of intangible assets	$ 1,900	$ 1,600	$ 3,818	$ 3,293

Intangible Assets - Schedule of Estimated Future Amortization for Intangible Assets (Detail) $ in Thousands	Sep. 30, 2016 USD ($)
Intangible Assets, Net (Excluding Goodwill) [Abstract]
2017	$ 3,545
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	6 Months Ended	16 Months Ended
	Dec. 29, 2017	Dec. 29, 2016	Dec. 29, 2015	Sep. 30, 2016	Sep. 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				$ 0.2	$ 1.5
Stock compensation (reversal) expense				$ (0.3)	0.8
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	6 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for issuance	1,376,877
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 ($) $ in Thousands	3 Months Ended	6 Months Ended
	Sep. 30, 2016	Sep. 30, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 86	$ 1,464
Related income tax benefit	(30)	(513)
Net share-based compensation expense	56	951
Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	(105)	365
Related income tax benefit	37	(128)
Net share-based compensation expense	(68)	237
Restricted Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	191	1,099
Related income tax benefit	(67)	(385)
Net share-based compensation expense	$ 124	$ 714

Share-Based Compensation (Stock Option Activity) - Additional Information (Detail) - 2015 Plan [Member] - USD ($)		3 Months Ended		6 Months Ended
	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation expense	$ 0
Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation costs related to non-vested stock option		$ 300,000		$ 300,000
Weighted average vesting period				1 year 6 months
Stock options, number of shares, granted		0	0	0	0
Stock options, number of shares, exercised		0	0	0	0
Stock options, vested, fair value		$ 100,000		$ 400,000

Share-Based Compensation - Stock Option Activity (Detail) - 2015 Plan [Member] - Stock Options [Member] - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 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	0	0
Number of Shares, Exercised	0	0	0	0
Number of Shares, Canceled			(24,897)
Number of Shares, Outstanding, Ending balance	337,616		337,616
Exercisable at September 30, 2016, Number of shares	193,097		193,097
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	$ 24.64		24.64
Exercisable at September 30, 2016, Exercise Price	$ 24.29		$ 24.29
Outstanding, Remaining Contractual Life			5 years 6 months
Exercisable, Remaining Contractual Life			3 years 10 months 24 days
Outstanding, Aggregate Intrinsic Value	$ 2.6		$ 2.6
Exercisable, Aggregate Intrinsic Value	$ 1.6		$ 1.6

Share-Based Compensation - Restricted Share Activity (Detail) - 2015 Plan [Member] - Restricted Shares [Member]	6 Months Ended
	Sep. 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	55,228
Number of Shares, Vested \| shares	(29,667)
Number of Shares, Canceled \| shares	(18,063)
Number of Shares, Outstanding, Ending balance \| shares	189,475
Weighted Average Grant Date Fair Value, Outstanding, Beginning balance \| $ / shares	$ 23.72
Weighted Average Grant Date Fair Value, Granted \| $ / shares	24.71
Weighted Average Grant Date Fair Value, Vested \| $ / shares	15.93
Weighted Average Grant Date Fair Value, Canceled \| $ / shares	29.06
Weighted Average Grant Date Fair Value, Outstanding, Ending balance \| $ / shares	$ 24.72

Share-Based Compensation (Restricted Stock Activity) - Additional Information (Detail) - 2015 Plan [Member] $ in Millions	3 Months Ended	6 Months Ended
	Sep. 30, 2016 USD ($) shares	Sep. 30, 2016 USD ($) shares
Restricted Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation costs related to unvested restricted shares \| $	$ 2.8	$ 2.8
Weighted average vesting period		2 years 1 month 6 days
Fair value of restricted shares vested \| $	$ 0.1	$ 0.5
Restricted shares granted \| shares		55,228
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	49,373
Vesting period	36 months	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%	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%	100.00%

Long-Term Debt - Schedule of Long-Term Debt (Detail) - USD ($) $ in Thousands	Sep. 30, 2016	Mar. 31, 2016
Debt Instrument [Line Items]
Total debt	$ 72,402	$ 89,682
Less: Current portion	(561)	(561)
Long-term debt	71,841	89,121
Total debt	72,402	89,682
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Line of credit	59,539	76,539
Whitmore [Member] \| Secured Term Loan [Member]
Debt Instrument [Line Items]
Term loan	$ 12,863	$ 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)	Sep. 30, 2016	Mar. 31, 2016
Whitmore [Member] \| Secured Term Loan [Member]
Debt Instrument [Line Items]
Interest rate	2.53%	2.43%
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Interest rate	2.27%	2.18%

Long-Term Debt (Revolving Credit Agreement) - Additional Information (Detail)		1 Months Ended			6 Months Ended
	Dec. 11, 2015 USD ($)	Oct. 31, 2016 USD ($)	Aug. 31, 2016 USD ($)	Apr. 30, 2016 USD ($)	Sep. 30, 2016 USD ($)
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$ 250,000,000
Line of credit outstanding amount					$ 59,500,000
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			$ 12,000,000	$ 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 Facility [Member] \| Subsequent Event [Member]
Debt Instrument [Line Items]
Line of credit amount repaid		$ 8,300,000
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				6 Months Ended
	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Mar. 31, 2016
Debt Instrument [Line Items]
Term loan					$ 12,863,000	$ 13,143,000
Term loan maturity date					Jul. 31, 2029
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		6 Months Ended
	Dec. 11, 2015	Oct. 31, 2015	Jul. 31, 2015	Sep. 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
Term loan maturity date				Apr. 27, 2020
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	Sep. 30, 2016	Mar. 31, 2016	Sep. 30, 2015
Earnings Per Share [Abstract]
Common shares, issued	15,712	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		6 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Earnings Per Share [Abstract]
Net income for basic and diluted earnings per share	$ 3,842	$ 12,962	$ 7,937	$ 21,612
Weighted average shares:
Common stock	15,481	15,441	15,484	15,441
Participating securities	214	142	222	142
Denominator for basic earnings per common share	15,695	15,583	15,706	15,583
Potentially dilutive securities	68	128	65	128
Denominator for diluted earnings per common share	15,763	15,711	15,771	15,711
Earnings per common share:
Basic	$ 0.24	$ 0.83	$ 0.51	$ 1.39
Diluted	$ 0.24	$ 0.83	$ 0.50	$ 1.38

Earnings Per Share - Reconciliation of Earnings Per Share (Parenthetical) (Detail) - shares	3 Months Ended		6 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Earnings Per Share [Abstract]
Antidilutive securities excluded from computation of earnings per share	0	32,877	0	32,877

Derivative Instruments and Hedge Accounting - Additional Information (Detail) - USD ($) $ in Millions	6 Months Ended
	Sep. 30, 2016	Mar. 31, 2016
Interest Rate Swap [Member]
Derivative [Line Items]
Notional amount	$ 44.8	$ 46.4
Interest Rate Swap [Member] \| Maximum [Member]
Derivative [Line Items]
Maximum remaining length of contract	12 years 9 months 18 days
Foreign Exchange Forward [Member] \| Other Income [Member]
Derivative [Line Items]
Gain on changes in fair value of foreign exchange forward contracts	$ 0.2

Derivative Instruments and Hedge Accounting - Fair Value of Derivatives (Detail) - USD ($) $ in Thousands	Sep. 30, 2016	Mar. 31, 2016
Derivatives, Fair Value [Line Items]
Accrued expenses and other current liabilities	$ 20,258	$ 21,090
Other long-term liabilities	13,634	11,820
Hedging Instrument [Member] \| Interest Rate Swap [Member]
Derivatives, Fair Value [Line Items]
Accrued expenses and other current liabilities	448	511
Other long-term liabilities	$ 1,535	$ 1,366

Fair Value Measurements - Summary of Changes in Fair Value (Detail) $ in Thousands	6 Months Ended
	Sep. 30, 2016 USD ($)
Deacon [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Balance at beginning of period	$ 392
Change in estimate	(392)
Sure Seal Brand [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Balance at beginning of period	5,462
Change due to accretion	447
Balance at end of period	$ 5,909

Retirement Plans (Defined Benefit Plans) - Additional Information (Detail) - Qualified Plan [Member] - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 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	$ 0	$ 0

Retirement Plans - Schedule of Net Pension (Benefit) Expense (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Defined Benefit Plan Disclosure [Line Items]
Curtailment expense (benefit)				$ (8,020)
Qualified Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost - benefits earned during the period		$ 1,272		2,042
Interest cost on projected benefit obligation	$ 584	746	$ 1,234	1,382
Expected return on assets	(786)	(715)	(1,804)	(1,324)
Amortization of net prior year service cost (benefit)		(42)		(27)
Curtailment expense (benefit)		(8,051)		(8,051)
Net pension expense (benefit)	$ (202)	$ (6,790)	$ (570)	$ (5,978)

Retirement Plans (Restoration Plan) - Schedule of Net Pension (Benefit) Expense (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Defined Benefit Plan Disclosure [Line Items]
Curtailment expense (benefit)				$ (8,020)
Restoration Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost - benefits earned during the period		$ 10		27
Interest cost on projected benefit obligation	$ 16	19	$ 35	36
Amortization of net prior service cost (benefit)		1		5
Amortization of net actuarial loss	(1)	16	7	20
Curtailment expense (benefit)		31		31
Net pension expense (benefit)	$ 15	$ 77	$ 42	$ 119

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Income Tax Disclosure [Abstract]
Income before income taxes	$ 6,980	$ 19,833	$ 14,179	$ 33,389
Provision for income taxes	$ 3,138	$ 6,871	$ 6,242	$ 11,777
Effective tax rate	45.00%	34.60%	44.00%	35.30%
Reserves for uncertain tax positions	$ 700		$ 1,300
Increased anticipated effective tax rate	10.50%		9.50%

Other Comprehensive Income (Loss) - Analysis of Changes in Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance at beginning of period			$ 258,010
Other comprehensive income (loss)	$ (454)	$ 2,223	(1,991)	$ 3,846
Balance at end of period	266,375		266,375
Currency Translation Adjustments [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance at beginning of period	(6,572)	(2,782)	(5,248)	(3,877)
Other comprehensive income (loss)	(608)	(2,312)	(1,932)	(1,217)
Balance at end of period	(7,180)	(5,094)	(7,180)	(5,094)
Interest Rate Swaps [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance at beginning of period	(1,444)	(678)	(1,221)	(1,206)
Other comprehensive income (loss)	156	(313)	(67)	215
Balance at end of period	(1,288)	(991)	(1,288)	(991)
Unrealized gains (losses), net of tax	57	(433)	(252)	37
Reclassification from AOCI, net of tax	99	120	185	178
Defined Benefit Plans [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance at beginning of period	(1,219)	(5,210)	(1,229)	(5,210)
Balance at end of period	(1,221)	(362)	(1,221)	(362)
Defined Benefit Plans, Amortization of Net Prior Service Benefits [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Reclassification from AOCI, net of tax		(15)		(15)
Defined Benefit Plans, Amortization of Net Loss [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Reclassification from AOCI, net of tax	$ (2)	13	$ 8	13
Defined Benefit Plans, Curtailment [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Reclassification from AOCI, net of tax		$ 4,850		$ 4,850

Other Comprehensive Income (Loss) - Analysis of Changes in Accumulated Other Comprehensive Income (Loss) (Parenthetical) (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Accumulated Other Comprehensive Income (Loss) [Line Items]
Losses on cash flow hedges expected to be reclassified to earnings within next 12 months			$ (300)
Interest Rate Swaps [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Unrealized gains (losses), tax	$ (31)	$ 229	136	$ (20)
Reclassification from AOCI, tax	53	(63)	99	(97)
Defined Benefit Plans, Amortization of Net Prior Service Benefits [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Reclassification from AOCI, tax	0	8	0	8
Defined Benefit Plans, Amortization of Net Loss [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Reclassification from AOCI, tax	$ 0	(7)	$ (4)	(7)
Defined Benefit Plans, Curtailment [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Reclassification from AOCI, tax		$ (2,612)		$ (2,612)

Segments - Additional Information (Detail)	6 Months Ended
Segments - Additional Information (Detail)	Sep. 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		6 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Segment Reporting Information [Line Items]
Revenues, net	$ 80,131	$ 83,744	$ 164,238	$ 172,654
Operating income	6,969	20,778	14,378	35,066
Operating Segments [Member]
Segment Reporting Information [Line Items]
Revenues, net	80,109	83,928	164,194	172,516
Operating income	9,513	21,567	22,889	35,827
Operating Segments [Member] \| Industrial Products [Member]
Segment Reporting Information [Line Items]
Revenues, net	41,858	36,186	85,333	76,162
Operating income	9,897	11,668	20,504	21,358
Operating Segments [Member] \| Coatings, Sealants and Adhesives [Member]
Segment Reporting Information [Line Items]
Revenues, net	23,006	27,971	46,371	56,420
Operating income	(1,616)	4,938	97	6,778
Operating Segments [Member] \| Specialty Chemicals [Member]
Segment Reporting Information [Line Items]
Revenues, net	15,245	19,771	32,490	39,934
Operating income	1,232	4,961	2,288	7,691
Eliminations and Other [Member]
Segment Reporting Information [Line Items]
Revenues, net	22	(184)	44	138
Operating income	$ (2,544)	$ (789)	$ (8,511)	$ (761)