View Filing Data

Print Document View Excel Document

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Dec. 31, 2016	Feb. 06, 2017
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Dec. 31, 2016
Document Fiscal Year Focus	2017
Document Fiscal Period Focus	Q3
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		15,848,117

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015
Income Statement [Abstract]
Revenues, net	$ 75,496	$ 70,918	$ 239,735	$ 243,572
Cost of revenues	(46,598)	(38,769)	(136,971)	(130,135)
Gross profit	28,898	32,149	102,764	113,437
Selling, general and administrative expenses	(25,504)	(26,526)	(81,109)	(72,747)
Impairment loss	(13)	0	(3,896)	0
Operating income	3,381	5,623	17,759	40,690
Interest expense, net	(673)	(793)	(2,163)	(2,292)
Other income (expense), net	583	(7)	1,875	(185)
Income before income taxes	3,291	4,823	17,471	38,213
Provision for income taxes	(2,886)	(2,825)	(9,128)	(14,602)
Net income (loss)	$ 405	$ 1,998	$ 8,343	$ 23,611
Net earnings (loss) per common share:
Basic (USD per Share)	$ 0.03	$ 0.13	$ 0.53	$ 1.51
Diluted (USD per Share)	$ 0.03	$ 0.13	$ 0.53	$ 1.51

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 405	$ 1,998	$ 8,343	$ 23,611
Other comprehensive income (loss):
Foreign currency translation adjustments	(1,534)	(847)	(3,466)	(2,064)
Cash flow hedging activity, net of taxes of $(420), $(156), $(383) and $(272), respectively	779	290	712	505
Pension and other post retirement effects, net of taxes of $(1), $(3), $(5) and $(2,614), respectively	2	7	10	4,855
Other comprehensive income (loss)	(753)	(550)	(2,744)	3,296
Comprehensive income	$ (348)	$ 1,448	$ 5,599	$ 26,907

Condensed Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015
Statement of Comprehensive Income [Abstract]
Cash flow hedging activity, taxes	$ (420)	$ (156)	$ (383)	$ (272)
Pension and other post retirement effects, taxes	$ (1)	$ (3)	$ (5)	$ (2,614)

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2016	Mar. 31, 2016
Current assets:
Cash and cash equivalents	$ 20,414	$ 25,987
Bank time deposits	1,753	13,278
Accounts receivable, net of allowance of $1,202 and $1,208, respectively	49,758	52,637
Inventories, net	53,080	51,634
Prepaid expenses and other current assets	13,133	11,985
Total current assets	138,138	155,521
Property, plant and equipment, net of accumulated depreciation of $61,327 and $59,035, respectively	62,996	64,357
Goodwill	67,147	67,757
Intangible assets, net	80,418	88,727
Other assets	16,078	15,898
Total assets	364,777	392,260
Current liabilities:
Accounts payable	12,664	9,912
Accrued and other current liabilities	23,617	21,090
Current portion of long-term debt	561	561
Total current liabilities	36,842	31,563
Long-term debt	46,286	89,121
Retirement benefits payable	1,300	1,746
Other long-term liabilities	11,705	11,820
Total liabilities	96,133	134,250
Equity:
Common shares, $0.01 par value Shares authorized - 50,000 Shares issued - 15,661 and 15,659, respectively	157	156
Preferred shares, $0.01 par value Shares authorized - 10,000 Shares issued - 0	0	0
Additional paid-in capital	37,603	31,597
Treasury shares, at cost	(972)	0
Retained earnings	242,298	233,955
Accumulated other comprehensive loss	(10,442)	(7,698)
Total equity	268,644	258,010
Total liabilities and equity	$ 364,777	$ 392,260

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2016	Mar. 31, 2016
Statement of Financial Position [Abstract]
Accounts receivable, allowance	$ 1,202	$ 1,208
Property, plant and equipment, accumulated depreciation	$ 61,327	$ 59,035
Common shares, par value (USD per share)	$ 0.01	$ 0.01
Common shares, authorized	50,000,000	50,000,000
Common shares, issued	15,661,000	15,659,000
Preferred shares, par value (USD per share)	$ 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	9 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Cash flows from operating activities:
Net income (loss)	$ 8,343	$ 23,611
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	6,146	5,042
Amortization of intangible and other assets	5,879	4,896
Provision for inventory reserves	1,309	0
Share-based and other executive compensation	3,837	1,398
Acquisition-related non-cash gain	(376)	(1,950)
Net loss on sales of property, plant and equipment	30	33
Pension plan curtailment benefit	0	(8,020)
Net pension benefit	(843)	0
Impairment of assets	3,896	0
Net deferred taxes	(2,700)	4,361
Changes in operating assets and liabilities:
Accounts receivable, net	2,842	9,612
Inventories	(2,941)	1,484
Prepaid expenses and other current assets	(1,378)	(446)
Other assets	(157)	(89)
Accounts payable and other current liabilities	5,693	(411)
Retirement benefits payable and other liabilities	3,094	(1,039)
Net cash provided by operating activities	32,674	38,482
Cash flows from investing activities:
Capital expenditures	(6,965)	(6,024)
Proceeds from sale of assets held for investment	97	0
Proceeds from sale of assets	193	20
Net change in bank time deposits	11,442	5,805
Cash paid for acquisitions	0	(97,732)
Net cash provided by (used in) investing activities	4,767	(97,931)
Cash flows from financing activities:
Borrowings on lines of credit	0	174,040
Repayments of lines of credit	(42,835)	(94,421)
Payments of deferred loan costs	0	(1,073)
Purchase of treasury shares	(972)	0
Cash contribution from Capital Southwest	0	13,000
Proceeds from stock option activity	2,169	0
Dividends paid to Capital Southwest	0	(300)
Net cash (used in) provided by financing activities	(41,638)	91,246
Effect of exchange rate changes on cash and equivalents	(1,376)	(1,193)
Net change in cash and cash equivalents	(5,573)	30,604
Cash and cash equivalents, beginning of period	25,987	20,448
Cash and cash equivalents, end of period	20,414	51,052
Supplemental non-cash disclosure:
Pension plan assets contributed by Capital Southwest	$ 0	$ 10,357

Organization and Operations and Summary of Accounting Policies

9 Months Ended

Dec. 31, 2016

Accounting Policies [Abstract]

Organization and Operations and Summary of Significant Accounting Policies

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 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, RailPlex® tank car coatings, Deacon® high temperature sealants and AC Leak Freeze® refrigerant leak repair solutions. 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 nine months ended December 31, 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 December 31, 2016
COS	$	83	$	—	$	265	$	348
SG&A	—		—		162		162
Total	$	83	$	—	$	427	$	510
Nine Months Ended December 31, 2016
COS	$	421	$	—	$	265	$	686
SG&A	160		2,800		162		3,122
Total	$	581	$	2,800	$	427	$	3,808
Total Expected Restructuring Charges (c):
COS	$	466	$	—	$	600	$	1,066
SG&A	160		2,800		1,699		4,659
Total	$	626	$	2,800	$	2,299	$	5,725


(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, recruiting fees to increase staff in locations where production is being relocated and duplicate and inefficient labor incurred during the transition and relocation. 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 December 31, 2016, the restructuring reserve attributable to this program consisted entirely of anticipated severance expense recorded during the nine months ended December 31, 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 December 31, 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 December 31, 2016, and the results of operations for the three and nine months ended December 31, 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, and ASU No. 2016-20, issued in December 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 arising from these types of transfers. This ASU aligns the recognition of the income tax consequences 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.

In November 2016, the FASB issued ASU No. 2016-18, "Statement of Cash Flows (Topic 230): Restricted Cash (a consensus of the FASB Emerging Issues Task Force)," which requires that amounts generally described as restricted cash and restricted cash equivalents be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. 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. 2016-18 on our consolidated financial condition and results of operations.

Acquisitions	9 Months Ended
Acquisitions	Dec. 31, 2016
Business Combinations [Abstract]
Acquisitions	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

9 Months Ended

Dec. 31, 2016

Inventory Disclosure [Abstract]

Inventories

INVENTORIES

Inventories consist of the following (in thousands):



	December 31, 2016			March 31, 2016
Raw materials and supplies	$	23,699		$	26,019
Work in process	4,767			5,432
Finished goods	32,453			26,087
Total inventories	60,919			57,538
Less: LIFO reserve	(5,302		)	(5,302		)
Less: Obsolescence reserve	(2,537		)	(602		)
Inventories, net	$	53,080		$	51,634

Intangible Assets

9 Months Ended

Dec. 31, 2016

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

INTANGIBLE ASSETS

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



		December 31, 2016					March 31, 2016
	Wtd Avg Life	Gross Amount		Accumulated Amortization			Gross Amount		Accumulated Amortization
	(Years)
Finite-lived intangible assets:
Patents (a)	12	$	12,006	$	(6,966	)	$	14,458	$	(8,600	)
Customer lists and amortized trademarks	12	70,704		(21,363		)	71,475		(17,080		)
Non-compete agreements	5	1,011		(289		)	1,310		(405		)
Other	12	4,640		(661		)	3,769		(354		)
		$	88,361	$	(29,279	)	$	91,012	$	(26,439	)
Trade names and trademarks not being amortized (b)		$	21,336	$	—		$	24,154	$	—


(a)	During the nine months ended December 31, 2016, we wrote off $2.4 million of patents that were fully amortized.


(b)	During the nine months ended December 31, 2016, we recognized a $2.8 million non-cash impairment charge related to the Strathmore trademark.

Amortization expense for the three and nine months ended December 31, 2016 was $1.9 million and $5.7 million, respectively. Amortization expense for the three and nine months ended December 31, 2015 was $1.6 million and $4.9 million, respectively. The following table shows the estimated future amortization for intangible assets as of December 31, 2016, for the remainder of the current fiscal year and the next five years ending March 31 (in thousands):



2017	$	1,653
2018	7,233
2019	6,385
2020	6,142
2021	5,919
2022	5,484

Spin-Off Executive Compensation	9 Months Ended
Spin-Off Executive Compensation	Dec. 31, 2016
Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Spin-Off Executive Compensation	SPIN-OFF 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 “Spin-Off Executive Compensation Plan”). The Spin-Off 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 Spin-Off 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 Spin-Off 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 Spin-Off Executive Compensation Plan and amended the award agreements granted under the Spin-Off 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 Spin-Off 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 Spin-Off Executive Compensation Plan, and all liabilities with respect to such cash incentive awards remained liabilities of Capital Southwest. During the three and nine months ended December 31, 2016, we recorded total executive compensation expense for the cash incentive payments of $0.2 million and $1.7 million, respectively, for Mr. Armes and Ms. Tacke, and total stock compensation expense of $0.1 million and $0.9 million, respectively. Within those amounts, for the nine months ended December 31, 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. During the three and nine months ended December 31, 2015, we recorded total executive compensation expense for the cash incentive payments of $0.9 million for Mr. Armes and Mrs. Tacke, and total stock compensation expense of $0.2 million.

Share-Based Compensation

9 Months Ended

Dec. 31, 2016

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

Share-Based Compensation

SHARE-BASED COMPENSATION

In September 2015, CSWI adopted and Capital Southwest approved (as our sole stockholder) our 2015 Equity and Incentive Compensation Plan (the “2015 Plan”), which provides for the issuance of up to 1,230,000 shares of CSWI common stock through the grant of stock options, stock appreciation rights, restricted shares, restricted stock units, performance shares, performance units or other share-based awards, to employees, officers and non-employee directors. As of December 31, 2016, 798,058 shares were available for issuance under the 2015 Plan. Additionally, in September 2015, in connection with the Spin-Off Executive Compensation Plan and Share Distribution, we issued 510,447 shares of common stock to adjust outstanding Capital Southwest equity-based awards to represent both Capital Southwest and CSWI equity-based awards. These conversion grants were issued on substantially the same terms and conditions as the prior Capital Southwest equity-based grants, and they were issued separate and apart from the 2015 Plan.

We recorded share-based compensation as follows for the three and nine months ended December 31, 2016 and 2015 (in thousands):



	Three Months Ended December 31, 2016
	Stock Options			Restricted Shares			Total
Share-based compensation expense	$	54		$	624		$	678
Related income tax benefit	(19		)	(218		)	(237		)
Net share-based compensation expense	$	35		$	406		$	441



	Nine Months Ended December 31, 2016
	Stock Options			Restricted Shares			Total
Share-based compensation expense	$	419		$	1,723		$	2,142
Related income tax benefit	(147		)	(603		)	(750		)
Net share-based compensation expense	$	272		$	1,120		$	1,392



	Three Months Ended December 31, 2015
	Stock Options			Restricted Shares			Total
Share-based compensation expense	$	103		$	375		$	478
Related income tax benefit	(36		)	(131		)	(167		)
Net share-based compensation expense	$	67		$	244		$	311

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

Stock option activity was as follows:



	Nine Months Ended December 31, 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	(85,981	)	25.23
Canceled	(24,897	)	23.11
Outstanding at December 31, 2016	251,635		$	24.44	7.1	$	3.1
Exercisable at December 31, 2016	164,437		$	24.12	7.0	$	2.1

At December 31, 2016, we had unrecognized compensation cost related to non-vested stock options of $0.2 million, which will be amortized into net income over the remaining weighted average vesting period of approximately 1.2 years. Other than options issued in conjunction with the Share Distribution to convert existing Capital Southwest options, no options were granted during the three or nine months ended December 31, 2016 or 2015. The intrinsic value of options exercised during the three and nine months ended December 31, 2016 was $0.6 million. Cash received for options exercised during the three and nine months ended December 31, 2016 was $2.2 million, and the tax benefit received was $0.1 million. No options were exercised during the three and nine months ended December 31, 2015. The total fair value of stock options vested during the three and nine months ended December 31, 2016 was $0.3 million and $0.7 million, respectively. The total fair value of stock options vested during the three and nine months ended December 31, 2015 was $0.4 million.

Restricted share activity was as follows:



	Nine Months Ended December 31, 2016
	Number of Shares		Weighted Average Grant Date Fair Value
Outstanding at April 1, 2016	181,977		$	23.72
Granted	139,101		28.84
Vested	(85,554	)	20.53
Canceled	(18,626	)	29.11
Outstanding at December 31, 2016	216,898		$	28.24

During the restriction period, the holders of restricted shares are entitled to vote and receive dividends, except for restricted shares issued to adjust existing Capital Southwest restricted share awards under the Spin-Off Executive Compensation Plan (as discussed in Note 5). At December 31, 2016, we had unrecognized compensation cost related to unvested restricted shares of $4.8 million, which will be amortized into net income over the remaining weighted average vesting period of approximately 2.2 years. The total fair value of restricted shares vested during the three and nine months ended December 31, 2016 was $1.3 million and $1.8 million, respectively. The total fair value of restricted shares vested during the three and nine months ended December 31, 2015 was $0.6 million and $0.7 million, respectively.

Restricted shares granted during the nine months ended December 31, 2016 and 2015 includes 49,373 and 17,449 shares, respectively, 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

9 Months Ended

Dec. 31, 2016

Debt Disclosure [Abstract]

Long-Term Debt

LONG-TERM DEBT

Debt consists of the following (in thousands):



	December 31, 2016			March 31, 2016
Revolving Credit Facility, interest rate of 2.52% and 2.18%, respectively	$	34,125		$	76,539
Whitmore term loan, interest rate of 2.77% and 2.43%, respectively	12,722			13,143
Total debt	46,847			89,682
Less: Current portion	(561		)	(561		)
Long-term debt	$	46,286		$	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 the nine months ended December 31, 2016 we repaid $42.4 million of the outstanding borrowings under this facility, and as of December 31, 2016, we had a remaining outstanding balance of $34.1 million. 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 December 31, 2016.

Whitmore Term Loan

As of December 31, 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, with payments of $140,000 due each quarter. Borrowings under this term loan bear interest at a variable annual rate equal to one month LIBOR plus 2.0%. As of December 31, 2016 and March 31, 2016, Whitmore had $12.7 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

9 Months Ended

Dec. 31, 2016

Earnings Per Share [Abstract]

Earnings Per Share

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 nine months ended December 31, 2016 and 2015 (amounts in thousands, except per share data):



	Three Months Ended December 31,				Nine Months Ended December 31,
	2016		2015		2016		2015
Net income for basic and diluted earnings per share	$	405	$	1,998	$	8,343	$	23,611
Weighted average shares:
Common stock	15,586		15,441		15,529		15,441
Participating securities	246		222		219		169
Denominator for basic earnings per common share	15,832		15,663		15,748		15,610
Potentially dilutive securities (a)	62		78		64		78
Denominator for diluted earnings per common share	15,894		15,741		15,812		15,688
Earnings per common share:
Basic	$	0.03	$	0.13	$	0.53	$	1.51
Diluted	0.03		0.13		0.53		1.51


(a)	No shares were excluded for anti-dilution for the three and nine months ended December 31, 2016 or 2015.

Shareholders' Equity	9 Months Ended
Shareholders' Equity	Dec. 31, 2016
Equity [Abstract]
Shareholders' Equity	SHAREHOLDERS' EQUITY On November 11, 2016, we announced that our Board of Directors authorized a program to repurchase up to $35.0 million of our common stock over the next two years. These shares may be repurchased from time to time in the open market or in privately negotiated transactions. Repurchases will be made from time to time at our discretion, based on ongoing assessments of the capital needs of the business, the market price of its common stock and general market conditions. The program may be limited or terminated at any time at our discretion without notice. To date, no shares have been repurchased under this program.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section S99
-Paragraph 4
-Subparagraph (SAB Topic 4.E)
-URI http://asc.fasb.org/extlink&oid=27010918&loc=d3e74567-122707

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21484-112644

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21488-112644

Reference 5: 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(e))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(31))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 4
-Subparagraph (SAB Topic 4.C)
-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187143-122770

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(30))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644

Reference 10: 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(d))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 11: 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 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 30
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6405834&loc=d3e23285-112656

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Preferred Stock
-URI http://asc.fasb.org/extlink&oid=6521494

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644

Reference 16: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21564-112644

+ Details

Derivative Instruments and Hedge Accounting

9 Months Ended

Dec. 31, 2016

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments and Hedge Accounting

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 December 31, 2016 and March 31, 2016, we had $44.0 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 December 31, 2016, the maximum remaining length of any interest rate swap contract in place was approximately 12.6 years. The fair value of interest rate swaps designated as hedging instruments are summarized below (in thousands):



	December 31, 2016		March 31, 2016
Current derivative liabilities	$	316	$	511
Non-current derivative liabilities	467		1,366

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

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 nine months ended December 31, 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

9 Months Ended

Dec. 31, 2016

Fair Value Disclosures [Abstract]

Fair Value Measurements

FAIR VALUE MEASUREMENTS

The fair value of interest rate swaps and foreign exchange forward contracts (as discussed in Note 10) 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 December 31, 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 within the selling, general and administrative expenses of our condensed consolidated statements of income (in thousands):



	Nine Months Ended December 31, 2016
	Deacon			SureSeal
Balance at beginning of period	$	392		$	5,462
Change due to accretion	—			685
Change in estimate	(392		)	—
Balance at end of period	$	—		$	6,147

- 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

9 Months Ended

Dec. 31, 2016

Compensation and Retirement Disclosure [Abstract]

Retirement Plans

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 December 31, 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 nine month periods ended December 31, 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 December 31,
	2016			2015
Interest cost on projected benefit obligation	$	616		$	642
Expected return on assets	(902		)	(951		)
Net pension benefit	$	(286	)	$	(309	)



	Nine Months Ended December 31,
	2016			2015
Service cost - benefits earned during the period	$	—		$	2,042
Interest cost on projected benefit obligation	1,850			2,024
Expected return on assets	(2,706		)	(2,275		)
Amortization of net prior year service benefit	—			(28		)
Curtailment benefit	—			(8,051		)
Net pension benefit	$	(856	)	$	(6,288	)

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 December 31, 2016.

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



	Three Months Ended December 31,
	2016		2015
Interest cost on projected benefit obligation	$	17	$	18
Amortization of net prior service cost	—		2
Amortization of net actuarial loss	3		6
Net pension expense	$	20	$	26



	Nine Months Ended December 31,
	2016		2015
Service cost - benefits earned during the period	$	—	$	27
Interest cost on projected benefit obligation	52		54
Amortization of net prior service cost	—		7
Amortization of net actuarial loss	10		26
Curtailment expense	—		31
Net pension expense	$	62	$	145

Contingencies	9 Months Ended
Contingencies	Dec. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Contingencies	CONTINGENCIES From time to time, we are involved in various claims and legal actions that arise in the ordinary course of business. There are 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	9 Months Ended
Income Taxes	Dec. 31, 2016
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXES For the three months ended December 31, 2016, we earned $3.3 million before taxes and provided for income taxes of $2.9 million, resulting in an effective tax rate of 87.7%. For the nine months ended December 31, 2016, we earned $17.5 million before taxes and provided for income taxes of $9.1 million, resulting in an effective tax rate of 52.2%. The provision for income taxes for the three months ended December 31, 2016 was impacted by $1.7 million primarily relating to adjustments identified during the preparation of our federal tax return and the effect of changes in tax rates, which increased our anticipated effective rate by 52.4%. The provision for income taxes for the nine months ended December 31, 2016 was impacted by $2.8 million primarily relating to reserves for uncertain tax positions, adjustments identified during the preparation of our federal tax return and the effect of changes in tax rates, which increased our anticipated effective rate by 15.9%. 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. For the three months ended December 31, 2015, we earned $4.8 million before taxes and provided for income taxes of $2.8 million, resulting in an effective tax rate of 58.6%. For the nine months ended December 31, 2015, we earned $38.2 million before taxes and provided for income taxes of $14.6 million, resulting in an effective tax rate of 38.2%. The net impact of discrete items of $1.1 million, relating primarily to start-up and organizational costs incurred in connection with the Share Distribution that are not deductible for tax purposes, which increased the effective tax rate by 23.8% and 3.0% for the three and nine months ended December 31, 2015, respectively.

Other Comprehensive Income (Loss)

9 Months Ended

Dec. 31, 2016

Equity [Abstract]

Other Comprehensive Income (Loss)

OTHER COMPREHENSIVE INCOME (LOSS)

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



	Three Months Ended December 31,
	2016			2015
Currency translation adjustments:
Balance at beginning of period	$	(7,180	)	$	(5,094	)
Adjustments for foreign currency translation	(1,534		)	(847		)
Balance at end of period	$	(8,714	)	$	(5,941	)
Interest rate swaps:
Balance at beginning of period	$	(1,288	)	$	(991	)
Unrealized gains (losses), net of taxes of $(375) and $(93), respectively (a)	696			174
Reclassification of losses included in interest expense, net, net of taxes of $(45) and $(63), respectively	83			116
Other comprehensive income (loss)	779			290
Balance at end of period	$	(509	)	$	(701	)
Defined benefit plans:
Balance at beginning of period	$	(1,221	)	$	(362	)
Amortization of net prior service benefit, net of taxes of $0 and $0, respectively (b)	—			2
Amortization of net loss, net of taxes of $(1) and $(2), respectively (b)	2			5
Balance at end of period	$	(1,219	)	$	(355	)



	Nine Months Ended December 31,
	2016			2015
Currency translation adjustments:
Balance at beginning of period	$	(5,248	)	$	(3,877	)
Adjustments for foreign currency translation	(3,466		)	(2,064		)
Balance at end of period	$	(8,714	)	$	(5,941	)
Interest rate swaps:
Balance at beginning of period	$	(1,221	)	$	(1,206	)
Unrealized gains (losses), net of taxes of $(239) and $(113), respectively (a)	444			209
Reclassification of losses included in interest expense, net, net of taxes of $(144) and $(159), respectively	268			296
Other comprehensive income (loss)	712			505
Balance at end of period	$	(509	)	$	(701	)
Defined benefit plans:
Balance at beginning of period	$	(1,229	)	$	(5,210	)
Amortization of net prior service benefit, net of taxes of $0 and $7, respectively (b)	—			(13		)
Amortization of net loss, net of taxes of $(5) and $(9), respectively (b)	10			18
Curtailment, net of taxes of $(2,612)	—			4,850
Balance at end of period	$	(1,219	)	$	(355	)


(a)	Unrealized gains (losses) are reclassified to earnings as underlying cash interest payments are made. We expect to recognize a loss of $0.2 million, net of deferred taxes, over the next twelve months related to designated cash flow hedges based on their fair values at December 31, 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 12 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

9 Months Ended

Dec. 31, 2016

Segment Reporting [Abstract]

Segments

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 & 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 December 31, 2016:



(in thousands)	Industrial Products		Coatings, Sealants and Adhesives		Specialty Chemicals		Subtotal – Reportable Segments		Eliminations and Other			Total
Revenues, net	$	31,715	$	23,847	$	19,890	$	75,452	$	44		$	75,496
Operating income	3,978		813		541		5,332		(1,951		)	3,381

Three Months Ended December 31, 2015:



(in thousands)	Industrial Products		Coatings, Sealants and Adhesives		Specialty Chemicals		Subtotal – Reportable Segments		Eliminations and Other			Total
Revenues, net	$	28,498	$	24,301	$	18,075	$	70,874	$	44		$	70,918
Operating income	3,422		4,172		1,735		9,329		(3,706		)	5,623

Nine Months Ended December 31, 2016:



(in thousands)	Industrial Products		Coatings, Sealants and Adhesives		Specialty Chemicals		Subtotal – Reportable Segments		Eliminations and Other			Total
Revenues, net	$	117,048	$	70,218	$	52,380	$	239,646	$	89		$	239,735
Operating income	24,482		910		2,829		28,221		(10,462		)	17,759

Nine Months Ended December 31, 2015:



(in thousands)	Industrial Products		Coatings, Sealants and Adhesives		Specialty Chemicals		Subtotal – Reportable Segments		Eliminations and Other			Total
Revenues, net	$	104,660	$	80,721	$	58,009	$	243,390	$	182		$	243,572
Operating income	24,786		10,974		9,422		45,182		(4,492		)	40,690

- 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 Accounting Policies (Policies)	9 Months Ended
	Dec. 31, 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 December 31, 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 December 31, 2016, and the results of operations for the three and nine months ended December 31, 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, and ASU No. 2016-20, issued in December 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 arising from these types of transfers. This ASU aligns the recognition of the income tax consequences 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. In November 2016, the FASB issued ASU No. 2016-18, "Statement of Cash Flows (Topic 230): Restricted Cash (a consensus of the FASB Emerging Issues Task Force)," which requires that amounts generally described as restricted cash and restricted cash equivalents be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. 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. 2016-18 on our consolidated financial condition and results of operations.

Organization and Operations and Summary of Accounting Policies (Tables)

9 Months Ended

Dec. 31, 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 December 31, 2016
COS	$	83	$	—	$	265	$	348
SG&A	—		—		162		162
Total	$	83	$	—	$	427	$	510
Nine Months Ended December 31, 2016
COS	$	421	$	—	$	265	$	686
SG&A	160		2,800		162		3,122
Total	$	581	$	2,800	$	427	$	3,808
Total Expected Restructuring Charges (c):
COS	$	466	$	—	$	600	$	1,066
SG&A	160		2,800		1,699		4,659
Total	$	626	$	2,800	$	2,299	$	5,725


(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, recruiting fees to increase staff in locations where production is being relocated and duplicate and inefficient labor incurred during the transition and relocation. 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)

9 Months Ended

Dec. 31, 2016

Inventory Disclosure [Abstract]

Schedule of Inventories

Inventories consist of the following (in thousands):



	December 31, 2016			March 31, 2016
Raw materials and supplies	$	23,699		$	26,019
Work in process	4,767			5,432
Finished goods	32,453			26,087
Total inventories	60,919			57,538
Less: LIFO reserve	(5,302		)	(5,302		)
Less: Obsolescence reserve	(2,537		)	(602		)
Inventories, net	$	53,080		$	51,634

Intangible Assets (Tables)

9 Months Ended

Dec. 31, 2016

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets

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



		December 31, 2016					March 31, 2016
	Wtd Avg Life	Gross Amount		Accumulated Amortization			Gross Amount		Accumulated Amortization
	(Years)
Finite-lived intangible assets:
Patents (a)	12	$	12,006	$	(6,966	)	$	14,458	$	(8,600	)
Customer lists and amortized trademarks	12	70,704		(21,363		)	71,475		(17,080		)
Non-compete agreements	5	1,011		(289		)	1,310		(405		)
Other	12	4,640		(661		)	3,769		(354		)
		$	88,361	$	(29,279	)	$	91,012	$	(26,439	)
Trade names and trademarks not being amortized (b)		$	21,336	$	—		$	24,154	$	—


(a)	During the nine months ended December 31, 2016, we wrote off $2.4 million of patents that were fully amortized.


(b)	During the nine months ended December 31, 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 December 31, 2016, for the remainder of the current fiscal year and the next five years ending March 31 (in thousands):



2017	$	1,653
2018	7,233
2019	6,385
2020	6,142
2021	5,919
2022	5,484

Share-Based Compensation (Tables)

9 Months Ended

Dec. 31, 2016

Schedule of Share-Based Compensation

We recorded share-based compensation as follows for the three and nine months ended December 31, 2016 and 2015 (in thousands):



	Three Months Ended December 31, 2016
	Stock Options			Restricted Shares			Total
Share-based compensation expense	$	54		$	624		$	678
Related income tax benefit	(19		)	(218		)	(237		)
Net share-based compensation expense	$	35		$	406		$	441



	Nine Months Ended December 31, 2016
	Stock Options			Restricted Shares			Total
Share-based compensation expense	$	419		$	1,723		$	2,142
Related income tax benefit	(147		)	(603		)	(750		)
Net share-based compensation expense	$	272		$	1,120		$	1,392



	Three Months Ended December 31, 2015
	Stock Options			Restricted Shares			Total
Share-based compensation expense	$	103		$	375		$	478
Related income tax benefit	(36		)	(131		)	(167		)
Net share-based compensation expense	$	67		$	244		$	311

Stock Options

Schedule of Share Based Awards Outstanding

Stock option activity was as follows:



	Nine Months Ended December 31, 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	(85,981	)	25.23
Canceled	(24,897	)	23.11
Outstanding at December 31, 2016	251,635		$	24.44	7.1	$	3.1
Exercisable at December 31, 2016	164,437		$	24.12	7.0	$	2.1

Restricted Shares

Schedule of Share Based Awards Outstanding

Restricted share activity was as follows:



	Nine Months Ended December 31, 2016
	Number of Shares		Weighted Average Grant Date Fair Value
Outstanding at April 1, 2016	181,977		$	23.72
Granted	139,101		28.84
Vested	(85,554	)	20.53
Canceled	(18,626	)	29.11
Outstanding at December 31, 2016	216,898		$	28.24

Long-Term Debt (Tables)

9 Months Ended

Dec. 31, 2016

Debt Disclosure [Abstract]

Schedule of Long-Term Debt

Debt consists of the following (in thousands):



	December 31, 2016			March 31, 2016
Revolving Credit Facility, interest rate of 2.52% and 2.18%, respectively	$	34,125		$	76,539
Whitmore term loan, interest rate of 2.77% and 2.43%, respectively	12,722			13,143
Total debt	46,847			89,682
Less: Current portion	(561		)	(561		)
Long-term debt	$	46,286		$	89,121

Earnings Per Share (Tables)

9 Months Ended

Dec. 31, 2016

Earnings Per Share [Abstract]

Reconciliation of Earnings Per Share



	Three Months Ended December 31,				Nine Months Ended December 31,
	2016		2015		2016		2015
Net income for basic and diluted earnings per share	$	405	$	1,998	$	8,343	$	23,611
Weighted average shares:
Common stock	15,586		15,441		15,529		15,441
Participating securities	246		222		219		169
Denominator for basic earnings per common share	15,832		15,663		15,748		15,610
Potentially dilutive securities (a)	62		78		64		78
Denominator for diluted earnings per common share	15,894		15,741		15,812		15,688
Earnings per common share:
Basic	$	0.03	$	0.13	$	0.53	$	1.51
Diluted	0.03		0.13		0.53		1.51


(a)	No shares were excluded for anti-dilution for the three and nine months ended December 31, 2016 or 2015.

Derivative Instruments and Hedge Accounting (Tables)

9 Months Ended

Dec. 31, 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):



	December 31, 2016		March 31, 2016
Current derivative liabilities	$	316	$	511
Non-current derivative liabilities	467		1,366

Fair Value Measurements (Tables)

9 Months Ended

Dec. 31, 2016

Fair Value Disclosures [Abstract]

Summary of Changes in Fair Value

The following table sets forth the changes in fair value recognized within the selling, general and administrative expenses of our condensed consolidated statements of income (in thousands):



	Nine Months Ended December 31, 2016
	Deacon			SureSeal
Balance at beginning of period	$	392		$	5,462
Change due to accretion	—			685
Change in estimate	(392		)	—
Balance at end of period	$	—		$	6,147

Retirement Plans (Tables)

9 Months Ended

Dec. 31, 2016

Qualified Plan

Defined Benefit Plan Disclosure [Line Items]

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 December 31,
	2016			2015
Interest cost on projected benefit obligation	$	616		$	642
Expected return on assets	(902		)	(951		)
Net pension benefit	$	(286	)	$	(309	)



	Nine Months Ended December 31,
	2016			2015
Service cost - benefits earned during the period	$	—		$	2,042
Interest cost on projected benefit obligation	1,850			2,024
Expected return on assets	(2,706		)	(2,275		)
Amortization of net prior year service benefit	—			(28		)
Curtailment benefit	—			(8,051		)
Net pension benefit	$	(856	)	$	(6,288	)

Restoration Plan

Defined Benefit Plan Disclosure [Line Items]

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 December 31,
	2016		2015
Interest cost on projected benefit obligation	$	17	$	18
Amortization of net prior service cost	—		2
Amortization of net actuarial loss	3		6
Net pension expense	$	20	$	26



	Nine Months Ended December 31,
	2016		2015
Service cost - benefits earned during the period	$	—	$	27
Interest cost on projected benefit obligation	52		54
Amortization of net prior service cost	—		7
Amortization of net actuarial loss	10		26
Curtailment expense	—		31
Net pension expense	$	62	$	145

Other Comprehensive Income (Loss) (Tables)

9 Months Ended

Dec. 31, 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 December 31,
	2016			2015
Currency translation adjustments:
Balance at beginning of period	$	(7,180	)	$	(5,094	)
Adjustments for foreign currency translation	(1,534		)	(847		)
Balance at end of period	$	(8,714	)	$	(5,941	)
Interest rate swaps:
Balance at beginning of period	$	(1,288	)	$	(991	)
Unrealized gains (losses), net of taxes of $(375) and $(93), respectively (a)	696			174
Reclassification of losses included in interest expense, net, net of taxes of $(45) and $(63), respectively	83			116
Other comprehensive income (loss)	779			290
Balance at end of period	$	(509	)	$	(701	)
Defined benefit plans:
Balance at beginning of period	$	(1,221	)	$	(362	)
Amortization of net prior service benefit, net of taxes of $0 and $0, respectively (b)	—			2
Amortization of net loss, net of taxes of $(1) and $(2), respectively (b)	2			5
Balance at end of period	$	(1,219	)	$	(355	)



	Nine Months Ended December 31,
	2016			2015
Currency translation adjustments:
Balance at beginning of period	$	(5,248	)	$	(3,877	)
Adjustments for foreign currency translation	(3,466		)	(2,064		)
Balance at end of period	$	(8,714	)	$	(5,941	)
Interest rate swaps:
Balance at beginning of period	$	(1,221	)	$	(1,206	)
Unrealized gains (losses), net of taxes of $(239) and $(113), respectively (a)	444			209
Reclassification of losses included in interest expense, net, net of taxes of $(144) and $(159), respectively	268			296
Other comprehensive income (loss)	712			505
Balance at end of period	$	(509	)	$	(701	)
Defined benefit plans:
Balance at beginning of period	$	(1,229	)	$	(5,210	)
Amortization of net prior service benefit, net of taxes of $0 and $7, respectively (b)	—			(13		)
Amortization of net loss, net of taxes of $(5) and $(9), respectively (b)	10			18
Curtailment, net of taxes of $(2,612)	—			4,850
Balance at end of period	$	(1,219	)	$	(355	)


(a)	Unrealized gains (losses) are reclassified to earnings as underlying cash interest payments are made. We expect to recognize a loss of $0.2 million, net of deferred taxes, over the next twelve months related to designated cash flow hedges based on their fair values at December 31, 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 12 for additional information.

Segments (Tables)

9 Months Ended

Dec. 31, 2016

Segment Reporting [Abstract]

Schedule of Segments

Three Months Ended December 31, 2016:



(in thousands)	Industrial Products		Coatings, Sealants and Adhesives		Specialty Chemicals		Subtotal – Reportable Segments		Eliminations and Other			Total
Revenues, net	$	31,715	$	23,847	$	19,890	$	75,452	$	44		$	75,496
Operating income	3,978		813		541		5,332		(1,951		)	3,381

Three Months Ended December 31, 2015:



(in thousands)	Industrial Products		Coatings, Sealants and Adhesives		Specialty Chemicals		Subtotal – Reportable Segments		Eliminations and Other			Total
Revenues, net	$	28,498	$	24,301	$	18,075	$	70,874	$	44		$	70,918
Operating income	3,422		4,172		1,735		9,329		(3,706		)	5,623

Nine Months Ended December 31, 2016:



(in thousands)	Industrial Products		Coatings, Sealants and Adhesives		Specialty Chemicals		Subtotal – Reportable Segments		Eliminations and Other			Total
Revenues, net	$	117,048	$	70,218	$	52,380	$	239,646	$	89		$	239,735
Operating income	24,482		910		2,829		28,221		(10,462		)	17,759

Nine Months Ended December 31, 2015:



(in thousands)	Industrial Products		Coatings, Sealants and Adhesives		Specialty Chemicals		Subtotal – Reportable Segments		Eliminations and Other			Total
Revenues, net	$	104,660	$	80,721	$	58,009	$	243,390	$	182		$	243,572
Operating income	24,786		10,974		9,422		45,182		(4,492		)	40,690

Organization and Operations and Summary of Accounting Policies - Additional Information (Details)	9 Months Ended
	Dec. 31, 2016 Segment Brand
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of business segments \| Segment	3
Highly respected industrial brands \| Brand	100

Organization and Operations and Summary of Accounting Policies - Schedule of Restructuring Charges (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015
Restructuring Cost and Reserve [Line Items]
Asset Write-down	$ 13	$ 0	$ 3,896	$ 0
Strathmore
Restructuring Cost and Reserve [Line Items]
Severance/ Retention	83		581
Asset Write-down	0		2,800
Other	427		427
Total	510		3,808
Expected Restructuring Charges	5,725		5,725
Strathmore \| Severance/ Retention
Restructuring Cost and Reserve [Line Items]
Expected Restructuring Charges	626		626
Strathmore \| Asset Write-down
Restructuring Cost and Reserve [Line Items]
Expected Restructuring Charges	2,800		2,800
Strathmore \| Other
Restructuring Cost and Reserve [Line Items]
Expected Restructuring Charges	2,299		2,299
Strathmore \| COS
Restructuring Cost and Reserve [Line Items]
Severance/ Retention	83		421
Asset Write-down	0		0
Other	265		265
Total	348		686
Expected Restructuring Charges	1,066		1,066
Strathmore \| COS \| Severance/ Retention
Restructuring Cost and Reserve [Line Items]
Expected Restructuring Charges	466		466
Strathmore \| COS \| Asset Write-down
Restructuring Cost and Reserve [Line Items]
Expected Restructuring Charges	0		0
Strathmore \| COS \| Other
Restructuring Cost and Reserve [Line Items]
Expected Restructuring Charges	600		600
Strathmore \| SG&A
Restructuring Cost and Reserve [Line Items]
Severance/ Retention	0		160
Asset Write-down	0		2,800
Other	162		162
Total	162		3,122
Expected Restructuring Charges	4,659		4,659
Strathmore \| SG&A \| Severance/ Retention
Restructuring Cost and Reserve [Line Items]
Expected Restructuring Charges	160		160
Strathmore \| SG&A \| Asset Write-down
Restructuring Cost and Reserve [Line Items]
Expected Restructuring Charges	2,800		2,800
Strathmore \| SG&A \| Other
Restructuring Cost and Reserve [Line Items]
Expected Restructuring Charges	$ 1,699		$ 1,699

Acquisitions - AC Leak Freeze (Detail) - USD ($) $ in Thousands		9 Months Ended
	Dec. 16, 2015	Dec. 31, 2016	Dec. 31, 2015
Business Acquisition [Line Items]
Purchase price, paid from cash		$ 0	$ 97,732
Leak Freeze
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 \| Customer Lists
Business Acquisition [Line Items]
Fair value of the assets acquired	$ 8,100
Assets acquired, amortization period	10 years
Leak Freeze \| Non-compete agreements
Business Acquisition [Line Items]
Fair value of the assets acquired	$ 200
Assets acquired, amortization period	5 years
Leak Freeze \| Trade Names and Trademarks
Business Acquisition [Line Items]
Fair value of the assets acquired	$ 1,400

Acquisitions - Deacon Industries, Inc. (Detail) - USD ($) $ in Thousands		9 Months Ended
	Oct. 01, 2015	Dec. 31, 2016	Dec. 31, 2015
Business Acquisition [Line Items]
Purchase price, paid from available cash		$ 0	$ 97,732
Deacon
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 \| Customer Lists
Business Acquisition [Line Items]
Fair value of the assets acquired	$ 2,900
Assets acquired, amortization period	15 years
Deacon \| Know How
Business Acquisition [Line Items]
Fair value of the assets acquired	$ 2,600
Assets acquired, amortization period	10 years
Deacon \| Non-compete agreements
Business Acquisition [Line Items]
Fair value of the assets acquired	$ 100
Assets acquired, amortization period	5 years
Deacon \| Trade Names and Trademarks
Business Acquisition [Line Items]
Fair value of the assets acquired	$ 1,100

Inventories (Detail) - USD ($) $ in Thousands	Dec. 31, 2016	Mar. 31, 2016
Inventory Disclosure [Abstract]
Raw materials and supplies	$ 23,699	$ 26,019
Work in process	4,767	5,432
Finished goods	32,453	26,087
Total inventories	60,919	57,538
Less: LIFO reserve	(5,302)	(5,302)
Less: Obsolescence reserve	(2,537)	(602)
Inventories, net	$ 53,080	$ 51,634

Intangible Assets - Schedule of Intangible Assets (Detail) - USD ($) $ in Thousands	9 Months Ended
	Dec. 31, 2016	Mar. 31, 2016
Intangible Assets [Line Items]
Gross Amount	$ 88,361	$ 91,012
Accumulated Amortization	(29,279)	(26,439)
Trade names and trademarks not being amortized
Intangible Assets [Line Items]
Gross Amount	21,336	24,154
Write off of expired and fully amortized intangible assets	$ 2,800
Patents
Intangible Assets [Line Items]
Useful Life	12 years
Gross Amount	$ 12,006	14,458
Accumulated Amortization	(6,966)	(8,600)
Write off of expired and fully amortized intangible assets	$ 2,400
Customer lists and amortized trademarks
Intangible Assets [Line Items]
Useful Life	12 years
Gross Amount	$ 70,704	71,475
Accumulated Amortization	$ (21,363)	(17,080)
Non-compete agreements
Intangible Assets [Line Items]
Useful Life	5 years
Gross Amount	$ 1,011	1,310
Accumulated Amortization	$ (289)	(405)
Other
Intangible Assets [Line Items]
Useful Life	12 years
Gross Amount	$ 4,640	3,769
Accumulated Amortization	$ (661)	$ (354)

Intangible Assets - Schedule of Estimated Future Amortization for Intangible Assets (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015
Intangible Assets [Line Items]
Amortization of intangible assets			$ 5,879	$ 4,896
2017	$ 1,653		1,653
2018	7,233		7,233
2019	6,385		6,385
2020	6,142		6,142
2021	5,919		5,919
2022	5,484		5,484
Finite-Lived Intangible Assets
Intangible Assets [Line Items]
Amortization of intangible assets	$ 1,900	$ 1,600	$ 5,700	$ 4,900

Spin-Off Executive Compensation (Detail) - Executive Officer - USD ($) $ / shares in Units, $ in Millions				3 Months Ended		9 Months Ended		16 Months Ended
	Dec. 29, 2017	Dec. 29, 2016	Dec. 29, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 29, 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	$ 0.9	$ 1.7	$ 0.9
Stock compensation (reversal) expense				$ 0.1	$ 0.2	0.9	$ 0.2
Accelerated compensation expense for cash incentive payments						1.2
Accelerated compensation expense for stock compensation payments						$ 1.0
Stock Appreciation Rights (SARs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of aggregate appreciation to be received								6.00%
Share Price (in USD per Share)									$ 36.16
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of common stock granted (in shares)				258,000		258,000
Restricted Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of common stock granted (in shares)				127,000		127,000
Trigger Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity based awards vest and become exercisable		33.00%	33.00%
Trigger Event \| Forecast
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity based awards vest and become exercisable	33.00%

Share-Based Compensation - Additional Information (Detail) - 2015 Plan - Stock Compensation Plan - shares	Dec. 31, 2016	Sep. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of common stock granted		1,230,000
Shares available for issuance	798,058
Share Distribution
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for issuance	510,447

Share-Based Compensation - Schedule of Share-Based Compensation (Detail) - 2015 Plan - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 678	$ 478	$ 2,142
Related income tax benefit	(237)	(167)	(750)
Net share-based compensation expense	441	311	1,392
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	54	103	419
Related income tax benefit	(19)	(36)	(147)
Net share-based compensation expense	35	67	272
Restricted Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	624	375	1,723
Related income tax benefit	(218)	(131)	(603)
Net share-based compensation expense	$ 406	$ 244	$ 1,120

Share-Based Compensation - Stock Option Activity (Detail) - 2015 Plan - Stock Options - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015
Number of Shares
Number of Shares, Outstanding, Beginning balance			362,513
Number of Shares, Granted			0
Number of Shares, Exercised	(85,981)	0	(85,981)	0
Number of Shares, Canceled			(24,897)
Number of Shares, Outstanding, Ending balance	251,635		251,635
Exercisable at End of Period, Number of shares	164,437		164,437
Weighted Average Exercise Price
Weighted Average Exercise Price, Outstanding, Beginning balance (USD per Share)			$ 24.53
Weighted Average Exercise Price, Granted (USD per Share)			0.00
Weighted Average Exercise Price, Exercised (USD per Share)			25.23
Weighted Average Exercise Price, Canceled (USD per Share)			23.11
Weighted Average Exercise Price, Outstanding, Ending balance (USD per Share)	$ 24.44		24.44
Exercisable at End of Period, Exercise Price (USD per Share)	$ 24.12		$ 24.12
Outstanding, Remaining Contractual Life			7 years 1 month 6 days
Exercisable, Remaining Contractual Life			7 years
Outstanding, Aggregate Intrinsic Value	$ 3.1		$ 3.1
Exercisable, Aggregate Intrinsic Value	$ 2.1		$ 2.1

Share-Based Compensation (Stock Option Activity) - Additional Information (Detail) - 2015 Plan - Stock Options - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation costs related to non-vested stock option	$ 0.2		$ 0.2
Weighted average vesting period			1 year 2 months 12 days
Stock options, number of shares, exercised	85,981	0	85,981	0
Intrinsic value of options exercised during period	$ 0.6		$ 0.6
Cash received from exercise of options			2.2
Tax benefit realized from exercise of options	0.1		0.1
Stock options, vested, fair value	$ 0.3	$ 0.4	$ 0.7	$ 0.4

Share-Based Compensation - Restricted Share Activity (Detail) - 2015 Plan - Restricted Shares	9 Months Ended
	Dec. 31, 2016 $ / shares shares
Number of Shares
Number of Shares, Outstanding, Beginning balance \| shares	181,977
Number of Shares, Granted \| shares	139,101
Number of Shares, Vested \| shares	(85,554)
Number of Shares, Canceled \| shares	(18,626)
Number of Shares, Outstanding, Ending balance \| shares	216,898
Weighted Average Grant Date Fair Value
Weighted Average Grant Date Fair Value, Outstanding, Beginning balance (USD per Share) \| $ / shares	$ 23.72
Weighted Average Grant Date Fair Value, Granted (USD per Share) \| $ / shares	28.84
Weighted Average Grant Date Fair Value, Vested (USD per Share) \| $ / shares	20.53
Weighted Average Grant Date Fair Value, Canceled (USD per Share) \| $ / shares	29.11
Weighted Average Grant Date Fair Value, Outstanding, Ending balance (USD per Share) \| $ / shares	$ 28.24

Share-Based Compensation (Restricted Stock Activity) - Additional Information (Detail) - 2015 Plan - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015
Restricted Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation costs related to unvested restricted shares	$ 4.8		$ 4.8
Weighted average vesting period			2 years 2 months 12 days
Fair value of restricted shares vested	$ 1.3	$ 0.6	$ 1.8	$ 0.7
Restricted shares granted			139,101
Restricted Stock Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted shares granted			49,373	17,449
Vesting period			36 months
Restricted Stock Performance Shares \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance-based vesting range			0.00%
Restricted Stock Performance Shares \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance-based vesting range			100.00%
Restricted Stock Performance Shares \| Cliff Vesting
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	36 months
Restricted Stock Performance Shares \| Cliff Vesting \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance-based vesting range	0.00%		0.00%
Restricted Stock Performance Shares \| Cliff Vesting \| Maximum
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	Dec. 31, 2016	Mar. 31, 2016
Debt Instrument [Line Items]
Total debt	$ 46,847	$ 89,682
Less: Current portion	(561)	(561)
Long-term debt	46,286	89,121
Whitmore \| Secured Term Loan
Debt Instrument [Line Items]
Whitmore term loan, interest rate of 2.77% and 2.43%, respectively	$ 12,722	$ 13,143
Interest rate	2.77%	2.43%
Revolving Credit Facility
Debt Instrument [Line Items]
Revolving Credit Facility, interest rate of 2.52% and 2.18%, respectively	$ 34,125	$ 76,539
Interest rate	2.52%	2.18%

Long-Term Debt (Revolving Credit Agreement) - Additional Information (Detail)		9 Months Ended
	Dec. 11, 2015 USD ($)	Dec. 31, 2016 USD ($)	Mar. 31, 2016 USD ($)
Revolving Credit Facility
Debt Instrument [Line Items]
Debt instrument, term		5 years
Maximum borrowing capacity	$ 250,000,000
Commitment fee paid	0.25%
Line of credit amount repaid		$ (42,400,000)
Line of credit outstanding amount		$ 34,125,000	$ 76,539,000
Minimum fixed charge coverage ratio		1.25
Maximum leverage ratio of Funded Debt to EBITDA		3.00
Revolving Credit Facility \| Prime Rate
Debt Instrument [Line Items]
Spread on interest rate	0.75%
Revolving Credit Facility \| LIBOR
Debt Instrument [Line Items]
Spread on interest rate	1.75%
Revolving Credit Agreement, Accordion Feature
Debt Instrument [Line Items]
Additional borrowing capacity with accordion feature	$ 50,000,000

Long-Term Debt (Whitmore Term Loan) - Additional Information (Detail) - Whitmore - Secured Term Loan - USD ($)	9 Months Ended
	Dec. 31, 2016	Mar. 31, 2016
Debt Instrument [Line Items]
Debt instrument, periodic principal payment	$ 140,000
Whitmore term loan	$ 12,722,000	$ 13,143,000
LIBOR
Debt Instrument [Line Items]
Spread on interest rate	2.00%

Long-Term Debt (Strathmore Acquisition Term Loan) - Additional Information (Detail) - Strathmore - Secured Term Loan - USD ($)	9 Months Ended
	Dec. 31, 2015	Apr. 01, 2015
Debt Instrument [Line Items]
Term loan		$ 70,000,000
Debt instrument, periodic principal payment	$ 875,000
Principal balance, repaid	$ 68,300,000
LIBOR
Debt Instrument [Line Items]
Spread on interest rate	3.00%

Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Mar. 31, 2016	Sep. 30, 2015
Earnings Per Share [Abstract]
Common shares, issued	15,661,000		15,661,000		15,659,000	15,600,000
Net income for basic and diluted earnings per share	$ 405	$ 1,998	$ 8,343	$ 23,611
Weighted average shares:
Common stock (shares)	15,586,000	15,441,000	15,529,000	15,441,000
Participating securities (shares)	246,000	222,000	219,000	169,000
Denominator for basic earnings per common share (shares)	15,832,000	15,663,000	15,748,000	15,610,000
Potentially dilutive securities (shares)	62,000	78,000	64,000	78,000
Denominator for diluted earnings per common share (shares)	15,894,000	15,741,000	15,812,000	15,688,000
Earnings per common share:
Basic (USD per Share)	$ 0.03	$ 0.13	$ 0.53	$ 1.51
Diluted (USD per Share)	$ 0.03	$ 0.13	$ 0.53	$ 1.51
Antidilutive securities excluded from computation of earnings per share (shares)	0	0	0	0

Shareholders' Equity (Details) - USD ($)	9 Months Ended
Shareholders' Equity (Details) - USD ($)	Dec. 31, 2016	Nov. 11, 2016
Equity [Abstract]
Share repurchase program authorized amount		$ 35,000,000.0
Share repurchase program term	2 years
Shares repurchased to date	0

Derivative Instruments and Hedge Accounting - Additional Information (Detail) - USD ($) $ in Millions	9 Months Ended
	Dec. 31, 2016	Mar. 31, 2016
Interest Rate Swap
Derivative [Line Items]
Notional amount	$ 44.0	$ 46.4
Maximum remaining length of contract	12 years 7 months
Foreign Exchange Forward
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) - Hedging Instrument - Interest Rate Swap - USD ($) $ in Thousands	Dec. 31, 2016	Mar. 31, 2016
Derivatives, Fair Value [Line Items]
Current derivative liabilities	$ 316	$ 511
Non-current derivative liabilities	$ 467	$ 1,366

- Definition

Fair value, after the effects of master netting arrangements, of a financial liability or contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset, expected to be settled within one year or normal operating cycle, if longer. Includes assets not subject to a master netting arrangement and not elected to be offset.

+ References + Details

Fair Value Measurements (Detail) - USD ($) $ in Thousands	9 Months Ended
Fair Value Measurements (Detail) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Change due to accretion	$ (376)	$ (1,950)
Deacon
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Balance at beginning of period	392
Change due to accretion	0
Change in estimate	(392)
Balance at end of period	0
SureSeal
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Balance at beginning of period	5,462
Change due to accretion	685
Change in estimate	0
Balance at end of period	$ 6,147

Retirement Plans - Additional Information (Detail) - Qualified Plan - USD ($)	3 Months Ended	9 Months Ended
	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 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

Retirement Plans - Schedule of Net Pension (Benefit) Expense (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015
Defined Benefit Plan Disclosure [Line Items]
Curtailment benefit			$ 0	$ (8,020)
Qualified Plan
Defined Benefit Plan Disclosure [Line Items]
Service cost - benefits earned during the period			0	2,042
Interest cost on projected benefit obligation	$ 616	$ 642	1,850	2,024
Expected return on assets	(902)	(951)	(2,706)	(2,275)
Amortization of net prior year service benefit			0	(28)
Curtailment benefit			0	(8,051)
Net pension benefit	(286)	(309)	(856)	(6,288)
Restoration Plan
Defined Benefit Plan Disclosure [Line Items]
Service cost - benefits earned during the period			0	27
Interest cost on projected benefit obligation	17	18	52	54
Amortization of net prior year service benefit	0	2	0	7
Amortization of net actuarial loss	3	6	10	26
Curtailment benefit			0	31
Net pension benefit	$ 20	$ 26	$ 62	$ 145

Income Taxes (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Income Taxes (Detail) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Income before income taxes	$ 3,291	$ 4,823	$ 17,471	$ 38,213
Provision for income taxes	$ 2,886	$ 2,825	$ 9,128	$ 14,602
Effective tax rate	87.70%	58.60%	52.20%	38.20%
Increased anticipated effective tax rate	52.40%	23.80%	15.90%	3.00%
Increase in provision for income tax	$ 1,700			$ 1,100
Reserves for uncertain tax positions			$ 2,800

Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period			$ 258,010
Other comprehensive income (loss)	$ (753)	$ (550)	(2,744)	$ 3,296
Balance at end of period	268,644		268,644
Losses on cash flow hedges expected to be reclassified to earnings within next 12 months			200
Currency translation adjustments:
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	(7,180)	(5,094)	(5,248)	(3,877)
Other comprehensive income (loss)	(1,534)	(847)	(3,466)	(2,064)
Balance at end of period	(8,714)	(5,941)	(8,714)	(5,941)
Interest rate swaps:
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	(1,288)	(991)	(1,221)	(1,206)
Other comprehensive income (loss)	779	290	712	505
Other comprehensive income, before reclassifications, net of tax	696	174	444	209
Reclassification of other comprehensive income, net of taxes	83	116	268	296
Balance at end of period	(509)	(701)	(509)	(701)
Unrealized gains (losses), tax	(375)	(93)	(239)	(113)
Reclassification of investments, from AOCI, tax	(45)	(63)	(144)	(159)
Defined benefit plans:
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	(1,221)	(362)	(1,229)	(5,210)
Balance at end of period	(1,219)	(355)	(1,219)	(355)
Amortization of net prior service benefit, net of taxes
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Reclassification of other comprehensive income, net of taxes	0	2	0	(13)
Reclassification of investments, from AOCI, tax	0	0	0	7
Amortization of net loss, net of taxes
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Reclassification of other comprehensive income, net of taxes	2	5	10	18
Reclassification of investments, from AOCI, tax	$ (1)	(2)	(5)	(9)
Curtailment
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Reclassification of other comprehensive income, net of taxes			$ 0	4,850
Reclassification of investments, from AOCI, tax		$ 0		$ (2,612)

Segments (Detail) $ in Thousands	3 Months Ended		9 Months Ended
Segments (Detail) $ in Thousands	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)	Dec. 31, 2016 USD ($) Segment	Dec. 31, 2015 USD ($)
Segment Reporting Information [Line Items]
Number of business segments \| Segment			3
Revenues, net	$ 75,496	$ 70,918	$ 239,735	$ 243,572
Operating income	3,381	5,623	17,759	40,690
Subtotal – Reportable Segments
Segment Reporting Information [Line Items]
Revenues, net	75,452	70,874	239,646	243,390
Operating income	5,332	9,329	28,221	45,182
Subtotal – Reportable Segments \| Industrial Products
Segment Reporting Information [Line Items]
Revenues, net	31,715	28,498	117,048	104,660
Operating income	3,978	3,422	24,482	24,786
Subtotal – Reportable Segments \| Coatings, Sealants and Adhesives
Segment Reporting Information [Line Items]
Revenues, net	23,847	24,301	70,218	80,721
Operating income	813	4,172	910	10,974
Subtotal – Reportable Segments \| Specialty Chemicals
Segment Reporting Information [Line Items]
Revenues, net	19,890	18,075	52,380	58,009
Operating income	541	1,735	2,829	9,422
Eliminations and Other
Segment Reporting Information [Line Items]
Revenues, net	44	44	89	182
Operating income	$ (1,951)	$ (3,706)	$ (10,462)	$ (4,492)