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Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Jun. 30, 2018	Jul. 25, 2018
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2018
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1
Trading Symbol	CSWI
Entity Registrant Name	CSW INDUSTRIALS, INC.
Entity Central Index Key	0001624794
Current Fiscal Year End Date	--06-30
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		15,716,333

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Income Statement [Abstract]
Revenues, net	$ 89,578	$ 89,299
Cost of revenues	(47,490)	(47,426)
Gross profit	42,088	41,873
Selling, general and administrative expenses	(24,344)	(25,202)
Operating income	17,744	16,671
Interest expense, net	(384)	(631)
Other income (expense), net	738	18
Income before income taxes	18,098	16,058
Provision for income taxes	(4,091)	(5,771)
Income from continuing operations	14,007	10,287
Loss from discontinued operations, net of tax	(2,331)	(1,773)
Net (loss) income	$ 11,676	$ 8,514
Basic earnings (loss) per common share:
Continuing operations (USD per share)	$ 0.89	$ 0.65
Discontinued operations (USD per share)	(0.15)	(0.12)
Net (loss) income (USD per share)	0.74	0.53
Diluted earnings (loss) per common share:
Continuing operations (USD per share)	0.88	0.65
Discontinued operations (USD per share)	(0.15)	(0.12)
Net (loss) income (USD per share)	$ 0.73	$ 0.53

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ 11,676	$ 8,514
Other comprehensive income (loss):
Foreign currency translation adjustments	(1,397)	1,676
Cash flow hedging activity, net of taxes of $(11) and $131, respectively	42	(41)
Pension and other post retirement effects, net of taxes of $(5) and $(1), respectively	20	(9)
Other comprehensive (loss) income	(1,335)	1,626
Comprehensive (loss) income	$ 10,341	$ 10,140

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Statement of Comprehensive Income [Abstract]
Cash flow hedging activity, taxes	$ (11)	$ 131
Pension and other post retirement effects, taxes	$ (5)	$ (1)

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2018	Mar. 31, 2018
Current assets:
Cash and cash equivalents	$ 10,983	$ 11,706
Accounts receivable, net of allowance of $999 and $1,015, respectively	65,555	63,383
Inventories, net	46,335	42,974
Prepaid expenses and other current assets	5,044	7,077
Current assets, discontinued operations	2,193	2,427
Total current assets	130,110	127,567
Property, plant and equipment, net of accumulated depreciation of $62,222 and $61,967, respectively	53,437	54,473
Goodwill	81,334	81,764
Intangible assets, net	51,122	53,054
Other assets	22,876	23,958
Total assets	338,879	340,816
Current liabilities:
Accounts payable	18,273	16,826
Accrued and other current liabilities	23,038	23,501
Current portion of long-term debt	561	561
Current liabilities, discontinued operations	3,467	3,966
Total current liabilities	45,339	44,854
Long-term debt	19,319	23,459
Retirement benefits payable	1,941	2,017
Other long-term liabilities	4,671	4,721
Total liabilities	71,270	75,051
Equity:
Common shares, $0.01 par value Shares authorized - 50,000 Shares issued - 15,948 and 15,957, respectively	158	158
Preferred shares, $0.01 par value Shares authorized - 10,000 Shares issued - 0	0	0
Additional paid-in capital	43,613	42,684
Treasury shares, at cost – 229 and 80 shares, respectively	(10,754)	(3,252)
Retained earnings	243,402	233,650
Accumulated other comprehensive loss	(8,810)	(7,475)
Total equity	267,609	265,765
Total liabilities and equity	$ 338,879	$ 340,816

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2018	Mar. 31, 2018
Statement of Financial Position [Abstract]
Accounts receivable, allowance	$ 999	$ 1,015
Property, plant and equipment, accumulated depreciation	$ 62,222	$ 61,967
Common shares, par value (USD per share)	$ 0.01	$ 0.01
Common shares, authorized (shares)	50,000,000	50,000,000
Common shares, issued (shares)	15,948,000	15,957,000
Preferred shares, par value (USD per share)	$ 0.01	$ 0.01
Preferred shares, authorized (shares)	10,000,000	10,000,000
Preferred shares, issued (shares)	0	0
Treasury shares, issued (shares)	229,000	80,000

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Cash flows from operating activities:
Net (loss) income	$ 11,676	$ 8,514
Less: Loss from discontinued operations	(2,331)	(1,773)
Income from continuing operations	14,007	10,287
Adjustments to reconcile income from continuing operations to net cash provided (used) by operating activities:
Depreciation	1,925	1,866
Amortization of intangible and other assets	1,636	1,807
Provision for inventory reserves	740	20
Share-based and other executive compensation	929	1,017
Net (gain) loss on sales of assets	(2,922)	105
Net pension benefit	(106)	(319)
Net deferred taxes	147	1,443
Changes in operating assets and liabilities:
Accounts receivable, net	(2,405)	(7,386)
Inventories, net	(3,333)	(298)
Prepaid expenses and other current assets	2,022	764
Other assets	(27)	6
Accounts payable and other current liabilities	(719)	4,595
Retirement benefits payable and other liabilities	(53)	95
Net cash provided by operating activities from continuing operations	11,841	14,002
Net cash used in operating activities from discontinued operations	(2,894)	(3,553)
Net cash provided by operating activities	8,947	10,449
Cash flows from investing activities:
Capital expenditures	(1,489)	(1,656)
Proceeds from sale of assets held for investment	278	0
Proceeds from sale of assets	3,230	1
Net change in bank time deposits	0	(5)
Cash paid for acquisitions	0	44
Net cash (used in) provided by investing activities from continuing operations	2,019	(1,704)
Net cash used in investing activities from discontinued operations	297	(645)
Net cash (used in) provided by investing activities	2,316	(2,349)
Cash flows from financing activities:
Repayments of lines of credit	(4,140)	(6,015)
Purchase of treasury shares	(7,502)	(10)
Net cash used in financing activities	(11,642)	(6,025)
Effect of exchange rate changes on cash and cash equivalents	(344)	705
Net change in cash and cash equivalents	(723)	2,780
Cash and cash equivalents, beginning of period	11,706
Cash and cash equivalents, end of period	$ 10,983	$ 25,926

ORGANIZATION AND OPERATIONS AND SUMMARY OF ACCOUNTING POLICIES

3 Months Ended

Jun. 30, 2018

Accounting Policies [Abstract]

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 two segments: Industrial Products 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, 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, KATS® Coatings, Jet-Lube Extreme®, SmokeGuard®, Safe-T-Switch® condensate overflow shutoff devices, Mighty Bracket™, Balco®, Whitmore®, Air Sentry® breathers, Oil Safe®, Deacon® high temperature sealants, AC Leak Freeze® to stop refrigerant leaks and Greco Aluminum Railings®. 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, architecturally-specified building products, industrial, plumbing, energy, rail, mining and other general industrial markets.

Basis of Presentation

The condensed consolidated financial statements included in this Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2018 (“Quarterly Report”) include all revenues, costs, assets and liabilities directly attributable to CSWI and have been prepared in accordance with United States (“U.S.”) generally accepted accounting principles (“GAAP”).

The condensed consolidated financial statements reflect all adjustments that are, in the opinion of management, necessary to present a fair statement of CSWI’s financial position as of June 30, 2018, and the results of operations for the three month periods ended June 30, 2018 and 2017. All adjustments are of a normal, recurring nature. All significant intercompany balances and transactions have been eliminated in consolidation. Where applicable, prior period information has been updated to conform to current year presentation.

The year-end condensed balance sheet data was derived from audited financial statements, but does not include all disclosures required by U.S. GAAP. 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, 2018 (the “Annual Report”).

Discontinued Operations

During the fiscal quarter ended December 31, 2017, we committed to a plan to divest our Strathmore Products business (the "Coatings business"). This determination resulted in the reclassification of the assets and liabilities comprising that business to assets held-for-sale, and a corresponding adjustment to our condensed consolidated statements of income to reflect discontinued operations for all periods presented.

Restructuring

During the fiscal year ended March 31, 2017, we initiated a restructuring program related to our Industrial Products segment. The program was initiated in response to excess capacity, which caused us to perform a facility rationalization analysis. The restructuring program is complete and no additional costs are expected to be incurred. There were other restructuring costs in the prior year, which are now presented as part of discontinued operations. Restructuring charges are as follows (in thousands):


	Severance/ Retention		Asset Write- down		Other (a)		Total
Three Months Ended June 30, 2017
Cost of revenues	$	—	$	69	$	163	$	232
Selling, general and administrative	—		—		—		—
Total	$	—	$	69	$	163	$	232

Inception to Date Restructuring Charges
Cost of revenues	$	291	$	69	$	496	$	856
Selling, general and administrative	—		—		—		—
Total	$	291	$	69	$	496	$	856

(a) Other consisted of moving costs related to relocation of manufacturing activities, recruiting fees to increase staff in locations where production is being relocated and duplicate and inefficient labor incurred during the transition and relocation. The charges were expensed as incurred.

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, with the exception of the revenue recognition policy described below as a result of adopting Accounting Standards Update ("ASU") 2014-09.

Revenue Recognition- We recognize revenues to depict the transfer of control of promised goods or services to our customers in an amount that reflects the consideration to which we expect to be entitled in exchange for those goods or services. Refer to Note 16 for further discussion. We recognize revenue when all of the following criteria have been met: (i) a contract with a customer exists, (ii) performance obligations have been identified, (iii) the price to the customer has been determined, (iv) the price to the customer has been allocated to the performance obligations, and (v) performance obligations are satisfied, which are more fully described below.

(i) We identify a contract with a customer when a sales agreement indicates approval and commitment of the parties; identifies the rights of the parties; identifies the payment terms; has commercial substance; and it is probable that we will collect the consideration to which we will be entitled in exchange for the goods or services that will be transferred to the customer. In most instances, our contract with a customer is the customer's purchase order. For certain customers, we may also enter into a sales agreement which outlines a framework of terms and conditions which apply to all future and subsequent purchase orders for that customer. In these situations, our contract with the customer is both the sales agreement and the specific customer purchase order. Because our contract with a customer is typically for a single transaction or customer purchase order, the duration of the contract is one year or less. As a result, we have elected to apply certain practical expedients and, as permitted by the Financial Accounting Standards Board ("FASB"), omit certain disclosures of remaining performance obligations for contracts that have an initial term of one year or less.

(ii) We identify performance obligations in a contract for each promised good or service that is separately identifiable from other promises in the contract and for which the customer can benefit from the good or service either on its own or together with other resources that are readily available to the customer. Goods and services provided to our customers that are deemed immaterial are included with other performance obligations.

(iii) We determine the transaction price as the amount of consideration we expect to be entitled to in exchange for fulfilling the performance obligations, including the effects of any variable consideration.

(iv) For any contracts that have more than one performance obligation, we allocate the transaction price to each performance obligation in an amount that depicts the amount of consideration to which we expect to be entitled in exchange for satisfying each performance obligation. We have excluded disclosure of the transaction price allocated to remaining performance obligations if the performance obligation is part of a contract that has an original expected duration of one year or less as the majority of our contracts are short-term in nature with a term of one year or less.

(v) We recognize revenue when, or as, we satisfy the performance obligation in a contract by transferring control of a promised good or service to the customer.

We exclude from the measurement of the transaction price all taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction and collected from a customer. As such, we present revenue net of sales and other similar taxes. Shipping and handling costs associated with outbound freight after control over a

product has transferred to a customer are accounted for as a fulfillment cost and are included in cost of revenues. Costs to obtain a contract, which include sales commissions recorded in selling, general and administrative expense, are expensed when incurred as the amortization period is one year or less. We do not have customer contracts that include significant financing components. Our contract assets and liabilities are immaterial. As amounts are immaterial to consolidated results, we have excluded this disclosure.

Accounting Developments

Pronouncements Implemented

In May 2014, the FASB issued ASU No. 2014-09, "Revenue from Contracts with Customers (Topic 606)," which was 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. On April 1, 2018, we adopted the new revenue standard using the modified retrospective method for transition, applying the guidance to those contracts which were not completed as of that date. In accordance with our method of transition, we calculated the cumulative effect of the changes made to our condensed consolidated balance sheet and recorded a cumulative effect adjustment to decrease retained earnings by $0.7 million, mostly associated with transition of contracts with revenue previously recognized under the percentage of completion ("POC") method of revenue recognition. We have modified our accounting policies to support compliance with the standard requirements. Revenue recognition and related financial information for this Quarterly Report are based on the requirements of Accounting Standards Codification ("ASC") Topic 606. Accordingly, periods prior to April 1, 2018 are presented in accordance with ASC Topic 605. Refer to Note 16 for a discussion on our adoption of ASC Topic 606.

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. We adopted this standard effective April 1, 2018. This standard did not have an impact on our consolidated statement of cash flows as cash receipts and payments presented do not have aspects of more than one class of cash flows.

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. We adopted this standard effective April 1, 2018. The resulting impact was a reduction of opening retained earnings of $1.4 million.

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. We adopted this standard effective April 1, 2018. This standard did not have an impact on our consolidated statement of cash flows as we do not have any restricted cash or restricted cash equivalents.

In January 2017, the FASB issued ASU No. 2017-01, "Business Combinations (Topic 805): Clarifying the Definition of a Business," to clarify the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The amendments in this ASU require that when substantially all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single identifiable asset or a group of similar identifiable assets, the set of assets is not a business. We adopted this standard effective April 1, 2018. This standard did not have an impact on our financial position or results of operations as we did not have any acquisitions or dispositions during the quarter ended June 30, 2018.

In March 2017, the FASB issued ASU No. 2017-07, "Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost," which requires that an employer disaggregate the service cost component from the other components of net benefit cost. The amendments also provide explicit guidance on how to present the service cost component and the other components of net benefit cost in the statement of income and allow only the service cost component of net benefit cost to be eligible for capitalization. We adopted this standard effective April 1, 2018 on a retrospective basis. The adoption of this ASU had no impact on our financial condition or results of

operations, except for reclassification of costs within the income statement. Refer to Note 12 for details of the impact of the adoption of this ASU.

On December 22, 2017, the President of the U.S. signed new tax legislation, commonly referred to as the Tax Cuts and Jobs Act (the "Tax Act"). The Tax Act significantly changes U.S. income tax law, including reduction of the corporate income tax rate to 21%, creation of a territorial tax system (with a one-time mandatory tax on previously deferred foreign earnings), broadening of the tax base and allowing for immediate capital expensing of certain qualified property. It also requires companies to pay minimum taxes on foreign earnings and subjects certain payments from corporations to foreign related parties to additional taxes. ASC 740, “Accounting for Income Taxes,” requires companies to recognize the effect of tax law changes in the period of enactment even though the effective date for most provisions is for tax years beginning after December 31, 2017, or in the case of certain other provisions, January 1, 2018. Certain key aspects of the new law were effective January 1, 2018 and were accounted for during the fiscal year ended March 31, 2018. Other significant provisions became effective April 1, 2018 for March 31 fiscal year end clients, and will be accounted for in the fiscal year ending March 31, 2019. Some of the changes effective for the year ending March 31, 2019 include, the deduction for executive compensation and interest expense, a tax on global intangible low-taxed provisions ("GILTI"), and a deduction for foreign-derived intangible income ("FDII").

The Securities and Exchange Commission (“SEC”) staff issued Staff Accounting Bulletin (“SAB”) 118 to provide guidance for companies that are not able to complete their accounting for the income tax effects of the Tax Act in the period of enactment. SAB 118 provides a measurement period that should not extend beyond one year from the Tax Act enactment date for companies to complete the accounting under ASC 740. In accordance with SAB 118, a company must reflect the income tax effects of those aspects of the Tax Act for which the accounting under ASC 740 is complete. To the extent that a company's accounting for certain income tax effects of the Tax Act is incomplete but it is able to determine a reasonable estimate, it must record a provisional estimate to be included in the financial statements. If a company cannot determine a provisional estimate to be included in the financial statements, it should continue to apply ASC 740 on the basis of the provisions of the tax laws that were in effect immediately before the enactment of the Tax Act. In accordance with SAB 118, we recorded provisional amounts reflecting the impact of the Tax Act in our consolidated financial statements and related disclosures as of March 31, 2018. As of March 31, 2018, we recorded $1.9 million related to the deemed repatriation. However, the final impact of the deemed repatriation tax computation is still open due to finalization of the earnings and profits of our foreign subsidiaries, as well as our evaluation of certain elections and guidance. We expect to complete our evaluation upon the filing of our federal and state tax returns, during the third quarter of the fiscal year ending March 31, 2019.

The Tax Act subjects us to GILTI earned by certain of our foreign subsidiaries. In general, this income will effectively be taxed at a 10.5% tax rate reduced by any available current year foreign tax credits. This provision was effective for taxable years beginning after December 31, 2017. Under U.S. GAAP, we are allowed to make an accounting policy election of either (1) treating taxes due on future U.S. inclusions in taxable income related to GILTI as a current period expense when incurred (the "period cost method") or (2) factoring such amounts into measurement of our deferred taxes (the "deferred method"). We have not yet adopted either accounting policy because we have not completed our analysis of this provision. We recorded tax expense of $0.5 million excluding credits related to GILTI tax related to current year operations in our estimated annual effective tax rate. Because we are still evaluating the GILTI provisions and performing our analysis of future taxable income that is subject to GILTI, we have not provided for additional GILTI tax on deferred items.

The Tax Act allows a domestic corporation an immediate deduction in U.S. taxable income for a portion of its FDII. The amount of the deduction will depend in part on our U.S. taxable income. The FDII deduction will be available for the current fiscal year ending March 31, 2019. We recorded a tax benefit of $0.8 million for the FDII deduction related to the current year operations in our estimated annual effective tax rate.

Pronouncements Not Yet Implemented

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 have initiated the process of evaluating critical components of this new guidance and the potential impact that the guidance will have on our financial position, results of operations and cash flows, which includes review of our leasing contracts and selection of a software tool. The impact of adoption on our financial position, results of operations and cash flows will be available when the software implementation is complete.

In January 2017, the FASB issued ASU No. 2017-04, "Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment," which modifies the concept of impairment from the condition that exists when the carrying amount

of goodwill exceeds its implied fair value to the condition that exists when the carrying amount of a reporting unit exceeds its fair value. An entity no longer will determine goodwill impairment by calculating the implied fair value of goodwill by assigning the fair value of a reporting unit to all of its assets and liabilities as if that reporting unit had been acquired in a business combination. The amendments in this ASU should be adopted for annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2019. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The adoption of ASU No. 2017-04 will only impact our consolidated financial condition and results of operations to the extent that we incur a future goodwill impairment.

In August 2017, the FASB issued ASU No. 2017-12, "Derivatives and Hedging (Topic 815): Targeted improvements of Accounting for Hedging Activities." The purpose of this ASU is to better align a company's risk management activities and financial reporting for hedging relationships. Additionally, the ASU simplifies the hedge accounting requirements and improve the disclosures of hedging arrangements. This ASU is effective for annual periods, including interim periods within those annual periods, beginning after December 15, 2018. We do not expect adoption of this ASU to have a material impact on our consolidated financial condition or results of operations.

In February 2018, the FASB issued ASU No. 2018-02, "Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income." The amendments in this ASU allow a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Act. Consequently, the amendments eliminate the stranded tax effects resulting from the Act and will improve the usefulness of information reported to financial statement users. However, because the amendments only relate to the reclassification of the income tax effects of the Act, the underlying guidance that requires that the effect of a change in tax laws or rates be included in income from continuing operations is not affected. The amendments in this ASU also require certain disclosures about stranded tax effects. This ASU is effective for annual periods, including interim periods within those annual periods, beginning after December 15, 2018. We are currently evaluating the impact of this ASU on our consolidated financial condition and results of operations.

DISCONTINUED OPERATIONS

3 Months Ended

Jun. 30, 2018

Discontinued Operations and Disposal Groups [Abstract]

DISCONTINUED OPERATIONS

On July 31, 2018, we consummated a sale of assets related to our Coatings business, which was previously classified as held for sale and presented as discontinued operations, to an unrelated third party. The terms of the transaction are not disclosed due to immateriality.

During the quarter ended December 31, 2017, we commenced a sale process to divest our Coatings business to allow us to focus resources on our core growth platforms. Our Coatings business manufactures specialized industrial coating products including urethanes, epoxies, acrylics and alkyds. The Coatings business meets the held-for-sale criteria under ASC 360, "Property, Plant and Equipment", and accordingly we classified and accounted for the assets and liabilities of the Coatings business as held-for-sale in the accompanying condensed consolidated balance sheets as discontinued operations, net of tax in the accompanying condensed consolidated statements of income and cash flows. We estimated that the fair value of the business was less than carrying value at December 31, 2017, resulting in a $46.0 million impairment charge. We completed an initial assessment of the assets and liabilities of the Coatings business and recorded the impairment based on our best estimates as of the date of issuance of financial results for the quarter ended December 31, 2017.

Summarized selected financial information for the Coatings business for the three month periods ended June 30, 2018 and 2017, is presented in the following table:


	Three Months Ended June 30,
	2018		2017
Revenues, net	$	3,365	$	8,728
Loss from discontinued operations before income taxes	(3,080)		(2,738)
Income tax benefit	749		965
Loss from discontinued operations, net	$	(2,331)	$	(1,773)

The assets and liabilities of discontinued operations are stated separately as of June 30, 2018 and March 31, 2018, in the condensed consolidated balance sheets and are comprised of the following items:


	June 30, 2018		March 31, 2018
Assets
Accounts receivable, net	$	2,104	$	2,259
Prepaid expenses and other current assets (1)	89		168
Total current assets	$	2,193	$	2,427


Liabilities
Accounts payable, accrued and other expenses	$	3,467	$	3,966

Long-term assets were impaired at the time of classification of the Coatings business to held-for-sale.

(1) The assets and liabilities of the Coatings business reside in a disregarded entity for tax purposes. Accordingly, the tax attributes associated with the operations of our Coatings business will ultimately flow through to the corporate parent, which files a consolidated federal return. Therefore, the operating losses and impairment losses attributable to the Coatings business and any corresponding deferred tax assets or liabilities are expected to be substantially realized by the corporate parent. These amounts have therefore been reflected as assets of our continuing operations and have not been allocated or attributed to the balances of assets or liabilities disclosed above. We continue to evaluate the ultimate realizability of all deferred tax assets, and the specific realization of tax assets pertaining to the Coatings business to be disposed could be impacted by the structure of a future sale transaction or other factors impacting or related to the actual disposition of the Coatings business in future periods. We will continue to evaluate any potential tax consequences of a potential sale transaction and will disclose or record any corresponding impacts in the period in which the impact can be quantified reliably.

INVENTORIES

3 Months Ended

Jun. 30, 2018

Inventory Disclosure [Abstract]

INVENTORIES

Inventories consist of the following (in thousands):


	June 30, 2018		March 31, 2018
Raw materials and supplies	$	22,460	$	21,855
Work in process	5,364		3,756
Finished goods	26,422		24,561
Total inventories	54,246		50,172
Less: LIFO reserve	(5,511)		(5,511)
Less: Obsolescence reserve	(2,400)		(1,687)
Inventories, net	$	46,335	$	42,974

INTANGIBLE ASSETS

3 Months Ended

Jun. 30, 2018

Goodwill and Intangible Assets Disclosure [Abstract]

INTANGIBLE ASSETS

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


		June 30, 2018				March 31, 2018
	Wtd Avg Life	Gross Amount		Accumulated Amortization		Gross Amount		Accumulated Amortization
	(Years)
Finite-lived intangible assets:
Patents	11	$	9,438	$	(5,719)	$	9,489	$	(5,564)
Customer lists and amortized trademarks	12	57,703		(25,794)		58,161		(24,812)
Non-compete agreements	5	1,699		(838)		1,713		(762)
Other	10	5,015		(1,709)		5,016		(1,529)
		$	73,855	$	(34,060)	$	74,379	$	(32,667)
Trade names and trademarks not being amortized		$	11,327	$	—	$	11,342	$	—

Amortization expense for the three month periods ended June 30, 2018 and 2017, was $1.6 million and $1.8 million, respectively. The following table shows the estimated future amortization for intangible assets as of June 30, 2018, for the remainder of the current fiscal year and the next five years ending March 31 (in thousands):


2019	$	4,183
2020	6,220
2021	6,213
2022	6,185
2023	6,019
2024	5,944

SPIN-OFF EXECUTIVE COMPENSATION	3 Months Ended
SPIN-OFF EXECUTIVE COMPENSATION	Jun. 30, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
SPIN-OFF EXECUTIVE COMPENSATION	SPIN-OFF EXECUTIVE COMPENSATIONRefer to Note 5 of our consolidated financial statements included in our Annual Report for a description of the Spin-Off Executive Compensation Plan as part of our prior spin-off transaction. As of December 31, 2017, all awards under the Spin-Off Executive Compensation Plan were fully vested. As such, no executive compensation expense for the cash incentive payments for Joseph Armes, our President and CEO, was recorded during the three months ended June 30, 2018. During the three months ended June 30, 2017, we recorded executive compensation expense under the Spin-Off Executive Compensation Plan of $0.2 million for cash incentives and total stock compensation expense of $0.1 million for Mr. Armes.

SHARE-BASED COMPENSATION

3 Months Ended

Jun. 30, 2018

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

SHARE-BASED COMPENSATION

Refer to Note 6 to our consolidated financial statements included in our Annual Report for a description of the 2015 Equity and Incentive Compensation Plan (the "2015 Plan"). As of June 30, 2018, 909,872 shares were available for issuance under the 2015 Plan.

We recorded share-based compensation as follows for the three month periods ended June 30, 2018 and 2017 (in thousands):


	Three Months Ended June 30, 2018
	Stock Options		Restricted Shares		Total
Share-based compensation expense	$	16	$	913	$	929
Related income tax benefit	(2)		(200)		(202)
Net share-based compensation expense	$	14	$	713	$	727


	Three Months Ended June 30, 2017
	Stock Options		Restricted Shares		Total
Share-based compensation expense	$	54	$	791	$	845
Related income tax benefit	(16)		(280)		(296)
Net share-based compensation expense	$	38	$	511	$	549

Stock option activity was as follows:


	Three Months Ended June 30, 2018
	Number of Shares	Weighted Average Exercise Price		Remaining Contractual Life	Aggregate Intrinsic Value
				(Years)	(in millions)
Outstanding at April 1, 2018	231,717	$	25.12
Exercised	—	—
Canceled	—	—
Outstanding at June 30, 2018	231,717	$	25.12	6.0	$6.4
Exercisable at June 30, 2018	219,767	$	25.14	6.0	$6.1

At June 30, 2018, we had an immaterial amount of unrecognized compensation cost related to non-vested stock options, which will be amortized into net income over the remaining weighted average vesting period of less than one year. No options were granted or vested during the three month periods ended June 30, 2018 and 2017.

Restricted share activity was as follows:


	Three Months Ended June 30, 2018
	Number of Shares	Weighted Average Grant Date Fair Value
Outstanding at April 1, 2018	215,019	$	37.41
Granted	28,771	59.32
Vested	(11,552)	31.16
Canceled	(9,184)	34.67
Outstanding at June 30, 2018	223,054	$	40.67

During the restriction period, the holders of restricted shares are entitled to vote and, except for conversion awards issued under the Spin-Off Executive Compensation Plan (as discussed in Note 5 to our consolidated financial statements included in our Annual Report) receive dividends. At June 30, 2018, we had unrecognized compensation cost related to unvested restricted shares of $5.9 million, which will be amortized into net income over the remaining weighted average vesting period of approximately 2.0 years. The total fair value of restricted shares granted and vested during three months ended June 30, 2018 was $1.7 million and $0.5 million, respectively. The total fair value of restricted shares granted and vested during the three months ended June 30, 2017 was $2.2 million and $0.1 million, respectively.

Unvested restricted shares outstanding as of June 30, 2018 and March 31, 2018 included 96,282 units and 82,800 shares (at target), respectively, with performance-based vesting provisions, and vesting ranges from 0%-200% and 0%-100% based on pre-defined performance targets with market conditions. Performance-based awards do not have the rights to vote or receive cash dividends until vesting. Performance-based restricted units 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 as determined by a Monte Carlo simulation.

LONG-TERM DEBT

3 Months Ended

Jun. 30, 2018

Debt Disclosure [Abstract]

LONG-TERM DEBT

Debt consists of the following (in thousands):


	June 30, 2018		March 31, 2018
Revolving Credit Facility, interest rate of 3.34% and 3.13%, respectively	$	8,000	$	12,000
Whitmore term loan, interest rate of 4.09% and 3.88%, respectively	11,880		12,020
Total debt	19,880		24,020
Less: Current portion	(561)		(561)
Long-term debt	$	19,319	$	23,459

Revolving Credit Facility Agreement

As discussed in Note 8 to our consolidated financial statements included in our Annual Report, we have a five-year $250.0 million revolving credit facility agreement (“Revolving Credit Facility”), with an additional $50.0 million accordion feature, which matures September 15, 2022. Borrowings under this facility bear interest at a rate of prime plus 0.25% or London Interbank Offered Rate (“LIBOR”) plus 1.25%, which may be adjusted based on our leverage ratio. We pay a commitment fee of 0.15% 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 the maturity date. The Revolving Credit Facility is secured by substantially all of our assets. During the three months ended June 30, 2018 we repaid $4.0 million of the outstanding borrowings under this facility, and as of June 30, 2018 and March 31, 2018, we had a remaining outstanding balance of $8.0 million and $12.0 million, respectively, which resulted in borrowing capacity of $292.0 million and $288.0 million, respectively, inclusive of the accordion feature. Covenant compliance is tested quarterly and we were in compliance with all covenants as of June 30, 2018.

Whitmore Term LoanAs of June 30, 2018, Whitmore Manufacturing (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 R&D 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 June 30, 2018 and March 31, 2018, Whitmore had $11.9 million and $12.0 million, respectively, in outstanding borrowings under the term loan. Interest payments under the Whitmore term loan are hedged under an interest rate swap agreement as described in Note 8.

DERIVATIVE INSTRUMENTS AND HEDGE ACCOUNTING

3 Months Ended

Jun. 30, 2018

Derivative Instruments and Hedging Activities Disclosure [Abstract]

DERIVATIVE INSTRUMENTS AND HEDGE ACCOUNTING

We entered into an interest rate swap agreement to hedge exposure to floating interest rates on a certain portion of our debt. As of June 30, 2018 and March 31, 2018, we had $11.9 million and $12.0 million, respectively, of notional amount outstanding designated as an interest rate swap with third parties. The interest rate swap is highly effective. At June 30, 2018, the maximum remaining length of the interest rate swap contract was approximately 11 years. The fair value of the interest rate swap designated as a hedging instrument is summarized below (in thousands):


	June 30, 2018		March 31, 2018
Current derivative liabilities	$	59	$	88
Non-current derivative liabilities	24		134

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

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.

EARNINGS PER SHARE

3 Months Ended

Jun. 30, 2018

Earnings Per Share [Abstract]

EARNINGS PER SHARE

The following table sets forth the reconciliation of the numerator and the denominator of basic and diluted earnings per share for the three month periods ended June 30, 2018 and 2017 (amounts in thousands, except per share data):


	Three Months Ended June 30,
	2018		2017
Income from continuing operations	$	14,007	$	10,287
Loss from discontinued operations	(2,331)		(1,773)
Net income	$	11,676	$	8,514

Weighted average shares:
Common stock	15,658		15,637
Participating securities	165		209
Denominator for basic earnings per common share	15,823		15,846
Potentially dilutive securities	109		77
Denominator for diluted earnings per common share	15,932		15,923

Basic earnings per common share:
Continuing operations	$	0.89	$	0.65
Discontinued operations	(0.15)		(0.12)
Net income	$	0.74	$	0.53

Diluted earnings per common share:
Continuing operations	$	0.88	$	0.65
Discontinued operations	(0.15)		(0.12)
Net income	$	0.73	$	0.53

Diluted earnings per share above is based upon the weighted average number of shares as determined for basic earnings per share plus shares potentially issuable in conjunction with stock options and restricted shares.

SHAREHOLDERS' EQUITY	3 Months Ended
SHAREHOLDERS' EQUITY	Jun. 30, 2018
Equity [Abstract]
SHAREHOLDERS' EQUITY	SHAREHOLDERS' EQUITYOn 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 our common stock and general market conditions. The program may be limited or terminated at any time at our discretion without notice. We repurchased 146,287 shares during the three months ended June 30, 2018 for an aggregate amount of $7.3 million. As of June 30, 2018, 172,831 shares have been repurchased for an aggregate of $8.5 million.

FAIR VALUE MEASUREMENTS	3 Months Ended
FAIR VALUE MEASUREMENTS	Jun. 30, 2018
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTSThe fair value of the interest rate swap contract (as discussed in Note 8) is determined using Level 2 inputs. The carrying value of our debt (discussed 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, accounts receivable, net, accounts payable) approximates their fair values at June 30, 2018 and March 31, 2018 due to their short-term nature.

- Definition

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

+ References + Details

RETIREMENT PLANS

3 Months Ended

Jun. 30, 2018

Retirement Benefits [Abstract]

RETIREMENT PLANS

Refer to Note 13 to our consolidated financial statements included in our Annual Report for a description of our retirement and post-retirement benefits.

As disclosed in Note 1, we adopted ASU No. 2017-07, effective April 1, 2018 on a retrospective basis. The resulting impact on the condensed consolidated statements of operations for the quarter ended June 30, 2017 was an immaterial reduction in cost of revenues, an increase in selling, general and administrative expenses of $0.3 million and a decrease in other expenses of $(0.3) million.

The following tables set forth the combined net pension benefit recognized in our condensed consolidated financial statements for all plans (in thousands):


	Three Months Ended June 30,
	2018		2017
Service cost, benefits earned during the period	$	19	$	14
Interest cost on projected benefit obligation	528		636
Expected return on assets	(663)		(980)
Amortization of net actuarial loss	10		7
Net pension benefit	$	(106)	$	(323)

The components of net periodic cost for retirement and postretirement benefits other than service costs are included in other expense, net in our condensed consolidated statements of income.

CONTINGENCIES	3 Months Ended
CONTINGENCIES	Jun. 30, 2018
Commitments and Contingencies Disclosure [Abstract]
CONTINGENCIES	CONTINGENCIESFrom time to time, we are involved in various claims and legal actions that arise in the ordinary course of business. There are not any matters pending that we currently believe are reasonably possible of having a material impact to our business, consolidated financial position, results of operations or cash flows.

INCOME TAXES	3 Months Ended
INCOME TAXES	Jun. 30, 2018
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES For the three months ended June 30, 2018, we earned $18.1 million from continuing operations before taxes and provided for income taxes of $4.1 million, resulting in an effective tax rate of 22.6%. For the three months ended June 30, 2017, we earned $16.1 million from continuing operations before taxes and provided for income taxes of $5.8 million, resulting in an effective tax rate of 35.9%. The provision for income taxes for the three months ended June 30, 2018 and 2017 was primarily impacted by adjustments related to state tax returns, as well as an increase in the reserves for uncertain tax positions. We are currently under audit for our U.S. federal income tax return for the fiscal years ended March 31, 2016 and March 31, 2017. As these audits have only recently been initiated, we have not been notified of any potential adjustments.

OTHER COMPREHENSIVE INCOME (LOSS)

3 Months Ended

Jun. 30, 2018

Equity [Abstract]

OTHER COMPREHENSIVE INCOME (LOSS)

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


	Three Months Ended June 30,
	2018		2017
Currency translation adjustments:
Balance at beginning of period	$	(4,837)	$	(8,132)
Adjustments for foreign currency translation	(1,397)		1,676
Balance at end of period	$	(6,234)	$	(6,456)
Interest rate swaps:
Balance at beginning of period	$	(108)	$	(402)
Unrealized gains (losses), net of taxes of $(5) and $117, respectively (a)	19		(375)
Reclassification of losses included in interest expense, net of taxes of $(6) and $14, respectively	23		334
Other comprehensive income (loss)	42		(41)
Balance at end of period	$	(66)	$	(443)
Defined benefit plans:
Balance at beginning of period	$	(2,530)	$	(1,901)
Amortization of net gains (losses), net of taxes of $(5) and $(1), respectively	20		(9)

Balance at end of period	$	(2,510)	$	(1,910)

(a) Unrealized gains (losses) are reclassified to earnings as underlying cash interest payments are made. We expect to recognize a loss of less than $0.1 million, net of deferred taxes, over the next twelve months related to designated cash flow hedges based on their fair values at June 30, 2018.

REVENUE RECOGNITION

3 Months Ended

Jun. 30, 2018

Text Block [Abstract]

REVENUE RECOGNITION

We adopted the guidance included in ASC Topic 606 as described in Note 1, effective April 1, 2018 using the modified retrospective approach and applied the new guidance to all open contracts at the date of adoption. Adoption of the new standard is reflected in the accounting policy (as discussed in Note 1) and disclosures related to revenue recognition. Our revenue recognition methodology does not materially change following the adoption of the new guidance as the majority of our annual revenue is derived from point in time sales. We recorded a decrease to opening retained earnings, net of tax of $0.7 million due to the adoption of ASC Topic 606. Additionally, inventory and accrued other current liabilities increased $3.0 million as billings under the POC method were reclassified out of inventory into deferred revenue. Net revenues decreased by $0.5 million, cost of revenues increased by $0.3 million, with a resulting decrease in gross profit of $0.2 million for the quarter ended June 30, 2018.

Disaggregation of Revenue

As disclosed in our Annual Report we conduct our operations in two reportable segments: Industrial Products and Specialty Chemicals. With the adoption of ASC Topic 606, we have concluded that the disaggregation of revenues that would be most useful in understanding the nature, timing and extent of revenue recognition is the breakout of build-to-order and book-and-ship, as defined below:

Build-to-order products are architecturally-specified products generally sold into the construction industry. Revenue generated from sales of products under build-to-order transactions are currently reflected in the results of our Industrial Products Segment. These orders are generally negotiated as a package and are commonly subject to retainage by the

customer, which means the final 10% of the transaction price, when applicable, is not collectible until the overall construction project into which our products are incorporated is complete. The lead times for transfer to the customer can be up to 12 weeks. Revenue for goods is recognized at a point in time, but installation services are recognized over time as those services are performed. Installation services represent approximately 1% of total consolidated revenue for the quarter ended June 30, 2018.

Book-and-ship products are sold across all of our end markets. Revenue generated from sales of products under book-and-ship transactions have historically been presented in both Industrial Products and Specialty Chemicals. These sales are typically priced on a product-by-product basis using price lists provided to our customers. The lead times transfer to the customer is usually one week or less as these items are generally build to stock. Products sold under these arrangements is recognized at a point in time.

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


	Three Months Ended June 30, 2018
	Industrial Products		Specialty Chemicals		Total
Build-to-order	$	15,511	$	—	$	15,511
Book-and-ship	38,349		35,718		74,067
Net revenues	$	53,860	$	35,718	$	89,578


	Three Months Ended June 30, 2017
	Industrial Products		Specialty Chemicals		Total
Build-to-order	$	16,769	$	—	$	16,769
Book-and-ship	36,492		36,036		72,528
Net revenues	$	53,261	$	36,036	$	89,297

SEGMENTS

3 Months Ended

Jun. 30, 2018

Segment Reporting [Abstract]

SEGMENTS

As discussed in Note 18 to our consolidated financial statements in our Annual Report, we conduct our operations through two business segments based on type of product and how we manage the business, those are Industrial Products and Specialty Chemicals.

Three Months Ended June 30, 2018:


(in thousands)	Industrial Products		Specialty Chemicals		Subtotal- Reportable Segments		Eliminations and Other		Total
Revenues, net	$	53,860	$	35,718	$	89,578	$	—	$	89,578
Operating income	13,893		6,473		20,366		(2,622)		17,744

Three Months Ended June 30, 2017:


(in thousands)	Industrial Products		Specialty Chemicals		Subtotal- Reportable Segments		Eliminations and Other		Total
Revenues, net	$	53,261	$	36,036	$	89,297	$	2	$	89,299
Operating income	13,663		5,499		19,162		(2,491)		16,671

ORGANIZATION AND OPERATIONS AND SUMMARY OF ACCOUNTING POLICIES (Policies)	3 Months Ended
	Jun. 30, 2018
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The condensed consolidated financial statements included in this Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2018 (“Quarterly Report”) include all revenues, costs, assets and liabilities directly attributable to CSWI and have been prepared in accordance with United States (“U.S.”) generally accepted accounting principles (“GAAP”). The condensed consolidated financial statements reflect all adjustments that are, in the opinion of management, necessary to present a fair statement of CSWI’s financial position as of June 30, 2018, and the results of operations for the three month periods ended June 30, 2018 and 2017. All adjustments are of a normal, recurring nature. All significant intercompany balances and transactions have been eliminated in consolidation. Where applicable, prior period information has been updated to conform to current year presentation. The year-end condensed balance sheet data was derived from audited financial statements, but does not include all disclosures required by U.S. GAAP. 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, 2018 (the “Annual Report”).
Discontinued Operations	Discontinued Operations During the fiscal quarter ended December 31, 2017, we committed to a plan to divest our Strathmore Products business (the "Coatings business"). This determination resulted in the reclassification of the assets and liabilities comprising that business to assets held-for-sale, and a corresponding adjustment to our condensed consolidated statements of income to reflect discontinued operations for all periods presented.
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, with the exception of the revenue recognition policy described below as a result of adopting Accounting Standards Update ("ASU") 2014-09. Revenue Recognition- We recognize revenues to depict the transfer of control of promised goods or services to our customers in an amount that reflects the consideration to which we expect to be entitled in exchange for those goods or services. Refer to Note 16 for further discussion. We recognize revenue when all of the following criteria have been met: (i) a contract with a customer exists, (ii) performance obligations have been identified, (iii) the price to the customer has been determined, (iv) the price to the customer has been allocated to the performance obligations, and (v) performance obligations are satisfied, which are more fully described below. (i) We identify a contract with a customer when a sales agreement indicates approval and commitment of the parties; identifies the rights of the parties; identifies the payment terms; has commercial substance; and it is probable that we will collect the consideration to which we will be entitled in exchange for the goods or services that will be transferred to the customer. In most instances, our contract with a customer is the customer's purchase order. For certain customers, we may also enter into a sales agreement which outlines a framework of terms and conditions which apply to all future and subsequent purchase orders for that customer. In these situations, our contract with the customer is both the sales agreement and the specific customer purchase order. Because our contract with a customer is typically for a single transaction or customer purchase order, the duration of the contract is one year or less. As a result, we have elected to apply certain practical expedients and, as permitted by the Financial Accounting Standards Board ("FASB"), omit certain disclosures of remaining performance obligations for contracts that have an initial term of one year or less. (ii) We identify performance obligations in a contract for each promised good or service that is separately identifiable from other promises in the contract and for which the customer can benefit from the good or service either on its own or together with other resources that are readily available to the customer. Goods and services provided to our customers that are deemed immaterial are included with other performance obligations. (iii) We determine the transaction price as the amount of consideration we expect to be entitled to in exchange for fulfilling the performance obligations, including the effects of any variable consideration. (iv) For any contracts that have more than one performance obligation, we allocate the transaction price to each performance obligation in an amount that depicts the amount of consideration to which we expect to be entitled in exchange for satisfying each performance obligation. We have excluded disclosure of the transaction price allocated to remaining performance obligations if the performance obligation is part of a contract that has an original expected duration of one year or less as the majority of our contracts are short-term in nature with a term of one year or less. (v) We recognize revenue when, or as, we satisfy the performance obligation in a contract by transferring control of a promised good or service to the customer. We exclude from the measurement of the transaction price all taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction and collected from a customer. As such, we present revenue net of sales and other similar taxes. Shipping and handling costs associated with outbound freight after control over a product has transferred to a customer are accounted for as a fulfillment cost and are included in cost of revenues. Costs to obtain a contract, which include sales commissions recorded in selling, general and administrative expense, are expensed when incurred as the amortization period is one year or less. We do not have customer contracts that include significant financing components. Our contract assets and liabilities are immaterial. As amounts are immaterial to consolidated results, we have excluded this disclosure.
Accounting Developments	Accounting Developments Pronouncements Implemented In May 2014, the FASB issued ASU No. 2014-09, "Revenue from Contracts with Customers (Topic 606)," which was 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. On April 1, 2018, we adopted the new revenue standard using the modified retrospective method for transition, applying the guidance to those contracts which were not completed as of that date. In accordance with our method of transition, we calculated the cumulative effect of the changes made to our condensed consolidated balance sheet and recorded a cumulative effect adjustment to decrease retained earnings by $0.7 million, mostly associated with transition of contracts with revenue previously recognized under the percentage of completion ("POC") method of revenue recognition. We have modified our accounting policies to support compliance with the standard requirements. Revenue recognition and related financial information for this Quarterly Report are based on the requirements of Accounting Standards Codification ("ASC") Topic 606. Accordingly, periods prior to April 1, 2018 are presented in accordance with ASC Topic 605. Refer to Note 16 for a discussion on our adoption of ASC Topic 606. 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. We adopted this standard effective April 1, 2018. This standard did not have an impact on our consolidated statement of cash flows as cash receipts and payments presented do not have aspects of more than one class of cash flows. 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. We adopted this standard effective April 1, 2018. The resulting impact was a reduction of opening retained earnings of $1.4 million. 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. We adopted this standard effective April 1, 2018. This standard did not have an impact on our consolidated statement of cash flows as we do not have any restricted cash or restricted cash equivalents. In January 2017, the FASB issued ASU No. 2017-01, "Business Combinations (Topic 805): Clarifying the Definition of a Business," to clarify the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The amendments in this ASU require that when substantially all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single identifiable asset or a group of similar identifiable assets, the set of assets is not a business. We adopted this standard effective April 1, 2018. This standard did not have an impact on our financial position or results of operations as we did not have any acquisitions or dispositions during the quarter ended June 30, 2018. In March 2017, the FASB issued ASU No. 2017-07, "Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost," which requires that an employer disaggregate the service cost component from the other components of net benefit cost. The amendments also provide explicit guidance on how to present the service cost component and the other components of net benefit cost in the statement of income and allow only the service cost component of net benefit cost to be eligible for capitalization. We adopted this standard effective April 1, 2018 on a retrospective basis. The adoption of this ASU had no impact on our financial condition or results of operations, except for reclassification of costs within the income statement. Refer to Note 12 for details of the impact of the adoption of this ASU. On December 22, 2017, the President of the U.S. signed new tax legislation, commonly referred to as the Tax Cuts and Jobs Act (the "Tax Act"). The Tax Act significantly changes U.S. income tax law, including reduction of the corporate income tax rate to 21%, creation of a territorial tax system (with a one-time mandatory tax on previously deferred foreign earnings), broadening of the tax base and allowing for immediate capital expensing of certain qualified property. It also requires companies to pay minimum taxes on foreign earnings and subjects certain payments from corporations to foreign related parties to additional taxes. ASC 740, “Accounting for Income Taxes,” requires companies to recognize the effect of tax law changes in the period of enactment even though the effective date for most provisions is for tax years beginning after December 31, 2017, or in the case of certain other provisions, January 1, 2018. Certain key aspects of the new law were effective January 1, 2018 and were accounted for during the fiscal year ended March 31, 2018. Other significant provisions became effective April 1, 2018 for March 31 fiscal year end clients, and will be accounted for in the fiscal year ending March 31, 2019. Some of the changes effective for the year ending March 31, 2019 include, the deduction for executive compensation and interest expense, a tax on global intangible low-taxed provisions ("GILTI"), and a deduction for foreign-derived intangible income ("FDII"). The Securities and Exchange Commission (“SEC”) staff issued Staff Accounting Bulletin (“SAB”) 118 to provide guidance for companies that are not able to complete their accounting for the income tax effects of the Tax Act in the period of enactment. SAB 118 provides a measurement period that should not extend beyond one year from the Tax Act enactment date for companies to complete the accounting under ASC 740. In accordance with SAB 118, a company must reflect the income tax effects of those aspects of the Tax Act for which the accounting under ASC 740 is complete. To the extent that a company's accounting for certain income tax effects of the Tax Act is incomplete but it is able to determine a reasonable estimate, it must record a provisional estimate to be included in the financial statements. If a company cannot determine a provisional estimate to be included in the financial statements, it should continue to apply ASC 740 on the basis of the provisions of the tax laws that were in effect immediately before the enactment of the Tax Act. In accordance with SAB 118, we recorded provisional amounts reflecting the impact of the Tax Act in our consolidated financial statements and related disclosures as of March 31, 2018. As of March 31, 2018, we recorded $1.9 million related to the deemed repatriation. However, the final impact of the deemed repatriation tax computation is still open due to finalization of the earnings and profits of our foreign subsidiaries, as well as our evaluation of certain elections and guidance. We expect to complete our evaluation upon the filing of our federal and state tax returns, during the third quarter of the fiscal year ending March 31, 2019. The Tax Act subjects us to GILTI earned by certain of our foreign subsidiaries. In general, this income will effectively be taxed at a 10.5% tax rate reduced by any available current year foreign tax credits. This provision was effective for taxable years beginning after December 31, 2017. Under U.S. GAAP, we are allowed to make an accounting policy election of either (1) treating taxes due on future U.S. inclusions in taxable income related to GILTI as a current period expense when incurred (the "period cost method") or (2) factoring such amounts into measurement of our deferred taxes (the "deferred method"). We have not yet adopted either accounting policy because we have not completed our analysis of this provision. We recorded tax expense of $0.5 million excluding credits related to GILTI tax related to current year operations in our estimated annual effective tax rate. Because we are still evaluating the GILTI provisions and performing our analysis of future taxable income that is subject to GILTI, we have not provided for additional GILTI tax on deferred items. The Tax Act allows a domestic corporation an immediate deduction in U.S. taxable income for a portion of its FDII. The amount of the deduction will depend in part on our U.S. taxable income. The FDII deduction will be available for the current fiscal year ending March 31, 2019. We recorded a tax benefit of $0.8 million for the FDII deduction related to the current year operations in our estimated annual effective tax rate. Pronouncements Not Yet Implemented 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 have initiated the process of evaluating critical components of this new guidance and the potential impact that the guidance will have on our financial position, results of operations and cash flows, which includes review of our leasing contracts and selection of a software tool. The impact of adoption on our financial position, results of operations and cash flows will be available when the software implementation is complete. In January 2017, the FASB issued ASU No. 2017-04, "Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment," which modifies the concept of impairment from the condition that exists when the carrying amount of goodwill exceeds its implied fair value to the condition that exists when the carrying amount of a reporting unit exceeds its fair value. An entity no longer will determine goodwill impairment by calculating the implied fair value of goodwill by assigning the fair value of a reporting unit to all of its assets and liabilities as if that reporting unit had been acquired in a business combination. The amendments in this ASU should be adopted for annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2019. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The adoption of ASU No. 2017-04 will only impact our consolidated financial condition and results of operations to the extent that we incur a future goodwill impairment. In August 2017, the FASB issued ASU No. 2017-12, "Derivatives and Hedging (Topic 815): Targeted improvements of Accounting for Hedging Activities." The purpose of this ASU is to better align a company's risk management activities and financial reporting for hedging relationships. Additionally, the ASU simplifies the hedge accounting requirements and improve the disclosures of hedging arrangements. This ASU is effective for annual periods, including interim periods within those annual periods, beginning after December 15, 2018. We do not expect adoption of this ASU to have a material impact on our consolidated financial condition or results of operations. In February 2018, the FASB issued ASU No. 2018-02, "Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income." The amendments in this ASU allow a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Act. Consequently, the amendments eliminate the stranded tax effects resulting from the Act and will improve the usefulness of information reported to financial statement users. However, because the amendments only relate to the reclassification of the income tax effects of the Act, the underlying guidance that requires that the effect of a change in tax laws or rates be included in income from continuing operations is not affected. The amendments in this ASU also require certain disclosures about stranded tax effects. This ASU is effective for annual periods, including interim periods within those annual periods, beginning after December 15, 2018. We are currently evaluating the impact of this ASU on our consolidated financial condition and results of operations.

ORGANIZATION AND OPERATIONS AND SUMMARY OF ACCOUNTING POLICIES (Tables)

3 Months Ended

Jun. 30, 2018

Accounting Policies [Abstract]

Schedule Of Restructuring Charges

Restructuring charges are as follows (in thousands):


	Severance/ Retention		Asset Write- down		Other (a)		Total
Three Months Ended June 30, 2017
Cost of revenues	$	—	$	69	$	163	$	232
Selling, general and administrative	—		—		—		—
Total	$	—	$	69	$	163	$	232

Inception to Date Restructuring Charges
Cost of revenues	$	291	$	69	$	496	$	856
Selling, general and administrative	—		—		—		—
Total	$	291	$	69	$	496	$	856

DISCONTINUED OPERATIONS (Tables)

3 Months Ended

Jun. 30, 2018

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Discontinued Operations

Summarized selected financial information for the Coatings business for the three month periods ended June 30, 2018 and 2017, is presented in the following table:


	Three Months Ended June 30,
	2018		2017
Revenues, net	$	3,365	$	8,728
Loss from discontinued operations before income taxes	(3,080)		(2,738)
Income tax benefit	749		965
Loss from discontinued operations, net	$	(2,331)	$	(1,773)


	June 30, 2018		March 31, 2018
Assets
Accounts receivable, net	$	2,104	$	2,259
Prepaid expenses and other current assets (1)	89		168
Total current assets	$	2,193	$	2,427


Liabilities
Accounts payable, accrued and other expenses	$	3,467	$	3,966

Long-term assets were impaired at the time of classification of the Coatings business to held-for-sale.

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=65878427&loc=SL51721533-107759

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721665-107760

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=64827811&loc=d3e1474-107760

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=64827811&loc=d3e1361-107760

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721683-107760

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 50
-Paragraph 3A
-URI http://asc.fasb.org/extlink&oid=84176398&loc=SL51724579-110230

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5C
-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721675-107760

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 4A
-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721663-107760

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=84176398&loc=d3e2941-110230

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5B
-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721673-107760

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 3A
-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721659-107760

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5A
-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721671-107760

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5D
-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721677-107760

+ Details

INVENTORIES (Tables)

3 Months Ended

Jun. 30, 2018

Inventory Disclosure [Abstract]

Schedule of Inventories

Inventories consist of the following (in thousands):


	June 30, 2018		March 31, 2018
Raw materials and supplies	$	22,460	$	21,855
Work in process	5,364		3,756
Finished goods	26,422		24,561
Total inventories	54,246		50,172
Less: LIFO reserve	(5,511)		(5,511)
Less: Obsolescence reserve	(2,400)		(1,687)
Inventories, net	$	46,335	$	42,974

INTANGIBLE ASSETS (Tables)

3 Months Ended

Jun. 30, 2018

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets

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


		June 30, 2018				March 31, 2018
	Wtd Avg Life	Gross Amount		Accumulated Amortization		Gross Amount		Accumulated Amortization
	(Years)
Finite-lived intangible assets:
Patents	11	$	9,438	$	(5,719)	$	9,489	$	(5,564)
Customer lists and amortized trademarks	12	57,703		(25,794)		58,161		(24,812)
Non-compete agreements	5	1,699		(838)		1,713		(762)
Other	10	5,015		(1,709)		5,016		(1,529)
		$	73,855	$	(34,060)	$	74,379	$	(32,667)
Trade names and trademarks not being amortized		$	11,327	$	—	$	11,342	$	—

Schedule of Estimated Future Amortization for Intangible Assets

The following table shows the estimated future amortization for intangible assets as of June 30, 2018, for the remainder of the current fiscal year and the next five years ending March 31 (in thousands):


2019	$	4,183
2020	6,220
2021	6,213
2022	6,185
2023	6,019
2024	5,944

SHARE-BASED COMPENSATION (Tables)

3 Months Ended

Jun. 30, 2018

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

Schedule of Share-Based Compensation

We recorded share-based compensation as follows for the three month periods ended June 30, 2018 and 2017 (in thousands):


	Three Months Ended June 30, 2018
	Stock Options		Restricted Shares		Total
Share-based compensation expense	$	16	$	913	$	929
Related income tax benefit	(2)		(200)		(202)
Net share-based compensation expense	$	14	$	713	$	727


	Three Months Ended June 30, 2017
	Stock Options		Restricted Shares		Total
Share-based compensation expense	$	54	$	791	$	845
Related income tax benefit	(16)		(280)		(296)
Net share-based compensation expense	$	38	$	511	$	549

Schedule of Stock Options Activity

Stock option activity was as follows:


	Three Months Ended June 30, 2018
	Number of Shares	Weighted Average Exercise Price		Remaining Contractual Life	Aggregate Intrinsic Value
				(Years)	(in millions)
Outstanding at April 1, 2018	231,717	$	25.12
Exercised	—	—
Canceled	—	—
Outstanding at June 30, 2018	231,717	$	25.12	6.0	$6.4
Exercisable at June 30, 2018	219,767	$	25.14	6.0	$6.1

Schedule of Restricted Stock Activity

Restricted share activity was as follows:


	Three Months Ended June 30, 2018
	Number of Shares	Weighted Average Grant Date Fair Value
Outstanding at April 1, 2018	215,019	$	37.41
Granted	28,771	59.32
Vested	(11,552)	31.16
Canceled	(9,184)	34.67
Outstanding at June 30, 2018	223,054	$	40.67

LONG-TERM DEBT (Tables)

3 Months Ended

Jun. 30, 2018

Debt Disclosure [Abstract]

Schedule of Long-Term Debt

Debt consists of the following (in thousands):


	June 30, 2018		March 31, 2018
Revolving Credit Facility, interest rate of 3.34% and 3.13%, respectively	$	8,000	$	12,000
Whitmore term loan, interest rate of 4.09% and 3.88%, respectively	11,880		12,020
Total debt	19,880		24,020
Less: Current portion	(561)		(561)
Long-term debt	$	19,319	$	23,459

DERIVATIVE INSTRUMENTS AND HEDGE ACCOUNTING (Tables)

3 Months Ended

Jun. 30, 2018

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Fair Value of Derivatives

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


	June 30, 2018		March 31, 2018
Current derivative liabilities	$	59	$	88
Non-current derivative liabilities	24		134

EARNINGS PER SHARE (Tables)

3 Months Ended

Jun. 30, 2018

Earnings Per Share [Abstract]

Reconciliation of Earnings Per Share


	Three Months Ended June 30,
	2018		2017
Income from continuing operations	$	14,007	$	10,287
Loss from discontinued operations	(2,331)		(1,773)
Net income	$	11,676	$	8,514

Weighted average shares:
Common stock	15,658		15,637
Participating securities	165		209
Denominator for basic earnings per common share	15,823		15,846
Potentially dilutive securities	109		77
Denominator for diluted earnings per common share	15,932		15,923

Basic earnings per common share:
Continuing operations	$	0.89	$	0.65
Discontinued operations	(0.15)		(0.12)
Net income	$	0.74	$	0.53

Diluted earnings per common share:
Continuing operations	$	0.88	$	0.65
Discontinued operations	(0.15)		(0.12)
Net income	$	0.73	$	0.53

RETIREMENT PLANS (Tables)

3 Months Ended

Jun. 30, 2018

Retirement Benefits [Abstract]

Schedule of Net Pension Benefit

The following tables set forth the combined net pension benefit recognized in our condensed consolidated financial statements for all plans (in thousands):


	Three Months Ended June 30,
	2018		2017
Service cost, benefits earned during the period	$	19	$	14
Interest cost on projected benefit obligation	528		636
Expected return on assets	(663)		(980)
Amortization of net actuarial loss	10		7
Net pension benefit	$	(106)	$	(323)

OTHER COMPREHENSIVE INCOME (LOSS) (Tables)

3 Months Ended

Jun. 30, 2018

Equity [Abstract]

Analysis of Changes in Accumulated Other Comprehensive Income (Loss)

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


	Three Months Ended June 30,
	2018		2017
Currency translation adjustments:
Balance at beginning of period	$	(4,837)	$	(8,132)
Adjustments for foreign currency translation	(1,397)		1,676
Balance at end of period	$	(6,234)	$	(6,456)
Interest rate swaps:
Balance at beginning of period	$	(108)	$	(402)
Unrealized gains (losses), net of taxes of $(5) and $117, respectively (a)	19		(375)
Reclassification of losses included in interest expense, net of taxes of $(6) and $14, respectively	23		334
Other comprehensive income (loss)	42		(41)
Balance at end of period	$	(66)	$	(443)
Defined benefit plans:
Balance at beginning of period	$	(2,530)	$	(1,901)
Amortization of net gains (losses), net of taxes of $(5) and $(1), respectively	20		(9)

Balance at end of period	$	(2,510)	$	(1,910)

REVENUE RECOGNITION (Tables)

3 Months Ended

Jun. 30, 2018

Text Block [Abstract]

Disaggregation of Revenue

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


	Three Months Ended June 30, 2018
	Industrial Products		Specialty Chemicals		Total
Build-to-order	$	15,511	$	—	$	15,511
Book-and-ship	38,349		35,718		74,067
Net revenues	$	53,860	$	35,718	$	89,578


	Three Months Ended June 30, 2017
	Industrial Products		Specialty Chemicals		Total
Build-to-order	$	16,769	$	—	$	16,769
Book-and-ship	36,492		36,036		72,528
Net revenues	$	53,261	$	36,036	$	89,297

SEGMENTS (Tables)

3 Months Ended

Jun. 30, 2018

Segment Reporting [Abstract]

Schedule of Segments

Three Months Ended June 30, 2018:


(in thousands)	Industrial Products		Specialty Chemicals		Subtotal- Reportable Segments		Eliminations and Other		Total
Revenues, net	$	53,860	$	35,718	$	89,578	$	—	$	89,578
Operating income	13,893		6,473		20,366		(2,622)		17,744

Three Months Ended June 30, 2017:


(in thousands)	Industrial Products		Specialty Chemicals		Subtotal- Reportable Segments		Eliminations and Other		Total
Revenues, net	$	53,261	$	36,036	$	89,297	$	2	$	89,299
Operating income	13,663		5,499		19,162		(2,491)		16,671

ORGANIZATION AND OPERATIONS AND SUMMARY OF ACCOUNTING POLICIES - Additional Information (Details) $ in Thousands	3 Months Ended		6 Months Ended	12 Months Ended
	Jun. 30, 2018 USD ($) segment brand	Jun. 30, 2017 USD ($)	Sep. 30, 2017 segment	Mar. 31, 2018 USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Retained earnings	$ 243,402			$ 233,650
Provision for income taxes	$ 4,091	$ 5,771
Effective tax rate	22.60%	35.90%
Repatriation amount				1,900
Number of business segments \| segment	2		2
Highly respected industrial brands \| brand	100
GILTI
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Provision for income taxes	$ 500
Effective tax rate	10.50%
FDII
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Provision for income taxes	$ (800)
Accounting Standards Update 2014-09
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Retained earnings				700
Accounting Standards Update 2016-16
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Retained earnings				$ 1,400

ORGANIZATION AND OPERATIONS AND SUMMARY OF ACCOUNTING POLICIES - Schedule of Restructuring Charges (Details) - Strathmore - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2017	Jun. 30, 2018
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 232
Inception to Date Restructuring Charges		$ 856
Cost of revenues
Restructuring Cost and Reserve [Line Items]
Restructuring charges	232
Inception to Date Restructuring Charges		856
Selling, general and administrative
Restructuring Cost and Reserve [Line Items]
Restructuring charges	0
Inception to Date Restructuring Charges		0
Severance/ Retention
Restructuring Cost and Reserve [Line Items]
Restructuring charges	0
Inception to Date Restructuring Charges		291
Severance/ Retention \| Cost of revenues
Restructuring Cost and Reserve [Line Items]
Restructuring charges	0
Inception to Date Restructuring Charges		291
Severance/ Retention \| Selling, general and administrative
Restructuring Cost and Reserve [Line Items]
Restructuring charges	0
Inception to Date Restructuring Charges		0
Asset Write-down
Restructuring Cost and Reserve [Line Items]
Restructuring charges	69
Inception to Date Restructuring Charges		69
Asset Write-down \| Cost of revenues
Restructuring Cost and Reserve [Line Items]
Restructuring charges	69
Inception to Date Restructuring Charges		69
Asset Write-down \| Selling, general and administrative
Restructuring Cost and Reserve [Line Items]
Restructuring charges	0
Inception to Date Restructuring Charges		0
Other
Restructuring Cost and Reserve [Line Items]
Restructuring charges	163
Inception to Date Restructuring Charges		496
Other \| Cost of revenues
Restructuring Cost and Reserve [Line Items]
Restructuring charges	163
Inception to Date Restructuring Charges		496
Other \| Selling, general and administrative
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 0
Inception to Date Restructuring Charges		$ 0

DISCONTINUED OPERATIONS - Narrative (Details) $ in Millions	9 Months Ended
DISCONTINUED OPERATIONS - Narrative (Details) $ in Millions	Dec. 31, 2017 USD ($)
Discontinued Operations, Held-for-sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment expense	$ 46.0

DISCONTINUED OPERATIONS - Income Statement (Details) - Discontinued Operations, Held-for-sale - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenues, net	$ 3,365	$ 8,728
Loss from discontinued operations before income taxes	(3,080)	(2,738)
Income tax benefit	749	965
Loss from discontinued operations, net	$ (2,331)	$ (1,773)

- Definition

Amount before tax of income (loss) from a discontinued operation. Includes, but is not limited to, the income (loss) from operations during the phase-out period, gain (loss) on disposal, gain (loss) for reversal of write-down (write-down) to fair value, less cost to sell, and adjustments to a prior period gain (loss) on disposal.

+ References + Details

DISCONTINUED OPERATIONS - Balance Sheet (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Mar. 31, 2018
Assets
Total current assets	$ 2,193	$ 2,427
Discontinued Operations, Held-for-sale
Assets
Accounts receivable, net	2,104	2,259
Prepaid expenses and current assets	89	168
Total current assets	2,193	2,427
Liabilities
Accounts payable, accrued and other expenses	$ 3,467	$ 3,966

INVENTORIES (Detail) - USD ($) $ in Thousands	Jun. 30, 2018	Mar. 31, 2018
Inventory Disclosure [Abstract]
Raw materials and supplies	$ 22,460	$ 21,855
Work in process	5,364	3,756
Finished goods	26,422	24,561
Total inventories	54,246	50,172
Less: LIFO reserve	(5,511)	(5,511)
Less: Obsolescence reserve	(2,400)	(1,687)
Inventories, net	$ 46,335	$ 42,974

INTANGIBLE ASSETS - Schedule of Intangible Assets (Detail) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2018	Mar. 31, 2018
Intangible Assets [Line Items]
Gross Amount	$ 73,855	$ 74,379
Accumulated Amortization	(34,060)	(32,667)
Trade names and trademarks not being amortized
Intangible Assets [Line Items]
Gross Amount	$ 11,327	11,342
Patents
Intangible Assets [Line Items]
Wtd Avg Life (Years)	11 years
Gross Amount	$ 9,438	9,489
Accumulated Amortization	$ (5,719)	(5,564)
Customer lists and amortized trademarks
Intangible Assets [Line Items]
Wtd Avg Life (Years)	12 years
Gross Amount	$ 57,703	58,161
Accumulated Amortization	$ (25,794)	(24,812)
Non-compete agreements
Intangible Assets [Line Items]
Wtd Avg Life (Years)	5 years
Gross Amount	$ 1,699	1,713
Accumulated Amortization	$ (838)	(762)
Other
Intangible Assets [Line Items]
Wtd Avg Life (Years)	10 years
Gross Amount	$ 5,015	5,016
Accumulated Amortization	$ (1,709)	$ (1,529)

INTANGIBLE ASSETS - Schedule of Estimated Future Amortization (Detail) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Amortization of intangible assets	$ 1,600	$ 1,800
2019	4,183
2020	6,220
2021	6,213
2022	6,185
2023	6,019
2024	$ 5,944

SPIN-OFF EXECUTIVE COMPENSATION (Detail) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 929	$ 845
Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Executive compensation expense for the cash incentive payments		200
Share-based compensation expense		$ 100

SHARE-BASED COMPENSATION - Additional Information (Detail)	Jun. 30, 2018 shares
2015 Plan \| Stock Compensation Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for issuance	909,872

SHARE-BASED COMPENSATION - Schedule of Share-Based Compensation (Detail) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 929	$ 845
Related income tax benefit	(202)	(296)
Net share-based compensation expense	727	549
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	16	54
Related income tax benefit	(2)	(16)
Net share-based compensation expense	14	38
Restricted Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	913	791
Related income tax benefit	(200)	(280)
Net share-based compensation expense	$ 713	$ 511

SHARE-BASED COMPENSATION - Stock Option Activity (Detail) - Stock Options - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Number of Shares
Number of Shares, Outstanding, Beginning balance (shares)	231,717
Number of Shares, Granted (shares)	0	0
Number of Shares, Exercised (shares)	0
Number of Shares, Canceled (shares)	0
Number of Shares, Outstanding, Ending balance (shares)	231,717
Exercisable at end of period, Number of shares (shares)	219,767
Weighted Average Exercise Price
Weighted Average Exercise Price, Outstanding, Beginning balance (USD per share)	$ 25.12
Weighted Average Exercise Price, Exercised (USD per share)	0
Weighted Average Exercise Price, Canceled (USD per share)	0
Weighted Average Exercise Price, Outstanding, Ending balance (USD per share)	25.12
Exercisable at End of Period, Exercise Price (USD per share)	$ 25.14
Outstanding, Remaining Contractual Life	6 years
Exercisable, Remaining Contractual Life	6 years
Outstanding, Aggregate Intrinsic Value	$ 6.4
Exercisable, Aggregate Intrinsic Value	$ 6.1

SHARE-BASED COMPENSATION (Stock Option Activity) - Additional Information (Detail) - Stock Options - shares	3 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average vesting period (less than)	1 year
Number of shares granted (shares)	0	0
Number of shares vested (shares)		0

SHARE-BASED COMPENSATION - Restricted Share Activity (Detail) - Restricted Shares	3 Months Ended
	Jun. 30, 2018 $ / shares shares
Number of Shares
Number of Shares, Outstanding, Beginning balance (shares) \| shares	215,019
Number of Shares, Granted (shares) \| shares	28,771
Number of Shares, Vested (shares) \| shares	(11,552)
Number of Shares, Canceled (shares) \| shares	(9,184)
Number of Shares, Outstanding, Ending balance (shares) \| shares	223,054
Weighted Average Grant Date Fair Value
Weighted Average Grant Date Fair Value, Outstanding, Beginning balance (USD per share) \| $ / shares	$ 37.41
Weighted Average Grant Date Fair Value, Granted (USD per share) \| $ / shares	59.32
Weighted Average Grant Date Fair Value, Vested (USD per share) \| $ / shares	31.16
Weighted Average Grant Date Fair Value, Canceled (USD per share) \| $ / shares	34.67
Weighted Average Grant Date Fair Value, Outstanding, Ending balance (USD per share) \| $ / shares	$ 40.67

SHARE-BASED COMPENSATION (Restricted Stock Activity) - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Restricted Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation costs related to unvested restricted shares	$ 5.9
Weighted average vesting period	2 years
Fair value of restricted shares granted	$ 1.7	$ 2.2
Fair value of restricted shares vested	$ 0.5	$ 0.1
Restricted shares granted (shares)	28,771
Restricted Stock Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted shares granted (shares)	96,282	82,800
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%	0.00%
Restricted Stock Performance Shares \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance-based vesting range	200.00%	100.00%

LONG-TERM DEBT - Schedule of Long-Term Debt (Detail) - USD ($) $ in Thousands	Jun. 30, 2018	Mar. 31, 2018	Mar. 31, 2017
Debt Instrument [Line Items]
Total debt	$ 19,880	$ 24,020
Less: Current portion	(561)	(561)
Long-term debt	19,319	23,459
Whitmore
Debt Instrument [Line Items]
Whitmore term loan, interest rate of 4.09% and 3.88%, respectively	11,880	12,020
Whitmore \| Secured Term Loan
Debt Instrument [Line Items]
Whitmore term loan, interest rate of 4.09% and 3.88%, respectively	$ 11,900	12,000
Interest rate	4.09%		3.88%
Revolving Credit Facility
Debt Instrument [Line Items]
Revolving Credit Facility, interest rate of 3.34% and 3.13%, respectively	$ 8,000	$ 12,000
Interest rate	3.34%		3.13%

LONG-TERM DEBT (Revolving Credit Agreement) - Additional Information (Detail) - USD ($)			3 Months Ended
	Sep. 15, 2017	Dec. 11, 2015	Jun. 30, 2018	Mar. 31, 2018
Revolving Credit Facility
Debt Instrument [Line Items]
Debt instrument, term		5 years
Maximum borrowing capacity		$ 250,000,000.0
Commitment fee paid	0.15%
Line of credit amount repaid			$ 4,000,000.0
Line of credit outstanding amount			8,000,000	$ 12,000,000
Line of credit facility, remaining borrowing capacity			$ 292,000,000.0	$ 288,000,000.0
Revolving Credit Facility \| Prime Rate
Debt Instrument [Line Items]
Spread on interest rate	0.25%
Revolving Credit Facility \| LIBOR
Debt Instrument [Line Items]
Spread on interest rate	1.25%
Revolving Credit Facility, Accordion Feature
Debt Instrument [Line Items]
Additional borrowing capacity with accordion feature		$ 50,000,000.0

LONG-TERM DEBT (Whitmore Term Loan) - Additional Information (Detail) - Whitmore - USD ($)	3 Months Ended
	Jun. 30, 2018	Mar. 31, 2018
Debt Instrument [Line Items]
Whitmore term loan	$ 11,880,000	$ 12,020,000
Secured Term Loan
Debt Instrument [Line Items]
Debt instrument, periodic principal payment	140,000
Whitmore term loan	$ 11,900,000	$ 12,000,000.0
Secured Term Loan \| LIBOR
Debt Instrument [Line Items]
Spread on interest rate	2.00%

DERIVATIVE INSTRUMENTS AND HEDGE ACCOUNTING - Additional Information (Detail) - Interest Rate Swap - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2018	Mar. 31, 2018
Derivative [Line Items]
Notional amount	$ 11.9	$ 12.0
Maximum remaining length of contract	11 years

DERIVATIVE INSTRUMENTS AND HEDGE ACCOUNTING - Fair Value of Derivatives (Detail) - Hedging Instrument - Interest Rate Swap - USD ($) $ in Thousands	Jun. 30, 2018	Mar. 31, 2018
Derivatives, Fair Value [Line Items]
Current derivative liabilities	$ 59	$ 88
Non-current derivative liabilities	$ 24	$ 134

EARNINGS PER SHARE (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Earnings Per Share [Abstract]
Income from continuing operations	$ 14,007	$ 10,287
Less: Loss from discontinued operations	(2,331)	(1,773)
Net (loss) income	$ 11,676	$ 8,514
Weighted average shares:
Common stock (shares)	15,658	15,637
Participating securities (shares)	165	209
Denominator for basic earnings per common share (shares)	15,823	15,846
Potentially dilutive securities (shares)	109	77
Denominator for diluted earnings per common share (shares)	15,932	15,923
Basic earnings (loss) per common share:
Continuing operations (USD per share)	$ 0.89	$ 0.65
Discontinued operations (USD per share)	(0.15)	(0.12)
Net (loss) income (USD per share)	0.74	0.53
Diluted earnings (loss) per common share:
Continuing operations (USD per share)	0.88	0.65
Discontinued operations (USD per share)	(0.15)	(0.12)
Net (loss) income (USD per share)	$ 0.73	$ 0.53

SHAREHOLDERS' EQUITY (Details) - USD ($)	3 Months Ended	20 Months Ended
SHAREHOLDERS' EQUITY (Details) - USD ($)	Jun. 30, 2018	Jun. 30, 2018	Nov. 11, 2016
Equity [Abstract]
Share repurchase program authorized amount			$ 35,000,000.0
Share repurchase program term	2 years
Shares repurchased (shares)	146,287	172,831
Shares repurchased, amount	$ 7,300,000	$ 8,500,000

RETIREMENT PLANS (Detail) - USD ($) $ in Thousands	3 Months Ended
RETIREMENT PLANS (Detail) - USD ($) $ in Thousands	Jun. 30, 2018	Jun. 30, 2017
Selling, general and administrative expenses	$ 24,344	$ 25,202
Other income (expense), net	738	18
Service cost, benefits earned during the period	19	14
Interest cost on projected benefit obligation	528	636
Expected return on assets	(663)	(980)
Amortization of net actuarial loss	10	7
Net pension benefit	$ (106)	(323)
Accounting Standards Update 2017-07
Selling, general and administrative expenses		300
Other income (expense), net		$ (300)

INCOME TAXES (Detail) - USD ($) $ in Thousands	3 Months Ended
INCOME TAXES (Detail) - USD ($) $ in Thousands	Jun. 30, 2018	Jun. 30, 2017
Income Tax Disclosure [Abstract]
Income before income taxes	$ 18,098	$ 16,058
Provision for income taxes	$ 4,091	$ 5,771
Effective tax rate	22.60%	35.90%

OTHER COMPREHENSIVE INCOME (LOSS) (Detail) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	$ 265,765
Other comprehensive (loss) income	(1,335)	$ 1,626
Balance at end of period	267,609
Losses on cash flow hedges expected to be reclassified to earnings within next 12 months	(100)
Currency translation adjustments:
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	(4,837)	(8,132)
Other comprehensive (loss) income	(1,397)	1,676
Balance at end of period	(6,234)	(6,456)
Interest rate swaps:
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	(108)	(402)
Unrealized gains (losses), net of taxes	19	(375)
Reclassification of other comprehensive (income) loss, net of taxes	23	334
Other comprehensive (loss) income	42	(41)
Balance at end of period	(66)	(443)
Unrealized losses, tax	(5)	117
Reclassification from AOCI, tax	(6)	14
Defined benefit plans:
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	(2,530)	(1,901)
Reclassification of other comprehensive (income) loss, net of taxes	20	(9)
Balance at end of period	(2,510)	(1,910)
Reclassification from AOCI, tax	$ (5)	$ (1)

REVENUE RECOGNITION (Detail) - USD ($) $ in Thousands	3 Months Ended
REVENUE RECOGNITION (Detail) - USD ($) $ in Thousands	Jun. 30, 2018	Jun. 30, 2017
Disaggregation of Revenue [Line Items]
Revenues, net	$ 89,578	$ 89,297
Build-to-order
Disaggregation of Revenue [Line Items]
Revenues, net	15,511	16,769
Book-and-ship
Disaggregation of Revenue [Line Items]
Revenues, net	74,067	72,528
Industrial Products
Disaggregation of Revenue [Line Items]
Revenues, net	53,860	53,261
Industrial Products \| Build-to-order
Disaggregation of Revenue [Line Items]
Revenues, net	15,511	16,769
Industrial Products \| Book-and-ship
Disaggregation of Revenue [Line Items]
Revenues, net	38,349	36,492
Specialty Chemicals
Disaggregation of Revenue [Line Items]
Revenues, net	35,718	36,036
Specialty Chemicals \| Build-to-order
Disaggregation of Revenue [Line Items]
Revenues, net	0	0
Specialty Chemicals \| Book-and-ship
Disaggregation of Revenue [Line Items]
Revenues, net	35,718	$ 36,036
Operating Income (Loss)
Disaggregation of Revenue [Line Items]
Change from new accounting pronouncement	200
Cost of Goods, Total
Disaggregation of Revenue [Line Items]
Change from new accounting pronouncement	300
Sales
Disaggregation of Revenue [Line Items]
Change from new accounting pronouncement	500
Retained Earnings
Disaggregation of Revenue [Line Items]
Change from new accounting pronouncement	700
Accounts Payable and Accrued Liabilities
Disaggregation of Revenue [Line Items]
Change from new accounting pronouncement	$ 3,000

SEGMENTS (Detail) $ in Thousands	3 Months Ended		6 Months Ended
SEGMENTS (Detail) $ in Thousands	Jun. 30, 2018 USD ($) segment	Jun. 30, 2017 USD ($)	Sep. 30, 2017 segment
Segment Reporting Information [Line Items]
Number of business segments \| segment	2		2
Revenues, net	$ 89,578	$ 89,299
Operating income	17,744	16,671
Subtotal – Reportable Segments
Segment Reporting Information [Line Items]
Revenues, net	89,578	89,297
Operating income	20,366	19,162
Subtotal – Reportable Segments \| Industrial Products
Segment Reporting Information [Line Items]
Revenues, net	53,860	53,261
Operating income	13,893	13,663
Subtotal – Reportable Segments \| Specialty Chemicals
Segment Reporting Information [Line Items]
Revenues, net	35,718	36,036
Operating income	6,473	5,499
Eliminations and Other
Segment Reporting Information [Line Items]
Revenues, net	0	2
Operating income	$ (2,622)	$ (2,491)