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Document and Entity Information - USD ($) $ in Millions	12 Months Ended
Document and Entity Information - USD ($) $ in Millions	Mar. 31, 2020	May 13, 2020	Sep. 30, 2019
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Mar. 31, 2020
Document Transition Report	false
Entity File Number	001-37454
Entity Registrant Name	CSW INDUSTRIALS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	47-2266942
Entity Address, Address Line One	5420 Lyndon B. Johnson Freeway, Suite 500
Entity Address, City or Town	Dallas
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75240
City Area Code	214
Local Phone Number	884-3777
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	CSWI
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Public Float			$ 553.0
Entity Common Stock, Shares Outstanding		14,680,364
Documents Incorporated by Reference	Certain information contained in the definitive proxy statement for the registrant’s Annual Meeting of Stockholders is incorporated by reference into Part III hereof.
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Entity Central Index Key	0001624794
Current Fiscal Year End Date	--03-31

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2020	Mar. 31, 2019
Current assets:
Cash and cash equivalents	$ 18,338	$ 26,651
Accounts receivable, net	74,880	66,136
Inventories, net	53,753	51,429
Prepaid expenses and other current assets	3,074	7,030
Current assets, discontinued operations	0	21
Total current assets	150,045	151,267
Property, plant and equipment, net	57,178	53,639
Goodwill	91,686	86,295
Intangible assets, net	46,185	50,466
Other assets	24,151	10,965
Total assets	369,245	352,632
Current liabilities:
Accounts payable	21,978	19,024
Accrued and other current liabilities	36,607	29,426
Current portion of long-term debt	561	561
Current liabilities, discontinued operations	0	161
Total current liabilities	59,146	49,172
Long-term debt	10,337	30,898
Retirement benefits payable	1,879	1,978
Other long-term liabilities	21,142	6,114
Noncurrent liabilities, discontinued operations	0	784
Total liabilities	92,504	88,946
Equity:
Common shares, $0.01 par value; Shares authorized - 50,000; Shares issued - 16,055 and 16,001, respectively	159	158
Preferred shares, $0.01 par value; Shares authorized (10,000) and issued (0)	0	0
Additional paid-in capital	48,327	46,633
Treasury shares, at cost (1,311 and 962 shares, respectively)	(75,377)	(49,964)
Retained earnings	315,078	277,588
Accumulated other comprehensive loss	(11,446)	(10,729)
Total equity	276,741	263,686
Total liabilities and equity	$ 369,245	$ 352,632

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2020	Mar. 31, 2019
Statement of Financial Position [Abstract]
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)	16,055,000	16,001,000
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 (shares)	1,311,000	962,000

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018
Income Statement [Abstract]
Revenues, net	$ 385,871	$ 350,155	$ 326,222
Cost of revenues	(208,821)	(188,785)	(178,282)
Gross profit	177,050	161,370	147,940
Selling, general and administrative expenses	(110,032)	(100,930)	(98,281)
Impairment expenses	(951)	0	0
Operating income	66,067	60,440	49,659
Interest expense, net	(1,331)	(1,442)	(2,317)
Other (expense) income, net	(7,135)	2,443	905
Income before income taxes	57,601	61,441	48,247
Provision for income taxes	(12,784)	(15,389)	(15,565)
Income from continuing operations	44,817	46,052	32,682
Income (loss) from discontinued operations, net of tax	1,061	(478)	(44,564)
Net income (loss)	$ 45,878	$ 45,574	$ (11,882)
Basic earnings (loss) per common share:
Continuing operations (USD per share)	$ 2.98	$ 2.99	$ 2.09
Discontinued operations (USD per share)	0.07	(0.03)	(2.85)
Net income (loss) (USD per share)	3.05	2.96	(0.76)
Diluted earnings (loss) per common share:
Continuing operations (USD per share)	2.95	2.96	2.09
Discontinued operations (USD per share)	0.07	(0.03)	(2.85)
Net income (loss) (USD per share)	$ 3.02	$ 2.93	$ (0.76)

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 45,878	$ 45,574	$ (11,882)
Other comprehensive (loss) income:
Foreign currency translation adjustments	(2,316)	(2,032)	3,295
Cash flow hedging activity, net of taxes of $266, $72 and $(162), respectively	(996)
Cash flow hedging activity, net of taxes of $266, $72 and $(162), respectively		(286)	294
Pension and other postretirement effects, net of taxes of $(682), $177 and $233, respectively	2,595	(936)	(629)
Other comprehensive (loss) income	(717)	(3,254)	2,960
Comprehensive income (loss)	$ 45,161	$ 42,320	$ (8,922)

- Definition

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

+ References + Details

Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018
Statement of Comprehensive Income [Abstract]
Cash flow hedging activity, taxes	$ 266
Cash flow hedging activity, taxes		$ 72	$ (162)
Pension and other post retirement effects, taxes	$ (682)	$ 177	$ 233

Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Common Stock	Treasury Shares	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Loss
Balance at beginning of period at Mar. 31, 2017	$ 272,438	$ 157	$ (1,011)	$ 38,701	$ 245,026	$ (10,435)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based and other executive compensation	4,161			4,161
Stock activity under stock plans	(732)	1	(1,061)	328
Repurchase of common shares	(1,180)		(1,180)
Net income (loss)	(11,882)				(11,882)
Other comprehensive income (loss), net of tax	2,960					2,960
Balance at end of period at Mar. 31, 2018	265,765	158	(3,252)	42,684	233,650	(7,475)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based and other executive compensation	3,949			3,949
Stock activity under stock plans	(1,086)		(1,086)
Repurchase of common shares	(45,626)		(45,626)
Net income (loss)	45,574				45,574
Other comprehensive income (loss), net of tax	(3,254)					(3,254)
Balance at end of period at Mar. 31, 2019	263,686	158	(49,964)	46,633	277,588	(10,729)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based and other executive compensation	5,074			5,074
Stock activity under stock plans	(1,980)	1	1,451	(3,432)
Repurchase of common shares	(26,864)		(26,864)
Net income (loss)	45,878				45,878
Dividends declared	(8,130)			52	(8,182)
Other comprehensive income (loss), net of tax	(717)					(717)
Balance at end of period at Mar. 31, 2020	$ 276,741	$ 159	$ (75,377)	$ 48,327	$ 315,078	$ (11,446)

- Definition

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

+ References + Details

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018
Cash flows from operating activities:
Net income (loss)	$ 45,878,000	$ 45,574,000	$ (11,882,000)
Less: Income (loss) from discontinued operations, net of tax	1,061,000	(478,000)	(44,564,000)
Income from continuing operations	44,817,000	46,052,000	32,682,000
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation	7,918,000	7,411,000	7,651,000
Amortization of intangible and other assets	6,927,000	6,425,000	7,282,000
Provision for inventory reserves	(28,000)	231,000	235,000
Provision for doubtful accounts	909,000	818,000	(457,000)
Share-based and other executive compensation	5,074,000	3,949,000	4,161,000
Net gain on disposals of property, plant and equipment	(833,000)	(4,320,000)	(70,000)
Pension plan termination expense	6,559,000	0	0
Net pension benefit	(121,000)	(416,000)	(1,062,000)
Impairment of intangible assets	951,000	0	0
Realized (unrealized) deferred taxes (Note 15)	0	10,419,000	(10,146,000)
Net deferred taxes	537,000	206,000	1,640,000
Changes in operating assets and liabilities:
Accounts receivable	(7,997,000)	(3,825,000)	(2,698,000)
Inventories	(1,653,000)	(5,537,000)	992,000
Prepaid expenses and other current assets	3,969,000	725,000	17,797,000
Other assets	29,000	920,000	(106,000)
Accounts payable and other current liabilities	5,884,000	5,704,000	6,263,000
Retirement benefits payable and other liabilities	(1,545,000)	(603,000)	(6,780,000)
Net cash provided by operating activities, continuing operations	71,397,000	68,159,000	57,384,000
Net cash used in operating activities, discontinued operations	(1,500,000)	(8,449,000)	(14,228,000)
Net cash provided by operating activities	69,897,000	59,710,000	43,156,000
Cash flows from investing activities:
Capital expenditures	(11,437,000)	(7,515,000)	(5,534,000)
Proceeds from sale of assets held for investment	0	3,905,000	547,000
Proceeds from sale of assets	1,292,000	3,295,000	92,000
Net change in bank time deposits	0	0	1,860,000
Cash paid for acquisitions	(11,837,000)	(10,100,000)	0
Net cash used in investing activities, continuing operations	(21,982,000)	(10,415,000)	(3,035,000)
Net cash provided by (used in) investing activities, discontinued operations	1,538,000	7,356,000	(1,510,000)
Net cash used in investing activities	(20,444,000)	(3,059,000)	(4,545,000)
Cash flows from financing activities:
Borrowings on lines of credit	7,500,000	28,000,000	0
Repayments of lines of credit	(28,061,000)	(20,561,000)	(49,187,000)
Payments of deferred loan costs	0	0	(421,000)
Purchase of treasury shares	(28,460,000)	(46,712,000)	(2,241,000)
Proceeds from stock option activity	0	0	328,000
Dividends paid to shareholders	(8,130,000)	0	0
Net cash used in financing activities	(57,151,000)	(39,273,000)	(51,521,000)
Effect of exchange rate changes on cash and equivalents	(615,000)	(2,433,000)	1,470,000
Net change in cash and cash equivalents	(8,313,000)	14,945,000	(11,440,000)
Cash and cash equivalents, beginning of period	26,651,000	11,706,000	23,146,000
Cash and cash equivalents, end of period	18,338,000	26,651,000	11,706,000
Supplemental non-cash disclosure:
Cash paid during the year for interest	1,165,000	1,302,000	2,118,000
Cash paid during the year for income taxes	$ 8,873,000	$ 2,888,000	$ 9,673,000

Organization and Operations and Summary of Significant Accounting Policies

12 Months Ended

Mar. 31, 2020

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization and Operations and Summary of Significant Accounting Policies

ORGANIZATION AND OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

CSW Industrials, Inc. (“CSWI,” “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, ventilation, air conditioning and refrigeration (“HVAC/R”), 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®, KOPR-KOTE®, Kats Coatings®, Safe-T-Switch®, Air Sentry®, Deacon®, Leak Freeze® and Greco®.

Our products are well-known in the specific industries we serve and have a reputation for high quality and reliability. Markets that we serve include HVAC/R, architecturally-specified building products, plumbing, energy, rail, mining and general industrial markets.

In March 2020, the World Health Organization declared the outbreak of a novel coronavirus ("COVID-19") a pandemic. COVID-19 continues to spread throughout the world and has led certain countries or jurisdictions within them to restrict travel, social gatherings and certain types of business activity deemed to be "non-essential," which has created a sharp recessionary environment in the U.S. and around the globe and has led to a decline in demand in many end markets, including those we serve. Also, in March 2020, as a result of the weakened demand for crude oil resulting from the COVID-19 pandemic, and magnified by political tensions between several large crude oil-producing countries, there has been a substantial decline of and volatility in crude oil prices. Both factors had a negative impact on our revenues in the fiscal quarter ended March 31, 2020 and are expected to negatively impact our results in fiscal year 2021.

Our results of operations and financial condition will continue to be adversely impacted through the duration of the pandemic due to its effects on the economy and demand for our products and services. However, we cannot reasonably estimate the magnitude or length of the adverse impact due to continued uncertainty regarding (1) the duration and severity of the COVID-19 pandemic and (2) the extent of the potential short and long-term impact on our facilities and employees, customer demand and availability of materials through supply channels.

Basis of Presentation – The consolidated financial position, results of operations and cash flows included in this Annual Report on Form 10-K for the fiscal year ended March 31, 2020 (“Annual 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”).

Use of Estimates – The process of preparing financial statements in conformity with U.S. GAAP requires us to make estimates and assumptions that affect reported amounts of certain assets, liabilities, revenues and expenses. We believe our estimates and assumptions are reasonable; however, actual results may differ materially from such estimates. The most significant estimates and assumptions are used in determining:

•Timing and amount of revenue recognition;

•Deferred taxes and tax reserves;

•Pension benefits; and

•Valuation of goodwill and indefinite-lived intangible assets.

Cash and Cash Equivalents – We consider all highly liquid instruments purchased with original maturities of three months or less and money market accounts to be cash equivalents. We maintain our cash and cash equivalents at financial institutions for which the combined account balances in individual institutions may exceed insurance coverage and, as a result, there is a concentration of credit risk related to amounts on deposit in excess of insurance coverage. We had deposits in domestic banks of $11.7 million and $17.8 million at March 31, 2020 and 2019, respectively, and balances of $6.6 million and $8.8 million were held in foreign banks at March 31, 2020 and 2019, respectively.

Customer credit issues, customer bankruptcies or general economic conditions may also impact our estimates. Credit risks are mitigated by the diversity of our customer base across different geographic regions and end markets.

Inventories and Related Reserves – Inventories are stated at the lower of cost or net realizable value and include raw materials, supplies, direct labor and manufacturing overhead. Cost is determined using the last-in, first-out (“LIFO”) method for valuing inventories at our primary domestic operations. Our foreign subsidiaries use either the first-in, first out method or the weighted average cost method to value inventory. Foreign inventories represent approximately 6% and 8% of total inventories as of March 31, 2020 and 2019, respectively.

Reserves are provided for slow-moving or excess and obsolete inventory based on the difference between the cost of the inventory and its net realizable value and by reviewing quantities on hand in comparison with historical and expected future usage. In estimating the reserve for excess or slow-moving inventory, management considers factors such as product aging, current and future customer demand and market conditions.

Property, Plant and Equipment – Property, plant and equipment are stated at cost and depreciated using the straight-line method over the estimated useful lives of the individual assets. When property, plant and equipment are retired or otherwise disposed of, the related cost and accumulated depreciation are removed from the accounts, and the resulting gain or loss is included in income from operations for the period. Generally, the estimated useful lives of assets are:


Land improvements	5	to	40 years
Buildings and improvements	7	to	40 years
Plant, office and lab equipment	5	to	10 years

We review property, plant and equipment for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable.

Repairs and maintenance costs are expensed as incurred, and significant improvements that either extend the useful life or increase the capacity or efficiency of property and equipment are capitalized and depreciated.

If a reporting unit fails the qualitative assessment, then valuation models and other relevant data are used to estimate the reporting unit’s fair value. The valuation models require the input of subjective assumptions. We use an income approach for impairment testing of goodwill and indefinite-lived intangible assets, using a discounted cash flow method. Estimates of future revenue and expense are made for five years, growth estimates are made to calculate terminal value and a discount rate is used that approximates our weighted average cost of capital. We perform qualitative or quantitative assessments to test asset carrying values for impairment at January 31, which is the annual impairment testing date. Given current economic conditions, we updated our assessment as of March 31, 2020. No goodwill impairment loss was recognized as a result of the impairment tests for the years ended March 31, 2020, 2019 or 2018.

We have intangible assets consisting of patents, trademarks, customer lists and non-compete agreements. Definite-lived intangible assets are assessed for impairment whenever events or changes in circumstances indicate the carrying amount may not be recoverable. In addition, we have other trademarks and license agreements that are considered to have indefinite lives. We review indefinite-lived intangible assets at least annually for impairment, or whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Significant assumptions used in the impairment test include the discount rate, royalty rate, future projections and terminal value growth rate. These inputs are considered non-recurring Level III inputs within the fair value hierarchy. An impairment loss would be recognized when estimated future cash flows are less than their carrying amount. We recorded an impairment of intangible assets of continuing operations of $1.0 million, $0 and $0 for the years ended March 31, 2020, 2019 and 2018, respectively.

Property Held for Investment – One of our non-operating subsidiaries holds and manages certain non-operating properties. Properties are valued at lower of cost or market and disposed of as opportunities arise to maximize value.

Deferred Loan Costs – Deferred loan costs related to our credit facility, which are reported in other assets and consist of fees and other expenses associated with debt financing, are amortized over the term of the associated debt using the effective interest method.

Fair Values of Financial Instruments – Our financial instruments are presented at fair value in our consolidated balance sheets, with the exception of our long-term debt, as discussed in Note 8. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Where available, fair value is based on observable market prices or parameters or derived from such prices or parameters. Where observable prices or inputs are not available, valuation models may be applied.

Assets and liabilities recorded at fair value in our consolidated balance sheets are categorized based upon the level of judgment associated with the inputs used to measure their fair values. Hierarchical levels, as defined by Accounting Standards Codification (“ASC”) 820, “Fair Value Measurements and Disclosures,” are directly related to the amount of subjectivity associated with the inputs to fair valuation of these assets and liabilities. An asset or a liability’s categorization within the fair value hierarchy is based on the lowest level of significant input to its valuation. Hierarchical levels are as follows:

Level I – Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date.

Level II – Inputs (other than quoted prices included in Level I) are either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the instrument’s anticipated life.

Level III – Inputs reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model.

Recurring fair value measurements are limited to investments in derivative instruments and assets held in defined benefit pension plans. The fair value measurements of our derivative instruments are determined using models that maximize the use of the observable market inputs including interest rate curves and both forward and spot prices for currencies, and are classified as Level II under the fair value hierarchy. The fair values of our derivative instruments are included in Note 10. The fair values of assets held in defined benefit pension plans are discussed in Note 14.

Leases – We determine if a contract is or contains a lease at inception by evaluating whether the contract conveys the right to control the use of an identified asset. Right-of-Use (“ROU”) assets and lease liabilities are initially recognized at the commencement date based on the present value of remaining lease payments over the lease term calculated using our incremental borrowing rate, unless the implicit rate is readily determinable. ROU assets represent the right to use an underlying asset for the lease term, including any upfront lease payments made and excluding lease incentives. Lease liabilities represent the obligation to make future lease payments throughout the lease term. The lease term includes renewal periods when we are reasonably certain to exercise the option to renew. The ROU asset is amortized over the expected lease term. Lease and non-lease components, when present on our leases, are accounted for separately. Leases with an initial term of 12 months or less are excluded from recognition in the balance sheet, and the expense for these short-term leases and for operating leases is recognized on a straight-line basis over the lease term. We have certain lease contracts with terms and conditions that provide for variability in the payment amount based on changes in facts or circumstances occurring after the commencement date. These variable lease payments are recognized in our condensed consolidated income statements as the obligation is incurred. As of March 31, 2020, we did not have material leases that imposed significant restrictions or covenants, material related party leases or sale-leaseback arrangements.

Derivative Instruments and Hedge Accounting – We do not use derivative instruments for trading or speculative purposes. We enter into interest rate swap agreements for the purpose of hedging our cash flow exposure to floating interest rates on certain portions of our debt. All derivative instruments are recognized on the balance sheet at their fair values. Changes in the fair value of a designated interest rate swap are recorded in other comprehensive loss until earnings are affected by the underlying hedged item. Any ineffective portion of the gain or loss is immediately recognized in earnings. Upon settlement, realized gains and losses are recognized in interest expense in the consolidated statements of operations.

We discontinue hedge accounting when (1) we deem the hedge to be ineffective and determine that the designation of the derivative as a hedging instrument is no longer appropriate; (2) the derivative matures, terminates or is sold; or (3) occurrence

of the contracted or committed transaction is no longer probable or will not occur in the originally expected period. When hedge accounting is discontinued and the derivative remains outstanding, we carry the derivative at its estimated fair value on the balance sheet, recognizing changes in the fair value in current period earnings. If a cash flow hedge becomes ineffective, any deferred gains or losses remain in accumulated other comprehensive loss until the underlying hedged item is recognized. If it becomes probable that a hedged forecasted transaction will not occur, deferred gains or losses on the hedging instrument are recognized in earnings immediately.

We are exposed to risk from credit-related losses resulting from nonperformance by counterparties to our financial instruments. We perform credit evaluations of our counterparties under forward exchange contracts and interest rate swap agreements and expect all counterparties to meet their obligations. If necessary, we adjust the values of our derivative contracts for our or our counterparties’ credit risk.

Pension Obligations – Determination of pension benefit obligations is based on estimates made by management in consultation with independent actuaries. Inherent in these valuations are assumptions including discount rates, expected rates of return on plan assets, retirement rates, mortality rates and rates of compensation increase and other factors, all of which are reviewed annually and updated if necessary. Current market conditions, including changes in rates of return, interest rates and medical inflation rates, are considered in selecting these assumptions.

•Discount rates are estimated using high quality corporate bond yields with a duration matching the expected benefit payments. The discount rate is obtained from a universe of AA-rated non-callable bonds across the full maturity spectrum to establish a weighted average discount rate. Our discount rate assumptions are impacted by changes in general economic and market conditions that affect interest rates on long-term high-quality debt securities, as well as the duration of our plans’ liabilities.

•The expected rates of return on plan assets are derived from reviews of asset allocation strategies, expected future experience for trust asset returns, risks and other factors adjusted for our specific investment strategy. These rates are impacted by changes in general market conditions, but because they are long-term in nature, short-term market changes do not significantly impact the rates. Changes to our target asset allocation also impact these rates.

Actuarial gains and losses and prior service costs are recognized in accumulated other comprehensive loss as they arise, and we amortize these costs into net pension expense over the remaining expected service period.

We used a measurement date of March 31 for all periods presented.

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 19 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 that outlines a framework of terms and conditions that apply to all future 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.

Research and Development ("R&D") – R&D costs are expensed as incurred. Costs incurred for R&D primarily include salaries and benefits and consumable supplies, as well as rent, professional fees, utilities and the depreciation of property and equipment used in R&D activities. R&D costs included in selling, general and administrative expense were $4.3 million, $4.3 million and $4.6 million for the years ended March 31, 2020, 2019 and 2018, respectively.

Share-based Compensation – Share-based compensation is measured at the grant-date fair value. The exercise price of stock option awards and the fair value of restricted share awards are set at the closing price of our common stock on the Nasdaq Global Select Market on the date of grant, which is the date such grants are authorized by our Board of Directors. The fair value of performance-based restricted share awards is determined using a Monte Carlo simulation model incorporating all possible outcomes against the Russell 2000 Index. The fair value of share-based payment arrangements is amortized on a straight-line basis to compensation expense over the period in which the restrictions lapse based on the expected number of shares that will vest. To cover the exercise of options and vesting of restricted shares, we generally issue new shares from our authorized but unissued share pool, although we may instead issue treasury shares in certain circumstances.

Income Taxes, Deferred Taxes, Tax Valuation Allowances and Tax Reserves – We apply the liability method in accounting and reporting for income taxes. Under the liability approach, deferred tax assets and liabilities are determined based upon the difference between the financial statement carrying amounts and the tax basis of assets and liabilities that will result in taxable or deductible amounts in the future based on enacted tax rates expected to be in effect when these differences are expected to reverse. The effect on deferred tax assets and liabilities resulting from a change in tax rates is recognized in the period that includes the enactment date. The deferred income tax assets are adjusted by a valuation allowance, if necessary, to recognize future tax benefits only to the extent, based on available evidence, that it is more likely than not to be realized. This analysis is performed on a jurisdictional basis and reflects our ability to utilize these deferred tax assets through a review of past, current and estimated future taxable income in addition to the establishment of viable tax strategies that will result in the utilization of the deferred assets.

We recognize income tax related interest and penalties, if any, as a component of income tax expense.

Unremitted Earnings – During the fiscal quarter ended March 31, 2019, we lifted our assertion that the earnings of our United Kingdom ("U.K.") and Australian subsidiaries were indefinitely invested outside of the U.S. We assert that the foreign earnings of the U.K. and Australian subsidiaries will be remitted to the U.S. through the payment of dividends. We still consider the earnings of our Canadian subsidiaries indefinitely invested outside the U.S. as we have needs for working capital in our Canadian entities and cash may be needed to fund potential Canadian acquisitions. No provision was made for taxes that may become payable upon distribution of our U.K. and Australian subsidiaries’ earnings. An actual repatriation in the future from these non-U.S. subsidiaries could still be subject to foreign withholding taxes and U.S. state taxes.

We recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities. The determination is based on the technical merits of the position and presumes that each uncertain tax position will be examined by the relevant taxing authority that has full knowledge of all relevant information. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement.

Earnings Per Share – We use the two-class method of calculating earnings per share, which determines earnings per share for each class of common stock and participating security as if all earnings of the period had been distributed. If the holders of restricted stock awards are entitled to vote and receive dividends during the restriction period, unvested shares of restricted stock qualify as participating securities and, accordingly, are included in the basic computation of earnings per share. Our unvested restricted shares participate on an equal basis with common shares; therefore, there is no difference in undistributed earnings allocated to each participating security. Accordingly, the presentation in Note 11 is prepared on a combined basis and is presented as earnings per common share. Diluted earnings per share is based on the weighted average number of shares as determined for basic earnings per share plus shares potentially issuable in conjunction with stock options.

Foreign Currency Translation – Assets and liabilities of our foreign subsidiaries are translated to U.S. dollars at exchange rates prevailing at the balance sheet date, while income and expenses are translated at average rates for each month. Translation gains and losses are reported as a component of accumulated other comprehensive loss. Transactional currency gains and losses arising from transactions in currencies other than our sites’ functional currencies are included in our consolidated statements of operations.

Transaction and translation gains and losses arising from intercompany balances are reported as a component of accumulated other comprehensive loss when the underlying transaction stems from a long-term equity investment or from debt designated as not due in the foreseeable future. Otherwise, we recognize transaction gains and losses arising from intercompany transactions as a component of income.

Segments – We conduct our operations through two business segments based on type of product and how we manage the business. The products for our segments are distributed both domestically and internationally. For decision-making purposes, our Chief Executive Officer and other members of senior executive management use financial information generated and reported at the reportable segment level. We evaluate segment performance and allocate resources based on each reportable segment’s operating income. Our reportable segments are as follows:

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

•Specialty Chemicals includes pipe thread sealants, firestopping sealants and caulks, adhesives/solvent cements, lubricants and greases, drilling compounds, anti-seize compounds, chemical formulations and degreasers and cleaners.

Intersegment sales and transfers are recorded at cost plus a profit margin, with the revenues and related margin on such sales eliminated in consolidation. We do not allocate interest expense, interest income or other income, net to our segments. Our corporate headquarters does not constitute a separate segment. The Eliminations and Other segment information is included to reconcile segment data to the consolidated financial statements and includes assets and expenses primarily related to corporate functions and excess non-operating properties.

Discontinued Operations – During the third quarter of the fiscal year ended March 31, 2018, 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 consolidated statements of operations to reflect discontinued operations for all periods presented.

Restructuring – During the 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 was completed during the year ended March 31, 2018. Restructuring charges were as follows (in thousands):


	Severance/ Retention		Asset Write-down		Other (a)		Total
For the year ended Year Ended March 31, 2018
Cost of revenues	$	—	$	69	$	163	$	232

Total	$	—	$	69	$	163	$	232
Inception to Date Restructuring Charges
Cost of revenues	$	291	$	69	$	496	$	856

Total	$	291	$	69	$	496	$	856

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

Accounting Developments

Pronouncements Implemented

In February 2016, the FASB issued Accounting Standards Update ("ASU") No. 2016-02, "Leases (Topic 842)," which has been subsequently amended with additional ASUs including ASU No. 2018-10 and ASU No. 2018-11 issued in July 2018, and ASU No. 2018-20 issued in December 2018, 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 adopted this standard effective April 1, 2019, using the modified retrospective approach for leases existing at or entered into before the effective date. As such, the cumulative effect of the implementation has been recorded to the opening balance of retained earnings in the period of adoption and prior periods have not been adjusted. Upon adoption, we elected the package of three practical expedients permitted under the transition guidance, which include the carry forward of our leases without reassessing whether any contracts are leases or contain leases, lease classification and initial direct lease costs. We also elected the transition practical expedient to apply hindsight when determining the lease term and when assessing impairment of ROU assets at the adoption date, which allows us to update our assessments according to new information and changes in facts and circumstances that have occurred since lease inception. Adoption of this ASU resulted in recognition of ROU assets and lease liabilities of $16.9 million and $18.6 million, respectively, including leases classified as discontinued operations, as well as a net reduction to opening retained earnings of $0.2 million, at the date of adoption. Refer to Note 9 for details of the impact of the adoption of this ASU.

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 improves the disclosures of hedging arrangements. This ASU was amended by ASU 2018-16 to include the secured overnight financing rate as an acceptable reference rate. This ASU is effective for annual periods, including interim periods within those annual periods, beginning after December 15, 2018. Adoption of this ASU effective April 1, 2019, did not have a material impact on our consolidated financial condition or results of operations.

Pronouncements not yet implemented

In June 2016, the FASB issued ASU No. 2016-13, "Financial Instruments – Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments," as amended, which requires, among other things, the use of a new current expected credit loss ("CECL") model in order to determine our allowances for doubtful accounts with respect to accounts receivable. The CECL model requires that we estimate our lifetime expected credit loss with respect to our receivables and contract assets

and record allowances that, when deducted from the balance of the receivables, represent the net amounts expected to be collected. We will also be required to disclose information about how we developed the allowances, including changes in the factors that influenced our estimate of expected credit losses and the reasons for those changes. This ASU is effective for annual periods, including interim periods within those annual periods, beginning after December 15, 2019. Our assessment of this ASU indicates it will not have a material impact on our consolidated financial condition and results of operations.

In August 2018, the FASB issued ASU No. 2018-13, "Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement," which modifies the disclosure requirements on fair value measurements. The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. An entity is permitted to early adopt any removed or modified disclosures and delay adoption of the additional disclosures until their effective date. This ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. We do not expect adoption of this ASU to have a material impact on our consolidated financial condition and results of operations.

In August 2018, the FASB issued ASU No. 2018-14, "Disclosure Framework – Changes to the Disclosure Requirements for Defined Benefit Plans," which modifies the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. The amendments remove disclosures that no longer are considered cost beneficial, clarify the specific requirements of disclosures and add disclosure requirements identified as relevant. This ASU is effective, on a retrospective basis, for fiscal years ending after December 15, 2020. Early adoption is permitted. We do not expect adoption of this ASU to have a material impact on our consolidated financial condition and results of operations.

In August 2018, the FASB issued ASU No. 2018-15, "Customer's Accounting for the Implementation Costs Incurred in Cloud Computing Arrangement That is a Service Contract." The amendments in this ASU align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). This ASU is effective for fiscal years beginning after December 15, 2019 and interim periods within those fiscal years, and should be applied either retrospectively or prospectively to all implementation costs incurred after the date of adoption. Early adoption is permitted. We do not expect adoption of this ASU to have a material impact on our consolidated financial condition and results of operations.

In December 2019, the FASB issued ASU No. 2019-12, "Income Taxes: Simplifying the Accounting for Income Taxes." The amendments in this ASU simplify the accounting for income taxes by removing certain exceptions and adding some requirements regarding franchise (or similar) tax, step-ups in a business combination, treatment of entities not subject to tax and when to apply enacted changes in tax laws. This ASU is effective for fiscal years beginning after December 15, 2020 and interim periods within those fiscal years. The amendments related to changes in ownership of foreign equity method investments or foreign subsidiaries should be applied on a modified retrospective basis through a cumulative-effect adjustment to retained earnings as of the beginning of the fiscal year of adoption. The amendments related to franchise taxes that are partially based on income should be applied on either a retrospective basis for all periods presented or a modified retrospective basis through a cumulative-effect adjustment to retained earnings as of the beginning of the fiscal year of adoption. All other amendments should be applied on a prospective basis. Early adoption is permitted. Our initial assessment of this ASU indicates it will not have a material impact on our consolidated financial condition and results of operations, but our assessment is not complete.

In March 2020, the FASB issued ASU 2020-04, "Reference Rate Reform (Topic 848) Facilitation of the Effects of Reference Rate Reform on Financial Reporting." This update provides optional guidance for a limited period of time to ease potential accounting impacts associated with transitioning away from reference rates that are expected to be discontinued, such as interbank offered rates and LIBOR. This ASU includes practical expedients for contract modifications due to reference rate reform. Generally, contract modifications related to reference rate reform may be considered an event that does not require remeasurement or reassessment of a previous accounting determination at the modification date. This ASU is effective immediately; however, it is only available through December 31, 2022. We are currently evaluating the potential impact of this ASU on our consolidated financial position and results of operations.

On March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief and. Economic Security ("CARES") Act, which, along with earlier issued Internal Revenue Service ("IRS") guidance, contains numerous provisions that may benefit us, including the deferral of certain taxes. The relevant tax implication impacting us is the correction of the technical glitch

introduced in the Tax Cuts and Jobs Act to provide for fifteen-year useful life and allow bonus depreciation for qualified improvement property. These changes were included in the fixed asset calculations for the tax year ending March 31, 2020, and we intend to amend the tax return for the year ending March 31, 2019 to include this effect. We continue to assess the effect of the CARES Act and ongoing government guidance related to COVID-19 as it is issued.

Acquisitions	12 Months Ended
Acquisitions	Mar. 31, 2020
Business Combinations [Abstract]
Acquisitions	ACQUISITIONS Petersen Metals On April 2, 2019, we acquired the assets of Petersen Metals, Inc. (“Petersen”), based near Tampa, Florida, for $11.8 million, of which $11.5 million was paid at closing and funded through our revolving credit facility, and the remaining $0.3 million represented a working capital adjustment paid in July 2019. Petersen is a leading designer, manufacturer and installer of architecturally-specified, engineered metal products and railings, including aluminum and stainless steel railings products for interior and exterior applications. The excess of the purchase price over the fair value of the identifiable assets acquired was $6.1 million allocated to goodwill, which will be deductible for income tax purposes. Goodwill represents the value expected to be obtained from enabling geographic, end market and product diversification and expansion as Petersen is a strategic complement to our existing line of architecturally-specified building products. The allocation of the fair value of the net assets acquired included customer lists of $3.2 million and backlog of $0.4 million, as well as accounts receivable, inventory and equipment of $2.2 million, $0.8 million and $0.7 million, respectively, net of current liabilities of $1.5 million. Customer lists are being amortized over 15 years, backlog is amortized over 1.5 years and goodwill is not being amortized. Petersen activity has been included in our Industrial Products segment since the acquisition date. No pro forma information has been provided due to immateriality. MSD Research, Inc. On January 31, 2019, we acquired the assets of MSD Research, Inc. (“MSD”), based in Boca Raton, Florida, for $10.1 million, funded through our revolving credit facility. MSD is a leading provider of condensate management products for commercial and residential HVAC/R systems, including float switches, drain line cleanouts and flush tools. The excess of the purchase price over the fair value of the identifiable assets acquired was $5.2 million allocated to goodwill, which will be deductible for income tax purposes. Goodwill represents the value expected to be obtained from a more extensive condensation management product portfolio for the HVAC/R market and leveraging our larger distributor network. The preliminary allocation of the fair value of the net assets acquired included customer lists, trademarks and technology of $3.3 million, $0.8 million and $0.4 million, respectively, as well as inventory and accounts receivable of $0.3 million and $0.1 million, respectively. Customer lists and technology are being amortized over 10 years and 5 years, respectively, while trademarks and goodwill are not being amortized. MSD activity has been included in our Industrial Products segment since the acquisition date. No pro forma information has been provided due to immateriality.

Discontinued Operations

12 Months Ended

Mar. 31, 2020

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

DISCONTINUED OPERATIONS

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 coatings products including urethanes, epoxies, acrylics and alkyds. As of December 31, 2017, the Coatings business met the held-for-sale criteria under ASC 360, "Property, Plant and Equipment," and accordingly, we have classified and accounted for the assets and liabilities of the Coatings business as held-for-sale in the accompanying consolidated balance sheets, and as discontinued operations, net of tax in the accompanying consolidated statements of operations and cash flows. We completed an initial assessment of the assets and liabilities of the Coatings business and recorded a $46.0 million impairment based on our best estimates as of the date of issuance of financial results for quarter ended December 31, 2017. No adjustments to previously recorded estimates have been made subsequently.

On July 31, 2018, we consummated a sale of assets related to our Coatings business to an unrelated third party, the terms of which were not disclosed due to immateriality. During the quarter ended September 30, 2018, we received an aggregate of $6.9 million for the sale of assets that related to our Coatings business in multiple transactions. This resulted in gains on disposal of $6.9 million due to write-downs of long-lived assets in prior periods.

On March 17, 2020, we completed the sale of the last remaining real property owned by the Coatings business to an unrelated third party, the terms of which were not disclosed due to immateriality. The sale resulted in proceeds and a gain on disposal of $1.5 million due to write-downs of long-lived assets in prior periods. The last remaining asset of the Coatings

business is a long-term lease that expires in March 2027. We have been unable to terminate the lease, but we have sub-let the property for the remainder of the lease term. As such, this lease has been moved back into continuing operations, effective March 31, 2020, and the related ROU assets and lease liabilities were reported as continuing operations as of March 31, 2020.

Summarized selected financial information for the Coatings business for the years ended March 31, 2020, 2019 and 2018, is presented in the following table (in thousands):


	Year Ended March 31,
	2020		2019		2018
Revenues, net	$	—	$	5,303	$	23,153
Impairment expense	—		—		(46,007)
Gain (loss) from discontinued operations before income taxes	1,326		(774)		(61,164)
Income tax (expense) benefit	(265)		296		16,600
Gain (loss) from discontinued operations	$	1,061	$	(478)	$	(44,564)

The assets and liabilities of discontinued operations are stated separately as of March 31, 2020 and 2019 in the consolidated balance sheets and are comprised of the following items (in thousands):


	March 31,
	2020		2019
Assets
Accounts receivable, net	$	—	$	—
Prepaid expenses and other current assets (a)	—		21
Total assets	$	—	$	21

Liabilities
Accounts payable, accrued expenses and other liabilities	$	—	$	945

(a) 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, any corresponding tax assets or liabilities have been reflected as a component of our continuing operations.

Goodwill and Intangible Assets

12 Months Ended

Mar. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

GOODWILL AND INTANGIBLE ASSETS

The changes in the carrying amount of goodwill for the years ended March 31, 2020 and 2019 were as follows (in thousands):


	Industrial Products		Specialty Chemicals		Total
Balance at April 1, 2018	$	50,201	$	31,563	$	81,764
MSD acquisition	5,189		—		5,189
Currency translation	(658)		—		(658)
Balance at March 31, 2019	$	54,732	$	31,563	$	86,295
Petersen acquisition	6,128		—		6,128
Currency translation	(737)		—		(737)
Balance at March 31, 2020	$	60,123	$	31,563	$	91,686

The following table provides information about out intangible assets for the years ended March 31, 2020 and 2019 (in thousands, except years):


		March 31, 2020						March 31, 2019
	Wtd Avg Life (Years)	Ending Gross Amount		Accumulated Amortization		Ending Gross Amount		Accumulated Amortization
Finite-lived intangible assets:
Patents	11	$	9,635	$	(6,935)	$	9,835	$	(6,316)
Customer lists and amortized trademarks	12	62,806		(33,098)		60,065		(28,622)
Non-compete agreements	5	1,653		(1,494)		1,764		(1,066)
Other	8	5,219		(2,628)		4,808		(2,010)
		$	79,313	$	(44,155)	$	76,472	$	(38,014)
Trade names and trademarks not being amortized (a):		$	11,027	$	—	$	12,008	$	—

(a) In the fiscal quarter ended March 31, 2020, we recorded an impairment of $1.0 million on one of our unamortized trademarks in our Specialty Chemicals segment.

Amortization expense for the years ended March 31, 2020, 2019 and 2018 was $6.7 million, $6.2 million and $7.1 million, respectively. The following table presents the estimated future amortization of finite-lived intangible assets for the next five fiscal years ending March 31 (in thousands):


2021	$	6,457
2022	5,525
2023	4,585
2024	3,831
2025	3,108

Spin-Off Executive Compensation	12 Months Ended
Spin-Off Executive Compensation	Mar. 31, 2020
Share-based Payment Arrangement [Abstract]
Spin-Off Executive Compensation	SPIN-OFF EXECUTIVE COMPENSATION On August 28, 2014, the board of directors of Capital Southwest Corporation ("Capital Southwest," our former parent company) adopted an executive compensation plan consisting of grants of non-qualified stock options, restricted stock and cash incentive awards (the “Spin-Off Compensation Plan”) to executive officers of Capital Southwest, which included Joseph Armes, our current Chief Executive Officer, and Kelly Tacke, our former Chief Financial Officer. Under the Spin-Off Compensation Plan, certain Capital Southwest executive officers were eligible to receive an amount equal to 6.0% of the aggregate appreciation in Capital Southwest’s share price from the adoption of the Spin-Off Compensation Plan to the “trigger event date” (later determined by Capital Southwest’s board to be December 29, 2015). The non-qualified stock options became exercisable and the restricted stock and the cash incentive awards vested ratably in three annual tranches beginning on December 29, 2015. On September 30, 2015, Capital Southwest spun-off certain of its industrial products, coatings, sealants and adhesives and specialty chemicals businesses by means of a distribution of the outstanding shares of common stock of CSWI on a pro rata basis to holders of Capital Southwest common stock (the “Share Distribution”). CSWI became an independent, publicly traded company at the time of the Share Distribution. Effective with the Share Distribution, CSWI entered into an Employee Matters Agreement with Capital Southwest. Under this agreement, Capital Southwest retained the obligation to fund the cash incentive awards granted under the Spin-Off Executive Compensation Plan, and all liabilities with respect to such cash incentive awards remained liabilities of Capital Southwest. The final tranche of awards under the Spin-Off Compensation Plan vested on December 29, 2017. As a result, we did not recognize any executive compensation expense under the Spin-Off Compensation Plan in fiscal 2020 and 2019, nor will we in any future period. During the fiscal year ended March 31, 2018, we recorded total executive compensation expense for the cash incentive payments of $0.5 million for Mr. Armes and total stock compensation expense of $0.3 million.

Share-Based Compensation

12 Months Ended

Mar. 31, 2020

Share-based Payment Arrangement [Abstract]

Share-Based Compensation

SHARE-BASED COMPENSATION

We maintain the shareholder-approved 2015 Equity and Incentive Compensation Plan (the “2015 Plan”), which provides for the issuance of up to 1,230,000 shares of CSWI common stock through the grant of stock options, stock appreciation rights, restricted shares, restricted stock units, performance shares, performance units or other share-based awards, to employees, officers and non-employee directors, as well as the issuance of conversion awards in connection with the Share Distribution discussed in Note 5. As of March 31, 2020, 770,546 shares were available for issuance under the 2015 Plan.

Additionally, in September 2015, in connection with the Spin-Off Compensation Plan and Share Distribution, we issued 510,447 shares of common stock to convert outstanding Capital Southwest equity-based awards to represent both Capital Southwest and CSWI equity-based awards. These conversion grants were issued on substantially the same terms and conditions as the prior Capital Southwest equity-based grants. We record ongoing compensation expense for share-based awards granted by CSWI to CSWI employees. For share-based awards granted by Capital Southwest to employees who are now employed by CSWI, all awards were fully vested and expensed as of March 31, 2019.

We recorded share-based compensation expense as follows for the years ended March 31, 2020, 2019 and 2018 (in thousands):


	Year Ended March 31, 2020
	Stock Options		Restricted Stock		Total
Share-based compensation expense	$	—	$	5,074	$	5,074
Related income tax benefit	—		(1,218)		(1,218)
Net share-based compensation expense	$	—	$	3,856	$	3,856


	Year Ended March 31, 2019
	Stock Options		Restricted Stock		Total
Share-based compensation expense	$	19	$	3,924	$	3,943
Related income tax benefit	(5)		(942)		(947)
Net share-based compensation expense	$	14	$	2,982	$	2,996


	Year Ended March 31, 2018
	Stock Options		Restricted Stock		Total
Share-based compensation expense	$	178	$	3,482	$	3,660
Related income tax benefit	(61)		(1,184)		(1,245)
Net share-based compensation expense	$	117	$	2,298	$	2,415

Stock option activity, which represents outstanding CSWI awards resulting from conversion awards held by current and former Capital Southwest employees, was as follows:


	Year Ended March 31, 2020
	Number of Shares	Weighted Average Exercise Price		Remaining Contractual Life (Years)	Aggregate Intrinsic Value (in Millions)
Outstanding at April 1, 2019	231,717	$	25.12

Exercised	(115,859)	24.93

Outstanding at March 31, 2020 (a)	115,858	$	25.30	4.1	$	4.6
Exercisable at March 31, 2020 (a)	115,858	$	25.30	4.1	$	4.6

(a) All remaining awards outstanding and exercisable at March 31, 2020 are held by employees of CSWI.


	Year Ended March 31, 2019
	Number of Shares	Weighted Average Exercise Price		Remaining Contractual Life (Years)	Aggregate Intrinsic Value (in Millions)
Outstanding at April 1, 2018	231,717	$	25.12

Outstanding at March 31, 2019	231,717	$	25.12	5.2	$	7.5
Exercisable at March 31, 2019	231,717	$	25.12	5.2	$	7.5

No options were granted during the years ended March 31, 2020, 2019 and 2018, and all stock options were vested and recognized as of March 31, 2020. The intrinsic value of options exercised during the years ended March 31, 2020 and 2019 was $5.6 million and $0, respectively. Cash received for options exercised during the years ended March 31, 2020 and 2019 was $2.9 million and $0, respectively, and the tax benefit received was $1.2 million and $0, respectively. The total fair value of stock options vested during the years ended March 31, 2020, 2019 and 2018 was $0, $0.1 million and $0.2 million, respectively.

Restricted stock activity was as follows:


	Year Ended March 31, 2020
	Number of Shares	Weighted Average Grant Date Fair Value
Outstanding at April 1, 2019	213,622	$	45.42
Granted	91,577	71.10
Vested	(97,626)	37.63
Canceled	(5,107)	45.77
Outstanding at March 31, 2020 (a)	202,466	$	60.78

(a) All remaining awards outstanding and exercisable at March 31, 2020 are held by employees of CSWI.

During the restriction period, the holders of restricted shares are entitled to vote and, except for conversion awards issued under the Spin-Off Compensation Plan discussed in Note 5, receive dividends. Unvested restricted shares outstanding as of March 31, 2020 and 2019 included 93,249 and 96,282 shares (at target), respectively, with performance-based vesting provisions, having vesting ranges from 0-200% based on pre-defined performance targets with market conditions. Performance-based awards accrue dividend equivalents, which are settled upon (and to the extent of) vesting of the underlying award, but do not have the right to vote until vested. Performance-based awards are earned upon the achievement of objective performance targets and are payable in common shares. Compensation expense is calculated based on the fair market value as determined by a Monte Carlo simulation and is recognized over a 36-month cliff vesting period. We granted 31,758 and 28,091 awards with performance-based vesting provisions during the years ended March 31, 2020 and 2019, respectively, with a vesting range of 0-200%.

At March 31, 2020, we had unrecognized compensation cost related to unvested restricted shares of $7.0 million, which will be amortized into net income over the remaining weighted average vesting period of 1.9 years. The total fair value of restricted shares vested during the years ended March 31, 2020 and 2019 was $6.3 million and $3.9 million, respectively.

Details of Certain Consolidated Balance Sheet Captions

12 Months Ended

Mar. 31, 2020

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Details of Certain Consolidated Balance Sheet Captions

DETAILS OF CERTAIN CONSOLIDATED BALANCE SHEET CAPTIONS

Accounts receivable, net consists of the following (in thousands):


	March 31,
	2020		2019
Accounts receivable trade	$	72,601	$	64,530
Other receivables	3,449		2,197
	76,050		66,727
Less: Allowance for doubtful accounts	(1,170)		(591)
Accounts receivable, net	$	74,880	$	66,136

Inventories, net consist of the following (in thousands):


	March 31,
	2020		2019
Raw materials and supplies	$	20,935	$	20,267
Work in process	6,076		6,483
Finished goods	33,771		31,876
Total inventories	60,782		58,626
Less: LIFO reserve	(4,816)		(5,027)
Less: Obsolescence reserve	(2,213)		(2,170)
Inventories, net	$	53,753	$	51,429

Property, plant and equipment, net, consist of the following (in thousands):


	March 31,
	2020		2019
Land and improvements	$	3,106	$	3,106
Buildings and improvements	44,612		43,353
Plant, office and laboratory equipment	72,652		68,982
Construction in progress	8,163		3,746
	128,533		119,187
Less: Accumulated depreciation	(71,355)		(65,548)
Property, plant and equipment, net	$	57,178	$	53,639

Depreciation of property, plant and equipment was $7.9 million, $7.5 million and $7.7 million for the years ended March 31, 2020, 2019 and 2018, respectively. Of these amounts, cost of revenues includes $6.6 million, $6.1 million and $5.6 million, respectively.

Other assets consist of the following (in thousands):


	March 31,
	2020		2019
Right-of-use lease assets	$	16,383	$	—
Property held for investment (a)	6,819		6,857


Retirement assets in excess of benefit obligations	—		3,096
Other	949		1,012
Other assets	$	24,151	$	10,965

(a) As of March 31, 2020 and 2019, $5.9 million and $5.9 million in assets were held for sale, respectively, in the "Elimination and Other" segment.

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


	March 31,
	2020		2019
Compensation and related benefits	$	18,666	$	17,354
Rebates and marketing agreements	6,409		4,631
Operating lease liabilities	3,056		—
Billings in excess of costs	2,892		2,337
Non-income taxes	750		675
Income taxes payable	529		750
Other accrued expenses	4,305		3,679
Accrued and other current liabilities	$	36,607	$	29,426

Other long-term liabilities consists of the following (in thousands):


	March 31,
	2020		2019
Operating lease liabilities	$	15,179	$	—
Deferred income taxes	3,848		3,256
Other	2,115		2,858
Other long-term liabilities	$	21,142	$	6,114

Long-Term Debt and Commitments

12 Months Ended

Mar. 31, 2020

Debt Disclosure [Abstract]

Long-Term Debt and Commitments

LONG-TERM DEBT AND COMMITMENTS

Debt consists of the following (in thousands):


	March 31,
	2020		2019
Revolving Credit Facility, interest rate of 2.24% and 3.74%, respectively	$	—	$	20,000
Whitmore term loan, interest rate of 2.99% and 4.50%, respectively	10,898		11,459
Total debt	10,898		31,459
Less: Current portion	(561)		(561)
Long-term debt	$	10,337	$	30,898

Revolving Credit Facility Agreement

On December 11, 2015, we entered into a five-year $250.0 million revolving credit facility agreement (“Revolving Credit Facility”), with an additional $50.0 million accordion feature, with JPMorgan Chase Bank, N.A., as administrative agent, and the other lenders party thereto. The agreement was amended on September 15, 2017 to allow for multi-currency borrowing with a $125.0 million sublimit and to extend the maturity date to September 15, 2022. The interest rate, financial covenants and

all other material provisions of the Amended Credit Agreement were not materially changed by this amendment. Borrowings under this facility bear interest at the prime rate plus 0.25% or the 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. As of March 31, 2020 and 2019, we had $0 and $20.0 million, respectively, in outstanding borrowings under the Revolving Credit Facility, which reduced our borrowing capacity to $300.0 million and $280.0 million, respectively, inclusive of the accordion feature. The Revolving Credit Facility contains certain customary restrictive covenants, including a requirement to maintain a minimum fixed charge coverage of ratio of 1.25 to 1.00 and a maximum leverage ratio of Funded Debt to EBITDA (as defined in the agreement) of 3.00 to 1.00. Covenant compliance is tested quarterly and we were in compliance with all covenants as of March 31, 2020.

Whitmore Term Loan

As of March 31, 2020, Whitmore Manufacturing, LLC (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 the term loan bear interest at a variable annual rate equal to one-month LIBOR plus 2.0%. As of March 31, 2020 and 2019, Whitmore had $10.9 million and $11.5 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 10.

Future Minimum Debt Payments

Future minimum debt payments are as follows for years ending March 31 (in thousands):


2021	$	561
2022	561
2023	561
2024	561
2025	561
Thereafter	8,093
Total	$	10,898

Leases

12 Months Ended

Mar. 31, 2020

Leases [Abstract]

Leases

LEASES

We have operating leases for manufacturing facilities, offices, warehouses, vehicles and certain equipment. Our leases have remaining lease terms of 1 year to 9 years, some of which include escalation clauses and/or options to extend or terminate the leases.

In October 2019, we terminated two operating leases and paid an early lease termination fee of $0.5 million. The loss on early termination is recorded in other income (expense), net as the leased properties were not used in our operations.

We do not currently have any financing lease arrangements.


(in thousands)	March 31, 2020
Components of Operating Lease Expenses
Operating lease expense (a)	$	3,524
Short-term lease expense (a)	225
Total operating lease expense	$	3,749
(a) Included in cost of revenues and selling, general and administrative expense

(in thousands)	March 31, 2020
Operating Lease Assets and Liabilities
ROU assets, net (a)	$	16,383

Short-term lease liabilities (b)	$	3,056
Long-term lease liabilities (b)	15,179
Total operating lease liabilities	$	18,235
(a) Included in other assets
(b) Included in accrued and other current liabilities and other long-term liabilities, as applicable


(in thousands)	March 31, 2020
Supplemental Cash Flow
Cash paid for amounts included in the measurement of operating lease liabilities (a)	$	3,824
ROU assets obtained in exchange for new operating lease obligations	3,187
(a) Included in our condensed consolidated statement of cash flows, operating activities in accounts payable and other current liabilities

Other Information for Operating Leases
Weighted average remaining lease term (in years)	6.2
Weighted average discount rate (percent)	4.3		%


Maturities of operating lease liabilities were as follows (in thousands):	(in thousands)
2021	$	3,766
2022	3,751
2023	3,049
2024	2,819
2025	2,548
Thereafter	4,963
Total lease liabilities	$	20,896
Less: Imputed interest	(2,661)
Present value of lease liabilities	$	18,235

As discussed in Note 1, we elected the transition practical expedient to apply hindsight when determining the lease term at the new lease standard adoption date. The increase in lease liabilities at March 31, 2020, as compared with future obligations as of March 31, 2019, represents the renewal period options that we were reasonably certain to exercise as of the adoption date.

The future minimum obligations under operating leases in effect as of March 31, 2019 having a noncancellable term in excess of one year as determined prior to the adoption of the new lease standard are as follows for the fiscal years ending March 31 (in thousands):


2021	$	3,048
2022	2,733
2023	1,645
2024	1,038
2024	921
Thereafter	1,010
Total future minimum lease payments	$	10,395

Derivative Instruments and Hedge Accounting

12 Months Ended

Mar. 31, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments and Hedge Accounting

DERIVATIVE INSTRUMENTS AND HEDGE ACCOUNTING

We enter into interest rate swap agreements to hedge exposure to floating interest rates on certain portions of our debt. As of March 31, 2020 and 2019, we had $10.9 million and $11.5 million, respectively, of notional amount in outstanding designated interest rate swaps with third parties. All interest rate swaps are highly effective. At March 31, 2020, the maximum remaining length of any interest rate swap contract in place was approximately 9.3 years.

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


	March 31,
	2020		2019
Current derivative liabilities	$	271	$	56
Non-current derivative liabilities	1,492		443

The impact of changes in the fair value of interest rate swaps is included in Note 18.

Current derivative assets are reported in our consolidated balance sheets in prepaid expenses and other current assets. Current and non-current derivative liabilities are reported in our consolidated balance sheets in accrued and other current liabilities and other long-term liabilities, respectively.

Earnings Per Share

12 Months Ended

Mar. 31, 2020

Earnings Per Share [Abstract]

Earnings Per Share

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 years ended March 31, 2020, 2019 and 2018:


	March 31,
(amounts in thousands, except per share data)	2020		2019		2018
Income from continuing operations	$	44,817	$	46,052	$	32,682
Income (loss) from discontinued operations, net of tax	1,061		(478)		(44,564)
Net income (loss)	$	45,878	$	45,574	$	(11,882)
Weighted average shares:
Common stock	14,928		15,257		15,671
Participating securities	111		157		—
Denominator for basic earnings per common share	15,039		15,414		15,671
Potentially dilutive securities (a)	167		118		—
Denominator for diluted earnings per common share	15,206		15,532		15,671

Basic earnings (loss) per common share:
Continuing operations	$	2.98	$	2.99	$	2.09
Discontinued operations	0.07		(0.03)		(2.85)
Net income (loss)	$	3.05	$	2.96	$	(0.76)

Diluted earnings (loss) per common share:
Continuing operations	$	2.95	$	2.96	$	2.09
Discontinued operations	0.07		(0.03)		(2.85)
Net income (loss)	$	3.02	$	2.93	$	(0.76)

(a) As a result of the net loss for the year ended March 31, 2018, we excluded 180,906 of unvested Restricted Shares from the calculation of diluted EPS due to their anti-dilutive effect. No shares were excluded as being anti-dilutive for the years ended March 31, 2020 or 2019.

Shareholders' Equity	12 Months Ended
Shareholders' Equity	Mar. 31, 2020
Equity [Abstract]
Shareholders' Equity	SHAREHOLDERS' EQUITY Share Repurchase Programs On November 11, 2016, we announced that our Board of Directors authorized a program to repurchase up to $35.0 million of our common stock over a two-year time period. We repurchased 629,659 and 26,544 shares of our common stock under this program during the years ended March 31, 2019 and 2018, respectively, for an aggregate amount of $33.8 million and $1.2 million, respectively. As of October 31, 2018, a total of 656,203 shares had been repurchased for an aggregate amount of $35.0 million, and the program was completed. On November 7, 2018, we announced that our Board of Directors authorized a new program to repurchase up to $75.0 million of our common stock over a two-year time period. 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 393,836 and 231,150 shares under the new program during the years ended March 31, 2020 and 2019, respectively, for an aggregate amount of $26.9 million and $11.8 million, respectively. Dividends On April 4, 2019, we announced we had commenced a dividend program and that our Board of Directors approved a regular quarterly dividend of $0.135 per share. Total dividends of $8.1 million were paid during the year ended March 31, 2020. On April 9, 2020, we announced a quarterly dividend of $0.135 per share payable on May 13, 2020 to shareholders of record on May 1, 2020. Any future dividends at the existing $0.135 per share quarterly rate or otherwise will be reviewed individually and declared by our Board of Directors at its discretion.

Fair Value Measurements	12 Months Ended
Fair Value Measurements	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Fair Value Measurements	FAIR VALUE MEASUREMENTSThe fair value of interest rate swaps discussed in Note 10 are determined using Level II inputs. The carrying value of our debt, included in Note 8, 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) approximated their fair values at March 31, 2020 and 2019 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

12 Months Ended

Mar. 31, 2020

Retirement Benefits [Abstract]

Retirement Plans

RETIREMENT PLANS

We had a frozen qualified defined benefit pension plan (the “Qualified Plan”) that covered certain of our U.S. employees. The Qualified Plan was previously closed to employees hired or re-hired on or after January 1, 2015, and it was amended to freeze benefit accruals and to modify certain ancillary benefits effective as of September 30, 2015. Benefits were based on years of service and an average of the highest five consecutive years of compensation during the last ten years of employment. The funding policy of the Qualified Plan was to contribute annual amounts that are currently deductible for federal income tax purposes. No contributions were made during the years ended March 31, 2020, 2019 or 2018.

During the year ended March 31, 2018, we offered lump sum payments to terminated vested participants, representing approximately 16% of our liability. Approximately 67% of those participants accepted the lump sum offer for an aggregate payment of $7.3 million.

During the six months ended September 30, 2019, we offered lump sum payments to eligible active and terminated vested participants, representing approximately 42% of our remaining liability. Approximately 74% of those participants accepted the lump sum offer for an aggregate payment of $17.0 million in August 2019. We entered into an annuity purchase contract for the remaining liability in September 2019, and terminated the Qualified Plan effective September 30, 2019. The termination initially required an additional contribution of $0.5 million, which was paid in September 2019, and resulted in an overall termination charge of $7.0 million ($5.4 million, net of tax) recorded in other (expense) income, net, due primarily to the recognition of expenses that were previously included in accumulated other comprehensive loss and the recognition of additional costs associated with the annuity purchase contract. After the participant data for the annuity purchase contract was finalized in the fiscal fourth quarter ended March 31, 2020, the Qualified Plan had excess funds of $0.5 million, which were distributed into the Defined Contribution Plan discussed below.

We maintain a frozen unfunded retirement restoration plan (the “Restoration Plan”) that is a non-qualified plan providing for the payment to participating employees, upon retirement, of the difference between the maximum annual payment permissible under the Qualified Plan pursuant to federal limitations and the amount that would otherwise have been payable under the Qualified Plan. As with the Qualified Plan, the Restoration Plan was closed to new participants on January 1, 2015 and amended to freeze benefit accruals and to modify certain ancillary benefits effective as of September 30, 2015.

We maintain a registered defined benefit pension plan (the "Canadian Plan") that covers all of our employees based at our facility in Alberta, Canada. Employees are eligible for membership in the plan following the completion of one year of employment. Benefits accrue to eligible employees based on years of service and an average of the highest 60 consecutive months of compensation during the last 10 consecutive years of employment. Benefit eligibility typically occurs upon the first day of the month following an eligible employee’s reaching age 65, and plan benefits are typically paid monthly in advance for the lifetime of the participant.

The plans described above (collectively, the "Plans") are presented in aggregate as the impact of the Restoration Plan and Canadian Plan to our consolidated financial position and results of operations is not material.

The following are assumptions related to the Plans:


	March 31,
	2020		2019		2018
Assumptions used to determine benefit obligations:
Discount rate	3.6	%	4.0	%	4.0	%
Rate of compensation increases (a)	3.0	%	3.0	%	3.0	%
Assumptions used to determine net pension expense:
Discount rate	4.0	%	4.0	%	4.2	%
Expected return on plan assets	4.8	%	4.6	%	6.2	%
Rate of compensation increases (a)	3.0	%	3.0	%	3.0	%

(a) Rate of compensation increase is no longer relevant to the Qualified Plan or Restoration Plan due to freezing benefit accruals. The rate of compensation increase on the Canadian Plan is $3.0%.

The factors used in determination of these assumptions are described in Note 1.

Net pension (benefit) expense for the Plans was:


	Year Ended March 31,
(in thousands)	2020		2019		2018
Service cost – benefits earned during the year	$	71	$	76	$	58
Interest cost on projected benefit obligation	1,136		2,113		2,515
Expected return on assets	(1,361)		(2,656)		(3,927)
Net amortization and deferral	56		47		30
Settlement expense (a)	—		—		339
Pension plan termination (b)	6,472		—		—

Net pension benefit	$	6,374	$	(420)	$	(985)

(a) Reflects lump-sum payments to terminated vested participants in the Qualified Plan.

(b) Reflects impact of the termination of the Qualified Plan.

The estimated prior service costs and the estimated net loss for the Plans that will be amortized from accumulated other comprehensive loss into pension expense in the year ended March 31, 2021 is $0 and $0.1 million, respectively.

The following is a summary of the changes in the Plans' pension obligations:


	March 31,
(in thousands)	2020		2019
Benefit obligation at beginning of year	$	53,993	$	54,461
Service cost	71		76
Interest cost	1,136		2,113
Actuarial gain (loss)	5,103		(116)
Benefits paid	(1,697)		(2,448)
Pension plan termination (a)	(54,605)		—

Currency translation impact	(121)		(93)
Benefit obligation at end of year	$	3,880	$	53,993
Accumulated benefit obligation	$	3,690	$	53,733

(a) Reflects impact of the termination of the Qualified Plan.

The following is a reconciliation of the Plans' assets:


	March 31,
(in thousands)	2020		2019
Fair value of plan assets at beginning of year	$	55,009	$	55,675
Actual return on plan assets	3,093		1,647
Benefits paid	(1,591)		(2,342)
Company contributions	93		103
Pension plan termination (a)	(54,605)		—

Currency translation impact	(101)		(74)
Fair value of plan assets at end of year	$	1,898	$	55,009

(a) Reflects impact of the termination of the Qualified Plan.

We made no contributions to the Qualified Plan in the year ended March 31, 2020. We contributed $0.1 million to the Canadian Plan in the year ended March 31, 2020 and estimate that our contribution in the year ending March 31, 2021 will be $0.1 million.

The following summarizes the net pension asset for the Plans:


	March 31,
(in thousands)	2020		2019
Plan assets at fair value	$	1,898	$	55,009
Benefit obligation	(3,880)		(53,993)
(Unfunded) funded status	$	(1,982)	$	1,016

The following summarizes amounts recognized in the balance sheets for the Plans:


	March 31,
(in thousands)	2020		2019
Noncurrent assets	$	—	$	3,096
Current liabilities	(103)		(102)
Noncurrent liabilities	(1,879)		(1,978)
(Unfunded) funded status	$	(1,982)	$	1,016

The following table presents the change in accumulated other comprehensive loss attributable to the components of the net cost and the change in the benefit obligation:


	March 31,
(in thousands)	2020		2019
Accumulated other comprehensive loss at beginning of year	$	(3,466)	$	(2,530)
Amortization of net loss	47		40
Amortization of prior service benefit (cost)	21		(5)
Pension plan termination (a)	2,516		—
Net loss arising during the year	(17)		(704)
Other adjustment (b)	—		(288)
Currency translation impact	28		21
Accumulated other comprehensive loss at end of year	$	(871)	$	(3,466)

(a) Reflects impact of the termination of the Qualified Plan, including changes in assumptions resulting from the termination.

(b) Other adjustments relate to changes in the effective tax rate.

Amounts recorded in accumulated other comprehensive loss consist of:


	March 31,
(in thousands)	2020		2019
Net prior service cost	$	56	$	35
Net loss	(927)		(3,501)
Accumulated other comprehensive loss	$	(871)	$	(3,466)

The Canadian Plan assets, which account for 100% of total assets, are invested in other investments, as described below. The target allocation for the Qualified Plan for the year ended March 31, 2019 was 0% - 5% equity securities and 95% - 100% for fixed income securities. The actual asset allocations for the Plans were as follows:


	March 31,
Asset category	2020		2019
Equity securities	—	%	5	%
Fixed income securities	—	%	91	%
Other	100	%	4	%
Cash and cash equivalents	—	%	—	%
Total	100	%	100	%

The Canadian Plan has investments of $1.9 million in a fund that invests in Canadian stocks, bonds and money market investments, as well as in U.S. and international stocks, which is considered to have Level II inputs in the fair value hierarchy. The remainder of the Plans’ assets were held in common/collective trusts, which seek to provide long-term capital appreciation by investing in a variety of stocks and are measured using net asset value ("NAV"), which is provided by the trustee and is used as a practical expedient to estimate fair value. The NAV is based on the fair value of the underlying investments held by the fund less its liabilities. This practical expedient is not used when it is determined to be probable that the fund will sell the investment for an amount different than the reported NAV. Participant transactions (purchases and sales) may occur daily. Were the Qualified Plan to initiate a full redemption, the investment adviser reserves the right to temporarily delay withdrawal from the trust in order to ensure that securities liquidations will be carried out in an orderly business manner.

The following table summarizes the expected cash benefit payments for the Plans for fiscal years ending March 31 (in millions):


2021	$	0.2
2022	0.2
2023	0.2
2024	0.2
2025	0.2
Thereafter	1.0

Defined Contribution Plan

Effective October 1, 2015, we began to sponsor a defined contribution plan covering substantially all of our U.S. employees. Employees may contribute to this plan, and these contributions are matched by us up to 6.0% of eligible earnings. Additionally, we contribute 3.0% of eligible earnings to employees regardless of their level of participation in the plan, which is discretionary and subject to adjustment based on profitability. Effective January 1, 2017, the 3.0% discretionary contribution is contributed following the end of the calendar year. Contributions to the defined contribution plan were $4.0 million and $3.4 million for the years ended March 31, 2020 and 2019, respectively.

Employee Stock Ownership Plan

We sponsor a qualified, non-leveraged employee stock ownership plan (“ESOP”) in which domestic employees are eligible to participate following the completion of one year of service. The ESOP provides annual discretionary contributions of up to the maximum amount that is deductible under the Internal Revenue Code. Contributions to the ESOP are invested in our common stock. A participant’s interest in contributions to the ESOP fully vests after three years of credited service or upon retirement, permanent disability (each, as defined in the plan document) or death.

We recorded total contributions to the ESOP of $3.2 million, $1.6 million and $1.6 million during the years ended March 31, 2020, 2019 and 2018, respectively, based on performance in the prior year. During the year ended March 31, 2020, $3.8 million was recorded to expense based on performance in the year ended March 31, 2020 and is expected to be contributed to the ESOP during the year ending March 31, 2021.

The ESOP held 718,646 and 768,691 shares of CSWI common stock as of March 31, 2020 and 2019, respectively.

Income Taxes

12 Months Ended

Mar. 31, 2020

Income Tax Disclosure [Abstract]

Income Taxes

INCOME TAXES

Income from continuing operations before income taxes was comprised of the following (in thousands):


	Year Ended March 31,
	2020		2019		2018
U.S. Federal	$	53,946	$	53,375	$	42,898
Foreign	3,655		8,066		5,349
Income before income taxes	$	57,601	$	61,441	$	48,247

Income tax expense consists of the following (in thousands):


For the year ended:	Current		Deferred		Total
March 31, 2020
U.S. Federal	$	8,466	$	673	$	9,139
State and local	1,999		(100)		1,899
Foreign	1,968		(222)		1,746
Provision for income taxes	$	12,433	$	351	$	12,784
March 31, 2019
U.S. Federal	$	10,298	$	644	$	10,942
State and local	2,729		(280)		2,449
Foreign	1,881		117		1,998
Provision for income taxes	$	14,908	$	481	$	15,389
March 31, 2018
U.S. Federal	$	9,083	$	1,915	$	10,998
State and local	3,281		398		3,679
Foreign	1,303		(415)		888
Provision for income taxes	$	13,667	$	1,898	$	15,565

Income tax expense differed from the amounts computed by applying the U.S. federal statutory income tax rates of 21.0%, 21.0% and 31.5% to income from continuing operations before income taxes as a result of the following (in thousands):


	Year Ended March 31,
	2020		2019		2018
Computed tax expense at statutory rate	$	12,096	$	12,903	$	15,198
Increase (reduction) in income taxes resulting from:
State and local income taxes, net of federal benefits	1,943		2,222		1,304
Amended return items (pension and foreign withholding)	975		—		—
IRS audit adjustments	502		—		—
GILTI and Section 250 Deduction	124		749		—
Foreign rate differential	84		302		(414)
Uncertain tax positions	(1,615)		244		269
Other permanent differences	(546)		(276)		(520)
Foreign tax credits	(479)		(1,123)		—
Domestic production activity deduction	—		—		(1,238)
Impact of reduction of federal tax rate	—		—		(1,011)
Federal repatriation tax, net of tax credit	—		—		1,891
Other, net	(300)		368		86
Provision for income taxes continuing operations	$	12,784	$	15,389	$	15,565

The effective tax rates for the years ended March 31, 2020, 2019 and 2018 were 22.2%, 25.0% and 32.3%, respectively. The current year tax rate was lower as compared with the prior years as a result of a decrease in uncertain tax positions, decreased return to provision adjustments and increased vesting of stock-based compensation awards. Other items impacting the effective tax rate include adjustments for the closing of the IRS audit for tax year ended March 31, 2017, foreign withholding tax paid during the tax year ended March 31, 2020 for prior year periods, and the reversal of a pension adjustment related to a former wholly-owned subsidiary for the tax period ended September 30, 2015, in which the statue of limitations expired.

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at March 31 are presented below (in thousands):


	March 31,
	2020		2019
Deferred tax assets:
Operating lease liabilities	$	4,380	$	—
Accrued compensation	3,997		3,683
Impairment	386		764
Pension and other employee benefits	362		1,013
Inventory reserves	197		120
Net operating loss carryforwards	145		149
Accrued expenses	141		86
Foreign tax credit carry-forward	40		—
Other, net	934		239
Deferred tax assets	10,582		6,054
Valuation allowance	(145)		(64)
Deferred tax assets, net of valuation allowance	10,437		5,990
Deferred tax liabilities:
Goodwill and intangible assets	(5,740)		(4,801)
Property, plant and equipment	(4,444)		(4,059)
Operating lease - ROU assets	(3,943)		—

Other, net	(158)		(386)
Deferred tax liabilities	(14,285)		(9,246)
Net deferred tax liabilities	$	(3,848)	$	(3,256)

As the assets and liabilities of our discontinued Coatings business discussed in Note 3 reside in a disregarded entity for tax purposes, the tax attributes associated with the operations of our Coatings business ultimately flow through to our corporate parent, which files a consolidated federal return. Therefore, corresponding deferred tax assets or liabilities expected to be substantially realized by our corporate parent have been reflected above as assets of our continuing operations and have not been allocated to the balances of assets or liabilities of our discontinued operations disclosed in Note 3. The statement of cash flows reflects the impact of the deferred taxes related to the disregarded entity in a line captioned “Realized (unrealized) deferred taxes."

As of March 31, 2020 and 2019, we had $0 and $0.1 million, respectively, in tax effected net operating loss carryforwards, net of valuation allowances. Net operating loss carryforwards will expire in periods beyond the next 5 years.

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands):


	March 31,
	2020		2019
Balance at beginning of year	$	1,910	$	1,879
Increases related to prior year tax positions	—		43
Decreases related to prior year tax positions	(1,304)		—
Increases related to current year tax positions	64		28
Settlement	(172)		(40)
Balance at end of year	$	498	$	1,910

Due to the significant decrease in our uncertain tax positions for the year ended March 31, 2020, we accrued an immaterial amount of interest and penalties during the tax year. We accrued interest and penalties on uncertain tax positions of $0.1 million and $0.1 million, respectively, for the year ended March 31, 2019. The decreases represent tax positions permitted as a result of the conclusion of the U.S. federal income tax examination for the years ended March 31, 2017 and 2016. We are under examination by the state of Illinois for the years ended March 31, 2018 and 2017. Our federal income tax returns for the years ended March 31, 2019 and 2018 remain subject to examination. Our income tax returns in certain state income tax jurisdictions remain subject to examination for various periods for the period ended September 30, 2015 and subsequent years.

Related Party Transactions	12 Months Ended
Related Party Transactions	Mar. 31, 2020
Related Party Transactions [Abstract]
Related Party Transactions	RELATED PARTY TRANSACTIONSWe had no related party fees in either of the years ended March 31, 2020 or 2019. We paid $0.1 million in consulting fees in the year ended March 31, 2018 to a company owned by a member of our board of directors. The consulting agreement under which these fees were paid was terminated effective March 31, 2018.

Contingencies	12 Months Ended
Contingencies	Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Contingencies	CONTINGENCIESFrom time to time, we are involved in various claims and legal actions which 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.

Other Comprehensive Income (Loss)

12 Months Ended

Mar. 31, 2020

Equity [Abstract]

Other Comprehensive Income (Loss)

OTHER COMPREHENSIVE INCOME (LOSS)

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


	March 31,
	2020		2019
Currency translation adjustments:
Balance at beginning of period	$	(6,869)	$	(4,837)
Foreign currency translation adjustments	(2,316)		(2,032)
Balance at end of period	$	(9,185)	$	(6,869)
Interest rate swaps:
Balance at beginning of period	$	(394)	$	(108)
Unrealized losses, net of taxes of $285 and $89, respectively (a)	(1,069)		(335)
Reclassification of losses included in interest expense, net of taxes of $(19) and $(17), respectively	73		65
Other adjustments (c)	—		(16)
Other comprehensive loss	(996)		(286)
Balance at end of period	$	(1,390)	$	(394)
Defined benefit plans:
Balance at beginning of period	$	(3,466)	$	(2,530)
Amortization of net prior service cost (benefit), net of taxes of $(6) and $1, respectively (b)	21		(5)
Amortization of net loss, net of taxes of $(12) and $(11), respectively (b)	47		40
Net gain arising during the year, net of taxes of $5 and $187, respectively	(17)		(704)
Pension plan termination, net of taxes of $(669) and $0, respectively	2,516		—
Other adjustments (c)	—		(288)
Currency translation impact	28		21
Other comprehensive loss (gains)	2,595		(936)
Balance at end of period	$	(871)	$	(3,466)

(a) Unrealized gains are reclassified to earnings as underlying cash interest payments are made. We expect to recognize a loss of less than $0.3 million, net of deferred taxes, over the next twelve months related to a designated cash flow hedge based on its fair value as of March 31, 2020.

(b) Amortization of prior service costs and actuarial losses out of accumulated other comprehensive loss are included in the computation of net periodic pension expense. See Note 14 for additional information.

Revenue Recognition

12 Months Ended

Mar. 31, 2020

Revenue from Contract with Customer [Abstract]

Revenue Recognition

REVENUE RECOGNITION

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 building 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. Occasionally, our built-to-order business lines enter into arrangements for the delivery of a customer-specified product and the provision of installation services. 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 represented approximately 2% of total consolidated revenue for the year ended March 31, 2020.

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 for transfer to the customer is usually one week or less as these items are generally built to stock. Revenue for products sold under these arrangements is recognized at a point in time.

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


	Year Ended March 31, 2020
	Industrial Products		Specialty Chemicals		Total
Build-to-order	$	82,357	$	—	$	82,357
Book-and-ship	152,538		150,976		303,514
Net revenues	$	234,895	$	150,976	$	385,871


	Year Ended March 31, 2019
	Industrial Products		Specialty Chemicals		Total
Build-to-order	$	69,564	$	—	$	69,564
Book-and-ship	136,367		144,223		280,590
Net revenues	$	205,931	$	144,223	$	350,154


	Year Ended March 31, 2018
	Industrial Products		Specialty Chemicals		Total
Build-to-order	$	65,108	$	—	$	65,108
Book-and-ship	121,375		139,735		261,110
Net revenues	$	186,483	$	139,735	$	326,218

Contract liabilities, which are included in accrued and other current liabilities in our consolidated balance sheets were as follows (in thousands):


Balance at April 1, 2019	$	2,337
Revenue recognized during the period	(1,935)
Transfer of project costs in excess of billings	—
New contracts during the period	2,490
Balance at March 31, 2020	$	2,892

Segments

12 Months Ended

Mar. 31, 2020

Segment Reporting [Abstract]

Segments

SEGMENTS

As described in Note 1, we conduct our operations through two business segments:

•Industrial Products; and

•Specialty Chemicals.

The following is a summary of the financial information of our reporting segments reconciled to the amounts reported in the consolidated financial statements (in thousands). Historical segment information has been retrospectively adjusted to reflect the decision to divest the Coatings business.


Year Ended March 31, 2020
(in thousands)	Industrial Products		Specialty Chemicals		Subtotal - Reportable Segments		Eliminations and Other		Total
Revenues, net	$	234,895	$	150,976	$	385,871	$	—	$	385,871
Operating income	55,725		24,691		80,416		(14,349)		66,067
Depreciation and amortization	6,573		7,569		14,142		702		14,844

In the fiscal quarter ended March 31, 2020, we recorded an impairment of $1.0 million on one of our unamortized trademarks in our Specialty Chemicals segment.


Year Ended March 31, 2019
(in thousands)	Industrial Products		Specialty Chemicals		Subtotal - Reportable Segments		Eliminations and Other		Total
Revenues, net	$	205,931	$	144,223	$	350,154	$	1	$	350,155
Operating income	48,817		23,930		72,747		(12,307)		60,440
Depreciation and amortization	5,871		7,281		13,152		684		13,836


Year Ended March 31, 2018
(in thousands)	Industrial Products		Specialty Chemicals		Subtotal - Reportable Segments		Eliminations and Other		Total
Revenues, net	$	186,483	$	139,735	$	326,218	$	4	$	326,222
Operating income	44,225		17,804		62,029		(12,370)		49,659
Depreciation and amortization	7,586		6,679		14,265		668		14,933

During the year ended March 31, 2018, we recorded restructuring charges of $0.2 million in our Industrial Products segment. As noted in Note 1, the program was complete as of March 31, 2018.


TOTAL ASSETS
(Amounts in thousands)	Industrial Products		Specialty Chemicals		Subtotal - Reportable Segments		Eliminations and Other		Total
March 31, 2020	$	205,518	$	138,855	$	344,373	$	24,872	$	369,245
March 31, 2019	187,680		137,587		325,267		27,365		352,632
March 31, 2018	170,847		143,733		314,580		26,236		340,816

Geographic information – We attribute revenues to different geographic areas based on the destination of the product or service delivery. Long-lived assets are classified based on the geographic area in which the assets are located and exclude deferred taxes. No individual country, except for the U.S., accounted for more than 10% of consolidated net revenues or total long-lived assets.

Revenues and long-lived assets by geographic area are as follows (in thousands, except percent data):


	Year Ended March 31,
	2020				2019				2018
U.S.	$	323,000	83.7	%	$	286,545	81.8	%	$	268,201	82.2	%
Non-U.S. (a)	62,871		16.3	%	63,610		18.2	%	58,021		17.8	%
Revenues, net	$	385,871	100.0	%	$	350,155	100.0	%	$	326,222	100.0	%

(a) No individual country within this group represents 10% or more of consolidated totals for any period presented.


	Year Ended March 31,
	2020				2019				2018
U.S.	$	196,679	89.7	%	$	176,935	87.9	%	$	178,010	86.6	%
Non-U.S.	22,521		10.3	%	$	24,430	12.1	%	27,603		13.4	%
Long-lived assets (a)	$	219,200	100.0	%	$	201,365	100.0	%	$	205,613	100.0	%

(a) Long-lived assets consist primarily of property, plant and equipment, intangible assets, goodwill and other assets, net of deferred taxes.

Major customer information – We have a large number of customers across our locations and do not believe that we have sales to any individual customer that represented 10% or more of consolidated net revenues for any of the fiscal years presented.

Quarterly Financial Data (Unaudited)

12 Months Ended

Mar. 31, 2020

Quarterly Financial Information Disclosure [Abstract]

Quarterly Financial Data (Unaudited)

QUARTERLY FINANCIAL DATA (UNAUDITED)

The following presents a summary of the unaudited quarterly data for the years ended March 31, 2020 and 2019 (amounts in millions, except per share data):


	Year Ended March 31, 2020
Quarter	4th		3rd		2nd		1st
Revenues, net	$	98.6	$	83.7	$	101.3	$	102.3
Gross profit	44.8		37.7		47.4		47.2
Income before income taxes	16.0		9.4		12.5		19.7
Income from continuing operations	13.4		7.3		8.8		15.3
Income (loss) from discontinued operations, net	1.2		—		—		(0.1)
Net income	14.6		7.3		8.8		15.2
Basic earnings (loss) per common share (a):
Continuing operations	$	0.89	$	0.48	$	0.59	$	1.02
Discontinued operations	0.08		—		(0.01)		(0.01)
Net income	$	0.97	$	0.48	$	0.58	$	1.01

Diluted earnings (loss) per common share (a):
Continuing operations	$	0.88	$	0.48	$	0.58	$	1.01
Discontinued operations	0.08		—		—		(0.01)
Net income	$	0.96	$	0.48	$	0.58	$	1.00


	Year Ended March 31, 2019
Quarter	4th		3rd		2nd		1st
Revenues, net	$	91.5	$	77.5	$	91.6	$	89.6
Gross profit	42.9		34.2		42.2		42.1
Income before income taxes	16.9		9.5		16.9		18.1
Income from continuing operations	13.6		6.0		12.5		14.0
Loss from discontinued operations, net	0.1		(1.0)		2.7		(2.3)
Net income	13.7		5.0		15.2		11.7
Basic earnings (loss) per common share (a):
Continuing operations	$	0.90	$	0.39	$	0.80	$	0.89
Discontinued operations	0.01		(0.06)		0.18		(0.15)
Net income	$	0.91	$	0.33	$	0.98	$	0.74

Diluted earnings (loss) per common share (a):
Continuing operations	$	0.90	$	0.39	$	0.79	$	0.88
Discontinued operations	0.01		(0.07)		0.18		(0.15)
Net income	$	0.91	$	0.32	$	0.97	$	0.73

(a) Net earnings per common share is computed independently for each of the quarters presented. The sum of the quarters may not equal the total year amount due to the impact of changes in weighted average quarterly shares outstanding.

Significant pre-tax adjustments recorded in the quarter ended March 31, 2020 included a trademark impairment ($1.0 million). Significant pre-tax adjustments recorded in the quarter ended March 31, 2019 included gains on sales of non-operating assets ($1.5 million).

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

12 Months Ended

Mar. 31, 2020

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation

Use of Estimates

•Timing and amount of revenue recognition;

•Deferred taxes and tax reserves;

•Pension benefits; and

•Valuation of goodwill and indefinite-lived intangible assets.

Cash and Cash Equivalents

Allowance for Doubtful Accounts

Allowance for Doubtful Accounts – The allowance for doubtful accounts is established based on estimates of the amount of uncollectible accounts receivable, which is determined principally based upon the aging of the accounts receivable, but also customer credit history, industry and market segment information, economic trends and conditions and credit reports. Customer credit issues, customer bankruptcies or general economic conditions may also impact our estimates. Credit risks are mitigated by the diversity of our customer base across different geographic regions and end markets.

Inventories and Related Reserves

Property, Plant and Equipment


Land improvements	5	to	40 years
Buildings and improvements	7	to	40 years
Plant, office and lab equipment	5	to	10 years

We review property, plant and equipment for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable.

Valuation of Goodwill

Valuation of Goodwill and Intangible Assets – Goodwill represents the excess of the aggregate purchase price over the fair value of identifiable net assets acquired in a business combination. We test goodwill at least annually for impairment. We first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the two-step goodwill impairment test. Qualitative assessments use an evaluation of events and circumstances such as macroeconomic conditions, industry and market considerations, cost factors, financial performance factors, entity-specific events and changes in carrying value to determine whether it is more likely than not that the fair value of the reporting unit is less than its carrying amount, including goodwill.If a reporting unit fails the qualitative assessment, then valuation models and other relevant data are used to estimate the reporting unit’s fair value. The valuation models require the input of subjective assumptions. We use an income approach for impairment testing of goodwill and indefinite-lived intangible assets, using a discounted cash flow method. Estimates of future revenue and expense are made for five years, growth estimates are made to calculate terminal value and a discount rate is used that approximates our weighted average cost of capital. We perform qualitative or quantitative assessments to test asset carrying values for impairment at January 31, which is the annual impairment testing date. Given current economic conditions, we updated our assessment as of March 31, 2020.

Intangible Assets

Property Held for Investment

Deferred Loan Costs

Fair Values of Financial Instruments

Level I – Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date.

Leases

Derivative Instruments and Hedge Accounting

Pension Obligations

We used a measurement date of March 31 for all periods presented.

Revenue Recognition

(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.

Research and Development (R&D)

Share-based Compensation

Income Taxes, Deferred Taxes, Tax Valuation Allowances and Tax Reserves

We recognize income tax related interest and penalties, if any, as a component of income tax expense.

Unremitted Earnings

Uncertain Tax Positions

Uncertain Tax Positions – We establish income tax liabilities to remove some or all of the income tax benefit of any of our income tax positions based upon one of the following: (1) the tax position is not “more likely than not” to be sustained, (2) the tax position is “more likely than not” to be sustained, but for a lesser amount or (3) the tax position is “more likely than not” to be sustained, but not in the financial period in which the tax position was originally taken. The amount of income taxes we pay is subject to ongoing audits by federal, state, and foreign taxing authorities, which often result in proposed assessments. We establish reserves for open tax years for uncertain tax positions that may be subject to challenge by various taxing authorities. The consolidated tax provision and related accruals include the impact of such reasonably estimable losses and related interest and penalties as deemed appropriate.We recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities. The determination is based on the technical merits of the position and presumes that each uncertain tax position will be examined by the relevant taxing authority that has full knowledge of all relevant information. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement.

Earnings Per Share

Foreign Currency Translation

Segments

Discontinued Operations

Accounting Developments

Pronouncements Implemented

Pronouncements not yet implemented

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

12 Months Ended

Mar. 31, 2020

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Estimated Useful Lives

Generally, the estimated useful lives of assets are:


Land improvements	5	to	40 years
Buildings and improvements	7	to	40 years
Plant, office and lab equipment	5	to	10 years

Schedule of Restructuring Charges

Restructuring charges were as follows (in thousands):


	Severance/ Retention		Asset Write-down		Other (a)		Total
For the year ended Year Ended March 31, 2018
Cost of revenues	$	—	$	69	$	163	$	232

Total	$	—	$	69	$	163	$	232
Inception to Date Restructuring Charges
Cost of revenues	$	291	$	69	$	496	$	856

Total	$	291	$	69	$	496	$	856

Discontinued Operations (Tables)

12 Months Ended

Mar. 31, 2020

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Discontinued Operations

Summarized selected financial information for the Coatings business for the years ended March 31, 2020, 2019 and 2018, is presented in the following table (in thousands):


	Year Ended March 31,
	2020		2019		2018
Revenues, net	$	—	$	5,303	$	23,153
Impairment expense	—		—		(46,007)
Gain (loss) from discontinued operations before income taxes	1,326		(774)		(61,164)
Income tax (expense) benefit	(265)		296		16,600
Gain (loss) from discontinued operations	$	1,061	$	(478)	$	(44,564)

The assets and liabilities of discontinued operations are stated separately as of March 31, 2020 and 2019 in the consolidated balance sheets and are comprised of the following items (in thousands):


	March 31,
	2020		2019
Assets
Accounts receivable, net	$	—	$	—
Prepaid expenses and other current assets (a)	—		21
Total assets	$	—	$	21

Liabilities
Accounts payable, accrued expenses and other liabilities	$	—	$	945

- 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.

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+ Details

Goodwill and Intangible Assets (Tables)

12 Months Ended

Mar. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Changes in Carrying Amount of Goodwill

The changes in the carrying amount of goodwill for the years ended March 31, 2020 and 2019 were as follows (in thousands):


	Industrial Products		Specialty Chemicals		Total
Balance at April 1, 2018	$	50,201	$	31,563	$	81,764
MSD acquisition	5,189		—		5,189
Currency translation	(658)		—		(658)
Balance at March 31, 2019	$	54,732	$	31,563	$	86,295
Petersen acquisition	6,128		—		6,128
Currency translation	(737)		—		(737)
Balance at March 31, 2020	$	60,123	$	31,563	$	91,686

Schedule of Intangible Assets

The following table provides information about out intangible assets for the years ended March 31, 2020 and 2019 (in thousands, except years):


		March 31, 2020						March 31, 2019
	Wtd Avg Life (Years)	Ending Gross Amount		Accumulated Amortization		Ending Gross Amount		Accumulated Amortization
Finite-lived intangible assets:
Patents	11	$	9,635	$	(6,935)	$	9,835	$	(6,316)
Customer lists and amortized trademarks	12	62,806		(33,098)		60,065		(28,622)
Non-compete agreements	5	1,653		(1,494)		1,764		(1,066)
Other	8	5,219		(2,628)		4,808		(2,010)
		$	79,313	$	(44,155)	$	76,472	$	(38,014)
Trade names and trademarks not being amortized (a):		$	11,027	$	—	$	12,008	$	—

(a) In the fiscal quarter ended March 31, 2020, we recorded an impairment of $1.0 million on one of our unamortized trademarks in our Specialty Chemicals segment.

Schedule of Estimated Future Amortization For Intangible Assets

The following table presents the estimated future amortization of finite-lived intangible assets for the next five fiscal years ending March 31 (in thousands):


2021	$	6,457
2022	5,525
2023	4,585
2024	3,831
2025	3,108

Share-Based Compensation (Tables)

12 Months Ended

Mar. 31, 2020

Share-based Payment Arrangement [Abstract]

Schedule of Share-Based Compensation Expense

We recorded share-based compensation expense as follows for the years ended March 31, 2020, 2019 and 2018 (in thousands):


	Year Ended March 31, 2020
	Stock Options		Restricted Stock		Total
Share-based compensation expense	$	—	$	5,074	$	5,074
Related income tax benefit	—		(1,218)		(1,218)
Net share-based compensation expense	$	—	$	3,856	$	3,856


	Year Ended March 31, 2019
	Stock Options		Restricted Stock		Total
Share-based compensation expense	$	19	$	3,924	$	3,943
Related income tax benefit	(5)		(942)		(947)
Net share-based compensation expense	$	14	$	2,982	$	2,996


	Year Ended March 31, 2018
	Stock Options		Restricted Stock		Total
Share-based compensation expense	$	178	$	3,482	$	3,660
Related income tax benefit	(61)		(1,184)		(1,245)
Net share-based compensation expense	$	117	$	2,298	$	2,415

Schedule of Stock Options Activity

Stock option activity, which represents outstanding CSWI awards resulting from conversion awards held by current and former Capital Southwest employees, was as follows:


	Year Ended March 31, 2020
	Number of Shares	Weighted Average Exercise Price		Remaining Contractual Life (Years)	Aggregate Intrinsic Value (in Millions)
Outstanding at April 1, 2019	231,717	$	25.12

Exercised	(115,859)	24.93

Outstanding at March 31, 2020 (a)	115,858	$	25.30	4.1	$	4.6
Exercisable at March 31, 2020 (a)	115,858	$	25.30	4.1	$	4.6

(a) All remaining awards outstanding and exercisable at March 31, 2020 are held by employees of CSWI.


	Year Ended March 31, 2019
	Number of Shares	Weighted Average Exercise Price		Remaining Contractual Life (Years)	Aggregate Intrinsic Value (in Millions)
Outstanding at April 1, 2018	231,717	$	25.12

Outstanding at March 31, 2019	231,717	$	25.12	5.2	$	7.5
Exercisable at March 31, 2019	231,717	$	25.12	5.2	$	7.5

Schedule of Restricted Stock Activity

Restricted stock activity was as follows:


	Year Ended March 31, 2020
	Number of Shares	Weighted Average Grant Date Fair Value
Outstanding at April 1, 2019	213,622	$	45.42
Granted	91,577	71.10
Vested	(97,626)	37.63
Canceled	(5,107)	45.77
Outstanding at March 31, 2020 (a)	202,466	$	60.78

(a) All remaining awards outstanding and exercisable at March 31, 2020 are held by employees of CSWI.

Details of Certain Consolidated Balance Sheet Captions (Tables)

12 Months Ended

Mar. 31, 2020

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Accounts Receivable, Net

Accounts receivable, net consists of the following (in thousands):


	March 31,
	2020		2019
Accounts receivable trade	$	72,601	$	64,530
Other receivables	3,449		2,197
	76,050		66,727
Less: Allowance for doubtful accounts	(1,170)		(591)
Accounts receivable, net	$	74,880	$	66,136

Schedule of Inventories, Net

Inventories, net consist of the following (in thousands):


	March 31,
	2020		2019
Raw materials and supplies	$	20,935	$	20,267
Work in process	6,076		6,483
Finished goods	33,771		31,876
Total inventories	60,782		58,626
Less: LIFO reserve	(4,816)		(5,027)
Less: Obsolescence reserve	(2,213)		(2,170)
Inventories, net	$	53,753	$	51,429

Schedule of Property, Plant and Equipment, Net

Property, plant and equipment, net, consist of the following (in thousands):


	March 31,
	2020		2019
Land and improvements	$	3,106	$	3,106
Buildings and improvements	44,612		43,353
Plant, office and laboratory equipment	72,652		68,982
Construction in progress	8,163		3,746
	128,533		119,187
Less: Accumulated depreciation	(71,355)		(65,548)
Property, plant and equipment, net	$	57,178	$	53,639

Schedule of Other Assets

Other assets consist of the following (in thousands):


	March 31,
	2020		2019
Right-of-use lease assets	$	16,383	$	—
Property held for investment (a)	6,819		6,857


Retirement assets in excess of benefit obligations	—		3,096
Other	949		1,012
Other assets	$	24,151	$	10,965

(a) As of March 31, 2020 and 2019, $5.9 million and $5.9 million in assets were held for sale, respectively, in the "Elimination and Other" segment.

Schedule of Accrued and Other Current Liabilities

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


	March 31,
	2020		2019
Compensation and related benefits	$	18,666	$	17,354
Rebates and marketing agreements	6,409		4,631
Operating lease liabilities	3,056		—
Billings in excess of costs	2,892		2,337
Non-income taxes	750		675
Income taxes payable	529		750
Other accrued expenses	4,305		3,679
Accrued and other current liabilities	$	36,607	$	29,426

Schedule of Other Long-Term Liabilities

Other long-term liabilities consists of the following (in thousands):


	March 31,
	2020		2019
Operating lease liabilities	$	15,179	$	—
Deferred income taxes	3,848		3,256
Other	2,115		2,858
Other long-term liabilities	$	21,142	$	6,114

Long-Term Debt and Commitments (Tables)

12 Months Ended

Mar. 31, 2020

Debt Disclosure [Abstract]

Schedule of Long-Term Debt

Debt consists of the following (in thousands):


	March 31,
	2020		2019
Revolving Credit Facility, interest rate of 2.24% and 3.74%, respectively	$	—	$	20,000
Whitmore term loan, interest rate of 2.99% and 4.50%, respectively	10,898		11,459
Total debt	10,898		31,459
Less: Current portion	(561)		(561)
Long-term debt	$	10,337	$	30,898

Aggregate Maturities of Long-Term Debt

Future minimum debt payments are as follows for years ending March 31 (in thousands):


2021	$	561
2022	561
2023	561
2024	561
2025	561
Thereafter	8,093
Total	$	10,898

LEASES (Tables)

12 Months Ended

Mar. 31, 2020

Leases [Abstract]

Schedule of Components of Operating Lease Expense, Operating Lease Assets and Liabilities, Supplemental Cash Flow, and Other Information


(in thousands)	March 31, 2020
Components of Operating Lease Expenses
Operating lease expense (a)	$	3,524
Short-term lease expense (a)	225
Total operating lease expense	$	3,749
(a) Included in cost of revenues and selling, general and administrative expense

(in thousands)	March 31, 2020
Operating Lease Assets and Liabilities
ROU assets, net (a)	$	16,383

Short-term lease liabilities (b)	$	3,056
Long-term lease liabilities (b)	15,179
Total operating lease liabilities	$	18,235
(a) Included in other assets
(b) Included in accrued and other current liabilities and other long-term liabilities, as applicable


(in thousands)	March 31, 2020
Supplemental Cash Flow
Cash paid for amounts included in the measurement of operating lease liabilities (a)	$	3,824
ROU assets obtained in exchange for new operating lease obligations	3,187
(a) Included in our condensed consolidated statement of cash flows, operating activities in accounts payable and other current liabilities

Other Information for Operating Leases
Weighted average remaining lease term (in years)	6.2
Weighted average discount rate (percent)	4.3		%

Schedule of Maturities of Operating Lease Liabilities


Maturities of operating lease liabilities were as follows (in thousands):	(in thousands)
2021	$	3,766
2022	3,751
2023	3,049
2024	2,819
2025	2,548
Thereafter	4,963
Total lease liabilities	$	20,896
Less: Imputed interest	(2,661)
Present value of lease liabilities	$	18,235

Schedule of Minimum Obligations Under Operating Leases


2021	$	3,048
2022	2,733
2023	1,645
2024	1,038
2024	921
Thereafter	1,010
Total future minimum lease payments	$	10,395

Derivative Instruments and Hedge Accounting (Tables)

12 Months Ended

Mar. 31, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Fair Value of Interest Rate Swaps Designated as Hedging Instruments

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


	March 31,
	2020		2019
Current derivative liabilities	$	271	$	56
Non-current derivative liabilities	1,492		443

Earnings Per Share (Tables)

12 Months Ended

Mar. 31, 2020

Earnings Per Share [Abstract]

Reconciliation of 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 years ended March 31, 2020, 2019 and 2018:


	March 31,
(amounts in thousands, except per share data)	2020		2019		2018
Income from continuing operations	$	44,817	$	46,052	$	32,682
Income (loss) from discontinued operations, net of tax	1,061		(478)		(44,564)
Net income (loss)	$	45,878	$	45,574	$	(11,882)
Weighted average shares:
Common stock	14,928		15,257		15,671
Participating securities	111		157		—
Denominator for basic earnings per common share	15,039		15,414		15,671
Potentially dilutive securities (a)	167		118		—
Denominator for diluted earnings per common share	15,206		15,532		15,671

Basic earnings (loss) per common share:
Continuing operations	$	2.98	$	2.99	$	2.09
Discontinued operations	0.07		(0.03)		(2.85)
Net income (loss)	$	3.05	$	2.96	$	(0.76)

Diluted earnings (loss) per common share:
Continuing operations	$	2.95	$	2.96	$	2.09
Discontinued operations	0.07		(0.03)		(2.85)
Net income (loss)	$	3.02	$	2.93	$	(0.76)

Retirement Plans (Tables)

12 Months Ended

Mar. 31, 2020

Retirement Benefits [Abstract]

Summary of Assumptions Related to Retirement Plan

The following are assumptions related to the Plans:


	March 31,
	2020		2019		2018
Assumptions used to determine benefit obligations:
Discount rate	3.6	%	4.0	%	4.0	%
Rate of compensation increases (a)	3.0	%	3.0	%	3.0	%
Assumptions used to determine net pension expense:
Discount rate	4.0	%	4.0	%	4.2	%
Expected return on plan assets	4.8	%	4.6	%	6.2	%
Rate of compensation increases (a)	3.0	%	3.0	%	3.0	%

(a) Rate of compensation increase is no longer relevant to the Qualified Plan or Restoration Plan due to freezing benefit accruals. The rate of compensation increase on the Canadian Plan is $3.0%.

Schedule of Pension Plan

Net pension (benefit) expense for the Plans was:


	Year Ended March 31,
(in thousands)	2020		2019		2018
Service cost – benefits earned during the year	$	71	$	76	$	58
Interest cost on projected benefit obligation	1,136		2,113		2,515
Expected return on assets	(1,361)		(2,656)		(3,927)
Net amortization and deferral	56		47		30
Settlement expense (a)	—		—		339
Pension plan termination (b)	6,472		—		—

Net pension benefit	$	6,374	$	(420)	$	(985)

(a) Reflects lump-sum payments to terminated vested participants in the Qualified Plan.

(b) Reflects impact of the termination of the Qualified Plan.

Summary of Changes in Pension Obligations

The following is a summary of the changes in the Plans' pension obligations:


	March 31,
(in thousands)	2020		2019
Benefit obligation at beginning of year	$	53,993	$	54,461
Service cost	71		76
Interest cost	1,136		2,113
Actuarial gain (loss)	5,103		(116)
Benefits paid	(1,697)		(2,448)
Pension plan termination (a)	(54,605)		—

Currency translation impact	(121)		(93)
Benefit obligation at end of year	$	3,880	$	53,993
Accumulated benefit obligation	$	3,690	$	53,733

(a) Reflects impact of the termination of the Qualified Plan.

Summary of Reconciliation of Plan's Assets

The following is a reconciliation of the Plans' assets:


	March 31,
(in thousands)	2020		2019
Fair value of plan assets at beginning of year	$	55,009	$	55,675
Actual return on plan assets	3,093		1,647
Benefits paid	(1,591)		(2,342)
Company contributions	93		103
Pension plan termination (a)	(54,605)		—

Currency translation impact	(101)		(74)
Fair value of plan assets at end of year	$	1,898	$	55,009

(a) Reflects impact of the termination of the Qualified Plan.

Summary of Net Pension Asset (Liability) for Retirement Plan

The following summarizes the net pension asset for the Plans:


	March 31,
(in thousands)	2020		2019
Plan assets at fair value	$	1,898	$	55,009
Benefit obligation	(3,880)		(53,993)
(Unfunded) funded status	$	(1,982)	$	1,016

Summary of Amounts Recognized in Balance Sheet

The following summarizes amounts recognized in the balance sheets for the Plans:


	March 31,
(in thousands)	2020		2019
Noncurrent assets	$	—	$	3,096
Current liabilities	(103)		(102)
Noncurrent liabilities	(1,879)		(1,978)
(Unfunded) funded status	$	(1,982)	$	1,016

Schedule of Change in Accumulated Other Comprehensive Loss Attributable to Components of Net Cost and Change in Benefit Obligation

The following table presents the change in accumulated other comprehensive loss attributable to the components of the net cost and the change in the benefit obligation:


	March 31,
(in thousands)	2020		2019
Accumulated other comprehensive loss at beginning of year	$	(3,466)	$	(2,530)
Amortization of net loss	47		40
Amortization of prior service benefit (cost)	21		(5)
Pension plan termination (a)	2,516		—
Net loss arising during the year	(17)		(704)
Other adjustment (b)	—		(288)
Currency translation impact	28		21
Accumulated other comprehensive loss at end of year	$	(871)	$	(3,466)

(a) Reflects impact of the termination of the Qualified Plan, including changes in assumptions resulting from the termination.

(b) Other adjustments relate to changes in the effective tax rate.

Amounts recorded in accumulated other comprehensive loss consist of:


	March 31,
(in thousands)	2020		2019
Net prior service cost	$	56	$	35
Net loss	(927)		(3,501)
Accumulated other comprehensive loss	$	(871)	$	(3,466)

Schedule of Plan Asset Allocations

The actual asset allocations for the Plans were as follows:


	March 31,
Asset category	2020		2019
Equity securities	—	%	5	%
Fixed income securities	—	%	91	%
Other	100	%	4	%
Cash and cash equivalents	—	%	—	%
Total	100	%	100	%

Summary of Expected Cash Benefit Payments

The following table summarizes the expected cash benefit payments for the Plans for fiscal years ending March 31 (in millions):


2021	$	0.2
2022	0.2
2023	0.2
2024	0.2
2025	0.2
Thereafter	1.0

Income Taxes (Tables)

12 Months Ended

Mar. 31, 2020

Income Tax Disclosure [Abstract]

Schedule of Income Before Income Taxes

Income from continuing operations before income taxes was comprised of the following (in thousands):


	Year Ended March 31,
	2020		2019		2018
U.S. Federal	$	53,946	$	53,375	$	42,898
Foreign	3,655		8,066		5,349
Income before income taxes	$	57,601	$	61,441	$	48,247

Schedule of Income Tax Expense

Income tax expense consists of the following (in thousands):


For the year ended:	Current		Deferred		Total
March 31, 2020
U.S. Federal	$	8,466	$	673	$	9,139
State and local	1,999		(100)		1,899
Foreign	1,968		(222)		1,746
Provision for income taxes	$	12,433	$	351	$	12,784
March 31, 2019
U.S. Federal	$	10,298	$	644	$	10,942
State and local	2,729		(280)		2,449
Foreign	1,881		117		1,998
Provision for income taxes	$	14,908	$	481	$	15,389
March 31, 2018
U.S. Federal	$	9,083	$	1,915	$	10,998
State and local	3,281		398		3,679
Foreign	1,303		(415)		888
Provision for income taxes	$	13,667	$	1,898	$	15,565

Summary of Income Tax Expense Differed from Amounts Computed by Applying U.S. Federal Statutory Income Tax Rate to Income Before Income Taxes


	Year Ended March 31,
	2020		2019		2018
Computed tax expense at statutory rate	$	12,096	$	12,903	$	15,198
Increase (reduction) in income taxes resulting from:
State and local income taxes, net of federal benefits	1,943		2,222		1,304
Amended return items (pension and foreign withholding)	975		—		—
IRS audit adjustments	502		—		—
GILTI and Section 250 Deduction	124		749		—
Foreign rate differential	84		302		(414)
Uncertain tax positions	(1,615)		244		269
Other permanent differences	(546)		(276)		(520)
Foreign tax credits	(479)		(1,123)		—
Domestic production activity deduction	—		—		(1,238)
Impact of reduction of federal tax rate	—		—		(1,011)
Federal repatriation tax, net of tax credit	—		—		1,891
Other, net	(300)		368		86
Provision for income taxes continuing operations	$	12,784	$	15,389	$	15,565

Summary of Tax Effects of Temporary Differences That Give Rise to Significant Portions of Deferred Tax Assets and Deferred Tax Liabilities

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at March 31 are presented below (in thousands):


	March 31,
	2020		2019
Deferred tax assets:
Operating lease liabilities	$	4,380	$	—
Accrued compensation	3,997		3,683
Impairment	386		764
Pension and other employee benefits	362		1,013
Inventory reserves	197		120
Net operating loss carryforwards	145		149
Accrued expenses	141		86
Foreign tax credit carry-forward	40		—
Other, net	934		239
Deferred tax assets	10,582		6,054
Valuation allowance	(145)		(64)
Deferred tax assets, net of valuation allowance	10,437		5,990
Deferred tax liabilities:
Goodwill and intangible assets	(5,740)		(4,801)
Property, plant and equipment	(4,444)		(4,059)
Operating lease - ROU assets	(3,943)		—

Other, net	(158)		(386)
Deferred tax liabilities	(14,285)		(9,246)
Net deferred tax liabilities	$	(3,848)	$	(3,256)

Summary of Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands):


	March 31,
	2020		2019
Balance at beginning of year	$	1,910	$	1,879
Increases related to prior year tax positions	—		43
Decreases related to prior year tax positions	(1,304)		—
Increases related to current year tax positions	64		28
Settlement	(172)		(40)
Balance at end of year	$	498	$	1,910

Other Comprehensive Income (Loss) (Tables)

12 Months Ended

Mar. 31, 2020

Equity [Abstract]

Analysis of Changes in Accumulated Other Comprehensive Income (Loss)

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


	March 31,
	2020		2019
Currency translation adjustments:
Balance at beginning of period	$	(6,869)	$	(4,837)
Foreign currency translation adjustments	(2,316)		(2,032)
Balance at end of period	$	(9,185)	$	(6,869)
Interest rate swaps:
Balance at beginning of period	$	(394)	$	(108)
Unrealized losses, net of taxes of $285 and $89, respectively (a)	(1,069)		(335)
Reclassification of losses included in interest expense, net of taxes of $(19) and $(17), respectively	73		65
Other adjustments (c)	—		(16)
Other comprehensive loss	(996)		(286)
Balance at end of period	$	(1,390)	$	(394)
Defined benefit plans:
Balance at beginning of period	$	(3,466)	$	(2,530)
Amortization of net prior service cost (benefit), net of taxes of $(6) and $1, respectively (b)	21		(5)
Amortization of net loss, net of taxes of $(12) and $(11), respectively (b)	47		40
Net gain arising during the year, net of taxes of $5 and $187, respectively	(17)		(704)
Pension plan termination, net of taxes of $(669) and $0, respectively	2,516		—
Other adjustments (c)	—		(288)
Currency translation impact	28		21
Other comprehensive loss (gains)	2,595		(936)
Balance at end of period	$	(871)	$	(3,466)

Revenue Recognition (Tables)

12 Months Ended

Mar. 31, 2020

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

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


	Year Ended March 31, 2020
	Industrial Products		Specialty Chemicals		Total
Build-to-order	$	82,357	$	—	$	82,357
Book-and-ship	152,538		150,976		303,514
Net revenues	$	234,895	$	150,976	$	385,871


	Year Ended March 31, 2019
	Industrial Products		Specialty Chemicals		Total
Build-to-order	$	69,564	$	—	$	69,564
Book-and-ship	136,367		144,223		280,590
Net revenues	$	205,931	$	144,223	$	350,154


	Year Ended March 31, 2018
	Industrial Products		Specialty Chemicals		Total
Build-to-order	$	65,108	$	—	$	65,108
Book-and-ship	121,375		139,735		261,110
Net revenues	$	186,483	$	139,735	$	326,218

Schedule of Contract Liabilities

Contract liabilities, which are included in accrued and other current liabilities in our consolidated balance sheets were as follows (in thousands):


Balance at April 1, 2019	$	2,337
Revenue recognized during the period	(1,935)
Transfer of project costs in excess of billings	—
New contracts during the period	2,490
Balance at March 31, 2020	$	2,892

Segments (Tables)

12 Months Ended

Mar. 31, 2020

Segment Reporting [Abstract]

Summary of Financial Information of Reporting Segments


Year Ended March 31, 2020
(in thousands)	Industrial Products		Specialty Chemicals		Subtotal - Reportable Segments		Eliminations and Other		Total
Revenues, net	$	234,895	$	150,976	$	385,871	$	—	$	385,871
Operating income	55,725		24,691		80,416		(14,349)		66,067
Depreciation and amortization	6,573		7,569		14,142		702		14,844


Year Ended March 31, 2019
(in thousands)	Industrial Products		Specialty Chemicals		Subtotal - Reportable Segments		Eliminations and Other		Total
Revenues, net	$	205,931	$	144,223	$	350,154	$	1	$	350,155
Operating income	48,817		23,930		72,747		(12,307)		60,440
Depreciation and amortization	5,871		7,281		13,152		684		13,836


Year Ended March 31, 2018
(in thousands)	Industrial Products		Specialty Chemicals		Subtotal - Reportable Segments		Eliminations and Other		Total
Revenues, net	$	186,483	$	139,735	$	326,218	$	4	$	326,222
Operating income	44,225		17,804		62,029		(12,370)		49,659
Depreciation and amortization	7,586		6,679		14,265		668		14,933


TOTAL ASSETS
(Amounts in thousands)	Industrial Products		Specialty Chemicals		Subtotal - Reportable Segments		Eliminations and Other		Total
March 31, 2020	$	205,518	$	138,855	$	344,373	$	24,872	$	369,245
March 31, 2019	187,680		137,587		325,267		27,365		352,632
March 31, 2018	170,847		143,733		314,580		26,236		340,816

Schedule of Revenues and Long-Lived Assets by Geographic Area

Revenues and long-lived assets by geographic area are as follows (in thousands, except percent data):


	Year Ended March 31,
	2020				2019				2018
U.S.	$	323,000	83.7	%	$	286,545	81.8	%	$	268,201	82.2	%
Non-U.S. (a)	62,871		16.3	%	63,610		18.2	%	58,021		17.8	%
Revenues, net	$	385,871	100.0	%	$	350,155	100.0	%	$	326,222	100.0	%

(a) No individual country within this group represents 10% or more of consolidated totals for any period presented.


	Year Ended March 31,
	2020				2019				2018
U.S.	$	196,679	89.7	%	$	176,935	87.9	%	$	178,010	86.6	%
Non-U.S.	22,521		10.3	%	$	24,430	12.1	%	27,603		13.4	%
Long-lived assets (a)	$	219,200	100.0	%	$	201,365	100.0	%	$	205,613	100.0	%

(a) Long-lived assets consist primarily of property, plant and equipment, intangible assets, goodwill and other assets, net of deferred taxes.

Quarterly Financial Data (Tables)

12 Months Ended

Mar. 31, 2020

Quarterly Financial Information Disclosure [Abstract]

Summary of Unaudited Quarterly Data

The following presents a summary of the unaudited quarterly data for the years ended March 31, 2020 and 2019 (amounts in millions, except per share data):


	Year Ended March 31, 2020
Quarter	4th		3rd		2nd		1st
Revenues, net	$	98.6	$	83.7	$	101.3	$	102.3
Gross profit	44.8		37.7		47.4		47.2
Income before income taxes	16.0		9.4		12.5		19.7
Income from continuing operations	13.4		7.3		8.8		15.3
Income (loss) from discontinued operations, net	1.2		—		—		(0.1)
Net income	14.6		7.3		8.8		15.2
Basic earnings (loss) per common share (a):
Continuing operations	$	0.89	$	0.48	$	0.59	$	1.02
Discontinued operations	0.08		—		(0.01)		(0.01)
Net income	$	0.97	$	0.48	$	0.58	$	1.01

Diluted earnings (loss) per common share (a):
Continuing operations	$	0.88	$	0.48	$	0.58	$	1.01
Discontinued operations	0.08		—		—		(0.01)
Net income	$	0.96	$	0.48	$	0.58	$	1.00


	Year Ended March 31, 2019
Quarter	4th		3rd		2nd		1st
Revenues, net	$	91.5	$	77.5	$	91.6	$	89.6
Gross profit	42.9		34.2		42.2		42.1
Income before income taxes	16.9		9.5		16.9		18.1
Income from continuing operations	13.6		6.0		12.5		14.0
Loss from discontinued operations, net	0.1		(1.0)		2.7		(2.3)
Net income	13.7		5.0		15.2		11.7
Basic earnings (loss) per common share (a):
Continuing operations	$	0.90	$	0.39	$	0.80	$	0.89
Discontinued operations	0.01		(0.06)		0.18		(0.15)
Net income	$	0.91	$	0.33	$	0.98	$	0.74

Diluted earnings (loss) per common share (a):
Continuing operations	$	0.90	$	0.39	$	0.79	$	0.88
Discontinued operations	0.01		(0.07)		0.18		(0.15)
Net income	$	0.91	$	0.32	$	0.97	$	0.73

Organization and Operations and Summary of Significant Accounting Policies - Additional Information (Details)	12 Months Ended
	Mar. 31, 2020 USD ($) segment brand	Mar. 31, 2019 USD ($)	Mar. 31, 2018 USD ($)	Apr. 01, 2019 USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of business segments \| segment	2
Highly respected industrial brands (more than) \| brand	100
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Goodwill impairment loss	$ 0	$ 0	$ 0
Impairment of intangible assets	$ 951,000	0	0
Number of business segments \| segment	2
ROU assets	$ 16,383,000
Present value of lease liabilities	18,235,000
ASU No. 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
ROU assets				$ 16,900,000
Present value of lease liabilities				18,600,000
Net reduction to opening retained earnings				206,000
ASU No. 2016-02 \| Retained Earnings
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net reduction to opening retained earnings				$ 206,000
Selling, general and administrative expense
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Research and development costs	4,300,000	4,300,000	$ 4,600,000
Domestic
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deposits in banks	11,700,000	17,800,000
Foreign
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deposits in banks	$ 6,600,000	$ 8,800,000
Foreign \| Geographic Concentration Risk \| Inventory
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Concentration risk, percentage	6.00%	8.00%

Organization and Operations and Summary of Significant Accounting Policies - Schedule of Property, Plant and Equipment (Details)	12 Months Ended
	Mar. 31, 2020
Minimum \| Land improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, estimated useful life	5 years
Minimum \| Buildings and improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, estimated useful life	7 years
Minimum \| Plant, office and lab equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, estimated useful life	5 years
Maximum \| Land improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, estimated useful life	40 years
Maximum \| Buildings and improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, estimated useful life	40 years
Maximum \| Plant, office and lab equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, estimated useful life	10 years

Organization and Operations and Summary of Significant Accounting Policies - Restructuring (Details) $ in Thousands	12 Months Ended
	Mar. 31, 2018 USD ($)
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
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
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
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

Acquisitions - Additional Information (Details) - USD ($) $ in Thousands			1 Months Ended	4 Months Ended	12 Months Ended
	Apr. 02, 2019	Jan. 31, 2019	Jul. 31, 2019	Jul. 31, 2019	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018
Business Acquisition [Line Items]
Amount paid at closing and funded through revolving credit facility					$ 11,837	$ 10,100	$ 0
Goodwill, acquired during period					$ 6,128	$ 5,189
Petersen Metals
Business Acquisition [Line Items]
Purchase price				$ 11,800
Amount paid at closing and funded through revolving credit facility	$ 11,500
Working capital adjustment			$ 300
Goodwill, acquired during period	6,100
Fair value of accounts receivable acquired	2,200
Fair value of inventory acquired	800
Fair value of equipment acquired	700
Fair value of current liabilities assumed	1,500
Petersen Metals \| Customer Lists
Business Acquisition [Line Items]
Fair value of the assets acquired, finite-lived	$ 3,200
Assets acquired, amortization period	15 years
Petersen Metals \| Backlog
Business Acquisition [Line Items]
Fair value of the assets acquired, finite-lived	$ 400
Assets acquired, amortization period	1 year 6 months
MSD Research, Inc.
Business Acquisition [Line Items]
Purchase price		$ 10,100
Goodwill, acquired during period		5,200
Fair value of accounts receivable acquired		100
Fair value of inventory acquired		300
MSD Research, Inc. \| Trademarks
Business Acquisition [Line Items]
Fair value of the assets acquired, indefinite-lived		800
MSD Research, Inc. \| Customer Lists
Business Acquisition [Line Items]
Fair value of the assets acquired, finite-lived		$ 3,300
Assets acquired, amortization period		10 years
MSD Research, Inc. \| Technology
Business Acquisition [Line Items]
Fair value of the assets acquired, finite-lived		$ 400
Assets acquired, amortization period		5 years

Discontinued Operations - Additional Information (Details) - USD ($) $ in Thousands		3 Months Ended		12 Months Ended
	Mar. 17, 2020	Sep. 30, 2018	Dec. 31, 2017	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of assets				$ 1,292	$ 3,295	$ 92
Discontinued Operations, Held-for-sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment charge			$ 46,000	$ 0	$ 0	$ 46,007
Proceeds from sale of assets		$ 6,900
Gains on disposal due to write-downs of long-lived assets in prior periods	$ 1,500	$ 6,900

Discontinued Operations - Income Statement (Details) - Discontinued Operations, Held-for-sale - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2017	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenues, net		$ 0	$ 5,303	$ 23,153
Impairment expense	$ (46,000)	0	0	(46,007)
Gain (loss) from discontinued operations before income taxes		1,326	(774)	(61,164)
Income tax (expense) benefit		(265)	296	16,600
Gain (loss) from discontinued operations		$ 1,061	$ (478)	$ (44,564)

- 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) - Discontinued Operations, Held-for-sale - USD ($) $ in Thousands	Mar. 31, 2020	Mar. 31, 2019
Assets
Accounts receivable, net	$ 0	$ 0
Prepaid expenses and other current assets	0	21
Total assets	0	21
Liabilities
Accounts payable, accrued expenses and other liabilities	$ 0	$ 945

Goodwill and Intangible Assets - Schedule of Changes in Carrying Amount of Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Goodwill [Roll Forward]
Beginning balance	$ 86,295	$ 81,764
MSD / Petersen acquisition	6,128	5,189
Currency translation	(737)	(658)
Ending balance	91,686	86,295
Industrial Products
Goodwill [Roll Forward]
Beginning balance	54,732	50,201
MSD / Petersen acquisition	6,128	5,189
Currency translation	(737)	(658)
Ending balance	60,123	54,732
Specialty Chemicals
Goodwill [Roll Forward]
Beginning balance	31,563	31,563
MSD / Petersen acquisition	0	0
Currency translation	0	0
Ending balance	$ 31,563	$ 31,563

Goodwill and Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Mar. 31, 2020	Mar. 31, 2019
Intangible Assets [Line Items]
Finite-lived intangible assets, Ending Gross Amount	$ 79,313	$ 79,313	$ 76,472
Accumulated Amortization	(44,155)	(44,155)	(38,014)
Trade Names and Trademarks
Intangible Assets [Line Items]
Trade names and trademarks not being amortized, Ending Gross Amount	11,027	$ 11,027	12,008
Impairment of unamortized trademarks	1,000
Trade Names and Trademarks \| Specialty Chemicals
Intangible Assets [Line Items]
Impairment of unamortized trademarks	1,000
Patents
Intangible Assets [Line Items]
Wtd Avg Life (Years)		11 years
Finite-lived intangible assets, Ending Gross Amount	9,635	$ 9,635	9,835
Accumulated Amortization	(6,935)	$ (6,935)	(6,316)
Customer lists and amortized trademarks
Intangible Assets [Line Items]
Wtd Avg Life (Years)		12 years
Finite-lived intangible assets, Ending Gross Amount	62,806	$ 62,806	60,065
Accumulated Amortization	(33,098)	$ (33,098)	(28,622)
Non-compete agreements
Intangible Assets [Line Items]
Wtd Avg Life (Years)		5 years
Finite-lived intangible assets, Ending Gross Amount	1,653	$ 1,653	1,764
Accumulated Amortization	(1,494)	$ (1,494)	(1,066)
Other
Intangible Assets [Line Items]
Wtd Avg Life (Years)		8 years
Finite-lived intangible assets, Ending Gross Amount	5,219	$ 5,219	4,808
Accumulated Amortization	$ (2,628)	$ (2,628)	$ (2,010)

Goodwill and Intangible Assets - Schedule of Estimated Future Amortization of Finite-lived Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of intangible assets	$ 6,700	$ 6,200	$ 7,100
2021	6,457
2022	5,525
2023	4,585
2024	3,831
2025	$ 3,108

Spin-Off Executive Compensation (Details) - USD ($)				12 Months Ended			16 Months Ended
Spin-Off Executive Compensation (Details) - USD ($)	Dec. 29, 2017	Dec. 29, 2016	Dec. 29, 2015	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018	Dec. 29, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation expense				$ 5,074,000	$ 3,943,000	$ 3,660,000
Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of aggregate appreciation to be received							6.00%
Executive compensation expense for the cash incentive payments				$ 0	$ 0	500,000
Stock compensation expense						$ 300,000
Executive Officer \| Trigger Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity based awards vest and become exercisable	33.00%	33.00%	33.00%

Share-Based Compensation - Additional Information (Details) - Stock Compensation Plan - shares	1 Months Ended
	Sep. 30, 2015	Mar. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of common stock granted (shares)		1,230,000
Shares available for issuance (shares)		770,546
Share Distribution
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued related to spin-off (shares)	510,447

Share-Based Compensation - Schedule of Share-Based Compensation (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 5,074	$ 3,943	$ 3,660
Related income tax benefit	(1,218)	(947)	(1,245)
Net share-based compensation expense	3,856	2,996	2,415
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	0	19	178
Related income tax benefit	0	(5)	(61)
Net share-based compensation expense	0	14	117
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	5,074	3,924	3,482
Related income tax benefit	(1,218)	(942)	(1,184)
Net share-based compensation expense	$ 3,856	$ 2,982	$ 2,298

Share-Based Compensation - Stock Option Activity (Details) - Stock Options - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Number of Shares
Outstanding at beginning of period (shares)	231,717	231,717
Exercised (shares)	(115,859)
Outstanding at end of period (shares)	115,858	231,717
Exercisable at end of period (shares)	115,858	231,717
Weighted Average Exercise Price
Outstanding at beginning of period (USD per share)	$ 25.12	$ 25.12
Exercised (USD per share)	24.93
Outstanding at end of period (USD per share)	25.30	25.12
Exercisable at end of period (USD per share)	$ 25.30	$ 25.12
Outstanding, Remaining Contractual Life	4 years 1 month 6 days	5 years 2 months 12 days
Exercisable, Remaining Contractual Life	4 years 1 month 6 days	5 years 2 months 12 days
Outstanding, Aggregate Intrinsic Value	$ 4.6	$ 7.5
Exercisable, Aggregate Intrinsic Value	$ 4.6	$ 7.5

Share-Based Compensation - Stock Option Activity, Additional Information (Details) - USD ($)	12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cash received for options exercised	$ 0	$ 0	$ 328,000
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (shares)	0	0	0
Exercises in period, intrinsic value	$ 5,600,000	$ 0
Cash received for options exercised	2,900,000	0
Tax benefit from options exercised	1,200,000	0
Options vested in period, fair value	$ 0	$ 100,000	$ 200,000

Share-Based Compensation - Restricted Stock Activity (Details) - Restricted Stock	12 Months Ended
	Mar. 31, 2020 $ / shares shares
Number of Shares
Outstanding at beginning of period (shares) \| shares	213,622
Granted (shares) \| shares	91,577
Vested (shares) \| shares	(97,626)
Canceled (shares) \| shares	(5,107)
Outstanding at end of period (shares) \| shares	202,466
Weighted Average Grant Date Fair Value
Outstanding at beginning of period (USD per share) \| $ / shares	$ 45.42
Granted (USD per share) \| $ / shares	71.10
Vested (USD per share) \| $ / shares	37.63
Canceled (USD per share) \| $ / shares	45.77
Outstanding at end of period (USD per share) \| $ / shares	$ 60.78

Share-Based Compensation - Restricted Stock Activity, Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Restricted Stock Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested restricted shares outstanding (shares)	93,249	96,282
Restricted Stock Performance Shares \| Cliff Vesting
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	36 months
Restricted stock granted (shares)	31,758	28,091
Restricted Stock Performance Shares \| Cliff Vesting \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance-based vesting range	0.00%
Restricted Stock Performance Shares \| Cliff Vesting \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance-based vesting range	200.00%
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested restricted shares outstanding (shares)	202,466	213,622
Restricted stock granted (shares)	91,577
Unrecognized compensation costs related to unvested restricted shares	$ 7.0
Weighted average vesting period	1 year 10 months 24 days
Fair value of restricted shares vested	$ 6.3	$ 3.9

Details of Certain Consolidated Balance Sheet Captions - Schedule of Accounts Receivable (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Mar. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, gross	$ 76,050	$ 66,727
Less: Allowance for doubtful accounts	(1,170)	(591)
Accounts receivable, net	74,880	66,136
Accounts receivable trade
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, gross	72,601	64,530
Other receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, gross	$ 3,449	$ 2,197

Details of Certain Consolidated Balance Sheet Captions - Schedule of Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Mar. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Raw materials and supplies	$ 20,935	$ 20,267
Work in process	6,076	6,483
Finished goods	33,771	31,876
Total inventories	60,782	58,626
Less: LIFO reserve	(4,816)	(5,027)
Less: Obsolescence reserve	(2,213)	(2,170)
Inventories, net	$ 53,753	$ 51,429

Details of Certain Consolidated Balance Sheet Captions - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Land and improvements	$ 3,106	$ 3,106
Buildings and improvements	44,612	43,353
Plant, office and laboratory equipment	72,652	68,982
Construction in progress	8,163	3,746
Property, plant and equipment, gross	128,533	119,187
Less: Accumulated depreciation	(71,355)	(65,548)
Property, plant and equipment, net	57,178	53,639
Property, Plant and Equipment [Line Items]
Depreciation	7,918	7,411	$ 7,651
Cost of revenue, depreciation	6,600	6,100	5,600
Property, Plant and Equipment
Property, Plant and Equipment [Line Items]
Depreciation	$ 7,900	$ 7,500	$ 7,700

Details of Certain Consolidated Balance Sheet Captions - Schedule of Other Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Mar. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Right-of-use lease assets	$ 16,383
Property held for investment	6,819	$ 6,857
Retirement assets in excess of benefit obligations	0	3,096
Other	949	1,012
Other assets	24,151	10,965
Assets held for sale	$ 5,900	$ 5,900

Details of Certain Consolidated Balance Sheet Captions - Schedule of Accrued and Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Mar. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Compensation and related benefits	$ 18,666	$ 17,354
Rebates and marketing agreements	6,409	4,631
Operating lease liabilities	3,056
Billings in excess of costs	2,892	2,337
Non-income taxes	750	675
Income taxes payable	529	750
Other accrued expenses	4,305	3,679
Accrued and other current liabilities	$ 36,607	$ 29,426

Details of Certain Consolidated Balance Sheet Captions - Schedule of Other Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Mar. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Long-term lease liabilities	$ 15,179
Deferred income taxes	3,848	$ 3,256
Other	2,115	2,858
Other long-term liabilities	$ 21,142	$ 6,114

Long-Term Debt and Commitments - Schedule of Long-Term Debt (Details) - USD ($)	Mar. 31, 2020	Mar. 31, 2019
Debt Instrument [Line Items]
Total debt	$ 10,898,000	$ 31,459,000
Less: Current portion	(561,000)	(561,000)
Long-term debt	10,337,000	30,898,000
Secured Term Loan \| Whitmore
Debt Instrument [Line Items]
Whitmore term loan, interest rate of 2.99% and 4.50%, respectively	$ 10,898,000	$ 11,459,000
Interest rate	2.99%	4.50%
Revolving Credit Facility
Debt Instrument [Line Items]
Revolving Credit Facility, interest rate of 2.24% and 3.74%, respectively	$ 0	$ 20,000,000
Interest rate	2.24%	3.74%

Long-Term Debt and Commitments - Revolving Credit Agreement (Details) - USD ($)	Dec. 11, 2015	Mar. 31, 2020	Mar. 31, 2019	Sep. 15, 2017
Revolving Credit Facility
Debt Instrument [Line Items]
Debt instrument term	5 years
Additional borrowing capacity with accordion feature	$ 250,000,000.0
Line of credit facility, maximum borrowing capacity, sublimit				$ 125,000,000.0
Commitment fee paid	0.15%
Revolving credit facility, amount outstanding		$ 0	$ 20,000,000
Revolving credit facility, remaining borrowing capacity		$ 300,000,000.0	$ 280,000,000.0
Minimum fixed charge coverage ratio	1.25
Maximum leverage ratio of EBITDA to Funded Debt	3.00
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 Agreement, Accordion Feature
Debt Instrument [Line Items]
Additional borrowing capacity with accordion feature	$ 50,000,000.0

Long-Term Debt and Commitments - Whitmore Term Loan (Details) - Secured Term Loan - Whitmore - USD ($)	12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Debt Instrument [Line Items]
Debt instrument, periodic principal payment	$ 140,000
Outstanding borrowings under term loan	$ 10,898,000	$ 11,459,000
LIBOR
Debt Instrument [Line Items]
Spread on interest rate	2.00%

Long-Term Debt and Commitments - Aggregate Maturities of Long-Term Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Mar. 31, 2019
Debt Disclosure [Abstract]
2021	$ 561
2022	561
2023	561
2024	561
2025	561
Thereafter	8,093
Total debt	$ 10,898	$ 31,459

LEASES - Additional Information (Details) $ in Millions	1 Months Ended	12 Months Ended
LEASES - Additional Information (Details) $ in Millions	Oct. 31, 2019 USD ($) lease	Mar. 31, 2020
Lessee, Lease, Description [Line Items]
Number of operating leases terminated \| lease	2
Early lease termination fee \| $	$ 0.5
Minimum
Lessee, Lease, Description [Line Items]
Remaining lease term		1 year
Maximum
Lessee, Lease, Description [Line Items]
Remaining lease term		9 years

LEASES - Components of Operating Lease Expenses (Details) $ in Thousands	12 Months Ended
	Mar. 31, 2020 USD ($)
Leases [Abstract]
Operating lease expense	$ 3,524
Short-term lease expense	225
Total operating lease expense	$ 3,749

LEASES - Operating Lease Assets and Liabilities (Details) $ in Thousands	Mar. 31, 2020 USD ($)
Leases [Abstract]
ROU assets, net	$ 16,383
Short-term lease liabilities	3,056
Long-term lease liabilities	15,179
Total operating lease liabilities	$ 18,235
ROU assets, net, included in other assets, net	us-gaap:OtherAssets
Short-term lease liabilities, included in accrued and other current liabilities	us-gaap:AccountsPayableAndAccruedLiabilitiesCurrent
Long-term lease liabilities, included in other long-term liabilities	us-gaap:OtherLiabilitiesNoncurrent

LEASES - Supplemental Cash Flow (Details) $ in Thousands	12 Months Ended
LEASES - Supplemental Cash Flow (Details) $ in Thousands	Mar. 31, 2020 USD ($)
Leases [Abstract]
Cash paid for amounts included in the measurement of operating lease liabilities	$ 3,824
ROU assets obtained in exchange for new operating lease obligations	$ 3,187

LEASES - Other Information for Operating Leases (Details)	Mar. 31, 2020
Leases [Abstract]
Weighted average remaining lease term (in years)	6 years 2 months 12 days
Weighted average discount rate (percent)	4.30%

LEASES - Maturities of Operating Lease Liabilities (Details) $ in Thousands	Mar. 31, 2020 USD ($)
Leases [Abstract]
2021	$ 3,766
2022	3,751
2023	3,049
2024	2,819
2025	2,548
Thereafter	4,963
Total lease liabilities	20,896
Less: Imputed interest	(2,661)
Present value of lease liabilities	$ 18,235

LEASES - Future Minimum Obligations Under Operating Leases (Details) $ in Thousands	Mar. 31, 2019 USD ($)
Leases [Abstract]
2021	$ 3,048
2022	2,733
2023	1,645
2024	1,038
2024	921
Thereafter	1,010
Total future minimum lease payments	$ 10,395

Derivative Instruments and Hedge Accounting - Additional Information (Details) - Interest Rate Swap - USD ($) $ in Millions	12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Derivative [Line Items]
Notional amount	$ 10.9	$ 11.5
Maximum remaining length of interest rate swap contract	9 years 3 months 18 days

Derivative Instruments and Hedge Accounting - Fair Value of Derivatives (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Mar. 31, 2019
Derivatives, Fair Value [Line Items]
Current derivative liabilities	$ 36,607	$ 29,426
Non-current derivative liabilities	21,142	6,114
Hedging Instrument \| Interest Rate Swap
Derivatives, Fair Value [Line Items]
Current derivative liabilities	271	56
Non-current derivative liabilities	$ 1,492	$ 443

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018
Earnings Per Share [Abstract]
Income from continuing operations	$ 13,400	$ 7,300	$ 8,800	$ 15,300	$ 13,600	$ 6,000	$ 12,500	$ 14,000	$ 44,817	$ 46,052	$ 32,682
Income (loss) from discontinued operations, net of tax	1,200	0	0	(100)	100	(1,000)	2,700	(2,300)	1,061	(478)	(44,564)
Net income (loss)	$ 14,600	$ 7,300	$ 8,800	$ 15,200	$ 13,700	$ 5,000	$ 15,200	$ 11,700	$ 45,878	$ 45,574	$ (11,882)
Weighted average shares:
Common stock (in shares)									14,928,000	15,257,000	15,671,000
Participating securities (in shares)									111,000	157,000	0
Denominator for basic earnings per common share (in shares)									15,039,000	15,414,000	15,671,000
Potentially dilutive securities (in shares)									167,000	118,000	0
Denominator for diluted earnings per common share (in shares)									15,206,000	15,532,000	15,671,000
Basic earnings (loss) per common share:
Continuing operations (USD per share)	$ 0.89	$ 0.48	$ 0.59	$ 1.02	$ 0.90	$ 0.39	$ 0.80	$ 0.89	$ 2.98	$ 2.99	$ 2.09
Discontinued operations (USD per share)	0.08	0	(0.01)	(0.01)	0.01	(0.06)	0.18	(0.15)	0.07	(0.03)	(2.85)
Net income (loss) (USD per share)	0.97	0.48	0.58	1.01	0.91	0.33	0.98	0.74	3.05	2.96	(0.76)
Diluted earnings (loss) per common share:
Continuing operations (USD per share)	0.88	0.48	0.58	1.01	0.90	0.39	0.79	0.88	2.95	2.96	2.09
Discontinued operations (USD per share)	0.08	0	0	(0.01)	0.01	(0.07)	0.18	(0.15)	0.07	(0.03)	(2.85)
Net income (loss) (USD per share)	$ 0.96	$ 0.48	$ 0.58	$ 1.00	$ 0.91	$ 0.32	$ 0.97	$ 0.73	$ 3.02	$ 2.93	$ (0.76)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares excluded from computation (in shares)									0	0
Unvested Restricted Shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares excluded from computation (in shares)											180,906

Shareholders' Equity (Details) - USD ($)					12 Months Ended			24 Months Ended
Shareholders' Equity (Details) - USD ($)	Apr. 09, 2020	Apr. 04, 2019	Nov. 07, 2018	Nov. 11, 2016	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018	Oct. 31, 2018
Equity, Class of Treasury Stock [Line Items]
Approved quarterly dividend rate (USD per share)		$ 0.135
Dividends paid					$ 8,130,000	$ 0	$ 0
Subsequent Event
Equity, Class of Treasury Stock [Line Items]
Dividend declared (USD per share)	$ 0.135
2016 Share Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Authorized repurchase amount				$ 35,000,000.0
Repurchase program period in force				2 years
Shares repurchased (shares)						629,659	26,544	656,203
Repurchased amount						$ 33,800,000	$ 1,200,000	$ 35,000,000.0
2018 Share Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Authorized repurchase amount			$ 75,000,000.0
Repurchase program period in force			2 years
Shares repurchased (shares)					393,836	231,150
Repurchased amount					$ 26,900,000	$ 11,800,000

Retirement Plans - Additional Information (Details) - USD ($)	1 Months Ended		3 Months Ended	6 Months Ended	12 Months Ended
	Sep. 30, 2019	Aug. 31, 2019	Mar. 31, 2020	Sep. 30, 2019	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018
Defined Benefit Plan Disclosure [Line Items]
Company contributions					$ 93,000	$ 103,000
Settlements					54,605,000	0
Pension plan curtailment benefit					6,472,000	0	$ 0
Estimated prior service costs amortized from accumulated other comprehensive loss into pension expense in next fiscal year			$ 0		0
Estimated net loss amortized from accumulated other comprehensive loss into pension expense in next fiscal year			100,000		100,000
Plan assets at fair value			1,898,000		1,898,000	55,009,000	$ 55,675,000
Other \| Hierarchical Level 2
Defined Benefit Plan Disclosure [Line Items]
Plan assets at fair value			$ 1,900,000		$ 1,900,000
Canadian Plan \| Other
Defined Benefit Plan Disclosure [Line Items]
Current target allocations, percentage of total assets			100.00%		100.00%
Qualified Plan
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, lump sum payments to terminated vested participants, percentage of liability							16.00%
Defined benefit plan, percentage of participants, settlement							67.00%
Settlements							$ 7,300,000
Qualified Plan \| Equity securities \| Minimum
Defined Benefit Plan Disclosure [Line Items]
Current target allocations, percentage of total assets			0.00%		0.00%
Qualified Plan \| Equity securities \| Maximum
Defined Benefit Plan Disclosure [Line Items]
Current target allocations, percentage of total assets			5.00%		5.00%
Qualified Plan \| Fixed income securities \| Minimum
Defined Benefit Plan Disclosure [Line Items]
Current target allocations, percentage of total assets			95.00%		95.00%
Qualified Plan \| Fixed income securities \| Maximum
Defined Benefit Plan Disclosure [Line Items]
Current target allocations, percentage of total assets			100.00%		100.00%
Pension Plan \| Canadian Plan
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan number of consecutive terms of highest compensation					60 months
Defined benefit plan number of years of employment					10 years
Company contributions					$ 100,000
Estimated contributions made under defined benefit plan, next fiscal year			$ 100,000		$ 100,000
Pension Plan \| Qualified Plan
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan number of consecutive terms of highest compensation					5 years
Defined benefit plan number of years of employment					10 years
Company contributions					$ 0	$ 0	$ 0
Pension Plan \| Qualified Plan \| U.S.
Defined Benefit Plan Disclosure [Line Items]
Lump sum payments offered to eligible active and terminated vested participants, percent of remaining liability				42.00%
Percent of participants that accepted lump sum payment offer				74.00%
Aggregate amount of lump sum payments		$ 17,000,000.0
Additional contribution required due to termination	$ 500,000
Pension plan curtailment benefit	7,000,000.0
Overall termination charge, net of tax	$ 5,400,000
Excess funds distributed to Defined Contribution Plan			$ 500,000

Retirement Plans - Summary of Assumptions (Details)	12 Months Ended
Retirement Plans - Summary of Assumptions (Details)	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018
Assumptions used to determine benefit obligations:
Discount rate	3.60%	4.00%	4.00%
Rate of compensation increases	3.00%	3.00%	3.00%
Assumptions used to determine net pension expense:
Discount rate	4.00%	4.00%	4.20%
Expected return on plan assets	4.80%	4.60%	6.20%
Rate of compensation increases	3.00%	3.00%	3.00%
Pension Plan \| Canadian Plan
Assumptions used to determine net pension expense:
Rate of compensation increases	3.00%

Retirement Plans - Schedule of Net Pension Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018
Retirement Benefits [Abstract]
Service cost – benefits earned during the year	$ 71	$ 76	$ 58
Interest cost on projected benefit obligation	1,136	2,113	2,515
Expected return on assets	(1,361)	(2,656)	(3,927)
Net amortization and deferral	56	47	30
Settlement expense	0	0	339
Pension plan termination	6,472	0	0
Net pension benefit	$ 6,374	$ (420)	$ (985)

Retirement Plans - Summary of Changes in Pension Obligations (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Benefit obligation at beginning of year	$ 53,993	$ 54,461
Service cost	71	76	$ 58
Interest cost	1,136	2,113	2,515
Actuarial gain (loss)	5,103	(116)
Benefits paid	(1,697)	(2,448)
Pension plan termination	(54,605)	0
Currency translation impact	(121)	(93)
Benefit obligation at end of year	3,880	53,993	$ 54,461
Accumulated benefit obligation	$ 3,690	$ 53,733

Retirement Plans - Summary of Reconciliation of Plan's Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets at beginning of year	$ 55,009	$ 55,675
Actual return on plan assets	3,093	1,647
Benefits paid	(1,591)	(2,342)
Company contributions	93	103
Pension plan termination	(54,605)	0
Currency translation impact	(101)	(74)
Fair value of plan assets at end of year	$ 1,898	$ 55,009

Retirement Plans - Summary of Net Pension Asset (Liability) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract]
Plan assets at fair value	$ 1,898	$ 55,009	$ 55,675
Benefit obligation	(3,880)	(53,993)	$ (54,461)
(Unfunded) funded status	$ (1,982)	$ 1,016

Retirement Plans - Summary of Amounts Recognized in Balance Sheet (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Mar. 31, 2019
Retirement Benefits [Abstract]
Noncurrent assets	$ 0	$ 3,096
Current liabilities	(103)	(102)
Noncurrent liabilities	(1,879)	(1,978)
(Unfunded) funded status	$ (1,982)	$ 1,016

Retirement Plans - Schedule of Change in Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Accumulated other comprehensive loss at beginning of year	$ (3,466)	$ (2,530)
Amortization of net loss	47	40
Amortization of prior service benefit (cost)	21	(5)
Pension plan termination	2,516	0
Net loss arising during the year	(17)	(704)
Other adjustment	0	(288)
Currency translation impact	28	21
Accumulated other comprehensive loss at end of year	$ (871)	$ (3,466)

Retirement Plans - Schedule of Amounts Recorded in Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018
Retirement Benefits [Abstract]
Net prior service cost	$ 56	$ 35
Net loss	(927)	(3,501)
Accumulated other comprehensive loss	$ (871)	$ (3,466)	$ (2,530)

Retirement Plans - Schedule of Actual Asset Allocations (Details)	Mar. 31, 2020	Mar. 31, 2019
Defined Benefit Plan Disclosure [Line Items]
Actual asset allocation, percentage	100.00%	100.00%
Equity securities
Defined Benefit Plan Disclosure [Line Items]
Actual asset allocation, percentage	0.00%	5.00%
Fixed income securities
Defined Benefit Plan Disclosure [Line Items]
Actual asset allocation, percentage	0.00%	91.00%
Other
Defined Benefit Plan Disclosure [Line Items]
Actual asset allocation, percentage	100.00%	4.00%
Cash and cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Actual asset allocation, percentage	0.00%	0.00%

Retirement Plans - Summary of Expected Cash Benefit Payments (Details) $ in Millions	Mar. 31, 2020 USD ($)
Retirement Benefits [Abstract]
2021	$ 0.2
2022	0.2
2023	0.2
2024	0.2
2025	0.2
Thereafter	$ 1.0

Retirement Plans - Defined Contribution Plan (Details) - USD ($) $ in Millions	12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Retirement Benefits [Abstract]
Employer matching contribution, percent of employees' gross pay	6.00%
Employer discretionary contribution of eligible earnings, percent	3.00%
Contributions to defined contribution plan	$ 4.0	$ 3.4

Retirement Plans - Employee Stock Ownership Plan (Details) - USD ($) $ in Millions	12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]
Period of credited service after which participant's interest in contributions to ESOP fully vest	3 years
Contributions to the ESOP	$ 3.2	$ 1.6	$ 1.6
ESOP expense recorded	$ 3.8
CSWI
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]
Shares held in ESOP (in shares)	718,646	768,691

Income Taxes - Schedule of Income Before Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018
Income Tax Disclosure [Abstract]
U.S. Federal									$ 53,946	$ 53,375	$ 42,898
Foreign									3,655	8,066	5,349
Income before income taxes	$ 16,000	$ 9,400	$ 12,500	$ 19,700	$ 16,900	$ 9,500	$ 16,900	$ 18,100	$ 57,601	$ 61,441	$ 48,247

Income Taxes - Schedule of Income Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018
Current
U.S. Federal	$ 8,466	$ 10,298	$ 9,083
State and local	1,999	2,729	3,281
Foreign	1,968	1,881	1,303
Provision for income taxes	12,433	14,908	13,667
Deferred
U.S. Federal	673	644	1,915
State and local	(100)	(280)	398
Foreign	(222)	117	(415)
Provision for income taxes	351	481	1,898
Total
U.S. Federal	9,139	10,942	10,998
State and local	1,899	2,449	3,679
Foreign	1,746	1,998	888
Provision for income taxes	$ 12,784	$ 15,389	$ 15,565

Income Taxes - Additional Information (Details) - USD ($)	12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018
Income Tax Disclosure [Abstract]
U.S. federal statutory income tax rate percentage	21.00%	21.00%	31.50%
Effective tax rate	22.20%	25.00%	32.30%
Tax effected net operating loss carryforwards, net of valuation allowances	$ 0	$ 100,000
Accrued interest on uncertain tax positions		100,000
Accrued penalties on uncertain tax positions		$ 100,000

Income Taxes - Reconciliation of Income Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018
Income Tax Disclosure [Abstract]
Computed tax expense at statutory rate	$ 12,096	$ 12,903	$ 15,198
Increase (reduction) in income taxes resulting from:
State and local income taxes, net of federal benefits	1,943	2,222	1,304
Amended return items (pension and foreign withholding)	975	0	0
IRS audit adjustments	502	0	0
GILTI and Section 250 Deduction	124	749	0
Foreign rate differential	84	302	(414)
Uncertain tax positions	(1,615)	244	269
Other permanent differences	(546)	(276)	(520)
Domestic production activity deduction	0	0	(1,238)
Impact of reduction of federal tax rate	0	0	(1,011)
Federal repatriation tax, net of tax credit	0	0	1,891
Foreign tax credits	(479)	(1,123)	0
Other, net	(300)	368	86
Provision for income taxes	$ 12,784	$ 15,389	$ 15,565

Income Taxes - Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Mar. 31, 2019
Deferred tax assets:
Operating lease liabilities	$ 4,380	$ 0
Accrued compensation	3,997	3,683
Impairment	386	764
Pension and other employee benefits	362	1,013
Inventory reserves	197	120
Net operating loss carryforwards	145	149
Accrued expenses	141	86
Foreign tax credit carry-forward	40	0
Other, net	934	239
Deferred tax assets	10,582	6,054
Valuation allowance	(145)	(64)
Deferred tax assets, net of valuation allowance	10,437	5,990
Deferred tax liabilities:
Goodwill and intangible assets	(5,740)	(4,801)
Property, plant and equipment	(4,444)	(4,059)
Operating lease - ROU assets	(3,943)	0
Other, net	(158)	(386)
Deferred tax liabilities	(14,285)	(9,246)
Net deferred tax liabilities	$ (3,848)	$ (3,256)

Income Taxes - Summary of Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Balance at beginning of year	$ 1,910	$ 1,879
Increases related to prior year tax positions	0	43
Decreases related to prior year tax positions	(1,304)	0
Increases related to current year tax positions	64	28
Settlement	(172)	(40)
Balance at end of year	$ 498	$ 1,910

Related Party Transactions (Details) - USD ($)	12 Months Ended
Related Party Transactions (Details) - USD ($)	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018
Related Party Transaction [Line Items]
Related party expense	$ 0	$ 0
Affiliated Entity \| Consulting Fees
Related Party Transaction [Line Items]
Related party expense			$ 100,000

Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	$ 263,686	$ 265,765	$ 272,438
Other comprehensive loss (gains)	(717)	(3,254)	2,960
Balance at end of period	276,741	263,686	265,765
Expected loss from currency cash flow hedge, next 12 months (less than)	300
Currency translation adjustments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	(6,869)	(4,837)
Other comprehensive loss (gains)	(2,316)	(2,032)
Balance at end of period	(9,185)	(6,869)	(4,837)
Interest rate swaps
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	(394)
Unrealized losses, net of taxes	(1,069)
Reclassification of other comprehensive (income) loss, net of taxes	73
Other comprehensive loss (gains)	(996)
Balance at end of period	(1,390)	(394)
Unrealized gains, tax	285
Reclassification from AOCI, tax	(19)
Other adjustments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Other comprehensive loss (gains)	0	(16)
Interest rate swaps
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	(394)	(108)
Unrealized losses, net of taxes		(335)
Reclassification of other comprehensive (income) loss, net of taxes		65
Other comprehensive loss (gains)		(286)
Balance at end of period		(394)	(108)
Unrealized gains, tax		89
Reclassification from AOCI, tax		(17)
Defined benefit plans
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	(3,466)	(2,530)
Other comprehensive loss (gains)	2,595	(936)
Balance at end of period	(871)	(3,466)	$ (2,530)
Amortization of net prior service cost (benefit), net of taxes
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Reclassification of other comprehensive (income) loss, net of taxes	21	(5)
Reclassification from AOCI, tax	(6)	1
Amortization of net loss, net of taxes
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Reclassification of other comprehensive (income) loss, net of taxes	47	40
Reclassification from AOCI, tax	(12)	(11)
Net gains arising during the year, net of taxes
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Other comprehensive loss (gains)	(17)	(704)
Other comprehensive (loss) income, tax	5	187
Pension plan termination, net of taxes
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Other comprehensive loss (gains)	2,516	0
Other comprehensive (loss) income, tax	(669)	0
Other adjustments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Other comprehensive loss (gains)	0	(288)
Currency translation impact
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Other comprehensive loss (gains)	$ 28	$ 21

Revenue Recognition (Details) $ in Thousands	3 Months Ended								12 Months Ended
Revenue Recognition (Details) $ in Thousands	Mar. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Sep. 30, 2019 USD ($)	Jun. 30, 2019 USD ($)	Mar. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Sep. 30, 2018 USD ($)	Jun. 30, 2018 USD ($)	Mar. 31, 2020 USD ($) segment	Mar. 31, 2019 USD ($)	Mar. 31, 2018 USD ($)
Disaggregation of Revenue [Line Items]
Number of business segments \| segment									2
Net revenues	$ 98,600	$ 83,700	$ 101,300	$ 102,300	$ 91,500	$ 77,500	$ 91,600	$ 89,600	$ 385,871	$ 350,155	$ 326,222
Change in Contract Liabilities [Roll Forward]
Balance at beginning of period				$ 2,337					2,337
Revenue recognized during the period									(1,935)
Transfer of project costs in excess of billings									0
New contracts during the period									2,490
Balance at end of period	$ 2,892				$ 2,337				2,892	2,337
Reportable Segments
Disaggregation of Revenue [Line Items]
Net revenues									385,871	350,154	326,218
Industrial Products \| Reportable Segments
Disaggregation of Revenue [Line Items]
Net revenues									234,895	205,931	186,483
Specialty Chemicals \| Reportable Segments
Disaggregation of Revenue [Line Items]
Net revenues									$ 150,976	144,223	139,735
Build-to-order
Disaggregation of Revenue [Line Items]
Retainage, percentage of transaction price not collectible until overall construction project is complete									10.00%
Lead times for transfer to customer									84 days
Build-to-order \| Reportable Segments
Disaggregation of Revenue [Line Items]
Net revenues									$ 82,357	69,564	65,108
Build-to-order \| Industrial Products \| Reportable Segments
Disaggregation of Revenue [Line Items]
Net revenues									82,357	69,564	65,108
Build-to-order \| Specialty Chemicals \| Reportable Segments
Disaggregation of Revenue [Line Items]
Net revenues									$ 0	0	0
Installation Services \| Total Consolidated Revenue \| Product Concentration Risk
Disaggregation of Revenue [Line Items]
Percentage of total consolidated revenue									2.00%
Book-and-ship
Disaggregation of Revenue [Line Items]
Lead times for transfer to customer									7 days
Book-and-ship \| Reportable Segments
Disaggregation of Revenue [Line Items]
Net revenues									$ 303,514	280,590	261,110
Book-and-ship \| Industrial Products \| Reportable Segments
Disaggregation of Revenue [Line Items]
Net revenues									152,538	136,367	121,375
Book-and-ship \| Specialty Chemicals \| Reportable Segments
Disaggregation of Revenue [Line Items]
Net revenues									$ 150,976	$ 144,223	$ 139,735

Segments - Summary of Financial Information of Reporting Segments (Details) $ in Thousands	3 Months Ended								12 Months Ended
	Mar. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Sep. 30, 2019 USD ($)	Jun. 30, 2019 USD ($)	Mar. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Sep. 30, 2018 USD ($)	Jun. 30, 2018 USD ($)	Mar. 31, 2020 USD ($) segment	Mar. 31, 2019 USD ($)	Mar. 31, 2018 USD ($)
Segment Reporting [Abstract]
Number of reportable segments \| segment									2
Segment Reporting Information [Line Items]
Revenues, net	$ 98,600	$ 83,700	$ 101,300	$ 102,300	$ 91,500	$ 77,500	$ 91,600	$ 89,600	$ 385,871	$ 350,155	$ 326,222
Operating income									66,067	60,440	49,659
Depreciation and amortization									14,844	13,836	14,933
Restructuring charges											232
Total Assets	369,245				352,632				369,245	352,632	340,816
Trade Names and Trademarks
Segment Reporting Information [Line Items]
Impairment of unamortized trademarks	1,000
Specialty Chemicals \| Trade Names and Trademarks
Segment Reporting Information [Line Items]
Impairment of unamortized trademarks	1,000
Operating Segments
Segment Reporting Information [Line Items]
Revenues, net									385,871	350,154	326,218
Operating income									80,416	72,747	62,029
Depreciation and amortization									14,142	13,152	14,265
Total Assets	344,373				325,267				344,373	325,267	314,580
Operating Segments \| Industrial Products
Segment Reporting Information [Line Items]
Revenues, net									234,895	205,931	186,483
Operating income									55,725	48,817	44,225
Depreciation and amortization									6,573	5,871	7,586
Restructuring charges											200
Total Assets	205,518				187,680				205,518	187,680	170,847
Operating Segments \| Specialty Chemicals
Segment Reporting Information [Line Items]
Revenues, net									150,976	144,223	139,735
Operating income									24,691	23,930	17,804
Depreciation and amortization									7,569	7,281	6,679
Total Assets	138,855				137,587				138,855	137,587	143,733
Eliminations and Other
Segment Reporting Information [Line Items]
Revenues, net									0	1	4
Operating income									(14,349)	(12,307)	(12,370)
Depreciation and amortization									702	684	668
Total Assets	$ 24,872				$ 27,365				$ 24,872	$ 27,365	$ 26,236

Segments - Schedule of Sales and Long-Lived Assets by Geographic Area (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues, net	$ 98,600	$ 83,700	$ 101,300	$ 102,300	$ 91,500	$ 77,500	$ 91,600	$ 89,600	$ 385,871	$ 350,155	$ 326,222
Long-lived assets	219,200				201,365				$ 219,200	$ 201,365	$ 205,613
Net Revenues \| Geographic Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage									100.00%	100.00%	100.00%
Long-lived Assets \| Geographic Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage									100.00%	100.00%	100.00%
U.S.
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues, net									$ 323,000	$ 286,545	$ 268,201
Long-lived assets	196,679				176,935				$ 196,679	$ 176,935	$ 178,010
U.S. \| Net Revenues \| Geographic Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage									83.70%	81.80%	82.20%
U.S. \| Long-lived Assets \| Geographic Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage									89.70%	87.90%	86.60%
Non-U.S.
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues, net									$ 62,871	$ 63,610	$ 58,021
Long-lived assets	$ 22,521				$ 24,430				$ 22,521	$ 24,430	$ 27,603
Non-U.S. \| Net Revenues \| Geographic Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage									16.30%	18.20%	17.80%
Non-U.S. \| Long-lived Assets \| Geographic Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage									10.30%	12.10%	13.40%

Quarterly Financial Data - Summary of Unaudited Quarterly Data (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018
Quarterly Financial Information Disclosure [Abstract]
Revenues, net	$ 98,600	$ 83,700	$ 101,300	$ 102,300	$ 91,500	$ 77,500	$ 91,600	$ 89,600	$ 385,871	$ 350,155	$ 326,222
Gross profit	44,800	37,700	47,400	47,200	42,900	34,200	42,200	42,100	177,050	161,370	147,940
Income before income taxes	16,000	9,400	12,500	19,700	16,900	9,500	16,900	18,100	57,601	61,441	48,247
Income from continuing operations	13,400	7,300	8,800	15,300	13,600	6,000	12,500	14,000	44,817	46,052	32,682
Income (loss) from discontinued operations, net	1,200	0	0	(100)	100	(1,000)	2,700	(2,300)	1,061	(478)	(44,564)
Net income	$ 14,600	$ 7,300	$ 8,800	$ 15,200	$ 13,700	$ 5,000	$ 15,200	$ 11,700	$ 45,878	$ 45,574	$ (11,882)
Basic earnings (loss) per common share:
Continuing operations (USD per share)	$ 0.89	$ 0.48	$ 0.59	$ 1.02	$ 0.90	$ 0.39	$ 0.80	$ 0.89	$ 2.98	$ 2.99	$ 2.09
Discontinued operations (USD per share)	0.08	0	(0.01)	(0.01)	0.01	(0.06)	0.18	(0.15)	0.07	(0.03)	(2.85)
Net income (loss) (USD per share)	0.97	0.48	0.58	1.01	0.91	0.33	0.98	0.74	3.05	2.96	(0.76)
Diluted earnings (loss) per common share:
Continuing operations (USD per share)	0.88	0.48	0.58	1.01	0.90	0.39	0.79	0.88	2.95	2.96	2.09
Discontinued operations (USD per share)	0.08	0	0	(0.01)	0.01	(0.07)	0.18	(0.15)	0.07	(0.03)	(2.85)
Net income (loss) (USD per share)	$ 0.96	$ 0.48	$ 0.58	$ 1.00	$ 0.91	$ 0.32	$ 0.97	$ 0.73	$ 3.02	$ 2.93	$ (0.76)
Gains on sales of non-operating assets					$ 1,500
Trademark
Indefinite-lived Intangible Assets [Line Items]
Tradename impairment	$ 1,000

Label	Element	Value
Accounting Standards Update 2014-09 [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ (692,000)
Accounting Standards Update 2014-09 [Member] \| Retained Earnings [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	(692,000)
Accounting Standards Update 2016-09 [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	0
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	(1,232,000)
Accounting Standards Update 2016-09 [Member] \| Retained Earnings [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	506,000
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	(1,232,000)
Accounting Standards Update 2016-09 [Member] \| Additional Paid-in Capital [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	(506,000)
Accounting Standards Update 2018-02 [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	288,000
Accounting Standards Update 2018-02 [Member] \| Retained Earnings [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ 288,000