0001624794-20-000094 | 10-Q | XBRL Viewer

Print Document View Excel Document

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Sep. 30, 2020	Oct. 26, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 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 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 Common Stock, Shares Outstanding		14,803,929
Entity Central Index Key	0001624794
Current Fiscal Year End Date	--03-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Amendment Flag	false

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Income Statement [Abstract]
Revenues, net	$ 104,940	$ 101,324	$ 195,904	$ 203,657
Cost of revenues	(56,204)	(53,920)	(104,416)	(109,018)
Gross profit	48,736	47,404	91,488	94,639
Selling, general and administrative expenses	(26,556)	(27,282)	(53,056)	(54,195)
Operating income	22,180	20,122	38,432	40,444
Interest expense, net	(284)	(299)	(602)	(800)
Other expense, net	(360)	(7,367)	(667)	(7,454)
Income before income taxes	21,536	12,456	37,163	32,190
Provision for income taxes	(5,182)	(3,638)	(8,851)	(8,027)
Income from continuing operations	16,354	8,818	28,312	24,163
Loss from discontinued operations, net of tax	0	(35)	0	(174)
Net income	$ 16,354	$ 8,783	$ 28,312	$ 23,989
Basic earnings (loss) per common share:
Continuing operations (USD per share)	$ 1.11	$ 0.59	$ 1.92	$ 1.61
Discontinued operations (USD per share)	0	(0.01)	0	(0.01)
Net income (USD per share)	1.11	0.58	1.92	1.60
Diluted earnings (loss) per common share:
Continuing operations (USD per share)	1.10	0.58	1.91	1.59
Discontinued operations (USD per share)	0	0	0	(0.01)
Net income (USD per share)	$ 1.10	$ 0.58	$ 1.91	$ 1.58

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Statement of Comprehensive Income [Abstract]
Net income	$ 16,354	$ 8,783	$ 28,312	$ 23,989
Other comprehensive income (loss):
Foreign currency translation adjustments	1,052	(669)	2,390	(411)
Cash flow hedging activity, net of taxes of $(16), $58, $(1) and $137 respectively	60	(217)	5	(514)
Pension and other postretirement effects, net of taxes of $(1), $(673), $0 and $(673), respectively	4	2,534	0	2,530
Other comprehensive income	1,116	1,648	2,395	1,605
Comprehensive income	$ 17,470	$ 10,431	$ 30,707	$ 25,594

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1A
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121641772&loc=SL7669619-108580

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22694-107794

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-URI http://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22694-107794

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721683-107760

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22595-107794

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1B
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121641772&loc=SL7669625-108580

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(18))
-URI http://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-URI http://asc.fasb.org/extlink&oid=120395209&loc=SL114868664-224227

Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 28
-URI http://asc.fasb.org/extlink&oid=121586364&loc=d3e3602-108585

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22499-107794

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22663-107794

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=75031198&loc=d3e14064-108612

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22583-107794

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 60B
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121326447&loc=SL5780133-109256

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22658-107794

+ Details

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Statement of Comprehensive Income [Abstract]
Cash flow hedging activity, taxes	$ (16)	$ 58	$ (1)	$ 137
Pension and other postretirement effects, taxes	$ (1)	$ (673)	$ 0	$ (673)

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2020	Mar. 31, 2020
Current assets:
Cash and cash equivalents	$ 47,299	$ 18,338
Accounts receivable, net of allowance for expected credit losses of $576 and $1,170, respectively	70,092	74,880
Inventories, net	52,090	53,753
Prepaid expenses and other current assets	5,377	3,074
Total current assets	174,858	150,045
Property, plant and equipment, net of accumulated depreciation of $75,235 and $71,355, respectively	57,734	57,178
Goodwill	92,419	91,686
Intangible assets, net	43,368	46,185
Other assets	23,288	24,151
Total assets	391,667	369,245
Current liabilities:
Accounts payable	20,736	21,978
Accrued and other current liabilities	36,113	36,607
Current portion of long-term debt	561	561
Total current liabilities	57,410	59,146
Long-term debt	10,056	10,337
Retirement benefits payable	1,853	1,879
Other long-term liabilities	20,307	21,142
Total liabilities	89,626	92,504
Equity:
Common shares, $0.01 par value, Shares authorized - 50,000, Shares issued - 16,115 and 16,055, respectively	160	159
Preferred shares, $0.01 par value, Shares authorized (10,000) and issued (0)	0	0
Additional paid-in capital	50,936	48,327
Treasury shares, at cost (1,346 and 1,311 shares, respectively)	(79,401)	(75,377)
Retained earnings	339,397	315,078
Accumulated other comprehensive loss	(9,051)	(11,446)
Total equity	302,041	276,741
Total liabilities and equity	$ 391,667	$ 369,245

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2020	Mar. 31, 2020
Statement of Financial Position [Abstract]
Accounts receivable, allowance for expected credit losses	$ 576	$ 1,170
Property, plant and equipment, accumulated depreciation	$ 75,235	$ 71,355
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)	16,115,000	16,055,000
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, at cost (shares)	1,346,000	1,311,000

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Unaudited) - USD ($) $ in Thousands	Total	Adoption of ASC 842 Leases	Common Stock	Treasury Shares	Additional Paid-In Capital	Retained Earnings	Retained Earnings Adoption of ASC 842 Leases	Accumulated Other Comprehensive Loss
Balance at beginning of period at Mar. 31, 2019	$ 263,686	$ (400)	$ 158	$ (49,964)	$ 46,633	$ 277,588	$ (400)	$ (10,729)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation	1,213				1,213
Stock activity under stock plans	(792)		1	(793)
Net income	15,204					15,204
Dividends	(2,041)					(2,041)
Other comprehensive income (loss), net of tax	(43)							(43)
Balance at end of period at Jun. 30, 2019	276,827		159	(50,757)	47,846	290,351		(10,772)
Balance at beginning of period at Mar. 31, 2019	263,686	(400)	158	(49,964)	46,633	277,588	(400)	(10,729)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	23,989
Other comprehensive income (loss), net of tax	1,605
Balance at end of period at Sep. 30, 2019	286,439		159	(50,757)	49,067	297,094		(9,124)
Balance at beginning of period at Mar. 31, 2019	$ 263,686	$ (400)	158	(49,964)	46,633	277,588	$ (400)	(10,729)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Accounting Standards Update [Extensible List]	us-gaap:AccountingStandardsUpdate201602Member
Balance at end of period at Mar. 31, 2020	$ 276,741		159	(75,377)	48,327	315,078		(11,446)
Balance at beginning of period at Jun. 30, 2019	276,827		159	(50,757)	47,846	290,351		(10,772)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation	1,196				1,196
Net income	8,783					8,783
Dividends	(2,015)				25	(2,040)
Other comprehensive income (loss), net of tax	1,648							1,648
Balance at end of period at Sep. 30, 2019	286,439		159	(50,757)	49,067	297,094		(9,124)
Balance at beginning of period at Mar. 31, 2020	276,741		159	(75,377)	48,327	315,078		(11,446)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation	1,328				1,328
Stock activity under stock plans	(1,670)		1	(1,670)	(1)
Repurchase of common shares	(7,291)			(7,291)
Reissuance of treasury shares	3,647			3,131	516
Net income	11,960					11,960
Dividends	(1,984)				12	(1,996)
Other comprehensive income (loss), net of tax	1,279							1,279
Balance at end of period at Jun. 30, 2020	284,010		160	(81,207)	50,182	325,042		(10,167)
Balance at beginning of period at Mar. 31, 2020	276,741		159	(75,377)	48,327	315,078		(11,446)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	28,312
Other comprehensive income (loss), net of tax	2,395
Balance at end of period at Sep. 30, 2020	302,041		160	(79,401)	50,936	339,397		(9,051)
Balance at beginning of period at Jun. 30, 2020	284,010		160	(81,207)	50,182	325,042		(10,167)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation	1,222				1,222
Stock activity under stock plans	(6)			(6)
Reissuance of treasury shares	1,333			1,812	(479)
Net income	16,354					16,354
Dividends	(1,988)				11	(1,999)
Other comprehensive income (loss), net of tax	1,116							1,116
Balance at end of period at Sep. 30, 2020	$ 302,041		$ 160	$ (79,401)	$ 50,936	$ 339,397		$ (9,051)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Cash flows from operating activities:
Net income	$ 28,312	$ 23,989
Less: Loss from discontinued operations	0	(174)
Income from continuing operations	28,312	24,163
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	3,776	4,162
Amortization of intangible and other assets	3,454	3,503
Provision for inventory reserves	953	229
Provision for doubtful accounts	274	547
Share-based and other executive compensation	2,550	2,434
Net gain on disposals of property, plant and equipment	(13)	(744)
Pension plan curtailment benefit	0	6,559
Net pension benefit	81	(198)
Net deferred taxes	111	(875)
Changes in operating assets and liabilities:
Accounts receivable	5,028	(1,101)
Inventories	880	(899)
Prepaid expenses and other current assets	(2,380)	3,021
Other assets	(165)	20
Accounts payable and other current liabilities	1,989	(3,110)
Retirement benefits payable and other liabilities	(67)	(215)
Net cash provided by operating activities, continuing operations	44,783	37,496
Net cash used in operating activities, discontinued operations	0	(389)
Net cash provided by operating activities	44,783	37,107
Cash flows from investing activities:
Capital expenditures	(4,357)	(4,571)
Proceeds from sale of assets	6	1,089
Cash paid for acquisitions	0	(11,837)
Net cash used in investing activities, continuing operations	(4,351)	(15,319)
Net cash provided by investing activities, discontinued operations	0	0
Net cash used in investing activities	(4,351)	(15,319)
Cash flows from financing activities:
Borrowings on line of credit	10,000	7,500
Repayments of line of credit and term loan	(10,281)	(27,781)
Purchase of treasury shares	(9,352)	(793)
Proceeds from stock option activity	1,331	0
Dividends	(3,972)	(4,081)
Net cash used in financing activities	(12,274)	(25,155)
Effect of exchange rate changes on cash and equivalents	803	393
Net change in cash and cash equivalents	28,961	(2,974)
Cash and cash equivalents, beginning of period	18,338	26,651
Cash and cash equivalents, end of period	$ 47,299	$ 23,677

ORGANIZATION AND OPERATIONS AND SUMMARY OF ACCOUNTING POLICIES	6 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
ORGANIZATION AND OPERATIONS AND SUMMARY OF ACCOUNTING POLICIES	ORGANIZATION AND OPERATIONS AND SUMMARY OF 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 business segments: Industrial Products and Specialty Chemicals. Our broad portfolio of leading products provides performance optimizing and life safety solutions to our customers. Our products include mechanical products for heating, ventilation, air conditioning and refrigeration (“HVAC/R”), building products and high-performance specialty lubricants and sealants. Drawing on our innovative and proven technologies, we seek to deliver solutions primarily to our professional end-use customers that place a premium on superior performance and reliability. Our diverse product portfolio includes more than 100 highly respected industrial brands including 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 recessionary environment in the U.S. and around the globe and has led to a decline in demand in some end markets, including several that 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 was a substantial decline in crude oil prices magnified by significant volatility that has continued to date. Both factors had a negative impact on our revenues in the three and six months ended September 30, 2020, as compared with the same periods in fiscal 2020, and are expected to negatively impact our results in the balance of fiscal year 2021. We expect our results of operations and financial condition to continue to be adversely impacted as compared with the prior year 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 condensed consolidated financial statements included in this Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2020 (“Quarterly Report”), include all revenues, costs, assets and liabilities directly attributable to CSWI and have been prepared in accordance with United States (“U.S.”) generally accepted accounting principles (“GAAP”). The condensed consolidated financial statements reflect all adjustments that are, in the opinion of management, necessary to present a fair statement of CSWI’s financial position as of September 30, 2020, and the results of operations for the three and six month periods ended September 30, 2020 and 2019. All adjustments are of a normal, recurring nature. All significant intercompany balances and transactions have been eliminated in consolidation. The year-end condensed balance sheet data was derived from audited financial statements, but does not include all disclosures required by U.S. GAAP. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the notes thereto included in CSWI’s Annual Report on Form 10-K for the fiscal year ended March 31, 2020 (the “Annual Report”). Accounting Policies We have consistently applied the accounting policies described in our Annual Report in preparing these condensed consolidated financial statements. We have not made any changes in significant accounting policies disclosed in the Annual Report, with the exception of the expected credit loss accounting policy described below as a result of adopting the new expected credit loss standard. Current Expected Credit Losses ("CECL") - We record an allowance for credit losses on trade receivables that, when deducted from the gross trade receivables balance, presents the net amount expected to be collected. We estimate the allowance based on an aging schedule and according to historical losses as determined from our billings and collections history. This may be adjusted after consideration of customer-specific factors such as financial difficulties, liquidity issues or insolvency, as well as both current and forecasted macroeconomic conditions as of the reporting date. We adjust the allowance and recognize credit losses in the income statement each period. Trade receivables are written off against the allowance in the period when the receivable is deemed to be uncollectible. Subsequent recoveries of amounts previously written off are reflected as a reduction to periodic credit losses in the income statement. Our allowance for expected credit losses for short-term receivables as of September 30, 2020 was $0.6 million, compared to $1.2 million as of March 31, 2020. The six months activity included $0.3 million for current period adjustments. Accounting Developments Pronouncements Implemented In June 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2016-13, "Financial Instruments - Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments." The ASU requires, among other things, the use of a new current expected credit loss model in order to determine an allowance for credit losses with respect to financial assets and instruments held. The CECL model requires that we estimate the lifetime of an expected credit loss for financial assets held at the reporting date based on historical experience, current conditions and reasonable and supportable forecasts. On April 1, 2020 we adopted the ASU on a prospective basis to determine our allowance for credit losses in accordance with the requirements of Topic 326, and we modified our accounting policy and processes to facilitate this approach. Our primary exposure to financial assets that are within the scope of CECL are trade receivables. Our adoption of ASU No. 2016-13 effective April 1, 2020 did not have a material impact on our condensed consolidated financial condition and results of operations. In August 2018, the FASB issued ASU No. 2018-13, "Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement." The amendments of the ASU modify the disclosure requirements for fair value measurements by removing, modifying or adding certain disclosure requirements for assets and liabilities measured at fair value in the statement of financial position or disclosed in the notes to the financial statements. The ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019, with early adoption permitted for the removed disclosures and delayed adoption until fiscal year 2020 permitted for the new disclosures. The removed and modified disclosures were adopted on a retrospective basis and the new disclosures were adopted on a prospective basis. Our adoption of ASU No. 2018-13 effective April 1, 2020 did not impact our disclosures. In August 2018, the FASB issued ASU No. 2018-15, "Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract." The ASU addresses how entities should account for costs associated with implementing a cloud computing arrangement that is considered a service contract. Per the amendments of the ASU, implementation costs incurred in a cloud computing arrangement that is a service contract should be accounted for in the same manner as implementation costs incurred to develop or obtain software for internal use as prescribed by guidance in ASC 350-40. The ASU requires that implementation costs incurred in a cloud computing arrangement be capitalized rather than expensed. Further, the ASU specifies the method for the amortization of costs incurred during implementation, and the manner in which the unamortized portion of these capitalized implementation costs should be evaluated for impairment. The ASU also provides guidance on how to present such implementation costs in the financial statements and also creates additional disclosure requirements. The amendments are effective for fiscal years beginning after December 15, 2019. The amendments in this ASU can be applied either retrospectively or prospectively to all implementation costs incurred after the date of adoption. Our adoption of ASU No. 2018-15 effective April 1, 2020 did not have an impact on our condensed consolidated financial condition and results of operations. Pronouncements not yet implemented 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. The amendments are effective for fiscal years ending after December 15, 2020 and the amendments should be applied retrospectively to all periods presented. We are currently evaluating the impact of ASU No. 2018-14 and we anticipate that our adoption of this ASU will not have a material impact on our disclosures due to the termination of our U.S. pension plan in the prior year. 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 has not been completed. 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 a technical issue 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 amended 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	6 Months Ended
ACQUISITIONS	Sep. 30, 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.

DISCONTINUED OPERATIONS

6 Months Ended

Sep. 30, 2020

Discontinued Operations and Disposal Groups [Abstract]

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 manufactured specialized industrial coating 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 classified and accounted for the assets and liabilities of the Coatings business as held-for-sale in the accompanying condensed consolidated balance sheets, and as discontinued operations, net of tax, in the accompanying condensed consolidated statements of income 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 the quarter ended December 31, 2017. No adjustments to previously recorded estimates have been made.

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 three months ended September 30, 2018, we received an aggregate of $6.9 million for the sale of assets 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 were unable to terminate the lease, but we have sub-let the property for the remainder of the lease term. As such, this lease was moved back into continuing operations, effective March 31, 2020, and the related right-of-use ("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 three and six months ended September 30, 2020 and 2019 is presented in the following table (in thousands):


	Three Months Ended September 30,				Six Months Ended September 30,
	2020		2019		2020		2019
Revenues, net	$	—	$	—	$	—	$	—
Loss from discontinued operations before income taxes	—		(69)		—		(224)
Income tax benefit	—		34		—		50
Loss from discontinued operations, net	$	—	$	(35)	$	—	$	(174)

INVENTORIES

6 Months Ended

Sep. 30, 2020

Inventory Disclosure [Abstract]

INVENTORIES

Inventories consist of the following (in thousands):


	September 30, 2020		March 31, 2020
Raw materials and supplies	$	21,401	$	20,935
Work in process	6,723		6,076
Finished goods	31,692		33,771
Total inventories	59,816		60,782
Less: LIFO reserve	(4,816)		(4,816)
Less: Obsolescence reserve	(2,910)		(2,213)
Inventories, net	$	52,090	$	53,753

GOODWILL AND INTANGIBLE ASSETS

6 Months Ended

Sep. 30, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLE ASSETS

The changes in the carrying amount of goodwill as of September 30, 2020 and March 31, 2020 were as follows (in thousands):


	Industrial Products		Specialty Chemicals		Total
Balance at March 31, 2020	$	60,123	$	31,563	$	91,686

Currency translation	733		—		733
Balance at September 30, 2020	$	60,856	$	31,563	$	92,419

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


		September 30, 2020				March 31, 2020
	Wtd Avg Life (Years)	Ending Gross Amount		Accumulated Amortization		Ending Gross Amount		Accumulated Amortization
Finite-lived intangible assets:
Patents	11	$	9,636	$	(7,329)	$	9,635	$	(6,935)
Customer lists and amortized trademarks	12	63,459		(35,661)		62,806		(33,098)
Non-compete agreements	5	1,689		(1,770)		1,653		(1,494)
Other	8	5,248		(2,962)		5,219		(2,628)
		$	80,032	$	(47,722)	$	79,313	$	(44,155)
Trade names and trademarks not being amortized:		$	11,058	$	—	$	11,027	$	—

Amortization expenses for the three and six months ended September 30, 2020 were $1.7 million and $3.3 million, respectively. Amortization expenses for the three and six months ended September 30, 2019 were $1.7 million and $3.4 million, respectively. The following table shows the estimated future amortization for intangible assets, as of September 30, 2020, for the remainder of the current fiscal year and the next four fiscal years ending March 31 (in thousands):


2021	$	3,152
2022	5,525
2023	4,585
2024	3,831
2025	3,108

SHARE-BASED COMPENSATION

6 Months Ended

Sep. 30, 2020

Share-based Payment Arrangement [Abstract]

SHARE-BASED COMPENSATION

Refer to Note 6 to our consolidated financial statements included in our Annual Report for a description of the 2015 Equity and Incentive Compensation Plan (the "2015 Plan"). As of September 30, 2020, 714,586 shares were available for issuance under the 2015 Plan.

We recorded share-based compensation expense as follows for the three and six months ended September 30, 2020 and 2019 (in thousands):


	Three Months Ended September 30,				Six Months Ended September 30,
	2020		2019		2020		2019
Share-based compensation expense	$	1,222	$	1,196	$	2,550	$	2,409
Related income tax benefit	(293)		(287)		(612)		(578)
Net share-based compensation expense	$	929	$	909	$	1,938	$	1,831

Stock option activity was as follows:


	Six Months Ended September 30, 2020
	Number of Shares	Weighted Average Price		Remaining Contractual Life (Years)	Aggregate Intrinsic Value (in Millions)
Outstanding at April 1, 2020	115,858	$	25.30
Exercised	(52,445)	25.40

Outstanding at September 30, 2020	63,413	25.23		3.9	$	3.3
Exercisable at September 30, 2020	63,413	$	25.23	3.9	$	3.3

All compensation costs related to stock options were recognized prior to April 1, 2019. No options were granted or vested during the three and six months ended September 30, 2020 and 2019.

Restricted share activity was as follows:


	Six Months Ended September 30, 2020
	Number of Shares	Weighted Average Grant Date Fair Value
Outstanding at April 1, 2020:	202,466	$	60.78
Granted	67,785	73.37
Vested	(71,195)	49.80
Canceled	(11,825)	68.95
Outstanding at September 30, 2020	187,231	$	64.78

During the restriction period, the holders of restricted shares are entitled to vote and receive dividends. Unvested restricted shares outstanding as of September 30, 2020 and March 31, 2020 included 89,199 and 93,249 shares (at target), respectively, with performance-based vesting provisions, and 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. No awards with performance-based vesting provisions were granted during the three months ended September 30, 2020 and 2019. We granted 26,966 and 31,594 awards with performance-based vesting provisions during the six months ended September 30, 2020 and 2019, respectively, with a vesting range of 0%-200%.

At September 30, 2020, we had unrecognized compensation cost related to unvested restricted shares of $6.3 million, which will be amortized into net income over the remaining weighted average vesting period of approximately 1.9 years. The total fair value of restricted shares granted during the three months ended September 30, 2020 and 2019 was zero and less than $0.1 million, respectively. The total fair value of restricted shares granted during the six months ended September 30, 2020 and 2019 was $2.5 million and $2.6 million, respectively. The total fair value of restricted shares vested during the three months ended September 30, 2020 and 2019 was less than $0.1 million and zero, respectively. The total fair value of restricted shares vested during the six months ended September 30, 2020 and 2019 was $4.3 million and $2.1 million, respectively.

LONG-TERM DEBT

6 Months Ended

Sep. 30, 2020

Debt Disclosure [Abstract]

LONG-TERM DEBT

Debt consists of the following (in thousands):


	September 30, 2020		March 31, 2020
Revolving Credit Facility, interest rate of 1.40% and 2.24%, respectively	$	—	$	—
Whitmore Term Loan, interest rate of 2.15% and 2.99%, respectively	10,617		10,898
Total debt	10,617		10,898
Less: Current portion	(561)		(561)
Long-term debt	$	10,056	$	10,337

Revolving Credit Facility

As discussed in Note 8 to our consolidated financial statements included in our Annual Report, we have a five-year, $250.0 million revolving credit facility agreement, with an additional $50.0 million accordion feature, which matures on September 15, 2022 (the “Revolving Credit Facility”). Borrowings under this facility bear interest at a rate of prime plus 0.25% or London Interbank Offered Rate ("LIBOR") plus 1.25%, which may be adjusted based on our leverage ratio. We pay a commitment fee of 0.15% for the unutilized portion of the Revolving Credit Facility. Interest and commitment fees are payable at least quarterly and the outstanding principal balance is due at the maturity date. The Revolving Credit Facility is secured by substantially all of our domestic assets. During the six months ended September 30, 2020, we borrowed $10.0 million and repaid $10.0 million under this facility. As of September 30, 2020 and March 31, 2020, we had no outstanding balance, which resulted in borrowing capacity of $300.0 million, inclusive of the accordion feature. Covenant compliance is tested quarterly, and we were in compliance with all covenants as of September 30, 2020.

Whitmore Term Loan

As of September 30, 2020, Whitmore Manufacturing (one of our wholly-owned operating subsidiaries) had a secured term loan ("Whitmore Term Loan") outstanding related to a warehouse and corporate office building and the remodel of an existing manufacturing and research and development facility. The Whitmore Term Loan was entered into in July 2014 and matures on July 31, 2029 and requires payments of $140,000 each quarter. Borrowings under this term loan bear interest at a variable annual rate equal to one month LIBOR plus 2.0%. As of September 30, 2020 and March 31, 2020, Whitmore Manufacturing had $10.6 million and $10.9 million, respectively, in principal amount outstanding under the term loan. Interest payments under the Whitmore Term Loan are hedged under an interest rate swap agreement as described in Note 9.

LEASES

6 Months Ended

Sep. 30, 2020

Leases [Abstract]

LEASES

We have operating leases for manufacturing facilities, offices, warehouses, vehicles and certain equipment. Our leases have remaining lease terms of 1 year to 8.9 years, some of which include escalation clauses and/or options to extend or terminate the leases.

We do not currently have any financing lease arrangements.


	Three Months Ended September 30,				Six Months Ended September 30,
(in thousands)	2020		2019		2020		2019
Components of Operating Lease Expenses
Operating lease expense (a)	$	846	$	889	$	1,691	$	1,793
Short-term lease expense	111		152		165		152
Total operating lease expense	$	957	$	1,041	$	1,856	$	1,945
(a) Included in cost of revenues and selling, general and administrative expense


(in thousands)	September 30, 2020		March 31, 2020
Operating Lease Assets and Liabilities
ROU assets, net (b)	$	15,084	$	16,383

Short-term lease liabilities (c)	$	3,188	$	3,056
Long-term lease liabilities (c)	13,757		15,179
Total operating lease liabilities	$	16,945	$	18,235
(b) Included in other assets, net
(c) Included in accrued and other current liabilities and other long-term liabilities


	Six Months Ended September 30,
(in thousands)	2020			2019
Supplemental Cash Flow
Cash paid for amounts included in the measurement of operating lease liabilities (a)	$	1,885		$	1,736
ROU assets obtained in exchange for new operating lease obligations	128			643
(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)	5.8			6.3
Weighted average discount rate (percent)	4.3		%	4.3		%


Maturities of operating lease liabilities were as follows (in thousands):
Year Ending March 31, 2021 (excluding the six months ended September 30, 2020)	$	1,916
2022	3,827
2023	3,121
2024	2,851
2025	2,548
Thereafter	4,963
Total lease liabilities	19,226
Less: Imputed interest	(2,281)
Present value of lease liabilities	$	16,945

DERIVATIVE INSTRUMENTS AND HEDGE ACCOUNTING

6 Months Ended

Sep. 30, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

DERIVATIVE INSTRUMENTS AND HEDGE ACCOUNTING

We have an interest rate swap agreement to hedge exposure to floating interest rates on a certain portion of our debt. As of September 30, 2020 and March 31, 2020, we had $10.7 million and $10.9 million, respectively, of notional amount outstanding designated as an interest rate swap with third parties. The interest rate swap is highly effective. At September 30, 2020, the maximum remaining length of the interest rate swap contract was approximately 8.8 years. The fair value of the interest rate swap designated as a hedging instrument is summarized below (in thousands):


	September 30, 2020		March 31, 2020

Current derivative liabilities	$	288	$	271
Non-current derivative liabilities	1,466		1,492

The impact of changes in fair value of the interest rate swap is included in Note 12.

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

We are exposed to risk from credit-related losses resulting from nonperformance by counterparties to our financial instruments. We perform credit evaluation of our counterparties and expect all counterparties to meet their obligations. We have not experienced credit losses from our counterparties.

EARNINGS PER SHARE

6 Months Ended

Sep. 30, 2020

Earnings Per Share [Abstract]

EARNINGS PER SHARE

The following table sets forth the reconciliation of the numerator and the denominator of basic and diluted earnings per share for the three and six months ended September 30, 2020 and 2019 (amounts in thousands, except per share data):


	Three Months Ended September 30,				Six Months Ended September 30,
	2020		2019		2020		2019
Income from continuing operations	$	16,354	$	8,818	$	28,312	$	24,163
Loss from discontinued operations	—		(35)		—		(174)
Net income	$	16,354	$	8,783	$	28,312	$	23,989

Weighted average shares:
Common stock	14,651		14,874		14,627		14,875
Participating securities	96		115		100		115
Denominator for basic earnings per common share	14,747		14,989		14,727		14,990
Potentially dilutive securities	95		191		98		180
Denominator for diluted earnings per common share	14,842		15,180		14,825		15,170

Basic earnings (loss) per common share:
Continuing operations	$	1.11	$	0.59	$	1.92	$	1.61
Discontinued operations	—		(0.01)		—		(0.01)
Net income	$	1.11	$	0.58	$	1.92	$	1.60

Diluted earnings (loss) per common share:
Continuing operations	$	1.10	$	0.58	$	1.91	$	1.59
Discontinued operations	—		—		—		(0.01)
Net income	$	1.10	$	0.58	$	1.91	$	1.58

SHAREHOLDERS' EQUITY	6 Months Ended
SHAREHOLDERS' EQUITY	Sep. 30, 2020
Equity [Abstract]
SHAREHOLDERS' EQUITY	SHAREHOLDERS' EQUITY Share Repurchase Program On November 7, 2018, we announced that our Board of Directors authorized a program to repurchase up to $75.0 million of our common stock over a two-year 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. No shares were repurchased under the program during the three months ended September 30, 2020 and 2019, respectively. As of September 30, 2020, a total of 740,137 shares had been repurchased for an aggregate amount of $46.0 million. Dividends In April 2019, we commenced a quarterly dividend program at a quarterly rate of $0.135 per share. Total dividends of $2.0 million and $2.0 million were paid during the three months ended September 30, 2020 and 2019, respectively. Total dividends of $4.0 million and $4.1 million were paid during the six months ended September 30, 2020 and 2019, respectively. On October 8, 2020, we announced a quarterly dividend of $0.135 per share payable on November 13, 2020 to shareholders of record as of October 30, 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 in its discretion.

FAIR VALUE MEASUREMENTS	6 Months Ended
FAIR VALUE MEASUREMENTS	Sep. 30, 2020
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTSThe fair value of the interest rate swap contract (as discussed in Note 9) is determined using Level 2 inputs. The carrying value of our debt (discussed in Note 7) approximates fair value as it bears interest at floating rates. The carrying amounts of other financial instruments (i.e., cash and cash equivalents, accounts receivable, net, accounts payable) approximate their fair values at September 30, 2020 and March 31, 2020 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

6 Months Ended

Sep. 30, 2020

Retirement Benefits [Abstract]

RETIREMENT PLANS

Refer to Note 14 to our consolidated financial statements included in our Annual Report for a description of our retirement and post-retirement benefits.

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


	Three Months Ended September 30,				Six Months Ended September 30,
	2020		2019		2020		2019
Service cost, benefits earned during the period	$	10	$	18	$	20	$	35
Interest cost on projected benefit obligation	36		523		71		1,046
Expected return on assets	(24)		(653)		(47)		(1,307)
Amortization of net actuarial loss	18		12		37		25
Pension plan termination	—		7,019		—		7,019
Net pension benefit	$	40	$	6,919	$	81	$	6,818

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

During the six months ended September 30, 2019, we offered lump sum payments to eligible active and terminated vested participants in our qualified U.S. pension plan (the “Qualified Plan”), representing approximately 42% of our 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 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.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 55
-Paragraph 17
-URI http://asc.fasb.org/extlink&oid=118257860&loc=d3e4179-114921

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section S99
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=21916913&loc=d3e273930-122802

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (o)
-URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (p)
-URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 70
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=49170846&loc=d3e28014-114942

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-URI http://asc.fasb.org/topic&trid=2235017

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 60
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=6414203&loc=d3e39689-114964

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (q)
-URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
-URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (l)
-URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920

+ Details

CONTINGENCIES	6 Months Ended
CONTINGENCIES	Sep. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
CONTINGENCIES	CONTINGENCIESFrom time to time, we are involved in various claims and legal actions that arise in the ordinary course of business. There are no matters pending that we currently believe have a reasonable possibility of having a material impact to our business, consolidated financial position, results of operations or cash flows.

INCOME TAXES	6 Months Ended
INCOME TAXES	Sep. 30, 2020
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES For the three months ended September 30, 2020, we earned $21.5 million from continuing operations before taxes and provided for income taxes of $5.2 million, resulting in an effective tax rate of 24.1%. For the six months ended September 30, 2020, we earned $37.2 million from continuing operations before taxes and provided for income taxes of $8.9 million, resulting in an effective tax rate of 23.8%. The provision for income taxes differed from the statutory rate for the three and six months ended September 30, 2020 primarily due to state income taxes, excess tax deductions related to stock compensation, a change in indefinite reinvestment assertion related to the investment in a foreign subsidiary, foreign tax credits, adjustments related to state tax returns and state R&D credits, the provision for global intangible low-taxed income ("GILTI") and an increase in the reserves for uncertain tax provisions. For the three months ended September 30, 2019, we earned $12.5 million from continuing operations before taxes and provided for income taxes of $3.6 million, resulting in an effective tax rate of 29.2%. For the six months ended September 30, 2019, we earned $32.2 million from continuing operations before taxes and provided for income taxes of $8.0 million, resulting in an effective tax rate of 24.9%. The provision for income taxes differed from the statutory rate for the three and six months ended September 30, 2019, primarily due to the provision for GILTI, adjustments related to foreign items, excess tax deductions related to stock compensation and adjustments related to state tax returns. We are currently under examination by the state of Illinois for the fiscal years ended March 31, 2018 and 2017. We have not been notified of any material adjustments.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

OTHER COMPREHENSIVE INCOME (LOSS)

6 Months Ended

Sep. 30, 2020

Equity [Abstract]

OTHER COMPREHENSIVE INCOME (LOSS)

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


	Three Months Ended September 30,
	2020		2019
Currency translation adjustments:
Balance at beginning of period	$	(7,847)	$	(6,611)
Adjustments for foreign currency translation	1,052		(669)
Balance at end of period	$	(6,795)	$	(7,280)

Interest rate swaps:
Balance at beginning of period	$	(1,445)	$	(691)
Unrealized gain (losses), net of taxes of $0 and $62, respectively (a)	1		(232)
Reclassification of losses included in interest expense, net, net of taxes of $(16) and $(4), respectively	59		15

Other comprehensive income (loss)	60		(217)
Balance at end of period	$	(1,385)	$	(908)

Defined benefit plans:
Balance at beginning of period	$	(875)	$	(3,470)
Amortization of net losses, net of taxes of $(1) and $(4), respectively (b)	4		18
Pension plan termination, net of taxes of $0 and $(669), respectively	—		2,516
Other comprehensive income	4		2,534
Balance at end of period	$	(871)	$	(936)


	Six Months Ended September 30,
	2020		2019
Currency translation adjustments:
Balance at beginning of period	$	(9,185)	$	(6,869)
Adjustments for foreign currency translation	2,390		(411)
Balance at end of period	$	(6,795)	$	(7,280)

Interest rate swaps:
Balance at beginning of period	$	(1,390)	$	(394)
Unrealized losses, net of taxes of $28 and $143, respectively (a)	(105)		(538)
Reclassification of losses included in interest expense, net, net of taxes of $(29) and $(6), respectively	110		24
Other comprehensive income (loss)	5		(514)
Balance at end of period	$	(1,385)	$	(908)

Defined benefit plans:
Balance at beginning of period	$	(871)	$	(3,466)
Amortization of net losses, net of taxes of $0 and $(4), respectively (b)	—		14
Pension plan termination, net of taxes of $0 and $(669), respectively	—		2,516
Other comprehensive income	—		2,530
Balance at end of period	$	(871)	$	(936)

(a) Unrealized gains (losses) are reclassified to earnings as underlying cash interest payments are made. We expect to recognize a loss of $0.2 million, net of deferred taxes, over the next twelve months related to designated cash flow hedges based on their fair values at September 30, 2020.

(b) Amortization of actuarial losses out of accumulated comprehensive loss are included in the computation of net periodic pension expense. See Note 13 for additional information.

REVENUE RECOGNITION

6 Months Ended

Sep. 30, 2020

Revenue from Contract with Customer [Abstract]

REVENUE RECOGNITION

Refer to Note 19 to our consolidated financial statements included in our Annual Report for a description of our disaggregation of revenues. Disaggregation of revenues reconciled to our reportable segments is as follows (in thousands):


	Three Months Ended September 30, 2020						Six Months Ended September 30, 2020
	Industrial Products		Specialty Chemicals		Total		Industrial Products		Specialty Chemicals		Total
Build-to-order	$	21,483	$	—	$	21,483	$	42,026	$	—	$	42,026
Book-and-ship	51,010		32,447		83,457		91,706		62,172		153,878
Net revenues	$	72,493	$	32,447	$	104,940	$	133,732	$	62,172	$	195,904


	Three Months Ended September 30, 2019						Six Months Ended September 30, 2019
	Industrial Products		Specialty Chemicals		Total		Industrial Products		Specialty Chemicals		Total
Build-to-order	$	22,041	$	—	$	22,041	$	41,242	$	—	$	41,242
Book-and-ship	40,728		38,555		79,283		84,879		77,536		162,415
Net revenues	$	62,769	$	38,555	$	101,324	$	126,121	$	77,536	$	203,657

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


Balance at April 1, 2020:	$	2,892
Revenue recognized during the period	(1,625)

New contracts and revenue added to existing contracts during the period	1,683
Balance at September 30, 2020	$	2,950

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

+ Details

SEGMENTS

6 Months Ended

Sep. 30, 2020

Segment Reporting [Abstract]

SEGMENTS

As discussed in Note 20 to our consolidated financial statements in our Annual Report, we conduct our operations through two business segments based on type of product and how we manage the business: Industrial Products and Specialty Chemicals.

Three Months Ended September 30, 2020:


(in thousands)	Industrial Products		Specialty Chemicals		Subtotal - Reportable Segments		Eliminations and Other		Total
Revenues, net	$	72,493	$	32,447	$	104,940	$	—	$	104,940
Operating income	19,727		5,815		25,542		(3,362)		22,180

Three Months Ended September 30, 2019:


(in thousands)	Industrial Products		Specialty Chemicals		Subtotal - Reportable Segments		Eliminations and Other		Total
Revenues, net	$	62,769	$	38,555	$	101,324	$	—	$	101,324
Operating income	16,413		7,142		23,555		(3,433)		20,122


Six months ended September 30, 2020
(in thousands)	Industrial Products		Specialty Chemicals		Subtotal - Reportable Segments		Eliminations and Other		Total
Revenues, net	$	133,732	$	62,172	$	195,904	$	—	$	195,904
Operating income	36,034		9,761		45,795		(7,363)		$	38,432


Six months ended September 30, 2019
(in thousands)	Industrial Products		Specialty Chemicals		Subtotal - Reportable Segments		Eliminations and Other		Total
Revenues, net	$	126,121	$	77,536	$	203,657	$	—	$	203,657
Operating income	33,456		13,765		47,221		(6,777)		$	40,444

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8657-108599

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI http://asc.fasb.org/topic&trid=2134510

+ Details

ORGANIZATION AND OPERATIONS AND SUMMARY OF ACCOUNTING POLICIES (Policies)	6 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The condensed consolidated financial statements included in this Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2020 (“Quarterly Report”), include all revenues, costs, assets and liabilities directly attributable to CSWI and have been prepared in accordance with United States (“U.S.”) generally accepted accounting principles (“GAAP”). The condensed consolidated financial statements reflect all adjustments that are, in the opinion of management, necessary to present a fair statement of CSWI’s financial position as of September 30, 2020, and the results of operations for the three and six month periods ended September 30, 2020 and 2019. All adjustments are of a normal, recurring nature. All significant intercompany balances and transactions have been eliminated in consolidation. The year-end condensed balance sheet data was derived from audited financial statements, but does not include all disclosures required by U.S. GAAP. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the notes thereto included in CSWI’s Annual Report on Form 10-K for the fiscal year ended March 31, 2020 (the “Annual Report”).
Current Expected Credit Losses (CECL)	Current Expected Credit Losses ("CECL") - We record an allowance for credit losses on trade receivables that, when deducted from the gross trade receivables balance, presents the net amount expected to be collected. We estimate the allowance based on an aging schedule and according to historical losses as determined from our billings and collections history. This may be adjusted after consideration of customer-specific factors such as financial difficulties, liquidity issues or insolvency, as well as both current and forecasted macroeconomic conditions as of the reporting date. We adjust the allowance and recognize credit losses in the income statement each period. Trade receivables are written off against the allowance in the period when the receivable is deemed to be uncollectible. Subsequent recoveries of amounts previously written off are reflected as a reduction to periodic credit losses in the income statement.
Accounting Developments	Accounting Developments Pronouncements Implemented In June 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2016-13, "Financial Instruments - Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments." The ASU requires, among other things, the use of a new current expected credit loss model in order to determine an allowance for credit losses with respect to financial assets and instruments held. The CECL model requires that we estimate the lifetime of an expected credit loss for financial assets held at the reporting date based on historical experience, current conditions and reasonable and supportable forecasts. On April 1, 2020 we adopted the ASU on a prospective basis to determine our allowance for credit losses in accordance with the requirements of Topic 326, and we modified our accounting policy and processes to facilitate this approach. Our primary exposure to financial assets that are within the scope of CECL are trade receivables. Our adoption of ASU No. 2016-13 effective April 1, 2020 did not have a material impact on our condensed consolidated financial condition and results of operations. In August 2018, the FASB issued ASU No. 2018-13, "Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement." The amendments of the ASU modify the disclosure requirements for fair value measurements by removing, modifying or adding certain disclosure requirements for assets and liabilities measured at fair value in the statement of financial position or disclosed in the notes to the financial statements. The ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019, with early adoption permitted for the removed disclosures and delayed adoption until fiscal year 2020 permitted for the new disclosures. The removed and modified disclosures were adopted on a retrospective basis and the new disclosures were adopted on a prospective basis. Our adoption of ASU No. 2018-13 effective April 1, 2020 did not impact our disclosures. In August 2018, the FASB issued ASU No. 2018-15, "Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract." The ASU addresses how entities should account for costs associated with implementing a cloud computing arrangement that is considered a service contract. Per the amendments of the ASU, implementation costs incurred in a cloud computing arrangement that is a service contract should be accounted for in the same manner as implementation costs incurred to develop or obtain software for internal use as prescribed by guidance in ASC 350-40. The ASU requires that implementation costs incurred in a cloud computing arrangement be capitalized rather than expensed. Further, the ASU specifies the method for the amortization of costs incurred during implementation, and the manner in which the unamortized portion of these capitalized implementation costs should be evaluated for impairment. The ASU also provides guidance on how to present such implementation costs in the financial statements and also creates additional disclosure requirements. The amendments are effective for fiscal years beginning after December 15, 2019. The amendments in this ASU can be applied either retrospectively or prospectively to all implementation costs incurred after the date of adoption. Our adoption of ASU No. 2018-15 effective April 1, 2020 did not have an impact on our condensed consolidated financial condition and results of operations. Pronouncements not yet implemented 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. The amendments are effective for fiscal years ending after December 15, 2020 and the amendments should be applied retrospectively to all periods presented. We are currently evaluating the impact of ASU No. 2018-14 and we anticipate that our adoption of this ASU will not have a material impact on our disclosures due to the termination of our U.S. pension plan in the prior year. 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 has not been completed. 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 a technical issue 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 amended 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.

DISCONTINUED OPERATIONS (Tables)

6 Months Ended

Sep. 30, 2020

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Discontinued Operations

Summarized selected financial information for the Coatings business for the three and six months ended September 30, 2020 and 2019 is presented in the following table (in thousands):


	Three Months Ended September 30,				Six Months Ended September 30,
	2020		2019		2020		2019
Revenues, net	$	—	$	—	$	—	$	—
Loss from discontinued operations before income taxes	—		(69)		—		(224)
Income tax benefit	—		34		—		50
Loss from discontinued operations, net	$	—	$	(35)	$	—	$	(174)

- Definition

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

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 50
-Paragraph 3A
-URI http://asc.fasb.org/extlink&oid=109226691&loc=SL51724579-110230

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109222650&loc=d3e1474-107760

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5D
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721677-107760

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=109222160&loc=SL51721533-107759

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 3A
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721659-107760

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721665-107760

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109226691&loc=d3e2941-110230

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5C
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721675-107760

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721683-107760

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=109222650&loc=d3e1361-107760

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5A
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721671-107760

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5B
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721673-107760

Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 4A
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721663-107760

+ Details

INVENTORIES (Tables)

6 Months Ended

Sep. 30, 2020

Inventory Disclosure [Abstract]

Schedule of Inventories

Inventories consist of the following (in thousands):


	September 30, 2020		March 31, 2020
Raw materials and supplies	$	21,401	$	20,935
Work in process	6,723		6,076
Finished goods	31,692		33,771
Total inventories	59,816		60,782
Less: LIFO reserve	(4,816)		(4,816)
Less: Obsolescence reserve	(2,910)		(2,213)
Inventories, net	$	52,090	$	53,753

GOODWILL AND INTANGIBLE ASSETS (Tables)

6 Months Ended

Sep. 30, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Changes in Carrying Amount of Goodwill

The changes in the carrying amount of goodwill as of September 30, 2020 and March 31, 2020 were as follows (in thousands):


	Industrial Products		Specialty Chemicals		Total
Balance at March 31, 2020	$	60,123	$	31,563	$	91,686

Currency translation	733		—		733
Balance at September 30, 2020	$	60,856	$	31,563	$	92,419

Schedule of Intangible Assets

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


		September 30, 2020				March 31, 2020
	Wtd Avg Life (Years)	Ending Gross Amount		Accumulated Amortization		Ending Gross Amount		Accumulated Amortization
Finite-lived intangible assets:
Patents	11	$	9,636	$	(7,329)	$	9,635	$	(6,935)
Customer lists and amortized trademarks	12	63,459		(35,661)		62,806		(33,098)
Non-compete agreements	5	1,689		(1,770)		1,653		(1,494)
Other	8	5,248		(2,962)		5,219		(2,628)
		$	80,032	$	(47,722)	$	79,313	$	(44,155)
Trade names and trademarks not being amortized:		$	11,058	$	—	$	11,027	$	—

Schedule of Estimated Future Amortization for Intangible Assets

The following table shows the estimated future amortization for intangible assets, as of September 30, 2020, for the remainder of the current fiscal year and the next four fiscal years ending March 31 (in thousands):


2021	$	3,152
2022	5,525
2023	4,585
2024	3,831
2025	3,108

SHARE-BASED COMPENSATION (Tables)

6 Months Ended

Sep. 30, 2020

Share-based Payment Arrangement [Abstract]

Schedule of Share-Based Compensation Expense

We recorded share-based compensation expense as follows for the three and six months ended September 30, 2020 and 2019 (in thousands):


	Three Months Ended September 30,				Six Months Ended September 30,
	2020		2019		2020		2019
Share-based compensation expense	$	1,222	$	1,196	$	2,550	$	2,409
Related income tax benefit	(293)		(287)		(612)		(578)
Net share-based compensation expense	$	929	$	909	$	1,938	$	1,831

Schedule of Stock Options Activity

Stock option activity was as follows:


	Six Months Ended September 30, 2020
	Number of Shares	Weighted Average Price		Remaining Contractual Life (Years)	Aggregate Intrinsic Value (in Millions)
Outstanding at April 1, 2020	115,858	$	25.30
Exercised	(52,445)	25.40

Outstanding at September 30, 2020	63,413	25.23		3.9	$	3.3
Exercisable at September 30, 2020	63,413	$	25.23	3.9	$	3.3

Schedule of Restricted Share Activity

Restricted share activity was as follows:


	Six Months Ended September 30, 2020
	Number of Shares	Weighted Average Grant Date Fair Value
Outstanding at April 1, 2020:	202,466	$	60.78
Granted	67,785	73.37
Vested	(71,195)	49.80
Canceled	(11,825)	68.95
Outstanding at September 30, 2020	187,231	$	64.78

LONG-TERM DEBT (Tables)

6 Months Ended

Sep. 30, 2020

Debt Disclosure [Abstract]

Schedule of Long-Term Debt

Debt consists of the following (in thousands):


	September 30, 2020		March 31, 2020
Revolving Credit Facility, interest rate of 1.40% and 2.24%, respectively	$	—	$	—
Whitmore Term Loan, interest rate of 2.15% and 2.99%, respectively	10,617		10,898
Total debt	10,617		10,898
Less: Current portion	(561)		(561)
Long-term debt	$	10,056	$	10,337

LEASES (Tables)

6 Months Ended

Sep. 30, 2020

Leases [Abstract]

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


	Three Months Ended September 30,				Six Months Ended September 30,
(in thousands)	2020		2019		2020		2019
Components of Operating Lease Expenses
Operating lease expense (a)	$	846	$	889	$	1,691	$	1,793
Short-term lease expense	111		152		165		152
Total operating lease expense	$	957	$	1,041	$	1,856	$	1,945
(a) Included in cost of revenues and selling, general and administrative expense


(in thousands)	September 30, 2020		March 31, 2020
Operating Lease Assets and Liabilities
ROU assets, net (b)	$	15,084	$	16,383

Short-term lease liabilities (c)	$	3,188	$	3,056
Long-term lease liabilities (c)	13,757		15,179
Total operating lease liabilities	$	16,945	$	18,235
(b) Included in other assets, net
(c) Included in accrued and other current liabilities and other long-term liabilities


	Six Months Ended September 30,
(in thousands)	2020			2019
Supplemental Cash Flow
Cash paid for amounts included in the measurement of operating lease liabilities (a)	$	1,885		$	1,736
ROU assets obtained in exchange for new operating lease obligations	128			643
(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)	5.8			6.3
Weighted average discount rate (percent)	4.3		%	4.3		%

Schedule of Maturities of Operating Lease Liabilities


Maturities of operating lease liabilities were as follows (in thousands):
Year Ending March 31, 2021 (excluding the six months ended September 30, 2020)	$	1,916
2022	3,827
2023	3,121
2024	2,851
2025	2,548
Thereafter	4,963
Total lease liabilities	19,226
Less: Imputed interest	(2,281)
Present value of lease liabilities	$	16,945

DERIVATIVE INSTRUMENTS AND HEDGE ACCOUNTING (Tables)

6 Months Ended

Sep. 30, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Fair Value of Derivatives

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


	September 30, 2020		March 31, 2020

Current derivative liabilities	$	288	$	271
Non-current derivative liabilities	1,466		1,492

EARNINGS PER SHARE (Tables)

6 Months Ended

Sep. 30, 2020

Earnings Per Share [Abstract]

Reconciliation of Earnings Per Share


	Three Months Ended September 30,				Six Months Ended September 30,
	2020		2019		2020		2019
Income from continuing operations	$	16,354	$	8,818	$	28,312	$	24,163
Loss from discontinued operations	—		(35)		—		(174)
Net income	$	16,354	$	8,783	$	28,312	$	23,989

Weighted average shares:
Common stock	14,651		14,874		14,627		14,875
Participating securities	96		115		100		115
Denominator for basic earnings per common share	14,747		14,989		14,727		14,990
Potentially dilutive securities	95		191		98		180
Denominator for diluted earnings per common share	14,842		15,180		14,825		15,170

Basic earnings (loss) per common share:
Continuing operations	$	1.11	$	0.59	$	1.92	$	1.61
Discontinued operations	—		(0.01)		—		(0.01)
Net income	$	1.11	$	0.58	$	1.92	$	1.60

Diluted earnings (loss) per common share:
Continuing operations	$	1.10	$	0.58	$	1.91	$	1.59
Discontinued operations	—		—		—		(0.01)
Net income	$	1.10	$	0.58	$	1.91	$	1.58

RETIREMENT PLANS (Tables)

6 Months Ended

Sep. 30, 2020

Retirement Benefits [Abstract]

Schedule of Net Pension Benefit

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


	Three Months Ended September 30,				Six Months Ended September 30,
	2020		2019		2020		2019
Service cost, benefits earned during the period	$	10	$	18	$	20	$	35
Interest cost on projected benefit obligation	36		523		71		1,046
Expected return on assets	(24)		(653)		(47)		(1,307)
Amortization of net actuarial loss	18		12		37		25
Pension plan termination	—		7,019		—		7,019
Net pension benefit	$	40	$	6,919	$	81	$	6,818

OTHER COMPREHENSIVE INCOME (LOSS) (Tables)

6 Months Ended

Sep. 30, 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 loss (in thousands):


	Three Months Ended September 30,
	2020		2019
Currency translation adjustments:
Balance at beginning of period	$	(7,847)	$	(6,611)
Adjustments for foreign currency translation	1,052		(669)
Balance at end of period	$	(6,795)	$	(7,280)

Interest rate swaps:
Balance at beginning of period	$	(1,445)	$	(691)
Unrealized gain (losses), net of taxes of $0 and $62, respectively (a)	1		(232)
Reclassification of losses included in interest expense, net, net of taxes of $(16) and $(4), respectively	59		15

Other comprehensive income (loss)	60		(217)
Balance at end of period	$	(1,385)	$	(908)

Defined benefit plans:
Balance at beginning of period	$	(875)	$	(3,470)
Amortization of net losses, net of taxes of $(1) and $(4), respectively (b)	4		18
Pension plan termination, net of taxes of $0 and $(669), respectively	—		2,516
Other comprehensive income	4		2,534
Balance at end of period	$	(871)	$	(936)


	Six Months Ended September 30,
	2020		2019
Currency translation adjustments:
Balance at beginning of period	$	(9,185)	$	(6,869)
Adjustments for foreign currency translation	2,390		(411)
Balance at end of period	$	(6,795)	$	(7,280)

Interest rate swaps:
Balance at beginning of period	$	(1,390)	$	(394)
Unrealized losses, net of taxes of $28 and $143, respectively (a)	(105)		(538)
Reclassification of losses included in interest expense, net, net of taxes of $(29) and $(6), respectively	110		24
Other comprehensive income (loss)	5		(514)
Balance at end of period	$	(1,385)	$	(908)

Defined benefit plans:
Balance at beginning of period	$	(871)	$	(3,466)
Amortization of net losses, net of taxes of $0 and $(4), respectively (b)	—		14
Pension plan termination, net of taxes of $0 and $(669), respectively	—		2,516
Other comprehensive income	—		2,530
Balance at end of period	$	(871)	$	(936)

(b) Amortization of actuarial losses out of accumulated comprehensive loss are included in the computation of net periodic pension expense. See Note 13 for additional information.

REVENUE RECOGNITION (Tables)

6 Months Ended

Sep. 30, 2020

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

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


	Three Months Ended September 30, 2020						Six Months Ended September 30, 2020
	Industrial Products		Specialty Chemicals		Total		Industrial Products		Specialty Chemicals		Total
Build-to-order	$	21,483	$	—	$	21,483	$	42,026	$	—	$	42,026
Book-and-ship	51,010		32,447		83,457		91,706		62,172		153,878
Net revenues	$	72,493	$	32,447	$	104,940	$	133,732	$	62,172	$	195,904


	Three Months Ended September 30, 2019						Six Months Ended September 30, 2019
	Industrial Products		Specialty Chemicals		Total		Industrial Products		Specialty Chemicals		Total
Build-to-order	$	22,041	$	—	$	22,041	$	41,242	$	—	$	41,242
Book-and-ship	40,728		38,555		79,283		84,879		77,536		162,415
Net revenues	$	62,769	$	38,555	$	101,324	$	126,121	$	77,536	$	203,657

Schedule of Contract Liabilities

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


Balance at April 1, 2020:	$	2,892
Revenue recognized during the period	(1,625)

New contracts and revenue added to existing contracts during the period	1,683
Balance at September 30, 2020	$	2,950

SEGMENTS (Tables)

6 Months Ended

Sep. 30, 2020

Segment Reporting [Abstract]

Schedule of Segments

Three Months Ended September 30, 2020:


(in thousands)	Industrial Products		Specialty Chemicals		Subtotal - Reportable Segments		Eliminations and Other		Total
Revenues, net	$	72,493	$	32,447	$	104,940	$	—	$	104,940
Operating income	19,727		5,815		25,542		(3,362)		22,180

Three Months Ended September 30, 2019:


(in thousands)	Industrial Products		Specialty Chemicals		Subtotal - Reportable Segments		Eliminations and Other		Total
Revenues, net	$	62,769	$	38,555	$	101,324	$	—	$	101,324
Operating income	16,413		7,142		23,555		(3,433)		20,122


Six months ended September 30, 2020
(in thousands)	Industrial Products		Specialty Chemicals		Subtotal - Reportable Segments		Eliminations and Other		Total
Revenues, net	$	133,732	$	62,172	$	195,904	$	—	$	195,904
Operating income	36,034		9,761		45,795		(7,363)		$	38,432


Six months ended September 30, 2019
(in thousands)	Industrial Products		Specialty Chemicals		Subtotal - Reportable Segments		Eliminations and Other		Total
Revenues, net	$	126,121	$	77,536	$	203,657	$	—	$	203,657
Operating income	33,456		13,765		47,221		(6,777)		$	40,444

ORGANIZATION AND OPERATIONS AND SUMMARY OF ACCOUNTING POLICIES - Additional Information (Details) $ in Thousands	6 Months Ended
	Sep. 30, 2020 USD ($)	Sep. 30, 2020 USD ($) segment	Sep. 30, 2020 USD ($) brand	Mar. 31, 2020 USD ($)
Accounting Policies [Abstract]
Number of business segments		2	2
Highly respected industrial brands (more than) \| brand			100
Allowance for credit losses for short-term receivables	$ 576	$ 576	$ 576	$ 1,170
Current period adjustments	$ 300

ACQUISITIONS - Additional Information (Details) - USD ($) $ in Thousands		1 Months Ended	4 Months Ended	6 Months Ended
	Apr. 02, 2019	Jul. 31, 2019	Jul. 31, 2019	Sep. 30, 2020	Sep. 30, 2019
Business Acquisition [Line Items]
Amount paid at closing and funded through revolving credit facility				$ 0	$ 11,837
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

DISCONTINUED OPERATIONS - Narrative (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
	Mar. 17, 2020	Sep. 30, 2018	Dec. 31, 2017	Sep. 30, 2020	Sep. 30, 2019
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of assets				$ 6	$ 1,089
Discontinued Operations, Held-for-sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment charge			$ 46,000
Discontinued Operations, Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of assets	$ 1,500	$ 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, Disposed of by Sale - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenues, net	$ 0	$ 0	$ 0	$ 0
Loss from discontinued operations before income taxes	0	(69)	0	(224)
Income tax benefit	0	34	0	50
Loss from discontinued operations, net	$ 0	$ (35)	$ 0	$ (174)

- 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

INVENTORIES (Detail) - USD ($) $ in Thousands	Sep. 30, 2020	Mar. 31, 2020
Inventory Disclosure [Abstract]
Raw materials and supplies	$ 21,401	$ 20,935
Work in process	6,723	6,076
Finished goods	31,692	33,771
Total inventories	59,816	60,782
Less: LIFO reserve	(4,816)	(4,816)
Less: Obsolescence reserve	(2,910)	(2,213)
Inventories, net	$ 52,090	$ 53,753

GOODWILL AND INTANGIBLE ASSETS - Schedule of Changes in Carrying Amount of Goodwill (Detail) $ in Thousands	6 Months Ended
	Sep. 30, 2020 USD ($)
Goodwill [Roll Forward]
Balance at beginning of period	$ 91,686
Currency translation	733
Balance at end of period	92,419
Industrial Products
Goodwill [Roll Forward]
Balance at beginning of period	60,123
Currency translation	733
Balance at end of period	60,856
Specialty Chemicals
Goodwill [Roll Forward]
Balance at beginning of period	31,563
Currency translation	0
Balance at end of period	$ 31,563

GOODWILL AND INTANGIBLE ASSETS - Schedule of Intangible Assets (Detail) - USD ($) $ in Thousands	6 Months Ended
	Sep. 30, 2020	Mar. 31, 2020
Intangible Assets [Line Items]
Ending Gross Amount	$ 80,032	$ 79,313
Accumulated Amortization	(47,722)	(44,155)
Trade names and trademarks not being amortized
Intangible Assets [Line Items]
Ending Gross Amount	$ 11,058	11,027
Patents
Intangible Assets [Line Items]
Wtd Avg Life (Years)	11 years
Ending Gross Amount	$ 9,636	9,635
Accumulated Amortization	$ (7,329)	(6,935)
Customer lists and amortized trademarks
Intangible Assets [Line Items]
Wtd Avg Life (Years)	12 years
Ending Gross Amount	$ 63,459	62,806
Accumulated Amortization	$ (35,661)	(33,098)
Non-compete agreements
Intangible Assets [Line Items]
Wtd Avg Life (Years)	5 years
Ending Gross Amount	$ 1,689	1,653
Accumulated Amortization	$ (1,770)	(1,494)
Other
Intangible Assets [Line Items]
Wtd Avg Life (Years)	8 years
Ending Gross Amount	$ 5,248	5,219
Accumulated Amortization	$ (2,962)	$ (2,628)

GOODWILL AND INTANGIBLE ASSETS - Schedule of Estimated Future Amortization (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense of intangible assets	$ 1,700	$ 1,700	$ 3,300	$ 3,400
2021	3,152		3,152
2022	5,525		5,525
2023	4,585		4,585
2024	3,831		3,831
2025	$ 3,108		$ 3,108

SHARE-BASED COMPENSATION - Additional Information (Detail)	Sep. 30, 2020 shares
2015 Plan \| Stock Compensation Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for issuance (shares)	714,586

SHARE-BASED COMPENSATION - Schedule of Share-Based Compensation (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Share-based Payment Arrangement [Abstract]
Share-based compensation expense	$ 1,222	$ 1,196	$ 2,550	$ 2,409
Related income tax benefit	(293)	(287)	(612)	(578)
Net share-based compensation expense	$ 929	$ 909	$ 1,938	$ 1,831

SHARE-BASED COMPENSATION - Stock Option Activity (Detail) - Stock Options $ / shares in Units, $ in Millions	6 Months Ended
	Sep. 30, 2020 USD ($) $ / shares shares
Number of Shares
Outstanding at beginning of period (shares) \| shares	115,858
Exercised (shares) \| shares	(52,445)
Outstanding at end of period (shares) \| shares	63,413
Exercisable at end of period (shares) \| shares	63,413
Weighted Average Price
Outstanding at beginning of period (USD per share) \| $ / shares	$ 25.30
Exercised (USD per share) \| $ / shares	25.40
Outstanding at end of period (USD per share) \| $ / shares	25.23
Exercisable at end of period (USD per share) \| $ / shares	$ 25.23
Outstanding, Remaining Contractual Life	3 years 10 months 24 days
Exercisable, Remaining Contractual Life	3 years 10 months 24 days
Outstanding, Aggregate Intrinsic Value \| $	$ 3.3
Exercisable, Aggregate Intrinsic Value \| $	$ 3.3

SHARE-BASED COMPENSATION (Stock Option Activity) - Additional Information (Detail) - Stock Options - shares	3 Months Ended		6 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted (shares)	0	0	0	0
Number of shares vested (shares)	0	0	0	0

SHARE-BASED COMPENSATION - Restricted Share Activity (Detail) - Restricted Shares	6 Months Ended
	Sep. 30, 2020 $ / shares shares
Number of Shares
Outstanding at beginning of period (shares) \| shares	202,466
Granted (shares) \| shares	67,785
Vested (shares) \| shares	(71,195)
Canceled (shares) \| shares	(11,825)
Outstanding at end of period (shares) \| shares	187,231
Weighted Average Grant Date Fair Value
Outstanding at beginning of period (USD per share) \| $ / shares	$ 60.78
Granted (USD per share) \| $ / shares	73.37
Vested (USD per share) \| $ / shares	49.80
Canceled (USD per share) \| $ / shares	68.95
Outstanding at end of period (USD per share) \| $ / shares	$ 64.78

SHARE-BASED COMPENSATION (Restricted Stock Activity) - Additional Information (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Mar. 31, 2020
Restricted Stock Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested restricted shares outstanding (shares)	89,199		89,199		93,249
Restricted Stock Performance Shares \| Cliff Vesting
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			36 months
Restricted shares granted (shares)	0	0	26,966	31,594
Restricted Stock Performance Shares \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance-based vesting range			0.00%
Restricted Stock Performance Shares \| Minimum \| Cliff Vesting
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance-based vesting range			0.00%
Restricted Stock Performance Shares \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance-based vesting range			200.00%
Restricted Stock Performance Shares \| Maximum \| Cliff Vesting
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance-based vesting range			200.00%
Restricted Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested restricted shares outstanding (shares)	187,231		187,231		202,466
Restricted shares granted (shares)			67,785
Unrecognized compensation costs related to unvested restricted shares	$ 6,300,000		$ 6,300,000
Weighted average vesting period			1 year 10 months 24 days
Fair value of restricted shares granted (less than for the three months ended September 30, 2019)	0	$ 100,000	$ 2,500,000	$ 2,600,000
Fair value of restricted shares vested (less than for the three months ended September 30, 2020)	$ 100,000	$ 0	$ 4,300,000	$ 2,100,000

LONG-TERM DEBT - Schedule of Long-Term Debt (Detail) - USD ($)	Sep. 30, 2020	Mar. 31, 2020
Debt Instrument [Line Items]
Total debt	$ 10,617,000	$ 10,898,000
Less: Current portion	(561,000)	(561,000)
Long-term debt	10,056,000	10,337,000
Whitmore \| Secured Term Loan
Debt Instrument [Line Items]
Whitmore Term Loan, interest rate of 2.15% and 2.99%, respectively	$ 10,617,000	$ 10,898,000
Interest rate	2.15%	2.99%
Revolving Credit Facility
Debt Instrument [Line Items]
Revolving Credit Facility, interest rate of 1.40% and 2.24%, respectively	$ 0	$ 0
Interest rate	1.40%	2.24%

LONG-TERM DEBT (Revolving Credit Agreement) - Additional Information (Detail) - USD ($)	6 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Mar. 31, 2020
Debt Instrument [Line Items]
Borrowings on line of credit	$ 10,000,000	$ 7,500,000
Revolving Credit Facility
Debt Instrument [Line Items]
Debt instrument, term	5 years
Maximum borrowing capacity	$ 250,000,000.0
Commitment fee paid	0.15%
Borrowings on line of credit	$ 10,000,000.0
Line of credit amount repaid	10,000,000.0
Line of credit outstanding amount	0		$ 0
Line of credit facility, remaining borrowing capacity	$ 300,000,000.0		$ 300,000,000.0
Revolving Credit Facility \| Prime Rate
Debt Instrument [Line Items]
Spread on interest rate	0.25%
Revolving Credit Facility \| LIBOR
Debt Instrument [Line Items]
Spread on interest rate	1.25%
Revolving Credit Facility, Accordion Feature
Debt Instrument [Line Items]
Additional borrowing capacity with accordion feature	$ 50,000,000.0

LONG-TERM DEBT (Whitmore Term Loan) - Additional Information (Detail) - Whitmore - Secured Term Loan - USD ($)	6 Months Ended
	Sep. 30, 2020	Mar. 31, 2020
Debt Instrument [Line Items]
Debt instrument, periodic principal payment	$ 140,000
Principal amount outstanding under term loan	$ 10,617,000	$ 10,898,000
LIBOR
Debt Instrument [Line Items]
Spread on interest rate	2.00%

LEASES - Additional Information (Details)	Sep. 30, 2020
Minimum
Lessee, Lease, Description [Line Items]
Remaining lease term	1 year
Maximum
Lessee, Lease, Description [Line Items]
Remaining lease term	8 years 10 months 24 days

LEASES - Components of Operating Lease Expenses (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Leases [Abstract]
Operating lease expense	$ 846	$ 889	$ 1,691	$ 1,793
Short-term lease expense	111	152	165	152
Total operating lease expense	$ 957	$ 1,041	$ 1,856	$ 1,945

LEASES - Operating Lease Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Mar. 31, 2020
Leases [Abstract]
ROU assets, net	$ 15,084	$ 16,383
Included in other assets, net	us-gaap:OtherAssets	us-gaap:OtherAssets
Short-term lease liabilities	$ 3,188	$ 3,056
Included in accrued and other current liabilities	us-gaap:AccountsPayableAndAccruedLiabilitiesCurrent	us-gaap:AccountsPayableAndAccruedLiabilitiesCurrent
Long-term lease liabilities	$ 13,757	$ 15,179
Included in other long-term liabilities	us-gaap:OtherLiabilitiesNoncurrent	us-gaap:OtherLiabilitiesNoncurrent
Total operating lease liabilities	$ 16,945	$ 18,235

LEASES - Supplemental Cash Flow (Details) - USD ($) $ in Thousands	6 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Leases [Abstract]
Cash paid for amounts included in the measurement of operating lease liabilities	$ 1,885	$ 1,736
ROU assets obtained in exchange for new operating lease obligations	$ 128	$ 643

LEASES - Other Information for Operating Leases (Details)	Sep. 30, 2020	Sep. 30, 2019
Leases [Abstract]
Weighted average remaining lease term (in years)	5 years 9 months 18 days	6 years 3 months 18 days
Weighted average discount rate (percent)	4.30%	4.30%

LEASES - Maturities of Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Mar. 31, 2020
Leases [Abstract]
Year Ending March 31, 2021 (excluding the six months ended September 30, 2020)	$ 1,916
2022	3,827
2023	3,121
2024	2,851
2025	2,548
Thereafter	4,963
Total lease liabilities	19,226
Less: Imputed interest	(2,281)
Present value of lease liabilities	$ 16,945	$ 18,235

DERIVATIVE INSTRUMENTS AND HEDGE ACCOUNTING - Additional Information (Detail) - Interest Rate Swap - USD ($) $ in Millions	6 Months Ended
	Sep. 30, 2020	Mar. 31, 2020
Derivative [Line Items]
Notional amount	$ 10.7	$ 10.9
Maximum remaining length of contract	8 years 9 months 18 days

DERIVATIVE INSTRUMENTS AND HEDGE ACCOUNTING - Fair Value of Derivatives (Detail) - Hedging Instrument - Interest Rate Swap - USD ($) $ in Thousands	Sep. 30, 2020	Mar. 31, 2020
Derivatives, Fair Value [Line Items]
Current derivative liabilities	$ 288	$ 271
Non-current derivative liabilities	$ 1,466	$ 1,492

EARNINGS PER SHARE (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended				6 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Sep. 30, 2019	Jun. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Earnings Per Share [Abstract]
Income from continuing operations	$ 16,354		$ 8,818		$ 28,312	$ 24,163
Loss from discontinued operations	0		(35)		0	(174)
Net income	$ 16,354	$ 11,960	$ 8,783	$ 15,204	$ 28,312	$ 23,989
Weighted average shares:
Common stock (shares)	14,651		14,874		14,627	14,875
Participating securities (shares)	96		115		100	115
Denominator for basic earnings per common share (shares)	14,747		14,989		14,727	14,990
Potentially dilutive securities (shares)	95		191		98	180
Denominator for diluted earnings per common share (shares)	14,842		15,180		14,825	15,170
Basic earnings (loss) per common share:
Continuing operations (USD per share)	$ 1.11		$ 0.59		$ 1.92	$ 1.61
Discontinued operations (USD per share)	0		(0.01)		0	(0.01)
Net income (USD per share)	1.11		0.58		1.92	1.60
Diluted earnings (loss) per common share:
Continuing operations (USD per share)	1.10		0.58		1.91	1.59
Discontinued operations (USD per share)	0		0		0	(0.01)
Net income (USD per share)	$ 1.10		$ 0.58		$ 1.91	$ 1.58

SHAREHOLDERS' EQUITY (Details) - USD ($)			1 Months Ended	3 Months Ended		6 Months Ended		23 Months Ended
SHAREHOLDERS' EQUITY (Details) - USD ($)	Oct. 08, 2020	Nov. 07, 2018	Apr. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020
Equity, Class of Treasury Stock [Line Items]
Approved quarterly dividend rate (USD per share)			$ 0.135
Dividends paid				$ 2,000,000.0	$ 2,000,000.0	$ 4,000,000.0	$ 4,100,000
Subsequent Event
Equity, Class of Treasury Stock [Line Items]
Dividend declared (USD per share)	$ 0.135
2018 Share Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Share repurchase program authorized amount		$ 75,000,000.0
Share repurchase program term		2 years
Shares repurchased (shares)				0	0			740,137
Shares repurchased, amount								$ 46,000,000.0

RETIREMENT PLANS (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
RETIREMENT PLANS (Detail) - USD ($) $ in Thousands	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Retirement Benefits [Abstract]
Service cost, benefits earned during the period	$ 10	$ 18	$ 20	$ 35
Interest cost on projected benefit obligation	36	523	71	1,046
Expected return on assets	(24)	(653)	(47)	(1,307)
Amortization of net actuarial loss	18	12	37	25
Pension plan termination	0	7,019	0	7,019
Net pension benefit	$ 40	$ 6,919	$ 81	$ 6,818

RETIREMENT PLANS - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended		3 Months Ended			6 Months Ended
	Sep. 30, 2019	Aug. 31, 2019	Sep. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Overall termination charge			$ 0		$ 7,019	$ 0	$ 7,019
Pension Plan \| U.S. \| Qualified Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Lump sum payments offered to eligible active and terminated vested participants, percent of liability							42.00%
Percent of participants that accepted lump sum payment offer		74.00%
Aggregate amount of lump sum payments		$ 17,000
Additional contribution required due to termination	$ 500
Overall termination charge	7,000
Overall termination charge, net of tax	$ 5,400
Excess funds distributed to Defined Contribution Plan				$ 500

INCOME TAXES (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
INCOME TAXES (Detail) - USD ($) $ in Thousands	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Income Tax Disclosure [Abstract]
Income from continuing operations before income taxes	$ 21,536	$ 12,456	$ 37,163	$ 32,190
Income taxes	$ 5,182	$ 3,638	$ 8,851	$ 8,027
Effective tax rate	24.10%	29.20%	23.80%	24.90%

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 940
-SubTopic 20
-Section 25
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=68072869&loc=d3e41242-110953

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(10))
-URI http://asc.fasb.org/extlink&oid=120395209&loc=SL114868664-224227

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(8))
-URI http://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 235
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-URI http://asc.fasb.org/extlink&oid=120399901&loc=d3e537907-122884

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(15))
-URI http://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

+ Details

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

OTHER COMPREHENSIVE INCOME (LOSS) (Detail) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Sep. 30, 2019	Jun. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	$ 284,010	$ 276,741	$ 276,827	$ 263,686	$ 276,741	$ 263,686
Other comprehensive income (loss)	1,116	1,279	1,648	(43)	2,395	1,605
Balance at end of period	302,041	284,010	286,439	276,827	302,041	286,439
Losses on cash flow hedges expected to be reclassified to earnings within next 12 months					200
Currency translation adjustments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	(7,847)	(9,185)	(6,611)	(6,869)	(9,185)	(6,869)
Other comprehensive income (loss)	1,052		(669)		2,390	(411)
Balance at end of period	(6,795)	(7,847)	(7,280)	(6,611)	(6,795)	(7,280)
Interest rate swaps
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	(1,445)	(1,390)	(691)	(394)	(1,390)	(394)
Unrealized losses, net of taxes	1		(232)		(105)	(538)
Reclassification of other comprehensive loss (income), net of taxes	59		15		110	24
Other comprehensive income (loss)	60		(217)		5	(514)
Balance at end of period	(1,385)	(1,445)	(908)	(691)	(1,385)	(908)
Unrealized losses, tax	0		62		28	143
Reclassification from AOCI, tax	(16)		(4)		(29)	(6)
Defined benefit plans
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	(875)	(871)	(3,470)	(3,466)	(871)	(3,466)
Other comprehensive income (loss)	4		2,534		0	2,530
Balance at end of period	(871)	$ (875)	(936)	$ (3,470)	(871)	(936)
Amortization of net loss, net of taxes
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Reclassification of other comprehensive loss (income), net of taxes	4		18		0	14
Reclassification from AOCI, tax	(1)		(4)		0	(4)
Pension plan termination, net of taxes
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Other comprehensive income (loss)	0		2,516		0	2,516
Other comprehensive (loss) income, tax	$ 0		$ (669)		$ 0	$ (669)

REVENUE RECOGNITION (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
REVENUE RECOGNITION (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Disaggregation of Revenue [Line Items]
Net revenues	$ 104,940	$ 101,324	$ 195,904	$ 203,657
Change in Contract Liabilities [Roll Forward]
Balance at beginning of period			2,892
Revenue recognized during the period			(1,625)
New contracts and revenue added to existing contracts during the period			1,683
Balance at end of period	2,950		2,950
Build-to-order
Disaggregation of Revenue [Line Items]
Net revenues	21,483	22,041	42,026	41,242
Book-and-ship
Disaggregation of Revenue [Line Items]
Net revenues	83,457	79,283	153,878	162,415
Industrial Products
Disaggregation of Revenue [Line Items]
Net revenues	72,493	62,769	133,732	126,121
Industrial Products \| Build-to-order
Disaggregation of Revenue [Line Items]
Net revenues	21,483	22,041	42,026	41,242
Industrial Products \| Book-and-ship
Disaggregation of Revenue [Line Items]
Net revenues	51,010	40,728	91,706	84,879
Specialty Chemicals
Disaggregation of Revenue [Line Items]
Net revenues	32,447	38,555	62,172	77,536
Specialty Chemicals \| Build-to-order
Disaggregation of Revenue [Line Items]
Net revenues	0	0	0	0
Specialty Chemicals \| Book-and-ship
Disaggregation of Revenue [Line Items]
Net revenues	$ 32,447	$ 38,555	$ 62,172	$ 77,536

SEGMENTS (Detail) $ in Thousands	3 Months Ended		6 Months Ended
SEGMENTS (Detail) $ in Thousands	Sep. 30, 2020 USD ($)	Sep. 30, 2019 USD ($)	Sep. 30, 2020 USD ($)	Sep. 30, 2020 segment	Sep. 30, 2020 brand	Sep. 30, 2019 USD ($)
Segment Reporting [Abstract]
Number of business segments				2	2
Segment Reporting Information [Line Items]
Revenues, net	$ 104,940	$ 101,324	$ 195,904			$ 203,657
Operating income	22,180	20,122	38,432			40,444
Industrial Products
Segment Reporting Information [Line Items]
Revenues, net	72,493	62,769	133,732			126,121
Specialty Chemicals
Segment Reporting Information [Line Items]
Revenues, net	32,447	38,555	62,172			77,536
Reportable Segments
Segment Reporting Information [Line Items]
Revenues, net	104,940	101,324	195,904			203,657
Operating income	25,542	23,555	45,795			47,221
Reportable Segments \| Industrial Products
Segment Reporting Information [Line Items]
Revenues, net	72,493	62,769	133,732			126,121
Operating income	19,727	16,413	36,034			33,456
Reportable Segments \| Specialty Chemicals
Segment Reporting Information [Line Items]
Revenues, net	32,447	38,555	62,172			77,536
Operating income	5,815	7,142	9,761			13,765
Eliminations and Other
Segment Reporting Information [Line Items]
Revenues, net	0	0	0			0
Operating income	$ (3,362)	$ (3,433)	$ (7,363)			$ (6,777)

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130543-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details