0001624794-21-000031 | 10-K | XBRL Viewer

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Document and Entity Information - USD ($) $ in Millions	12 Months Ended
Document and Entity Information - USD ($) $ in Millions	Mar. 31, 2021	May 12, 2021	Sep. 30, 2020
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Mar. 31, 2021
Current Fiscal Year End Date	--03-31
Document Transition Report	false
Entity File Number	001-37454
Entity Registrant Name	CSW INDUSTRIALS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	47-2266942
Entity Address, Address Line One	5420 Lyndon B. Johnson Freeway, Suite 500
Entity Address, City or Town	Dallas
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75240
City Area Code	214
Local Phone Number	884-3777
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	CSWI
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 1,116.8
Entity Common Stock, Shares Outstanding		15,687,489
Documents Incorporated by Reference	Certain information contained in the definitive proxy statement for the registrant’s Annual Meeting of Stockholders is incorporated by reference into Part III hereof.
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
Entity Central Index Key	0001624794

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2021	Mar. 31, 2020
Current assets:
Cash and cash equivalents	$ 10,088	$ 18,338
Accounts receivable, net	96,695	74,880
Inventories, net	98,086	53,753
Prepaid expenses and other current assets	9,684	3,074
Total current assets	214,553	150,045
Property, plant and equipment, net	82,554	57,178
Goodwill	218,795	91,686
Intangible assets, net	283,060	46,185
Other assets	75,995	24,151
Total assets	874,957	369,245
Current liabilities:
Accounts payable	32,444	21,978
Accrued and other current liabilities	49,743	36,607
Current portion of long-term debt	561	561
Total current liabilities	82,748	59,146
Long-term debt	241,776	10,337
Retirement benefits payable	1,695	1,879
Other long-term liabilities	136,725	21,142
Total liabilities	462,944	92,504
Equity:
Common shares, $0.01 par value; Shares authorized - 50,000; Shares issued - 16,055 and 16,001, respectively	161	159
Preferred shares, $0.01 par value; Shares authorized (10,000) and issued (0)	0	0
Additional paid-in capital	104,689	48,327
Treasury shares, at cost (511 and 1,311 shares, respectively)	(34,075)	(75,377)
Retained earnings	347,234	315,078
Accumulated other comprehensive loss	(5,996)	(11,446)
Total equity	412,013	276,741
Total liabilities and equity	$ 874,957	$ 369,245

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2021	Mar. 31, 2020
Statement of Financial Position [Abstract]
Common shares, par value (USD per share)	$ 0.01	$ 0.01
Common shares, authorized (shares)	50,000,000	50,000,000
Common shares, issued (shares)	16,162,000	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 (shares)	511,000	1,311,000

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019
Income Statement [Abstract]
Revenues, net	$ 419,205	$ 385,871	$ 350,155
Cost of revenues	(234,405)	(208,821)	(188,785)
Gross profit	184,800	177,050	161,370
Selling, general and administrative expenses	(125,330)	(110,032)	(100,930)
Impairment expenses	0	(951)	0
Operating income	59,470	66,067	60,440
Interest expense, net	(2,383)	(1,331)	(1,442)
Other (expense) income, net	(5,969)	(7,135)	2,443
Income before income taxes	51,118	57,601	61,441
Provision for income taxes	(10,830)	(12,784)	(15,389)
Income from continuing operations	40,288	44,817	46,052
Income (loss) from discontinued operations, net of tax	0	1,061	(478)
Net income	$ 40,288	$ 45,878	$ 45,574
Basic earnings (loss) per common share:
Continuing operations (USD per share)	$ 2.68	$ 2.98	$ 2.99
Discontinued operations (USD per share)	0	0.07	(0.03)
Net income (USD per share)	2.68	3.05	2.96
Diluted earnings (loss) per common share:
Continuing operations (USD per share)	2.66	2.95	2.96
Discontinued operations (USD per share)	0	0.07	(0.03)
Net income (USD per share)	$ 2.66	$ 3.02	$ 2.93

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019
Statement of Comprehensive Income [Abstract]
Net income	$ 40,288	$ 45,878	$ 45,574
Other comprehensive (loss) income:
Foreign currency translation adjustments	4,791	(2,316)	(2,032)
Cash flow hedging activity, net of taxes of $(156), $265 and $72, respectively	587	(996)
Cash flow hedging activity, net of taxes of $(156), $265 and $72, respectively			(286)
Pension and other postretirement effects, net of taxes of $(34), $(682) and $177, respectively	72	2,595	(936)
Other comprehensive (loss) income	5,450	(717)	(3,254)
Comprehensive income	$ 45,738	$ 45,161	$ 42,320

- Definition

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

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+ Details

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019
Statement of Comprehensive Income [Abstract]
Cash flow hedging activity, taxes	$ (156)	$ 265
Cash flow hedging activity, taxes			$ 72
Pension and other post retirement effects, taxes	$ (34)	$ (682)	$ 177

Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Cumulative Effect, Period of Adoption, Adjustment	Common Stock	Treasury Shares	Additional Paid-In Capital	Retained Earnings	Retained Earnings Cumulative Effect, Period of Adoption, Adjustment	Accumulated Other Comprehensive Loss
Balance at beginning of period at Mar. 31, 2018	$ 265,765		$ 158	$ (3,252)	$ 42,684	$ 233,650		$ (7,475)
Balance at beginning of period (ASU 2016-09) at Mar. 31, 2018		$ (1,232)					$ (1,232)
Balance at beginning of period (ASC 606) at Mar. 31, 2018		(692)					(692)
Balance at beginning of period (ASU 2018-02) at Mar. 31, 2018		288					288
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Accounting Standards Update [Extensible List]	us-gaap:AccountingStandardsUpdate201602Member
Share-based compensation	$ 3,949				3,949
Stock activity under stock plans	(1,086)			(1,086)
Repurchase of common shares	(45,626)			(45,626)
Net income	45,574					45,574
Other comprehensive income (loss), net of tax	(3,254)							(3,254)
Balance at end of period at Mar. 31, 2019	263,686	$ (206)	158	(49,964)	46,633	277,588	$ (206)	(10,729)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation	5,074				5,074
Stock activity under stock plans	(1,980)		1	1,451	(3,432)
Repurchase of common shares	(26,864)			(26,864)
Net income	45,878					45,878
Dividends	(8,130)				52	(8,182)
Other comprehensive income (loss), net of tax	(717)							(717)
Balance at end of period at Mar. 31, 2020	276,741		159	(75,377)	48,327	315,078		(11,446)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation	5,085				5,085
Stock activity under stock plans	(2,812)		2	(2,812)	(2)
Repurchase of common shares	(7,291)			(7,291)
Reissuance of treasury shares	102,637			51,405	51,232
Net income	40,288					40,288
Dividends	(8,085)				47	(8,132)
Other comprehensive income (loss), net of tax	5,450							5,450
Balance at end of period at Mar. 31, 2021	$ 412,013		$ 161	$ (34,075)	$ 104,689	$ 347,234		$ (5,996)

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019
Cash flows from operating activities:
Net income	$ 40,288	$ 45,878	$ 45,574
Less: Income (loss) from discontinued operations, net of tax	0	1,061	(478)
Income from continuing operations	40,288	44,817	46,052
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	9,194	7,918	7,411
Amortization of intangible and other assets	13,843	6,927	6,425
Provision for inventory reserves	1,308	(28)	231
Provision for doubtful accounts	696	909	818
Share-based and other executive compensation	5,086	5,074	3,949
Net gain on disposals of property, plant and equipment	(23)	(833)	(4,320)
Pension plan termination expense	0	6,559	0
Net pension benefit	163	(121)	(416)
Impairment of intangible assets	0	951	0
Realized deferred taxes (Note 14)	0	0	10,419
Net deferred taxes	(1,737)	537	206
Changes in operating assets and liabilities:
Accounts receivable	(7,219)	(7,997)	(3,825)
Inventories	(3,377)	(1,653)	(5,537)
Prepaid expenses and other current assets	(4,246)	3,969	725
Other assets	(1,532)	29	920
Accounts payable and other current liabilities	13,856	5,884	5,704
Retirement benefits payable and other liabilities	(46)	(1,545)	(603)
Net cash provided by operating activities, continuing operations	66,254	71,397	68,159
Net cash used in operating activities, discontinued operations	0	(1,500)	(8,449)
Net cash provided by operating activities	66,254	69,897	59,710
Cash flows from investing activities:
Capital expenditures	(8,833)	(11,437)	(7,515)
Proceeds from sale of assets held for investment	6,152	0	3,905
Proceeds from sale of assets	30	1,292	3,295
Cash paid for acquisitions	(287,238)	(11,837)	(10,100)
Net cash used in investing activities, continuing operations	(289,889)	(21,982)	(10,415)
Net cash provided by investing activities, discontinued operations	0	1,538	7,356
Net cash used in investing activities	(289,889)	(20,444)	(3,059)
Cash flows from financing activities:
Borrowings on lines of credit	255,000	7,500	28,000
Repayments of lines of credit	(23,561)	(28,061)	(20,561)
Payments of deferred loan costs	(148)	0	0
Purchase of treasury shares	(10,489)	(28,460)	(46,712)
Proceeds from stock option activity	1,330	0	0
Dividends paid to shareholders	(8,083)	(8,130)	0
Net cash provided by (used in) financing activities	214,049	(57,151)	(39,273)
Effect of exchange rate changes on cash and equivalents	1,336	(615)	(2,433)
Net change in cash and cash equivalents	(8,250)	(8,313)	14,945
Cash and cash equivalents, beginning of period	18,338	26,651	11,706
Cash and cash equivalents, end of period	10,088	18,338	26,651
Supplemental non-cash disclosure:
Cash paid during the year for interest	1,875	1,165	1,302
Cash paid during the year for income taxes	$ 14,021	$ 8,873	$ 2,888

Organization and Operations and Summary of Significant Accounting Policies

12 Months Ended

Mar. 31, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization and Operations and Summary of Significant Accounting Policies

ORGANIZATION AND OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

CSW Industrials, Inc. (“CSWI,” “we,” “our” or “us”) is a diversified industrial growth company with well-established, scalable platforms and domain expertise across two segments: Industrial Products and Specialty Chemicals. Our broad portfolio of leading products provides performance optimizing solutions to our customers. Our products include mechanical products for heating, ventilation, air conditioning and refrigeration (“HVAC/R”), sealants and high-performance specialty lubricants. Drawing on our innovative and proven technologies, we seek to deliver solutions to our professional customers that require superior performance and reliability. Our diverse product portfolio includes more than 100 highly respected industrial brands including RectorSeal No. 5®, KOPR-KOTE®, KATS Coatings®, Safe-T-Switch®, Air Sentry®, Deacon®, Leak Freeze®, Greco® and TRUaire®.

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.

The COVID-19 pandemic continues to have an impact on human health, the global economy and society at large. The pandemic and its resulting impacts had an adverse impact on our financial results in the fiscal year ended March 31, 2021, as compared with the prior year, most notably within the first and second quarters of fiscal 2021. While the COVID-19 pandemic has contributed to increased demand in certain parts of our business, including the HVAC/R end market, we expect our overall results of operations and financial condition to continue to be adversely impacted through the duration of the pandemic when compared to pre-pandemic periods. Despite strong demand in certain of our end markets and signs of recovery in others, we cannot reasonably estimate the magnitude or length of the pandemic’s adverse impact, including the effects of any vaccine or its ultimate impact on our business or financial condition, due to continued uncertainty regarding (1) the duration and severity of the COVID-19 pandemic and (2) the continued potential for short and long-term impacts on our facilities and employees, customer demand and supply chain.

All of our operations and products support critical infrastructure and are considered "essential" in all of the relevant jurisdictions in which we operate. In response to the COVID-19 pandemic, we took numerous measures across our operating sites to ensure we continue to place the highest priority on the health, safety and well-being of our employees, while continuing to support our customers. Through the date of this filing, our businesses have continued to operate throughout the COVID-19 pandemic with appropriate safeguards for our employees and without any material disruptions.

Basis of Presentation – The consolidated financial position, results of operations and cash flows included in this Annual Report on Form 10-K for the fiscal year ended March 31, 2021 (“Annual Report”) include all revenues, costs, assets and liabilities directly attributable to CSWI and have been prepared in accordance with United States (“U.S.”) generally accepted accounting principles (“GAAP”).

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

•Timing and amount of revenue recognition;

•Deferred taxes and tax reserves; and

•Valuation of goodwill and indefinite-lived intangible assets.

Cash and Cash Equivalents – We consider all highly liquid instruments purchased with original maturities of three months or less and money market accounts to be cash equivalents. We maintain our cash and cash equivalents at financial institutions for which the combined account balances in individual institutions may exceed insurance coverage and, as a result, there is a concentration of credit risk related to amounts on deposit in excess of insurance coverage. We had deposits in domestic banks of $6.1 million and $11.7 million at March 31, 2021 and 2020, respectively, and balances of $4.0 million and $6.6 million were held in foreign banks at March 31, 2021 and 2020, respectively.

Accounts Receivable, Allowance for Doubtful Accounts and Credit Risk – Trade accounts receivables are recorded at the invoiced amounts and do not bear interest. 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 March 31, 2021 was $0.9 million, compared to $1.2 million as of March 31, 2020. The activity for the year ended March 31, 2021 included write off of trade receivables of $0.7 million for current period adjustments.

Credit risks are mitigated by the diversity of our customer base across many different industries and by performing creditworthiness analyses on our customers. Additionally, we mitigate credit risk through letters of credit and advance payments received from our customers. We do not believe that we have any significant concentrations of credit risk.

Inventories and Related Reserves – Inventories are stated at the lower of cost or net realizable value and include raw materials, supplies, direct labor and manufacturing overhead. Cost is determined using the last-in, first-out (“LIFO”) method for valuing inventories at most of our domestic operations. Our foreign subsidiaries and some domestic operations use either the first-in, first out method or the weighted average cost method to value inventory. Foreign inventories represent approximately 12% and 6% of total inventories as of March 31, 2021 and 2020, respectively.

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

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


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

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

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

Valuation of Goodwill and Intangible Assets – The value of goodwill is tested for impairment at least annually as of January 31 or whenever events or circumstances indicate such assets may be impaired. The identification of our reporting units began at the operating segment level and considered whether components one level below the operating segment levels should be identified as reporting units for purpose of testing goodwill for impairment based on certain conditions. These conditions included, among other factors, (i) the extent to which a component represents a business and (ii) the aggregation of economically similar components within the operating segments. Other factors that were considered in determining whether the aggregation of components was appropriate included the similarity of the nature of the products and services, the nature of the production processes, the methods of distribution and the types of industries served.

Accounting Standards Codification ("ASC") 350 allows an optional qualitative assessment, prior to a quantitative assessment test, to determine whether it is more likely than not that the fair value of a reporting unit exceeds its carrying amount. We bypassed the qualitative assessment and proceeded directly to the quantitative test. If the carrying value of a reporting unit exceeds it fair value, the goodwill of that reporting unit is impaired and an impairment loss is recorded equal to the excess of the carrying value over its fair value. We estimate the fair value of our reporting units based on an income approach, whereby we calculate the fair value of a reporting unit base on the present value of estimated future cash flows. A discounted cash flow analysis requires us to make various judgmental assumptions about future sales, operating margins, growth rates and discount rates, which are based on our budgets, business plans, economic projections, anticipated future cash

flows and market participants. No goodwill impairment loss was recognized as a result of the impairment tests for the years ended March 31, 2021, 2020 or 2019.

We have intangible assets consisting of patents, trademarks, customer lists and non-compete agreements. Definite-lived intangible assets are assessed for impairment whenever events or changes in circumstances indicate the carrying amount may not be recoverable. In addition, we have other trademarks and license agreements that are considered to have indefinite lives. We test indefinite-lived intangible assets for impairment at least annually as of January 31 or whenever events or circumstances indicate that the carrying amount may not be recoverable. Significant assumptions used in the impairment test include the discount rate, royalty rate, future sales projections and terminal value growth rate. These inputs are considered non-recurring Level III inputs within the fair value hierarchy. An impairment loss would be recognized when estimated future cash flows are less than their carrying amount. We recorded an impairment of intangible assets of continuing operations of $0, $1.0 million and $0 for the years ended March 31, 2021, 2020 and 2019, respectively.

Property Held for Investment – One of our non-operating subsidiaries holds and manages a non-operating property, which is valued at lower of cost or market and disposed of as opportunities arise to maximize value.

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

Fair Values of Financial Instruments – Our financial instruments are presented at fair value in our consolidated balance sheets, with the exception of our long-term debt, as discussed in Note 7. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Where available, fair value is based on observable market prices or parameters or derived from such prices or parameters. Where observable prices or inputs are not available, valuation models may be applied.

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

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

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

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

Recurring fair value measurements are limited to investments in derivative instruments and assets held in defined benefit pension plans. The fair value measurements of our derivative instruments are determined using models that maximize the use of the observable market inputs including interest rate curves and both forward and spot prices for currencies, and are classified as Level II under the fair value hierarchy. The fair values of our derivative instruments are included in Note 9. The fair values of assets held in defined benefit pension plans are discussed in Note 13.

Leases – We determine if a contract is or contains a lease at inception by evaluating whether the contract conveys the right to control the use of an identified asset. Right-of-Use (“ROU”) assets and lease liabilities are initially recognized at the commencement date based on the present value of remaining lease payments over the lease term calculated using our incremental borrowing rate, unless the implicit rate is readily determinable. ROU assets represent the right to use an underlying asset for the lease term, including any upfront lease payments made and excluding lease incentives. Lease liabilities represent the obligation to make future lease payments throughout the lease term. As most of our operating leases do not provide an implicit rate, we apply our incremental borrowing rate to determine the present value of remaining lease payments. Our incremental borrowing rate is determined based on information available at the commencement date of the lease. The lease term includes renewal periods when we are reasonably certain to exercise the option to renew. The ROU asset is amortized over the expected lease term. Lease and non-lease components, when present on our leases, are accounted for separately. Leases with an initial term of 12 months or less are excluded from recognition in the balance sheet, and the expense for these short-term

leases and for operating leases is recognized on a straight-line basis over the lease term. We have certain lease contracts with terms and conditions that provide for variability in the payment amount based on changes in facts or circumstances occurring after the commencement date. These variable lease payments are recognized in our consolidated income statements as the obligation is incurred. As of March 31, 2021, we did not have material leases that imposed significant restrictions or covenants, material related party leases or sale-leaseback arrangements.

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

We discontinue hedge accounting when (1) we deem the hedge to be ineffective and determine that the designation of the derivative as a hedging instrument is no longer appropriate; (2) the derivative matures, terminates or is sold; or (3) occurrence of the contracted or committed transaction is no longer probable or will not occur in the originally expected period. When hedge accounting is discontinued and the derivative remains outstanding, we carry the derivative at its estimated fair value on the balance sheet, recognizing changes in the fair value in current period earnings. If a cash flow hedge becomes ineffective, any deferred gains or losses remain in accumulated other comprehensive loss until the underlying hedged item is recognized. If it becomes probable that a hedged forecasted transaction will not occur, deferred gains or losses on the hedging instrument are recognized in earnings immediately.

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

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

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

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

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

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

Revenue Recognition – We recognize revenues to depict the transfer of control of promised goods or services to our customers in an amount that reflects the consideration to which we expect to be entitled in exchange for those goods or services. Refer to Note 18 for further discussion. We recognize revenue when all of the following criteria have been met: (i) a contract with a customer exists, (ii) performance obligations have been identified, (iii) the price to the customer has been determined, (iv) the price to the customer has been allocated to the performance obligations, and (v) performance obligations are satisfied, which are more fully described below.

(i) We identify a contract with a customer when a sales agreement indicates approval and commitment of the parties; identifies the rights of the parties; identifies the payment terms; has commercial substance; and it is probable that we

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

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

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

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

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

We exclude from the measurement of the transaction price all taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction and collected from a customer. As such, we present revenue net of sales and other similar taxes. Shipping and handling costs associated with outbound freight after control over a product has transferred to a customer are accounted for as a fulfillment cost and are included in cost of revenues. Costs to obtain a contract, which include sales commissions recorded in selling, general and administrative expense, are expensed when incurred as the amortization period is one year or less. We do not have customer contracts that include significant financing components.

Research and Development ("R&D") – R&D costs are expensed as incurred. Costs incurred for R&D primarily include salaries and benefits and consumable supplies, as well as rent, professional fees, utilities and the depreciation of property and equipment used in R&D activities. R&D costs included in selling, general and administrative expense were $4.5 million, $4.3 million and $4.3 millions for the years ended March 31, 2021, 2020 and 2019, respectively.

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

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

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

Unremitted Earnings – During the fiscal quarter ended March 31, 2019, we lifted our assertion that the earnings of our United Kingdom ("U.K.") and Australian subsidiaries were indefinitely invested outside of the U.S. During the fiscal quarter ended September 30, 2020, we lifted our assertion that the earnings of our Jet Lube Canada subsidiary were indefinitely invested outside of the U.S. We assert that the foreign earnings of the U.K., Australian, Vietnam and Jet Lube Canada subsidiaries will be remitted to the U.S. through distributions. We still consider the earnings of our other Canadian subsidiaries indefinitely invested outside the U.S. as we have needs for working capital in our other Canadian entities. A provision was made for taxes that may become payable upon distribution of earnings from our U.K., Australian, Vietnam and Jet Lube Canada subsidiaries.

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

Earnings Per Share – We use the two-class method of calculating earnings per share, which determines earnings per share for each class of common stock and participating security as if all earnings of the period had been distributed. If the holders of restricted stock awards are entitled to vote and receive dividends during the restriction period, unvested shares of restricted stock qualify as participating securities and, accordingly, are included in the basic computation of earnings per share. Our unvested restricted shares participate on an equal basis with common shares; therefore, there is no difference in undistributed earnings allocated to each participating security. Accordingly, the presentation in Note 10 is prepared on a combined basis and is presented as earnings per common share. Diluted earnings per share is based on the weighted average number of shares as determined for basic earnings per share plus shares potentially issuable in conjunction with stock options.

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

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

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

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

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

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

Discontinued Operations – During the third quarter of the fiscal year ended March 31, 2019, we committed to a plan to divest our Strathmore products business (the "Coatings business"). This determination resulted in the reclassification of the assets and liabilities comprising that business to assets held-for-sale, and a corresponding adjustment to our consolidated statements of operations to reflect discontinued operations for all periods presented.

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. 2018-14, "Disclosure Framework – Changes to the Disclosure Requirements for Defined Benefit Plans," which modifies the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. The amendments remove disclosures that no longer are considered cost beneficial, clarify the specific requirements of disclosures and add disclosure requirements identified as relevant. This ASU is effective, on a retrospective basis, for fiscal years ending after December 15, 2020. We have adopted the standard and the required disclosure are reflected on our annual disclosures of the Company's defined benefit plans.

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

In March 2020, the FASB issued ASU 2020-04, "Reference Rate Reform (Topic 848) Facilitation of the Effects of Reference Rate Reform on Financial Reporting." This update provides optional guidance for a limited period of time to ease potential accounting impacts associated with transitioning away from reference rates that are expected to be discontinued, such as interbank offered rates and LIBOR. In the U.S., the Alternative Reference Rates Committee has identified the Secured Overnight Financing Rate ("SOFR") as its preferred alternative to 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. The adoption is not expected to have a significant impact on our consolidated financial condition and results of operations.

Acquisitions

12 Months Ended

Mar. 31, 2021

Business Combinations [Abstract]

Acquisitions

ACQUISITIONS

T.A. Industries

On December 15, 2020, we acquired 100% of the outstanding equity of T.A. Industries, Inc. (“TRUaire”), a leading manufacturer of grilles, registers, and diffusers for the residential and commercial HVAC/R end market, based in Santa Fe Springs, California. The acquisition also included TRUaire’s wholly-owned manufacturing facility based in Vietnam. The acquisition is expected to extend the Company’s product offerings to the HVAC market as well as add new customers and provide strategic distribution facilities.

The contractual consideration paid for TRUaire included cash of $284 million ($286.9 million after working capital and closing cash adjustments) and 849,852 shares of the Company’s common stock (valued at approximately $76.0 million at transaction signing on November 4, 2020) valued at $97.7 million at transaction close based on the closing market price of the Company's common shares on the acquisition date. The cash consideration was funded through a combination of cash on hand and borrowings under our revolving credit facility. The 849,852 shares of common stock delivered to the sellers as consideration were reissued from treasury shares.


Acquisition Consideration (Amounts in thousands, except for shares)
Cash (a)	$	286,925
Common stock (849,852 shares)	97,656
Total consideration transferred	$	384,581

(a) Amount includes working capital and closing cash adjustments, and excludes the $1.2 million received by the Company on April 1, 2021 as a result of the final working capital true-up adjustment pursuant to the purchase agreement.

The TRUaire acquisition was accounted for as a business combination under FASB Accounting Standards Codification Topic 805, Business Combinations ("Topic 805"). Pursuant to Topic 805, the Company allocated the TRUaire purchase price to tangible and identifiable intangible assets acquired and liabilities assumed based on their estimated fair values as of the acquisition date, December 15, 2020. The excess of the purchase price over those fair values was recorded to goodwill. The Company's evaluation of the facts and circumstances available as of the acquisition date, to assign fair values to assets acquired and liabilities assumed, including income tax related amounts, is ongoing. As we complete further analysis of tangible assets, intangible assets and liabilities assumed, additional information impacting the assets acquired and the related allocation thereof, may become available. A change in information related to the net assets acquired may change the amount of the purchase price assigned to goodwill, and, as a result, the preliminary fair values set forth below are subject to adjustments when additional information is obtained and valuations are completed. Provisional adjustments, if any, will be recognized during the reporting period in which the adjustments are determined. We expect to finalize the purchase price allocation as soon as practicable, but no later than one year from the acquisition date. The following table summarizes the Company's best initial estimate of the aggregate fair value of the assets acquired and liabilities assumed at the date of acquisition (in thousands).


	Initial Estimated Fair Value		Measurement Period Adjustments		Updated Estimated Fair Value
Cash	$	1,471	$	—	$	1,471
Accounts Receivable, net	13,467		—		13,467
Inventory	46,313		(1,300)		45,013
Short-Term Tax Indemnity Assets	5,000		—		5,000
Other Current Assets	1,285		1,041		2,326
Property, Plant and Equipment	28,832		(3,065)		25,767
Trade Name (indefinite life)	43,500		—		43,500
Customer Lists (useful life of 15 years)	194,000		8,500		202,500
Right-Of-Use Assets	49,040		—		49,040
Long-Term Tax Indemnity Assets	7,500		—		7,500
Other Long-term Assets	2,850		402		3,252
Accounts Payable	(4,074)		—		(4,074)
Accrued and Other Current Liabilities	(3,678)		(1,395)		(5,073)
Lease Liabilities - Short-Term	(4,811)		—		(4,811)

Deferred Tax Liabilities	(56,249)		(6,912)		(63,161)
Tax Contingency Reserve	(22,511)		5,190		(17,321)
Lease Liabilities - Long-Term	(45,369)		—		(45,369)
Estimated fair value of net assets acquired	256,566		2,461		259,027
Goodwill	129,169		(3,615)		125,554
Total Purchase Price	$	385,735	$	(1,154)	$	384,581

Deferred tax liabilities were established to record the deferred tax impact of purchase price accounting adjustments, primarily related to intangibles assets. Tax contingency reserves relate to uncertain tax positions TRUaire took in the periods prior to the acquisition date.

In accordance with the tax indemnification included in the purchase agreement of TRUaire, the seller has provided contractual indemnification to the Company for up to $12.5 million related to uncertain tax positions taken in prior years. The outcome of this arrangement will either be settled or expire by 2023. During the three months ended March 31, 2021, TRUaire received an audit closing letter from Internal Revenue Service related to calendar 2017, a pre-acquisition tax year. As a result of this, the relevant tax indemnification asset of $5.0 million was released in accordance with the purchase agreement. The release of the relevant uncertain tax position accrual of $5.3 million was recorded as an income tax benefit for the three months ended March 31, 2021, and the offsetting indemnification expense of $5.0 million was recorded in other expense on the consolidated statement of operations. As of March 31, 2021, approximately $7.5 million of the indemnification assets remained outstanding.

Goodwill of $125.6 million represents the excess of the purchase price over the fair value of the underlying tangible and intangible assets acquired and liabilities assumed. The acquisition goodwill represents the value expected to be obtained from expanding the Company’s product offerings more broadly across the HVAC end market. The goodwill recorded as part of this acquisition is included in the Industrial Products segment. The goodwill associated with the acquisition will not be amortized for financial reporting purposes and will not be deductible for income tax purposes.

TRUaire generated net revenue of $33.8 million and a net loss before income taxes of $0.4 million for the period from the acquisition date to March 31, 2021. The loss before income taxes includes amortization expenses related to the acquired customer lists ($3.9 million), the fair value step-up of the inventory ($3.5 million), the indemnification expense of $5.0 million discussed above, and excludes the transaction expenses discussed below. TRUaire activity has been included in our Industrial Products segment since the acquisition date. During the year ended March 31, 2021, the Company incurred and paid $7.8 million of transaction expenses in connection with the TRUaire acquisition, which are included in selling, general and administrative expenses in the Consolidated Statement of Operations.

Pursuant to Topic 805, unaudited supplemental proforma results of operations for the year ended March 31, 2021 and 2020, as if the acquisition of TRUaire had occurred on April 1, 2019 are presented below (in thousands, except per share amounts):


	Year Ended March 31,
	2021		2020
Revenue, net	$	495,788	$	480,285
Net income	47,891		28,730

Net earnings per common share:
Diluted	3.17		1.79
Basic	3.19		1.81

These proforma results do not present financial results that would have been realized had the acquisition occurred on April 1, 2019, nor are they intended to be a projection of future results. The unaudited proforma results include certain proforma adjustments to net income that were directly attributable to the acquisition, as if the acquisition had occurred on April 1, 2019, including the following:

•Transactions expenses of $0 and $7.8 million for the years ended March 31, 2021 and 2020, respectively, that would have been recognized by the Company related to the TRUaire acquisition;

•Additional depreciation expense of $0.4 million and $0.6 million for the years ended March 31, 2021 and 2020, respectively, that would have been recognized as a result of the fair value step-up of the property, plant and equipment;

•Additional amortization expense of $0 and $7.9 million for the years ended March 31, 2021 and 2020, respectively, that would have been recognized as a result of the fair value step-up of the inventory;

•Additional amortization expense of $9.6 million and $13.5 million for the years ended March 31, 2021 and 2020, respectively, that would have been recognized as a result of the allocation of purchase consideration to customer lists subject to amortization;

•Estimated additional interest expense of $3.2 million and $4.5 million for the years ended March 31, 2021 and 2020, respectively, as a result of incurring additional borrowing;

•Income tax effect of the proforma adjustments calculated using a blended statutory income tax rate of 24.5% of $3.2 million and $8.4 million for the years ended March 31, 2021 and 2020, respectively.

Petersen Metals

On April 2, 2019, we acquired the assets of Petersen Metals, Inc. (“Petersen”), based near Tampa, Florida, for $11.8 million, of which $11.5 million was paid at closing and funded through our revolving credit facility, and the remaining $0.3 million represented a working capital adjustment paid in July 2019. Petersen is a leading designer, manufacturer and installer of architecturally-specified, engineered metal products and railings, including aluminum and stainless steel railings products for interior and exterior applications. The excess of the purchase price over the fair value of the identifiable assets acquired was $6.1 million allocated to goodwill, which will be deductible for income tax purposes. Goodwill represents the value expected to be obtained from enabling geographic, end market and product diversification and expansion as Petersen is a strategic complement to our existing line of architecturally-specified building products. The allocation of the fair value of the net assets acquired included customer lists of $3.2 million and backlog of $0.4 million, as well as accounts receivable, inventory and equipment of $2.2 million, $0.8 million and $0.7 million, respectively, net of current liabilities of $1.5 million. Customer lists are being amortized over 15 years, backlog is amortized over 1.5 years and goodwill is not being amortized. Petersen activity has been included in our Industrial Products segment since the acquisition date. No pro forma information has been provided due to immateriality.

MSD Research, Inc.

On January 31, 2019, we acquired the assets of MSD Research, Inc. (“MSD”), based in Boca Raton, Florida, for $10.1 million, funded through our revolving credit facility. MSD is a leading provider of condensate management products for commercial and residential HVAC/R systems, including float switches, drain line cleanouts and flush tools. The excess of the purchase price over the fair value of the identifiable assets acquired was $5.2 million allocated to goodwill, which will be deductible for income tax purposes. Goodwill represents the value expected to be obtained from a more extensive condensation management product portfolio for the HVAC/R market and leveraging our larger distributor network. The allocation of the fair value of the net assets acquired included customer lists, trademarks and technology of $3.3 million, $0.8 million and $0.4 million, respectively, as well as inventory and accounts receivable of $0.3 million and $0.1 million, respectively. Customer lists and technology are being amortized over 10 years and 5 years, respectively, while trademarks and goodwill are not being amortized. MSD activity has been included in our Industrial Products segment since the acquisition date. No pro forma information has been provided due to immateriality.

Discontinued Operations

12 Months Ended

Mar. 31, 2021

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

DISCONTINUED OPERATIONS

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

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

On March 17, 2020, we completed the sale of the last remaining real property owned by the Coatings business to an unrelated third party, the terms of which were not disclosed due to immateriality. The sale resulted in proceeds and a gain on disposal of $1.5 million due to write-downs of long-lived assets in prior periods. The last remaining asset of the Coatings business is a long-term lease that expires in March 2027. We have not terminated the lease, but we have sub-let the property for the remainder of the lease term. As such, this lease has been moved back into continuing operations, effective March 31, 2020, and the related ROU assets and lease liabilities were reported as continuing operations as of March 31, 2020.

The assets and liabilities of the Coatings business reside in a disregarded entity for tax purposes. Accordingly, the tax attributes associated with the operations of our Coatings business will ultimately flow through to the corporate parent, which files a consolidated federal return. Therefore, any corresponding tax assets or liabilities have been reflected as a component of our continuing operations. Discontinued operations reported no assets or liabilities as of March 31, 2021 and 2020, respectively, in the consolidated balance sheets.

Summarized selected financial information for the Coatings business for the years ended March 31, 2021, 2020 and 2019, is presented in the following table (in thousands):


	Year Ended March 31,
	2021		2020		2019
Revenues, net	$	—	$	—	$	5,303

Gain (loss) from discontinued operations before income taxes	—		1,326		(774)
Income tax (expense) benefit	—		(265)		296
Gain (loss) from discontinued operations	$	—	$	1,061	$	(478)

Goodwill and Intangible Assets

12 Months Ended

Mar. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

GOODWILL AND INTANGIBLE ASSETS

The changes in the carrying amount of goodwill for the years ended March 31, 2021 and 2020 were as follows (in thousands):


	Industrial Products		Specialty Chemicals		Total
Balance at April 1, 2019	$	54,732	$	31,563	$	86,295
Petersen acquisition	6,128		—		6,128
Currency translation	(737)		—		(737)
Balance at March 31, 2020	$	60,123	$	31,563	$	91,686
T.A. industries acquisition	125,554		—		125,554
Currency translation	1,555		—		1,555
Balance at March 31, 2021	$	187,232	$	31,563	$	218,795

The following table provides information about our intangible assets for the years ended March 31, 2021 and 2020 (in thousands, except years):


		March 31, 2021				March 31, 2020
	Wtd Avg Life (Years)	Ending Gross Amount		Accumulated Amortization		Ending Gross Amount		Accumulated Amortization
Finite-lived intangible assets:
Patents	11	$	9,461	$	(7,540)	$	9,635	$	(6,935)
Customer lists and amortized trademarks	14	267,096		(42,345)		62,806		(33,098)
Non-compete agreements	5	982		(790)		1,653		(1,494)
Other	8	4,743		(3,141)		5,219		(2,628)
		$	282,282	$	(53,816)	$	79,313	$	(44,155)
Trade names and trademarks not being amortized (a):		$	54,594	$	—	$	11,027	$	—

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

Amortization expense for the years ended March 31, 2021, 2020 and 2019 was $10.5 million, $6.7 million and $6.2 million, respectively. The following table presents the estimated future amortization of finite-lived intangible assets for the next five fiscal years ending March 31 (in thousands):


2022	$	19,288
2023	18,279
2024	17,567
2025	16,609
2026	15,699
Thereafter	141,024
Total	228,466

Share-Based Compensation

12 Months Ended

Mar. 31, 2021

Share-based Payment Arrangement [Abstract]

Share-Based Compensation

SHARE-BASED COMPENSATION

We maintain the shareholder-approved 2015 Equity and Incentive Compensation Plan (the “2015 Plan”), which provides for the issuance of up to 1,230,000 shares of CSWI common stock through the grant of stock options, stock appreciation rights, restricted shares, restricted stock units, performance shares, performance units or other share-based awards, to employees, officers and non-employee directors. As of March 31, 2021, 675,113 shares were available for issuance under the 2015 Plan.

We recorded share-based compensation expense as follows for the years ended March 31, 2021, 2020 and 2019 (in thousands):


	Year Ended March 31, 2021
	Stock Options		Restricted Stock		Total
Share-based compensation expense	$	—	$	5,085	$	5,085
Related income tax benefit	—		(1,220)		(1,220)
Net share-based compensation expense	$	—	$	3,865	$	3,865


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


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

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


	Year Ended March 31, 2021
	Number of Shares	Weighted Average Exercise 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 March 31, 2021 (a)	63,413	$	25.23	3.4	$	7.0
Exercisable at March 31, 2021 (a)	63,413	$	25.23	3.4	$	7.0

(a) All remaining awards outstanding and exercisable at March 31, 2021 are held by employees of CSWI.


	Year Ended March 31, 2020
	Number of Shares	Weighted Average Exercise Price		Remaining Contractual Life (Years)	Aggregate Intrinsic Value (in Millions)
Outstanding at April 1, 2019	231,717	$	25.12
Exercised	(115,859)	24.93
Outstanding at March 31, 2020	115,858	$	25.30	4.1	$	4.6
Exercisable at March 31, 2020	115,858	$	25.30	4.1	$	4.6

No options were granted during the years ended March 31, 2021, 2020 and 2019, and all stock options were vested and recognized as of March 31, 2021. The intrinsic value of options exercised during the years ended March 31, 2021, 2020 and 2019 was $2.5 million, $5.6 million and $0, respectively. Cash received for options exercised during the years ended March 31, 2021, 2020 and 2019 was $1.3 million, $2.9 million and $0, respectively, and the tax benefit received was $0.4 million, $1.2 million and $0, respectively. The total fair value of stock options vested during the years ended March 31, 2021, 2020 and 2019 was $0, $0 and $0.1 million, respectively.

Restricted stock activity was as follows:


	Year Ended March 31, 2021
	Number of Shares	Weighted Average Grant Date Fair Value
Outstanding at April 1, 2020	202,466	$	60.78
Granted	119,751	75.88
Vested	(124,985)	52.89
Canceled	(24,316)	70.67
Outstanding at March 31, 2021 (a)	172,916	$	70.50

(a) All remaining awards outstanding and exercisable at March 31, 2021 are held by employees of CSWI.

During the restriction period, the holders of restricted shares are entitled to vote and receive dividends. Unvested restricted shares outstanding as of March 31, 2021 and 2020 included 82,728 and 93,249 shares (at target), respectively, with performance-based vesting provisions, having vesting ranges from 0-200% based on pre-defined performance targets with market conditions. Performance-based awards accrue dividend equivalents, which are settled upon (and to the extent of) vesting of the underlying award, and do not have the right to vote until vested. Performance-based awards are earned upon the achievement of objective performance targets and are payable in common shares. Compensation expense is calculated based on the fair market value as determined by a Monte Carlo simulation and is recognized over a 36-month cliff vesting period. We granted 34,245 and 31,758 awards with performance-based vesting provisions during the years ended March 31, 2021 and 2020, respectively, with a vesting range of 0-200%.

At March 31, 2021, we had unrecognized compensation cost related to unvested restricted shares of $6.9 million, which will be amortized into net income over the remaining weighted average vesting period of 1.9 years. The total fair value of restricted shares vested during the years ended March 31, 2021 and 2020 was $8.5 million and $6.3 million, respectively.

Details of Certain Consolidated Balance Sheet Captions

12 Months Ended

Mar. 31, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Details of Certain Consolidated Balance Sheet Captions

DETAILS OF CERTAIN CONSOLIDATED BALANCE SHEET CAPTIONS

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


	March 31,
	2021		2020
Accounts receivable trade	$	93,366	$	72,601
Other receivables	4,244		3,449
	97,610		76,050
Less: Allowance for doubtful accounts	(915)		(1,170)
Accounts receivable, net	$	96,695	$	74,880

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


	March 31,
	2021		2020
Raw materials and supplies	$	27,416	$	20,935
Work in process	6,365		6,076
Finished goods	72,452		33,771
Total inventories	106,233		60,782
Less: LIFO reserve	(4,565)		(4,816)
Less: Obsolescence reserve	(3,582)		(2,213)
Inventories, net	$	98,086	$	53,753

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


	March 31,
	2021		2020
Land and improvements	$	3,168	$	3,106
Buildings and improvements	53,020		44,612
Plant, office and laboratory equipment	95,848		72,652
Construction in progress	3,462		8,163
	155,498		128,533
Less: Accumulated depreciation	(72,944)		(71,355)
Property, plant and equipment, net	$	82,554	$	57,178

Depreciation of property, plant and equipment was $9.2 million, $7.9 million and $7.5 million for the years ended March 31, 2021, 2020 and 2019, respectively. Of these amounts, cost of revenues includes $7.1 million, $6.6 million and $6.1 million, respectively.

Other assets consist of the following (in thousands):


	March 31,
	2021		2020
Right-of-use lease assets	$	61,707	$	16,383
Property held for investment (a)	967		6,819
Deferred income taxes	1,462		—

Long-term tax indemnification assets	7,500		—
Other	4,359		949
Other assets	$	75,995	$	24,151

(a) As of March 31, 2021 and 2020, $0.5 million and $5.9 million in assets were held for sale, respectively, in the "Elimination and Other" segment.

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


	March 31,
	2021		2020
Compensation and related benefits	$	19,120	$	18,666
Rebates and marketing agreements	9,031		6,409
Operating lease liabilities	8,063		3,056
Billings in excess of costs	1,463		2,892
Non-income taxes	1,593		750
Income taxes payable	3,755		529
Other accrued expenses	6,718		4,305
Accrued and other current liabilities	$	49,743	$	36,607

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


	March 31,
	2021		2020
Operating lease liabilities	$	56,709	$	15,179
Deferred income taxes	66,052		3,848
Tax Reserve	13,228		623
Other	736		1,492
Other long-term liabilities	$	136,725	$	21,142

Long-Term Debt and Commitments

12 Months Ended

Mar. 31, 2021

Debt Disclosure [Abstract]

Long-Term Debt and Commitments

LONG-TERM DEBT AND COMMITMENTS

Debt consists of the following (in thousands):


	March 31,
	2021		2020
Revolving Credit Facility, interest rate of 2.11% and 2.24%, respectively	$	232,000	$	—
Whitmore term loan, interest rate of 2.11% and 2.99%, respectively	10,337		10,898
Total debt	242,337		10,898
Less: Current portion	(561)		(561)
Long-term debt	$	241,776	$	10,337

Revolving Credit Facility Agreement

On December 11, 2015, we entered into a five-year $250.0 million revolving credit facility agreement (“Revolving Credit Facility”), with an additional $50.0 million accordion feature, with JPMorgan Chase Bank, N.A., as administrative agent, and the other lenders party thereto. The agreement was amended on September 15, 2017 to allow for multi-currency borrowing with a $125.0 million sublimit and to extend the maturity date to September 15, 2022. The interest rate, financial covenants and all other material provisions of the Revolving Credit Facility were not materially changed by this amendment. On December 1, 2020, the Company entered into an amendment of the Revolving Credit Facility to utilize the accordion feature, thus increasing the commitment from $250.0 million to $300.0 million, and hence eliminating the available incremental commitment by a corresponding amount. On March 10, 2021, the Revolving Credit Facility was amended to facilitate the formation and future operation of the joint venture discussed in Note 21.

Borrowings under the Revolving Credit Facility bore interest at a rate of prime plus 1.00% or London Interbank Offered Rate ("LIBOR") plus 2.00%. We also paid a commitment fee of 0.30% 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 our assets. As of March 31, 2021 and 2020, we had $232.0 million and $0, respectively, in outstanding borrowings under the Facility, which resulted in a borrowing capacity of $68.0 million and $300.0 million, respectively, inclusive of the accordion feature. The Revolving Credit Facility contained certain customary restrictive covenants, including a requirement to maintain a minimum fixed charge coverage of ratio of 1.25 to 1.00 and a maximum leverage ratio of funded debt to EBITDA (as defined in the agreement) of 3.75 to 1.00. Covenant compliance is tested quarterly and we were in compliance with all covenants as of March 31, 2021.

On May 18, 2021, we entered into a Second Amended and Restated Credit Agreement (the “Second Credit Agreement”) with JPMorgan Chase Bank, N.A., as administrative agent (in such capacity, the “Administrative Agent”) and collateral agent, and the lenders, issuing banks and swingline lender party thereto. CSW Industrials Holdings, LLC, a wholly-owned subsidiary of the Company (the “Borrower”), is the borrower under the Second Credit Agreement. The Second Credit Agreement provides for a $400.0 million revolving credit facility that contains a $25.0 million sublimit for the issuance of letters of credit and a $10.0 million sublimit for swingline loans. The Second Credit Agreement is scheduled to mature on May 18, 2026.

Borrowings under the Second Credit Agreement bear interest, at the Borrower’s option, at either base rate or LIBOR, plus, in either case, an applicable margin based on the Company’s leverage ratio calculated on a quarterly basis. The base rate is described in the Second Credit Agreement as the highest of (i) the Federal funds effective rate plus 0.50%, (ii) the prime rate quoted by The Wall Street Journal, and (iii) the one-month LIBOR rate plus 1.00%.

Borrowings under the Second Credit Agreement may be used for working capital and general corporate purposes, including, without limitation, for financing permitted acquisitions and fees and expenses incurred in connection therewith.

The obligations of the Borrower under the Second Credit Agreement are guaranteed by the Company and all of its direct and indirect domestic subsidiaries. The Second Credit Agreement is secured by a first priority lien on all tangible and intangible assets and stock issued by the Borrower and its domestic subsidiaries, subject to specified exceptions, and 65% of the voting equity interests in its first-tier foreign subsidiaries.

The financial covenants contained in the Second Credit Agreement require the maintenance of a maximum Leverage Ratio of 3.00 to 1.00, subject to a temporary increase to 3.75 to 1.00 for 18 months following the consummation of permitted acquisitions with consideration in excess of certain threshold amounts set forth in the Second Credit Agreement, and the maintenance of a minimum Fixed Charge Coverage Ratio of 1.25 to 1.00, the calculations and terms of which are defined in the Second Credit Agreement. The Second Credit Agreement also contains (i) affirmative and negative covenants which are customary for similar credit agreements, including, without limitation, limitations on the Company, the Borrower and its subsidiaries with respect to indebtedness, liens, investments, distributions, mergers and acquisitions, disposition of assets and transactions with affiliates, and (ii) customary events of default.

Whitmore Term Loan

As of March 31, 2021, Whitmore Manufacturing, LLC (one of our wholly-owned operating subsidiaries) maintained a secured term loan related to the warehouse, corporate office building and remodel of the existing manufacturing and R&D facility. The term loan matures on July 31, 2029, with payments of $140,000 due each quarter. Borrowings under the term loan bear interest at a variable annual rate equal to one-month LIBOR plus 2.0%. As of March 31, 2021 and 2020, Whitmore had $10.3 million and $10.9 million, respectively, in outstanding borrowings under the term loan. Interest payments under the Whitmore term loan are hedged under an interest rate swap agreement as described in Note 9.

Future Minimum Debt Payments

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


2022	$	561
2023	232,561
2024	561
2025	561
2026	561
Thereafter	7,532
Total	$	242,337

Leases

12 Months Ended

Mar. 31, 2021

Leases [Abstract]

Leases

LEASES

We have operating leases for manufacturing facilities, offices, warehouses, vehicles and certain equipment. Our leases have remaining lease terms of 1 year to 27 years, some of which include escalation clauses and/or options to extend or terminate the leases.

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

We do not currently have any financing lease arrangements.


(in thousands)	March 31, 2021		March 31, 2020
Components of Operating Lease Expenses
Operating lease expense (a)	$	5,243	$	3,524
Short-term lease expense (a)	377		225
Total operating lease expense	$	5,620	$	3,749
(a) Included in cost of revenues and selling, general and administrative expense

(in thousands)	March 31, 2021		March 31, 2021
Operating Lease Assets and Liabilities
ROU assets, net (a)	$	61,707	$	16,383

Short-term lease liabilities (b)	$	8,063	$	3,056
Long-term lease liabilities (b)	56,709		15,179
Total operating lease liabilities	$	64,772	$	18,235
(a) Included in other assets
(b) Included in accrued and other current liabilities and other long-term liabilities, as applicable


(in thousands)	March 31, 2021			March 31, 2021
Supplemental Cash Flow
Cash paid for amounts included in the measurement of operating lease liabilities (a)	$	5,578		$	3,824
ROU assets obtained in exchange for new operating lease obligations	114			3,187
(a) Included in our condensed consolidated statement of cash flows, operating activities in accounts payable and other current liabilities

Other Information for Operating Leases
Weighted average remaining lease term (in years)	8.2			6.2
Weighted average discount rate (percent)	2.6		%	4.3		%


Maturities of operating lease liabilities were as follows (in thousands):	(in thousands)
2022	$	9,551
2023	9,009
2024	8,910
2025	8,785
2026	8,786
Thereafter	26,518
Total lease liabilities	$	71,559
Less: Imputed interest	(6,787)
Present value of lease liabilities	$	64,772

Derivative Instruments and Hedge Accounting

12 Months Ended

Mar. 31, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments and Hedge Accounting

DERIVATIVE INSTRUMENTS AND HEDGE ACCOUNTING

We enter into interest rate swap agreements to hedge exposure to floating interest rates on certain portions of our debt. As of March 31, 2021 and 2020, we had $10.3 million and $10.9 million, respectively, of notional amount in outstanding designated interest rate swaps with third parties. All interest rate swaps are highly effective. At March 31, 2021, the maximum remaining length of any interest rate swap contract in place was approximately 8.3 years.

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


	March 31,
	2021		2020
Current derivative liabilities	$	280	$	271
Non-current derivative liabilities	736		1,492

The impact of changes in the fair value of interest rate swaps is included in Note 17.

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

Earnings Per Share

12 Months Ended

Mar. 31, 2021

Earnings Per Share [Abstract]

Earnings Per Share

EARNINGS PER SHARE

The following table sets forth the reconciliation of the numerator and the denominator of basic and diluted earnings per share for the years ended March 31, 2021, 2020 and 2019:


	March 31,
(amounts in thousands, except per share data)	2021		2020		2019
Income from continuing operations	$	40,288	$	44,817	$	46,052
Income (loss) from discontinued operations, net of tax	—		1,061		(478)
Net income	$	40,288	$	45,878	$	45,574
Weighted average shares:
Common stock	14,919		14,928		15,257
Participating securities	96		111		157
Denominator for basic earnings per common share	15,015		15,039		15,414
Potentially dilutive securities	111		167		118
Denominator for diluted earnings per common share	15,126		15,206		15,532

Basic earnings (loss) per common share:
Continuing operations	$	2.68	$	2.98	$	2.99
Discontinued operations	—		0.07		(0.03)
Net income	$	2.68	$	3.05	$	2.96

Diluted earnings (loss) per common share:
Continuing operations	$	2.66	$	2.95	$	2.96
Discontinued operations	—		0.07		(0.03)
Net income	$	2.66	$	3.02	$	2.93

Shareholders' Equity	12 Months Ended
Shareholders' Equity	Mar. 31, 2021
Equity [Abstract]
Shareholders' Equity	SHAREHOLDERS' EQUITY Share Repurchase Programs On November 11, 2016, we announced that our Board of Directors authorized a program to repurchase up to $35.0 million of our common stock over a two-year time period. As of October 31, 2018, a total of 656,203 shares had been repurchased for an aggregate amount of $35.0 million, and the program was completed. During the year ended March 31, 2019, we repurchased 629,659 shares of our common stock under this program for an aggregate amount of $33.8 million. 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 time period. On October 30, 2020, we announced that our Board of Directors authorized a new program to repurchase up to $100.0 million of our common stock, which replaced the previously announced $75.0 million program. Under the newly-authorized program, shares may be repurchased from time to time in the open market or in privately negotiated transactions. Repurchases will be made 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. Our Board of Directors has established an expiration of December 31, 2022 for completion of the new repurchase program; however, the program may be limited or terminated at any time at our discretion without notice. We repurchased 115,151 and 393,836 shares under the prior $75.0 million program during the years ended March 31, 2021 and 2020, respectively, for an aggregate amount of $7.3 million and $26.9 million, respectively. No shares were repurchased under the $100.0 million program during the year ended March 31, 2021. Dividends On April 4, 2019, we announced we had commenced a dividend program and that our Board of Directors approved a regular quarterly dividend of $0.135 per share. Total dividends of $8.1 million and $8.1 million were paid during the years ended March 31, 2021 and 2020, respectively. On April 15, 2021, we announced a quarterly dividend of $0.150 per share payable on May 14, 2021 to shareholders of record as of April 30, 2021. Any future dividends at the existing $0.150 per share quarterly rate or otherwise will be reviewed individually and declared by our Board of Directors in its discretion.

Fair Value Measurements	12 Months Ended
Fair Value Measurements	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurements	FAIR VALUE MEASUREMENTSThe fair value of interest rate swaps discussed in Note 9 are determined using Level II inputs. The carrying value of our debt, included in Note 7, approximates fair value as it bears interest at floating rates. The carrying amounts of other financial instruments (i.e., cash and cash equivalents, accounts receivable, net, accounts payable) approximated their fair values at March 31, 2021 and 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

12 Months Ended

Mar. 31, 2021

Retirement Benefits [Abstract]

Retirement Plans

RETIREMENT PLANS

We had a frozen qualified defined benefit pension plan (the “Qualified Plan”) that covered certain of our U.S. employees. The Qualified Plan was previously closed to employees hired or re-hired on or after January 1, 2015, and it was amended to freeze benefit accruals and to modify certain ancillary benefits effective as of September 30, 2015. Benefits were based on years of service and an average of the highest five consecutive years of compensation during the last ten years of employment. The funding policy of the Qualified Plan was to contribute annual amounts that are currently deductible for federal income tax purposes. No contributions were made during the years ended March 31, 2021, 2020 or 2019. During the year ended March 31, 2018, we offered lump sum payments to terminated vested participants, representing approximately 16% of our liability. Approximately 67% of those participants accepted the lump sum offer for an aggregate payment of $7.3 million. During the six months ended September 30, 2019, we offered lump sum payments to eligible active and terminated vested participants, representing approximately 42% of our remaining liability. Approximately 74% of those participants accepted the lump sum offer for an aggregate payment of $17.0 million in August 2019. We entered into an annuity purchase contract for the remaining liability in September 2019, and terminated the Qualified Plan effective September 30, 2019. The termination initially required an additional contribution of $0.5 million, which was paid in September 2019, and resulted in an overall termination charge of $7.0 million ($5.4 million, net of tax) recorded in other (expense) income, net, due primarily to the recognition of expenses that were previously included in accumulated other comprehensive loss and the recognition of additional costs associated with the annuity purchase contract. After the participant data for the annuity purchase contract was finalized in the fiscal fourth quarter ended March 31, 2020, the Qualified Plan had excess funds of $0.5 million, which were distributed into the Defined Contribution Plan discussed below.

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

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

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

The following are assumptions related to the Plans:


	March 31,
	2021		2020		2019
Assumptions used to determine benefit obligations:
Discount rate	3.3	%	3.6	%	4.0	%
Rate of compensation increases (a)	3.0	%	3.0	%	3.0	%
Assumptions used to determine net pension expense:
Discount rate	3.6	%	4.0	%	4.0	%
Expected return on plan assets	4.8	%	4.8	%	4.6	%
Rate of compensation increases (a)	3.0	%	3.0	%	3.0	%

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

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

Net pension (benefit) expense for the Plans was:


	Year Ended March 31,
(in thousands)	2021		2020		2019
Service cost – benefits earned during the year	$	40	$	71	$	76
Interest cost on projected benefit obligation	144		1,136		2,113
Expected return on assets	(96)		(1,361)		(2,656)
Net amortization and deferral	74		56		47

Pension plan termination (a)	—		6,472		—

Net pension expense (benefit)	$	162	$	6,374	$	(420)

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

The estimated prior service costs and the estimated net loss for the Plans that will be amortized from accumulated other comprehensive loss into pension expense in the year ended March 31, 2022 is $0.1 million.

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


	March 31,
(in thousands)	2021		2020
Benefit obligation at beginning of year	$	3,880	$	53,993
Service cost	40		71
Interest cost	144		1,136
Actuarial gain	212		5,103
Benefits paid	(265)		(1,697)
Pension plan termination (a)	—		(54,605)

Currency translation impact	280		(121)
Benefit obligation at end of year	$	4,291	$	3,880
Accumulated benefit obligation	$	3,990	$	3,690

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

The following is a reconciliation of the Plans' assets:


	March 31,
(in thousands)	2021		2020
Fair value of plan assets at beginning of year	$	1,898	$	55,009
Actual return on plan assets	441		3,093
Benefits paid	(159)		(1,591)
Company contributions	69		93
Pension plan termination (a)	—		(54,605)

Currency translation impact	243		(101)
Fair value of plan assets at end of year	$	2,492	$	1,898

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

We contributed $0.1 million to the Canadian Plan in the year ended March 31, 2021 and estimate that our contribution in the year ending March 31, 2022 will be $0.1 million.

The following summarizes the net pension asset for the Plans:


	March 31,
(in thousands)	2021		2020
Plan assets at fair value	$	2,492	$	1,898
Benefit obligation	(4,291)		(3,880)
Unfunded status	$	(1,799)	$	(1,982)

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


	March 31,
(in thousands)	2021		2020

Current liabilities	$	(104)	$	(103)
Noncurrent liabilities	(1,695)		(1,879)
Unfunded status	$	(1,799)	$	(1,982)

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


	March 31,
(in thousands)	2021		2020
Accumulated other comprehensive loss at beginning of year	$	(871)	$	(3,466)
Amortization of net loss	62		47
Amortization of prior service benefit (cost)	(31)		21
Pension plan termination (a)	—		2,516
Net gain (loss) arising during the year	96		(17)

Currency translation impact	(55)		28
Accumulated other comprehensive loss at end of year	$	(799)	$	(871)

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

Amounts recorded in accumulated other comprehensive loss consist of:


	March 31,
(in thousands)	2021		2020
Net prior service cost	$	27	$	56
Net loss	(826)		(927)
Accumulated other comprehensive loss	$	(799)	$	(871)

The Canadian Plan assets, which account for 100% of total assets, are invested in other investments, as described below. The actual asset allocations for the Plans were as follows:


	March 31,
Asset category	2021		2020
Equity securities	—	%	—	%
Fixed income securities	—	%	—	%
Other	100	%	100	%
Cash and cash equivalents	—	%	—	%
Total	100	%	100	%

The Canadian Plan has investments of $2.5 million in a mutual fund that aims to provide a return derived from both income and capital appreciation by investing in a diversified portfolio of Canadian and foreign equity as well as fixed-income securities. This mutual fund is considered to have Level II inputs in the fair value hierarchy.

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


2022	$	0.2
2023	0.2
2024	0.2
2025	0.2
2026	0.2
Thereafter	1.1

Defined Contribution Plan

Effective October 1, 2015, we began to sponsor a defined contribution plan covering substantially all of our U.S. employees. Employees may contribute to this plan, and these contributions are matched 100% by us up to 6.0% of eligible earnings. We also contribute an additional percentage of eligible earnings to employees regardless of their level of participation in the plan, which is discretionary and subject to adjustment based on profitability. We made discretionary contributions of $3.9 million and $4.0 million during the years ended March 31, 2021 and 2020, respectively.

Employee Stock Ownership Plan

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

We recorded total contributions to the ESOP of $3.6 million, $3.2 million and $1.6 million during the years ended March 31, 2021, 2020 and 2019, respectively, based on performance in the prior year. During the year ended March 31, 2021, $2.6 million was recorded to expense based on performance in the year ended March 31, 2021 and is expected to be contributed to the ESOP during the year ending March 31, 2022.

The ESOP held 628,289 and 718,646 shares of CSWI common stock as of March 31, 2021 and 2020, respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

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+ Details

Income Taxes

12 Months Ended

Mar. 31, 2021

Income Tax Disclosure [Abstract]

Income Taxes

INCOME TAXES

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


	Year Ended March 31,
	2021		2020		2019
U.S. Federal	$	48,392	$	53,946	$	53,375
Foreign	2,726		3,655		8,066
Income before income taxes	$	51,118	$	57,601	$	61,441

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


For the year ended:	Current		Deferred		Total
March 31, 2021
U.S. Federal	$	6,773	$	(1,150)	$	5,623
State and local	3,561		(500)		3,061
Foreign	1,641		505		2,146
Provision for income taxes	$	11,975	$	(1,145)	$	10,830
March 31, 2020
U.S. Federal	$	8,466	$	673	$	9,139
State and local	1,999		(100)		1,899
Foreign	1,968		(222)		1,746
Provision for income taxes	$	12,433	$	351	$	12,784
March 31, 2019
U.S. Federal	$	10,298	$	644	$	10,942
State and local	2,729		(280)		2,449
Foreign	1,881		117		1998
Provision for income taxes	$	14,908	$	481	$	15,389

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


	Year Ended March 31,
	2021		2020		2019
Computed tax expense at statutory rate	$	10,735	$	12,096	$	12,903
Increase (reduction) in income taxes resulting from:
State and local income taxes, net of federal benefits	2,419		1,943		2,222
Amended return items (pension and foreign withholding)	—		975		—
IRS audit adjustments	—		502		—
GILTI and Section 250 Deduction	440		124		749
Foreign rate differential	85		84		302
Uncertain tax positions	(4,717)		(1,615)		244
Other permanent differences	1,438		(546)		(276)
Foreign tax credits	(554)		(479)		(1,123)


Repatriation tax, net of tax credit	822		—		—
Other, net	162		(300)		368
Provision for income taxes continuing operations	$	10,830	$	12,784	$	15,389

The effective tax rates for the years ended March 31, 2021, 2020 and 2019 were 21.2%, 22.2% and 25.0%, respectively. As compared with the statutory rate for the year ended March 31, 2021, the provision for income taxes was primarily impacted by the release of uncertain tax positions, which decreased the provision by $4.7 million and the effective rate by 9.2%, offset by the state tax expense (net of federal benefits), which increased the provision by $2.4 million and the effective rate by 4.7% and additional non-deductible expenses, which increased the provision by $1.4 million and the effective rate by 2.8%.

As compared with the statutory rate for the year ended March 31, 2020, the provision for income taxes was primarily impacted by the state tax expense, which increased the provision by $1.9 million and the effective rate by 3.4%, and the release of uncertain tax positions, which decreased the provision by $1.6 million and the effective rate by 2.8%. Other items impacting the effective tax rate for the prior years include adjustments for the closing of the IRS audit for tax year ended March 31, 2017, foreign withholding tax paid during the tax year ended March 31, 2020 for prior year periods, and the reversal of a pension adjustment related to a former wholly-owned subsidiary for the tax period ended September 30, 2015, in which the statute of limitations expired.

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


	March 31,
	2021		2020
Deferred tax assets:
Operating lease liabilities	$	14,680	$	4,380
Accrued compensation	3,878		3,997
Impairment	386		386
Pension and other employee benefits	313		362
Inventory reserves	1,330		197
Net operating loss carryforwards	145		145
Accrued expenses	244		141
Foreign tax credit carry-forward	130		40
State R&D credit carry-forward	120		—
Transaction Costs	630		—
Other, net	1,455		934
Deferred tax assets	23,311		10,582
Valuation allowance	(145)		(145)
Deferred tax assets, net of valuation allowance	23,166		10,437
Deferred tax liabilities:
Goodwill and intangible assets	(65,070)		(5,740)
Property, plant and equipment	(7,816)		(4,444)
Operating lease - ROU assets	(13,631)		(3,943)
Repatriation reserve	(942)		—
Other, net	(297)		(158)
Deferred tax liabilities	(87,756)		(14,285)
Net deferred tax liabilities	$	(64,590)	$	(3,848)

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

As of both March 31, 2021 and 2020, we had no tax effected net operating loss carryforwards, net of valuation allowances. Net operating loss carryforwards will expire in periods beyond the next 5 years.

Certain earnings of foreign subsidiaries continue to be permanently invested outside of the United States. The earnings related to these foreign subsidiaries for which taxes are not being provided are $17 million. The calculation of the taxes on these undistributed earnings are impracticable because it is unknown how these earnings would be distributed.

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


	March 31,
	2021		2020
Balance at beginning of year	$	498	$	1,910
Increases related to prior year tax positions	13,895		—
Decreases related to prior year tax positions	(4,215)		(1,304)
Increases related to current year tax positions	34		64
Settlement	—		(172)
Balance at end of year	$	10,212	$	498

We recorded total tax contingency reserves of $17.3 million, including unrecognized tax benefit of $13.6 million, accrued interest and penalty of $1.4 million and $2.3 million, respectively, through purchase accounting as a result of the TRUaire acquisition discussed in Note 2. During the three months ended March 31, 2021, a tax benefit of $5.3 million, including release of accrued interest ($0.6 million) and penalty ($0.6 million), was recognized as a result of receiving the audit closing letter from Internal Revenue Service related to calendar 2017, a pre-acquisition tax year. For the year ended March 31, 2021, the interest and penalties related to the uncertain tax position resulted in a net decrease of $0.9 million in income tax expense. We accrued interest and penalties on uncertain tax positions of $1.0 million and $1.8 million, respectively, as of the year ended March 31, 2021. We accrued an immaterial interest and penalties during the year ended March 31, 2020. We recognize accrued interest and penalties related to unrecognized tax benefits within our income tax provision.

We are currently under examination by the IRS for a short period return ending September 30, 2015 for a CSWI subsidiary company. Our federal income tax returns for the years ended March 31, 2020, 2019 and 2018 remain subject to examination. Our income tax returns for TRUaire's pre-acquisiton periods including calendar years 2017, 2018 and 2019 remain subject to examinations. Our income tax returns in certain state income tax jurisdictions remain subject to examination for various periods for the period ended September 30, 2015 and subsequent years.

- 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

Related Party Transactions	12 Months Ended
Related Party Transactions	Mar. 31, 2021
Related Party Transactions [Abstract]
Related Party Transactions	RELATED PARTY TRANSACTIONSWe had no related party transactions in the three years ended March 31, 2021, 2020 and 2019.

Contingencies	12 Months Ended
Contingencies	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Contingencies	CONTINGENCIESFrom time to time, we are involved in various claims and legal actions which arise in the ordinary course of business. There are not any matters pending that we currently believe are reasonably possible of having a material impact to our business, consolidated financial position, results of operations or cash flows.

Other Comprehensive Income (Loss)

12 Months Ended

Mar. 31, 2021

Equity [Abstract]

Other Comprehensive Income (Loss)

OTHER COMPREHENSIVE INCOME (LOSS)

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


	March 31,
	2021		2020
Currency translation adjustments:
Balance at beginning of period	$	(9,185)	$	(6,869)
Foreign currency translation adjustments	4,791		(2,316)
Balance at end of period	$	(4,394)	$	(9,185)
Interest rate swaps:
Balance at beginning of period	$	(1,390)	$	(394)
Unrealized losses (gain), net of taxes of $(96) and $284, respectively (a)	362		(1,069)
Reclassification of losses included in interest expense, net of taxes of $(60) and $(19), respectively	225		73

Other comprehensive loss	587		(996)
Balance at end of period	$	(803)	$	(1,390)
Defined benefit plans:
Balance at beginning of period	$	(871)	$	(3,466)
Amortization of net prior service cost (benefit), net of taxes of $8 and $(6), respectively (b)	(31)		21
Amortization of net loss, net of taxes of $(16) and $(12), respectively (b)	62		47
Net loss (gain) arising during the year, net of taxes of $(26) and $5, respectively	96		(17)
Pension plan termination, net of taxes of $0 and $(669), respectively	—		2,516

Currency translation impact	(55)		28
Other comprehensive loss	72		2,595
Balance at end of period	$	(799)	$	(871)

(a) Unrealized gains are reclassified to earnings as underlying cash interest payments are made. We expect to recognize a loss of less than $0.2 million, net of deferred taxes, over the next twelve months related to a designated cash flow hedge based on its fair value as of March 31, 2021.

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

Revenue Recognition

12 Months Ended

Mar. 31, 2021

Revenue from Contract with Customer [Abstract]

Revenue Recognition

REVENUE RECOGNITION

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

Build-to-order products are architecturally-specified building products generally sold into the construction industry. Revenue generated from sales of products under build-to-order transactions are currently reflected in the results of our Industrial Products segment. Occasionally, our built-to-order business lines enter into arrangements for the delivery of a customer-specified product and the provision of installation services. These orders are generally negotiated as a package and are commonly subject to retainage by the customer, which means the final 10% of the transaction price, when applicable, is not collectible until the overall construction project into which our products are incorporated is complete. The lead times for transfer to the customer can be up to 12 weeks. Revenue for goods is recognized at a point in time, but installation services are recognized over time as those services are performed. Installation services represented approximately 3% of total consolidated revenue for the year ended March 31, 2021.

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

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


	Year Ended March 31, 2021
	Industrial Products		Specialty Chemicals		Total
Build-to-order	$	87,057	$	—	$	87,057
Book-and-ship	202,359		129,789		332,148
Net revenues	$	289,416	$	129,789	$	419,205


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


	Year Ended March 31, 2019
	Industrial Products		Specialty Chemicals		Total
Build-to-order	$	69,564	$	—	$	69,564
Book-and-ship	136,367		144,224		280,591
Net revenues	$	205,931	$	144,224	$	350,155

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


Balance at April 1, 2020	$	2,892
Revenue recognized	(2,612)

New contracts and revenue added to existing contracts	1,183
Balance at March 31, 2021	$	1,463

- 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
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Segments

12 Months Ended

Mar. 31, 2021

Segment Reporting [Abstract]

Segments

SEGMENTS

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

•Industrial Products; and

•Specialty Chemicals.

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


Year Ended March 31, 2021
(in thousands)	Industrial Products		Specialty Chemicals		Subtotal - Reportable Segments		Eliminations and Other		Total
Revenues, net	$	289,416	$	129,789	$	419,205	$	—	$	419,205
Operating income	55,641		18,263		73,904		(14,434)		59,470
Depreciation and amortization	15,255		6,918		22,173		864		23,037


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

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


Year Ended March 31, 2019
(in thousands)	Industrial Products		Specialty Chemicals		Subtotal - Reportable Segments		Eliminations and Other		Total
Revenues, net	$	205,931	$	144,224	$	350,155	$	—	$	350,155
Operating income	48,817		23,930		72,747		(12,307)		60,440
Depreciation and amortization	5,871		7,281		13,152		684		13,836


TOTAL ASSETS
(Amounts in thousands)	Industrial Products		Specialty Chemicals		Subtotal - Reportable Segments		Eliminations and Other		Total
March 31, 2021	$	741,726	$	119,992	$	861,718	$	13,239	$	874,957
March 31, 2020	205,518		138,855		344,373		24,872		369,245
March 31, 2019	187,680		137,587		325,267		27,365		352,632

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

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


	Year Ended March 31,
	2021				2020				2019
U.S.	$	367,169	87.6	%	$	323,000	83.7	%	$	286,545	81.8	%
Non-U.S. (a)	52,036		12.4	%	62,871		16.3	%	63,610		18.2	%
Revenues, net	$	419,205	100.0	%	$	385,871	100.0	%	$	350,155	100.0	%

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


	Year Ended March 31,
	2021				2020				2019
U.S.	$	617,258	93.5	%	$	196,679	89.7	%	$	176,935	87.9	%
Non-U.S.	43,146		6.5	%	22,521		10.3	%	24,430		12.1	%
Long-lived assets (a)	$	660,404	100.0	%	$	219,200	100.0	%	$	201,365	100.0	%

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

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

- 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
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+ Details

Quarterly Financial Data (Unaudited)

12 Months Ended

Mar. 31, 2021

Quarterly Financial Information Disclosure [Abstract]

Quarterly Financial Data (Unaudited)

QUARTERLY FINANCIAL DATA (UNAUDITED)

The following presents a summary of the unaudited quarterly data for the years ended March 31, 2021 and 2020 (amounts in millions, except per share data):


	Year Ended March 31, 2021
Quarter	4th		3rd		2nd		1st
Revenues, net	$	133.4	$	89.9	$	104.9	$	91.0
Gross profit	54.0		39.3		48.7		42.8
Income before income taxes	10.9		3.1		21.5		15.6
Income from continuing operations	9.6		2.3		16.4		12.0
Loss from discontinued operations, net	—		—		—		—
Net income	9.6		2.3		16.4		12.0
Basic earnings per common share (a):
Continuing operations	$	0.62	$	0.16	$	1.11	$	0.81
Discontinued operations	—		—		—		—
Net income	$	0.62	$	0.16	$	1.11	$	0.81

Diluted earnings per common share (a):
Continuing operations	$	0.61	$	0.16	$	1.10	$	0.81
Discontinued operations	—		—		—		—
Net income	$	0.61	$	0.16	$	1.10	$	0.81


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

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

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

Significant pre-tax adjustments recorded in the quarter ended March 31, 2021 included transaction expenses related to the TRUaire acquisition ($0.8 million) and the formation of a joint venture within our Specialty Chemicals segment ($1.6 million) and an indemnification expense ($5.0 million). Significant pre-tax adjustments recorded in the quarter ended March 31, 2020 included a trademark impairment ($1.0 million).

Subsequent Events	12 Months Ended
Subsequent Events	Mar. 31, 2021
Subsequent Events [Abstract]
Subsequent Events	SUBSEQUENT EVENTS On April 1, 2021, Whitmore Manufacturing, LLC (“Whitmore”), a wholly-owned subsidiary of CSWI, completed the formation of the previously announced joint venture with Pennzoil-Quaker State Company dba SOPUS products (“Shell”), a wholly-owned subsidiary of Shell Oil Company that comprises Shell’s U.S. lubricants business. The formation was consummated through a transaction in which Whitmore sold to Shell a 50% interest in a wholly-owned subsidiary (containing certain existing operating assets) in exchange for consideration of $13.7 million from Shell in the form of cash and intangible assets. On May 18, 2021, the Company entered into a Second Amended and Restated Credit Agreement that provides for a five-year $400.0 million Revolving Credit Facility with JPMorgan Chase Bank, N.A., as administrative agent, and other lenders party hereto. Refer to Note 7 for additional information.

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

12 Months Ended

Mar. 31, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation

Use of Estimates

•Timing and amount of revenue recognition;

•Deferred taxes and tax reserves; and

•Valuation of goodwill and indefinite-lived intangible assets.

Cash and Cash Equivalents

Accounts Receivable, Allowance for Doubtful Accounts and Credit Risk

Inventories and Related Reserves

Property, Plant and Equipment


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

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

Valuation of Goodwill

flows and market participants.

Intangible Assets

Property Held for Investment

Deferred Loan Costs

Fair Values of Financial Instruments

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

Leases

Derivative Instruments and Hedge Accounting

Pension Obligations

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

Revenue Recognition

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

Research and Development (R&D)

Share-based Compensation

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

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

Unremitted Earnings

Uncertain Tax Positions

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

Earnings Per Share

Foreign Currency Translation

Segments

Discontinued Operations

Accounting Developments

Pronouncements Implemented

Pronouncements not yet implemented

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

12 Months Ended

Mar. 31, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Estimated Useful Lives

Generally, the estimated useful lives of assets are:


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

Acquisitions (Tables)

12 Months Ended

Mar. 31, 2021

Business Combinations [Abstract]

Schedule of Consideration Transferred


Acquisition Consideration (Amounts in thousands, except for shares)
Cash (a)	$	286,925
Common stock (849,852 shares)	97,656
Total consideration transferred	$	384,581

Schedule of Aggregate Fair Value of Assets Acquired and Liabilities Assumed

The following table summarizes the Company's best initial estimate of the aggregate fair value of the assets acquired and liabilities assumed at the date of acquisition (in thousands).


	Initial Estimated Fair Value		Measurement Period Adjustments		Updated Estimated Fair Value
Cash	$	1,471	$	—	$	1,471
Accounts Receivable, net	13,467		—		13,467
Inventory	46,313		(1,300)		45,013
Short-Term Tax Indemnity Assets	5,000		—		5,000
Other Current Assets	1,285		1,041		2,326
Property, Plant and Equipment	28,832		(3,065)		25,767
Trade Name (indefinite life)	43,500		—		43,500
Customer Lists (useful life of 15 years)	194,000		8,500		202,500
Right-Of-Use Assets	49,040		—		49,040
Long-Term Tax Indemnity Assets	7,500		—		7,500
Other Long-term Assets	2,850		402		3,252
Accounts Payable	(4,074)		—		(4,074)
Accrued and Other Current Liabilities	(3,678)		(1,395)		(5,073)
Lease Liabilities - Short-Term	(4,811)		—		(4,811)

Deferred Tax Liabilities	(56,249)		(6,912)		(63,161)
Tax Contingency Reserve	(22,511)		5,190		(17,321)
Lease Liabilities - Long-Term	(45,369)		—		(45,369)
Estimated fair value of net assets acquired	256,566		2,461		259,027
Goodwill	129,169		(3,615)		125,554
Total Purchase Price	$	385,735	$	(1,154)	$	384,581

Unaudited Proforma Financial Information


	Year Ended March 31,
	2021		2020
Revenue, net	$	495,788	$	480,285
Net income	47,891		28,730

Net earnings per common share:
Diluted	3.17		1.79
Basic	3.19		1.81

Discontinued Operations (Tables)

12 Months Ended

Mar. 31, 2021

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Discontinued Operations

Summarized selected financial information for the Coatings business for the years ended March 31, 2021, 2020 and 2019, is presented in the following table (in thousands):


	Year Ended March 31,
	2021		2020		2019
Revenues, net	$	—	$	—	$	5,303

Gain (loss) from discontinued operations before income taxes	—		1,326		(774)
Income tax (expense) benefit	—		(265)		296
Gain (loss) from discontinued operations	$	—	$	1,061	$	(478)

- Definition

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

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-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

Goodwill and Intangible Assets (Tables)

12 Months Ended

Mar. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Changes in Carrying Amount of Goodwill

The changes in the carrying amount of goodwill for the years ended March 31, 2021 and 2020 were as follows (in thousands):


	Industrial Products		Specialty Chemicals		Total
Balance at April 1, 2019	$	54,732	$	31,563	$	86,295
Petersen acquisition	6,128		—		6,128
Currency translation	(737)		—		(737)
Balance at March 31, 2020	$	60,123	$	31,563	$	91,686
T.A. industries acquisition	125,554		—		125,554
Currency translation	1,555		—		1,555
Balance at March 31, 2021	$	187,232	$	31,563	$	218,795

Schedule of Intangible Assets

The following table provides information about our intangible assets for the years ended March 31, 2021 and 2020 (in thousands, except years):


		March 31, 2021				March 31, 2020
	Wtd Avg Life (Years)	Ending Gross Amount		Accumulated Amortization		Ending Gross Amount		Accumulated Amortization
Finite-lived intangible assets:
Patents	11	$	9,461	$	(7,540)	$	9,635	$	(6,935)
Customer lists and amortized trademarks	14	267,096		(42,345)		62,806		(33,098)
Non-compete agreements	5	982		(790)		1,653		(1,494)
Other	8	4,743		(3,141)		5,219		(2,628)
		$	282,282	$	(53,816)	$	79,313	$	(44,155)
Trade names and trademarks not being amortized (a):		$	54,594	$	—	$	11,027	$	—

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

Schedule of Estimated Future Amortization For Intangible Assets

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


2022	$	19,288
2023	18,279
2024	17,567
2025	16,609
2026	15,699
Thereafter	141,024
Total	228,466

Share-Based Compensation (Tables)

12 Months Ended

Mar. 31, 2021

Share-based Payment Arrangement [Abstract]

Schedule of Share-Based Compensation Expense

We recorded share-based compensation expense as follows for the years ended March 31, 2021, 2020 and 2019 (in thousands):


	Year Ended March 31, 2021
	Stock Options		Restricted Stock		Total
Share-based compensation expense	$	—	$	5,085	$	5,085
Related income tax benefit	—		(1,220)		(1,220)
Net share-based compensation expense	$	—	$	3,865	$	3,865


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


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

Schedule of Stock Options Activity

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


	Year Ended March 31, 2021
	Number of Shares	Weighted Average Exercise 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 March 31, 2021 (a)	63,413	$	25.23	3.4	$	7.0
Exercisable at March 31, 2021 (a)	63,413	$	25.23	3.4	$	7.0

(a) All remaining awards outstanding and exercisable at March 31, 2021 are held by employees of CSWI.


	Year Ended March 31, 2020
	Number of Shares	Weighted Average Exercise Price		Remaining Contractual Life (Years)	Aggregate Intrinsic Value (in Millions)
Outstanding at April 1, 2019	231,717	$	25.12
Exercised	(115,859)	24.93
Outstanding at March 31, 2020	115,858	$	25.30	4.1	$	4.6
Exercisable at March 31, 2020	115,858	$	25.30	4.1	$	4.6

Schedule of Restricted Stock Activity

Restricted stock activity was as follows:


	Year Ended March 31, 2021
	Number of Shares	Weighted Average Grant Date Fair Value
Outstanding at April 1, 2020	202,466	$	60.78
Granted	119,751	75.88
Vested	(124,985)	52.89
Canceled	(24,316)	70.67
Outstanding at March 31, 2021 (a)	172,916	$	70.50

(a) All remaining awards outstanding and exercisable at March 31, 2021 are held by employees of CSWI.

Details of Certain Consolidated Balance Sheet Captions (Tables)

12 Months Ended

Mar. 31, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Accounts Receivable, Net

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


	March 31,
	2021		2020
Accounts receivable trade	$	93,366	$	72,601
Other receivables	4,244		3,449
	97,610		76,050
Less: Allowance for doubtful accounts	(915)		(1,170)
Accounts receivable, net	$	96,695	$	74,880

Schedule of Inventories, Net

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


	March 31,
	2021		2020
Raw materials and supplies	$	27,416	$	20,935
Work in process	6,365		6,076
Finished goods	72,452		33,771
Total inventories	106,233		60,782
Less: LIFO reserve	(4,565)		(4,816)
Less: Obsolescence reserve	(3,582)		(2,213)
Inventories, net	$	98,086	$	53,753

Schedule of Property, Plant and Equipment, Net

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


	March 31,
	2021		2020
Land and improvements	$	3,168	$	3,106
Buildings and improvements	53,020		44,612
Plant, office and laboratory equipment	95,848		72,652
Construction in progress	3,462		8,163
	155,498		128,533
Less: Accumulated depreciation	(72,944)		(71,355)
Property, plant and equipment, net	$	82,554	$	57,178

Schedule of Other Assets

Other assets consist of the following (in thousands):


	March 31,
	2021		2020
Right-of-use lease assets	$	61,707	$	16,383
Property held for investment (a)	967		6,819
Deferred income taxes	1,462		—

Long-term tax indemnification assets	7,500		—
Other	4,359		949
Other assets	$	75,995	$	24,151

(a) As of March 31, 2021 and 2020, $0.5 million and $5.9 million in assets were held for sale, respectively, in the "Elimination and Other" segment.

Schedule of Accrued and Other Current Liabilities

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


	March 31,
	2021		2020
Compensation and related benefits	$	19,120	$	18,666
Rebates and marketing agreements	9,031		6,409
Operating lease liabilities	8,063		3,056
Billings in excess of costs	1,463		2,892
Non-income taxes	1,593		750
Income taxes payable	3,755		529
Other accrued expenses	6,718		4,305
Accrued and other current liabilities	$	49,743	$	36,607

Schedule of Other Long-Term Liabilities

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


	March 31,
	2021		2020
Operating lease liabilities	$	56,709	$	15,179
Deferred income taxes	66,052		3,848
Tax Reserve	13,228		623
Other	736		1,492
Other long-term liabilities	$	136,725	$	21,142

Long-Term Debt and Commitments (Tables)

12 Months Ended

Mar. 31, 2021

Debt Disclosure [Abstract]

Schedule of Long-Term Debt

Debt consists of the following (in thousands):


	March 31,
	2021		2020
Revolving Credit Facility, interest rate of 2.11% and 2.24%, respectively	$	232,000	$	—
Whitmore term loan, interest rate of 2.11% and 2.99%, respectively	10,337		10,898
Total debt	242,337		10,898
Less: Current portion	(561)		(561)
Long-term debt	$	241,776	$	10,337

Aggregate Maturities of Long-Term Debt

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


2022	$	561
2023	232,561
2024	561
2025	561
2026	561
Thereafter	7,532
Total	$	242,337

Leases (Tables)

12 Months Ended

Mar. 31, 2021

Leases [Abstract]

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


(in thousands)	March 31, 2021		March 31, 2020
Components of Operating Lease Expenses
Operating lease expense (a)	$	5,243	$	3,524
Short-term lease expense (a)	377		225
Total operating lease expense	$	5,620	$	3,749
(a) Included in cost of revenues and selling, general and administrative expense

(in thousands)	March 31, 2021		March 31, 2021
Operating Lease Assets and Liabilities
ROU assets, net (a)	$	61,707	$	16,383

Short-term lease liabilities (b)	$	8,063	$	3,056
Long-term lease liabilities (b)	56,709		15,179
Total operating lease liabilities	$	64,772	$	18,235
(a) Included in other assets
(b) Included in accrued and other current liabilities and other long-term liabilities, as applicable


(in thousands)	March 31, 2021			March 31, 2021
Supplemental Cash Flow
Cash paid for amounts included in the measurement of operating lease liabilities (a)	$	5,578		$	3,824
ROU assets obtained in exchange for new operating lease obligations	114			3,187
(a) Included in our condensed consolidated statement of cash flows, operating activities in accounts payable and other current liabilities

Other Information for Operating Leases
Weighted average remaining lease term (in years)	8.2			6.2
Weighted average discount rate (percent)	2.6		%	4.3		%

Schedule of Maturities of Operating Lease Liabilities


Maturities of operating lease liabilities were as follows (in thousands):	(in thousands)
2022	$	9,551
2023	9,009
2024	8,910
2025	8,785
2026	8,786
Thereafter	26,518
Total lease liabilities	$	71,559
Less: Imputed interest	(6,787)
Present value of lease liabilities	$	64,772

Derivative Instruments and Hedge Accounting (Tables)

12 Months Ended

Mar. 31, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Fair Value of Interest Rate Swaps Designated as Hedging Instruments

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


	March 31,
	2021		2020
Current derivative liabilities	$	280	$	271
Non-current derivative liabilities	736		1,492

Earnings Per Share (Tables)

12 Months Ended

Mar. 31, 2021

Earnings Per Share [Abstract]

Reconciliation of Earnings Per Share

The following table sets forth the reconciliation of the numerator and the denominator of basic and diluted earnings per share for the years ended March 31, 2021, 2020 and 2019:


	March 31,
(amounts in thousands, except per share data)	2021		2020		2019
Income from continuing operations	$	40,288	$	44,817	$	46,052
Income (loss) from discontinued operations, net of tax	—		1,061		(478)
Net income	$	40,288	$	45,878	$	45,574
Weighted average shares:
Common stock	14,919		14,928		15,257
Participating securities	96		111		157
Denominator for basic earnings per common share	15,015		15,039		15,414
Potentially dilutive securities	111		167		118
Denominator for diluted earnings per common share	15,126		15,206		15,532

Basic earnings (loss) per common share:
Continuing operations	$	2.68	$	2.98	$	2.99
Discontinued operations	—		0.07		(0.03)
Net income	$	2.68	$	3.05	$	2.96

Diluted earnings (loss) per common share:
Continuing operations	$	2.66	$	2.95	$	2.96
Discontinued operations	—		0.07		(0.03)
Net income	$	2.66	$	3.02	$	2.93

Retirement Plans (Tables)

12 Months Ended

Mar. 31, 2021

Retirement Benefits [Abstract]

Summary of Assumptions Related to Retirement Plan

The following are assumptions related to the Plans:


	March 31,
	2021		2020		2019
Assumptions used to determine benefit obligations:
Discount rate	3.3	%	3.6	%	4.0	%
Rate of compensation increases (a)	3.0	%	3.0	%	3.0	%
Assumptions used to determine net pension expense:
Discount rate	3.6	%	4.0	%	4.0	%
Expected return on plan assets	4.8	%	4.8	%	4.6	%
Rate of compensation increases (a)	3.0	%	3.0	%	3.0	%

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

Schedule of Pension Plan

Net pension (benefit) expense for the Plans was:


	Year Ended March 31,
(in thousands)	2021		2020		2019
Service cost – benefits earned during the year	$	40	$	71	$	76
Interest cost on projected benefit obligation	144		1,136		2,113
Expected return on assets	(96)		(1,361)		(2,656)
Net amortization and deferral	74		56		47

Pension plan termination (a)	—		6,472		—

Net pension expense (benefit)	$	162	$	6,374	$	(420)

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

Summary of Changes in Pension Obligations

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


	March 31,
(in thousands)	2021		2020
Benefit obligation at beginning of year	$	3,880	$	53,993
Service cost	40		71
Interest cost	144		1,136
Actuarial gain	212		5,103
Benefits paid	(265)		(1,697)
Pension plan termination (a)	—		(54,605)

Currency translation impact	280		(121)
Benefit obligation at end of year	$	4,291	$	3,880
Accumulated benefit obligation	$	3,990	$	3,690

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

Summary of Reconciliation of Plan's Assets

The following is a reconciliation of the Plans' assets:


	March 31,
(in thousands)	2021		2020
Fair value of plan assets at beginning of year	$	1,898	$	55,009
Actual return on plan assets	441		3,093
Benefits paid	(159)		(1,591)
Company contributions	69		93
Pension plan termination (a)	—		(54,605)

Currency translation impact	243		(101)
Fair value of plan assets at end of year	$	2,492	$	1,898

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

Summary of Net Pension Asset for Retirement Plan

The following summarizes the net pension asset for the Plans:


	March 31,
(in thousands)	2021		2020
Plan assets at fair value	$	2,492	$	1,898
Benefit obligation	(4,291)		(3,880)
Unfunded status	$	(1,799)	$	(1,982)

Summary of Amounts Recognized in Balance Sheet

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


	March 31,
(in thousands)	2021		2020

Current liabilities	$	(104)	$	(103)
Noncurrent liabilities	(1,695)		(1,879)
Unfunded status	$	(1,799)	$	(1,982)

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

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


	March 31,
(in thousands)	2021		2020
Accumulated other comprehensive loss at beginning of year	$	(871)	$	(3,466)
Amortization of net loss	62		47
Amortization of prior service benefit (cost)	(31)		21
Pension plan termination (a)	—		2,516
Net gain (loss) arising during the year	96		(17)

Currency translation impact	(55)		28
Accumulated other comprehensive loss at end of year	$	(799)	$	(871)

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

Amounts recorded in accumulated other comprehensive loss consist of:


	March 31,
(in thousands)	2021		2020
Net prior service cost	$	27	$	56
Net loss	(826)		(927)
Accumulated other comprehensive loss	$	(799)	$	(871)

Schedule of Plan Asset Allocations

The actual asset allocations for the Plans were as follows:


	March 31,
Asset category	2021		2020
Equity securities	—	%	—	%
Fixed income securities	—	%	—	%
Other	100	%	100	%
Cash and cash equivalents	—	%	—	%
Total	100	%	100	%

Summary of Expected Cash Benefit Payments

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


2022	$	0.2
2023	0.2
2024	0.2
2025	0.2
2026	0.2
Thereafter	1.1

Income Taxes (Tables)

12 Months Ended

Mar. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of Income Before Income Taxes

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


	Year Ended March 31,
	2021		2020		2019
U.S. Federal	$	48,392	$	53,946	$	53,375
Foreign	2,726		3,655		8,066
Income before income taxes	$	51,118	$	57,601	$	61,441

Schedule of Income Tax Expense

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


For the year ended:	Current		Deferred		Total
March 31, 2021
U.S. Federal	$	6,773	$	(1,150)	$	5,623
State and local	3,561		(500)		3,061
Foreign	1,641		505		2,146
Provision for income taxes	$	11,975	$	(1,145)	$	10,830
March 31, 2020
U.S. Federal	$	8,466	$	673	$	9,139
State and local	1,999		(100)		1,899
Foreign	1,968		(222)		1,746
Provision for income taxes	$	12,433	$	351	$	12,784
March 31, 2019
U.S. Federal	$	10,298	$	644	$	10,942
State and local	2,729		(280)		2,449
Foreign	1,881		117		1998
Provision for income taxes	$	14,908	$	481	$	15,389

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


	Year Ended March 31,
	2021		2020		2019
Computed tax expense at statutory rate	$	10,735	$	12,096	$	12,903
Increase (reduction) in income taxes resulting from:
State and local income taxes, net of federal benefits	2,419		1,943		2,222
Amended return items (pension and foreign withholding)	—		975		—
IRS audit adjustments	—		502		—
GILTI and Section 250 Deduction	440		124		749
Foreign rate differential	85		84		302
Uncertain tax positions	(4,717)		(1,615)		244
Other permanent differences	1,438		(546)		(276)
Foreign tax credits	(554)		(479)		(1,123)


Repatriation tax, net of tax credit	822		—		—
Other, net	162		(300)		368
Provision for income taxes continuing operations	$	10,830	$	12,784	$	15,389

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

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


	March 31,
	2021		2020
Deferred tax assets:
Operating lease liabilities	$	14,680	$	4,380
Accrued compensation	3,878		3,997
Impairment	386		386
Pension and other employee benefits	313		362
Inventory reserves	1,330		197
Net operating loss carryforwards	145		145
Accrued expenses	244		141
Foreign tax credit carry-forward	130		40
State R&D credit carry-forward	120		—
Transaction Costs	630		—
Other, net	1,455		934
Deferred tax assets	23,311		10,582
Valuation allowance	(145)		(145)
Deferred tax assets, net of valuation allowance	23,166		10,437
Deferred tax liabilities:
Goodwill and intangible assets	(65,070)		(5,740)
Property, plant and equipment	(7,816)		(4,444)
Operating lease - ROU assets	(13,631)		(3,943)
Repatriation reserve	(942)		—
Other, net	(297)		(158)
Deferred tax liabilities	(87,756)		(14,285)
Net deferred tax liabilities	$	(64,590)	$	(3,848)

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

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


	March 31,
	2021		2020
Balance at beginning of year	$	498	$	1,910
Increases related to prior year tax positions	13,895		—
Decreases related to prior year tax positions	(4,215)		(1,304)
Increases related to current year tax positions	34		64
Settlement	—		(172)
Balance at end of year	$	10,212	$	498

Other Comprehensive Income (Loss) (Tables)

12 Months Ended

Mar. 31, 2021

Equity [Abstract]

Analysis of Changes in Accumulated Other Comprehensive Income (Loss)

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


	March 31,
	2021		2020
Currency translation adjustments:
Balance at beginning of period	$	(9,185)	$	(6,869)
Foreign currency translation adjustments	4,791		(2,316)
Balance at end of period	$	(4,394)	$	(9,185)
Interest rate swaps:
Balance at beginning of period	$	(1,390)	$	(394)
Unrealized losses (gain), net of taxes of $(96) and $284, respectively (a)	362		(1,069)
Reclassification of losses included in interest expense, net of taxes of $(60) and $(19), respectively	225		73

Other comprehensive loss	587		(996)
Balance at end of period	$	(803)	$	(1,390)
Defined benefit plans:
Balance at beginning of period	$	(871)	$	(3,466)
Amortization of net prior service cost (benefit), net of taxes of $8 and $(6), respectively (b)	(31)		21
Amortization of net loss, net of taxes of $(16) and $(12), respectively (b)	62		47
Net loss (gain) arising during the year, net of taxes of $(26) and $5, respectively	96		(17)
Pension plan termination, net of taxes of $0 and $(669), respectively	—		2,516

Currency translation impact	(55)		28
Other comprehensive loss	72		2,595
Balance at end of period	$	(799)	$	(871)

Revenue Recognition (Tables)

12 Months Ended

Mar. 31, 2021

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

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


	Year Ended March 31, 2021
	Industrial Products		Specialty Chemicals		Total
Build-to-order	$	87,057	$	—	$	87,057
Book-and-ship	202,359		129,789		332,148
Net revenues	$	289,416	$	129,789	$	419,205


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


	Year Ended March 31, 2019
	Industrial Products		Specialty Chemicals		Total
Build-to-order	$	69,564	$	—	$	69,564
Book-and-ship	136,367		144,224		280,591
Net revenues	$	205,931	$	144,224	$	350,155

Schedule of Contract Liabilities

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


Balance at April 1, 2020	$	2,892
Revenue recognized	(2,612)

New contracts and revenue added to existing contracts	1,183
Balance at March 31, 2021	$	1,463

Segments (Tables)

12 Months Ended

Mar. 31, 2021

Segment Reporting [Abstract]

Summary of Financial Information of Reporting Segments


Year Ended March 31, 2021
(in thousands)	Industrial Products		Specialty Chemicals		Subtotal - Reportable Segments		Eliminations and Other		Total
Revenues, net	$	289,416	$	129,789	$	419,205	$	—	$	419,205
Operating income	55,641		18,263		73,904		(14,434)		59,470
Depreciation and amortization	15,255		6,918		22,173		864		23,037


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

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


Year Ended March 31, 2019
(in thousands)	Industrial Products		Specialty Chemicals		Subtotal - Reportable Segments		Eliminations and Other		Total
Revenues, net	$	205,931	$	144,224	$	350,155	$	—	$	350,155
Operating income	48,817		23,930		72,747		(12,307)		60,440
Depreciation and amortization	5,871		7,281		13,152		684		13,836


TOTAL ASSETS
(Amounts in thousands)	Industrial Products		Specialty Chemicals		Subtotal - Reportable Segments		Eliminations and Other		Total
March 31, 2021	$	741,726	$	119,992	$	861,718	$	13,239	$	874,957
March 31, 2020	205,518		138,855		344,373		24,872		369,245
March 31, 2019	187,680		137,587		325,267		27,365		352,632

Schedule of Revenues and Long-Lived Assets by Geographic Area

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


	Year Ended March 31,
	2021				2020				2019
U.S.	$	367,169	87.6	%	$	323,000	83.7	%	$	286,545	81.8	%
Non-U.S. (a)	52,036		12.4	%	62,871		16.3	%	63,610		18.2	%
Revenues, net	$	419,205	100.0	%	$	385,871	100.0	%	$	350,155	100.0	%

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


	Year Ended March 31,
	2021				2020				2019
U.S.	$	617,258	93.5	%	$	196,679	89.7	%	$	176,935	87.9	%
Non-U.S.	43,146		6.5	%	22,521		10.3	%	24,430		12.1	%
Long-lived assets (a)	$	660,404	100.0	%	$	219,200	100.0	%	$	201,365	100.0	%

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

Quarterly Financial Data (Unaudited) (Tables)

12 Months Ended

Mar. 31, 2021

Quarterly Financial Information Disclosure [Abstract]

Summary of Unaudited Quarterly Data

The following presents a summary of the unaudited quarterly data for the years ended March 31, 2021 and 2020 (amounts in millions, except per share data):


	Year Ended March 31, 2021
Quarter	4th		3rd		2nd		1st
Revenues, net	$	133.4	$	89.9	$	104.9	$	91.0
Gross profit	54.0		39.3		48.7		42.8
Income before income taxes	10.9		3.1		21.5		15.6
Income from continuing operations	9.6		2.3		16.4		12.0
Loss from discontinued operations, net	—		—		—		—
Net income	9.6		2.3		16.4		12.0
Basic earnings per common share (a):
Continuing operations	$	0.62	$	0.16	$	1.11	$	0.81
Discontinued operations	—		—		—		—
Net income	$	0.62	$	0.16	$	1.11	$	0.81

Diluted earnings per common share (a):
Continuing operations	$	0.61	$	0.16	$	1.10	$	0.81
Discontinued operations	—		—		—		—
Net income	$	0.61	$	0.16	$	1.10	$	0.81


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

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

Organization and Operations and Summary of Significant Accounting Policies - Additional Information (Details)	12 Months Ended
	Mar. 31, 2021 USD ($) segment brand	Mar. 31, 2020 USD ($)	Mar. 31, 2019 USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of business segments \| segment	2
Highly respected industrial brands (more than) \| brand	100
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Allowance for expected credit losses for short-term receivables	$ 915,000	$ 1,170,000
Current period adjustments, write off of trade receivables	700,000
Goodwill impairment loss	0	0	$ 0
Impairment of intangible assets	$ 0	951,000	0
Number of business segments \| segment	2
Selling, general and administrative expense
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Research and development costs	$ 4,500,000	4,300,000	$ 4,300,000
Domestic
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deposits in banks	6,100,000	11,700,000
Foreign
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deposits in banks	$ 4,000,000.0	$ 6,600,000
Foreign \| Geographic Concentration Risk \| Inventory
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Concentration risk, percentage	12.00%	6.00%

Organization and Operations and Summary of Significant Accounting Policies - Schedule of Property, Plant and Equipment (Details)	12 Months Ended
	Mar. 31, 2021
Minimum \| Land improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, estimated useful life	5 years
Minimum \| Buildings and improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, estimated useful life	7 years
Minimum \| Plant, office and lab equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, estimated useful life	5 years
Maximum \| Land improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, estimated useful life	40 years
Maximum \| Buildings and improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, estimated useful life	40 years
Maximum \| Plant, office and lab equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, estimated useful life	10 years

Acquisitions - Additional Information (Details) - USD ($) $ in Thousands					1 Months Ended	3 Months Ended								4 Months Ended		12 Months Ended
	Dec. 15, 2020	Nov. 04, 2020	Apr. 02, 2019	Jan. 31, 2019	Jul. 31, 2019	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2021	Jul. 31, 2019	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019
Business Acquisition [Line Items]
Cash consideration / amount paid at closing and funded through revolving credit facility																$ 287,238	$ 11,837	$ 10,100
Indemnification expense						$ 5,000
Goodwill						218,795				$ 91,686				$ 218,795		218,795	91,686	86,295
Net loss before income taxes						(10,900)	$ (3,100)	$ (21,500)	$ (15,600)	$ (16,000)	$ (9,400)	$ (12,500)	$ (19,700)			(51,118)	(57,601)	(61,441)
Amortization of intangible assets																10,500	6,700	6,200
Additional depreciation expense																9,194	7,918	7,411
Income tax effects																10,830	12,784	$ 15,389
T.A. Industries (TRUaire)
Business Acquisition [Line Items]
Percent of outstanding equity acquired	100.00%
Cash consideration / amount paid at closing and funded through revolving credit facility	$ 284,000
Cash consideration after working capital and closing cash adjustments	$ 286,925
Stock consideration (in shares)	849,852
Stock consideration, value of common stock	$ 97,656	$ 76,000
Amount related to uncertain tax positions taken in prior years that the seller has provided contractual indemnification to the Company for	12,500					7,500								7,500		7,500
Tax indemnification asset released in accordance with purchase agreement						5,000
Relevant uncertain tax position accrual released and recorded as income tax benefit						5,300
Indemnification expense						5,000
Goodwill	129,169					125,554								125,554		125,554
Revenues														33,800
Net loss before income taxes														400
Transaction expenses incurred						800										7,800
Transaction expenses paid																7,800
Total consideration transferred	384,581
Fair value of accounts receivable acquired	13,467					13,467								13,467		13,467
Fair value of inventory acquired	46,313					45,013								45,013		45,013
Fair value of equipment acquired	$ 28,832					$ 25,767								25,767		25,767
Assets acquired, amortization period	15 years
T.A. Industries (TRUaire) \| Customer Lists
Business Acquisition [Line Items]
Amortization of intangible assets														3,900
T.A. Industries (TRUaire) \| Fair Value Step-Up of Inventory
Business Acquisition [Line Items]
Additional amortization expense														$ 3,500		0	7,900
T.A. Industries (TRUaire) \| Proforma Adjustments
Business Acquisition [Line Items]
Additional amortization expense																9,600	13,500
Transaction expenses incurred																0	7,800
Additional interest expense as a result of incurring additional borrowing																$ 3,200	4,500
Blended statutory income tax rate																24.50%
Income tax effects																$ (3,200)	(8,400)
T.A. Industries (TRUaire) \| Fair Value Step-Up of Property, Plant and Equipment
Business Acquisition [Line Items]
Additional depreciation expense																$ 400	$ 600
Petersen Metals
Business Acquisition [Line Items]
Cash consideration / amount paid at closing and funded through revolving credit facility			$ 11,500
Goodwill			6,100
Total consideration transferred															$ 11,800
Working capital and closing cash adjustments					$ 300
Fair value of accounts receivable acquired			2,200
Fair value of inventory acquired			800
Fair value of equipment acquired			700
Fair value of current liabilities assumed			1,500
Petersen Metals \| Customer Lists
Business Acquisition [Line Items]
Fair value of the assets acquired, finite-lived			$ 3,200
Assets acquired, amortization period			15 years
Petersen Metals \| Backlog
Business Acquisition [Line Items]
Fair value of the assets acquired, finite-lived			$ 400
Assets acquired, amortization period			1 year 6 months
MSD Research, Inc.
Business Acquisition [Line Items]
Goodwill				$ 5,200
Total consideration transferred				10,100
Fair value of accounts receivable acquired				100
Fair value of inventory acquired				300
MSD Research, Inc. \| Trademarks
Business Acquisition [Line Items]
Fair value of the assets acquired, indefinite-lived				800
MSD Research, Inc. \| Customer Lists
Business Acquisition [Line Items]
Fair value of the assets acquired, finite-lived				$ 3,300
Assets acquired, amortization period				10 years
MSD Research, Inc. \| Technology
Business Acquisition [Line Items]
Fair value of the assets acquired, finite-lived				$ 400
Assets acquired, amortization period				5 years

Acquisitions - Consideration Transferred (Details) - USD ($) $ in Thousands	Apr. 01, 2021	Dec. 15, 2020	Nov. 04, 2020
Subsequent Event
Business Acquisition [Line Items]
Working capital and closing cash adjustments	$ 1,200
T.A. Industries (TRUaire)
Business Acquisition [Line Items]
Cash (a)		$ 286,925
Common stock (849,852 shares)		$ 97,656	$ 76,000
Stock consideration (in shares)		849,852
Total consideration transferred		$ 384,581

Acquisitions - Aggregate Fair Value of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands		4 Months Ended
	Dec. 15, 2020	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019
Business Acquisition [Line Items]
Goodwill		$ 218,795	$ 91,686	$ 86,295
T.A. Industries (TRUaire)
Business Acquisition [Line Items]
Cash	$ 1,471	1,471
Accounts Receivable, net	13,467	13,467
Inventory	46,313	45,013
Measurement Period Adjustments, Inventory		(1,300)
Short-Term Tax Indemnity Assets	5,000	5,000
Other Current Assets	1,285	2,326
Measurement Period Adjustments, Other Current Assets		1,041
Property, Plant and Equipment	28,832	25,767
Measurement Period Adjustments, Property, Plant and Equipment		(3,065)
Trade Name (indefinite life)	43,500	43,500
Customer Lists (useful life of 15 years)	$ 194,000	202,500
Measurement Period Adjustments, Customer Lists (useful life of 15 years)		8,500
Assets acquired, amortization period	15 years
Right-Of-Use Assets	$ 49,040	49,040
Long-Term Tax Indemnity Assets	7,500	7,500
Other Long-term Assets	2,850	3,252
Measurement Period Adjustments, Other Long-term Assets		402
Accounts Payable	(4,074)	(4,074)
Accrued and Other Current Liabilities	(3,678)	(5,073)
Measurement Period Adjustments, Accrued and Other Current Liabilities		(1,395)
Lease Liabilities - Short-Term	(4,811)	(4,811)
Deferred Tax Liabilities	(56,249)	(63,161)
Measurement Period Adjustments, Deferred Tax Liabilities		(6,912)
Tax Contingency Reserve	(22,511)	(17,321)
Measurement Period Adjustments, Tax Contingency Reserve		5,190
Lease Liabilities - Long-Term	(45,369)	(45,369)
Estimated fair value of net assets acquired	256,566	259,027
Measurement Period Adjustments, Estimated fair value of net assets acquired		2,461
Goodwill	129,169	125,554
Measurement Period Adjustments, Goodwill		(3,615)
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net	$ 385,735	384,581
Measurement Period Adjustments, Total Purchase Price		$ (1,154)

Acquisitions - Unaudited Proforma Financial Information (Details) - T.A. Industries (TRUaire) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Business Acquisition [Line Items]
Revenue, net	$ 495,788	$ 480,285
Net income	$ 47,891	$ 28,730
Earnings Per Share [Abstract]
Diluted (in dollars per share)	$ 3.17	$ 1.79
Basic (in dollars per share)	$ 3.19	$ 1.81

Discontinued Operations - Additional Information (Details) - USD ($)		3 Months Ended		12 Months Ended
	Mar. 17, 2020	Sep. 30, 2018	Dec. 31, 2017	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of assets				$ 30,000	$ 1,292,000	$ 3,295,000
Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets				0	0
Liabilities				$ 0	$ 0
Discontinued Operations, Held-for-sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment charge			$ 46,000,000.0
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		$ 6,900,000
Gains on disposal due to write-downs of long-lived assets in prior periods	$ 1,500,000	$ 6,900,000

Discontinued Operations - Income Statement (Details) - Discontinued Operations, Disposed of by Sale - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenues, net	$ 0	$ 0	$ 5,303
Gain (loss) from discontinued operations before income taxes	0	1,326	(774)
Income tax (expense) benefit	0	(265)	296
Gain (loss) from discontinued operations	$ 0	$ 1,061	$ (478)

- 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

Goodwill and Intangible Assets - Schedule of Changes in Carrying Amount of Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Goodwill [Roll Forward]
Beginning balance	$ 91,686	$ 86,295
Petersen / T.A. industries acquisition	125,554	6,128
Currency translation	1,555	(737)
Ending balance	218,795	91,686
Industrial Products
Goodwill [Roll Forward]
Beginning balance	60,123	54,732
Petersen / T.A. industries acquisition		6,128
Currency translation	1,555	(737)
Ending balance	187,232	60,123
Specialty Chemicals
Goodwill [Roll Forward]
Beginning balance	31,563	31,563
Petersen / T.A. industries acquisition	0	0
Currency translation	0	0
Ending balance	$ 31,563	$ 31,563

Goodwill and Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Mar. 31, 2021
Intangible Assets [Line Items]
Ending Gross Amount	$ 79,313	$ 282,282
Accumulated Amortization	(44,155)	(53,816)
Trade names and trademarks not being amortized
Intangible Assets [Line Items]
Ending Gross Amount	11,027	$ 54,594
Impairment of unamortized trademarks	1,000
Patents
Intangible Assets [Line Items]
Wtd Avg Life (Years)		11 years
Ending Gross Amount	9,635	$ 9,461
Accumulated Amortization	(6,935)	$ (7,540)
Customer lists and amortized trademarks
Intangible Assets [Line Items]
Wtd Avg Life (Years)		14 years
Ending Gross Amount	62,806	$ 267,096
Accumulated Amortization	(33,098)	$ (42,345)
Non-compete agreements
Intangible Assets [Line Items]
Wtd Avg Life (Years)		5 years
Ending Gross Amount	1,653	$ 982
Accumulated Amortization	(1,494)	$ (790)
Other
Intangible Assets [Line Items]
Wtd Avg Life (Years)		8 years
Ending Gross Amount	5,219	$ 4,743
Accumulated Amortization	$ (2,628)	$ (3,141)

Goodwill and Intangible Assets - Schedule of Estimated Future Amortization of Finite-lived Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of intangible assets	$ 10,500	$ 6,700	$ 6,200
2022	19,288
2023	18,279
2024	17,567
2025	16,609
2026	15,699
Thereafter	141,024
Total	$ 228,466

Share-Based Compensation - Additional Information (Details) - Stock Compensation Plan	Mar. 31, 2021 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of common stock granted (shares)	1,230,000
Shares available for issuance (shares)	675,113

Share-Based Compensation - Schedule of Share-Based Compensation (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 5,085	$ 5,074	$ 3,943
Related income tax benefit	(1,220)	(1,218)	(947)
Net share-based compensation expense	3,865	3,856	2,996
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	0	0	19
Related income tax benefit	0	0	(5)
Net share-based compensation expense	0	0	14
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	5,085	5,074	3,924
Related income tax benefit	(1,220)	(1,218)	(942)
Net share-based compensation expense	$ 3,865	$ 3,856	$ 2,982

Share-Based Compensation - Stock Option Activity (Details) - Stock Options - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Number of Shares
Outstanding at beginning of period (shares)	115,858	231,717
Exercised (shares)	(52,445)	(115,859)
Outstanding at end of period (shares)	63,413	115,858
Exercisable at end of period (shares)	63,413	115,858
Weighted Average Exercise Price
Outstanding at beginning of period (USD per share)	$ 25.30	$ 25.12
Exercised (USD per share)	25.40	24.93
Outstanding at end of period (USD per share)	25.23	25.30
Exercisable at end of period (USD per share)	$ 25.23	$ 25.30
Outstanding, Remaining Contractual Life	3 years 4 months 24 days	4 years 1 month 6 days
Exercisable, Remaining Contractual Life	3 years 4 months 24 days	4 years 1 month 6 days
Outstanding, Aggregate Intrinsic Value	$ 7.0	$ 4.6
Exercisable, Aggregate Intrinsic Value	$ 7.0	$ 4.6

Share-Based Compensation - Stock Option Activity, Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cash received for options exercised	$ 1,330	$ 0	$ 0
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (shares)	0	0	0
Exercises in period, intrinsic value	$ 2,500	$ 5,600	$ 0
Cash received for options exercised	1,300	2,900	0
Tax benefit from options exercised	400	1,200	0
Options vested in period, fair value	$ 0	$ 0	$ 100

Share-Based Compensation - Restricted Stock Activity (Details) - Restricted Stock	12 Months Ended
	Mar. 31, 2021 $ / shares shares
Number of Shares
Outstanding at beginning of period (shares) \| shares	202,466
Granted (shares) \| shares	119,751
Vested (shares) \| shares	(124,985)
Canceled (shares) \| shares	(24,316)
Outstanding at end of period (shares) \| shares	172,916
Weighted Average Grant Date Fair Value
Outstanding at beginning of period (USD per share) \| $ / shares	$ 60.78
Granted (USD per share) \| $ / shares	75.88
Vested (USD per share) \| $ / shares	52.89
Canceled (USD per share) \| $ / shares	70.67
Outstanding at end of period (USD per share) \| $ / shares	$ 70.50

Share-Based Compensation - Restricted Stock Activity, Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Restricted Stock Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested restricted shares outstanding (shares)	82,728	93,249
Restricted Stock Performance Shares \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance-based vesting range	0.00%
Restricted Stock Performance Shares \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance-based vesting range	200.00%
Restricted Stock Performance Shares \| Cliff Vesting
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	36 months
Restricted stock granted (shares)	34,245	31,758
Restricted Stock Performance Shares \| Cliff Vesting \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance-based vesting range	0.00%
Restricted Stock Performance Shares \| Cliff Vesting \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance-based vesting range	200.00%
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested restricted shares outstanding (shares)	172,916	202,466
Restricted stock granted (shares)	119,751
Unrecognized compensation costs related to unvested restricted shares	$ 6.9
Weighted average vesting period	1 year 10 months 24 days
Fair value of restricted shares vested	$ 8.5	$ 6.3

Details of Certain Consolidated Balance Sheet Captions - Schedule of Accounts Receivable (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Mar. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, gross	$ 97,610	$ 76,050
Less: Allowance for doubtful accounts	(915)	(1,170)
Accounts receivable, net	96,695	74,880
Accounts receivable trade
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, gross	93,366	72,601
Other receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, gross	$ 4,244	$ 3,449

Details of Certain Consolidated Balance Sheet Captions - Schedule of Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Raw materials and supplies	$ 27,416	$ 20,935
Work in process	6,365	6,076
Finished goods	72,452	33,771
Total inventories	106,233	60,782
Less: LIFO reserve	(4,565)	(4,816)
Less: Obsolescence reserve	(3,582)	(2,213)
Inventories, net	$ 98,086	$ 53,753

Details of Certain Consolidated Balance Sheet Captions - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Land and improvements	$ 3,168	$ 3,106
Buildings and improvements	53,020	44,612
Plant, office and laboratory equipment	95,848	72,652
Construction in progress	3,462	8,163
Property, plant and equipment, gross	155,498	128,533
Less: Accumulated depreciation	(72,944)	(71,355)
Property, plant and equipment, net	82,554	57,178
Property, Plant and Equipment [Line Items]
Depreciation	9,194	7,918	$ 7,411
Cost of revenue, depreciation	7,100	6,600	6,100
Property, Plant and Equipment
Property, Plant and Equipment [Line Items]
Depreciation	$ 9,200	$ 7,900	$ 7,500

Details of Certain Consolidated Balance Sheet Captions - Schedule of Other Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Right-of-use lease assets	$ 61,707	$ 16,383
Property held for investment	967	6,819
Deferred income taxes	1,462	0
Long-term tax indemnification assets	7,500	0
Other	4,359	949
Other assets	75,995	24,151
Assets held for sale	$ 500	$ 5,900

Details of Certain Consolidated Balance Sheet Captions - Schedule of Accrued and Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Compensation and related benefits	$ 19,120	$ 18,666
Rebates and marketing agreements	9,031	6,409
Operating lease liabilities	8,063	3,056
Billings in excess of costs	1,463	2,892
Non-income taxes	1,593	750
Income taxes payable	3,755	529
Other accrued expenses	6,718	4,305
Accrued and other current liabilities	$ 49,743	$ 36,607

Details of Certain Consolidated Balance Sheet Captions - Schedule of Other Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Operating lease liabilities	$ 56,709	$ 15,179
Deferred income taxes	66,052	3,848
Tax Reserve	13,228	623
Other	736	1,492
Other long-term liabilities	$ 136,725	$ 21,142

Long-Term Debt and Commitments - Schedule of Long-Term Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Mar. 31, 2020
Debt Instrument [Line Items]
Total debt	$ 242,337	$ 10,898
Less: Current portion	(561)	(561)
Long-term debt	241,776	10,337
Secured Term Loan \| Whitmore
Debt Instrument [Line Items]
Whitmore term loan, interest rate of 2.11% and 2.99%, respectively	$ 10,337	$ 10,898
Interest rate	2.11%	2.99%
Revolving Credit Facility
Debt Instrument [Line Items]
Revolving Credit Facility, interest rate of 2.11% and 2.24%, respectively	$ 232,000	$ 0
Interest rate	2.11%	2.24%

Long-Term Debt and Commitments - Revolving Credit Agreement (Details)			12 Months Ended
	May 18, 2021 USD ($)	Dec. 11, 2015 USD ($)	Mar. 31, 2021 USD ($)	Dec. 01, 2020 USD ($)	Mar. 31, 2020 USD ($)	Sep. 15, 2017 USD ($)
Revolving Credit Facility
Debt Instrument [Line Items]
Debt instrument term		5 years
Maximum borrowing capacity		$ 250,000,000.0		$ 300,000,000.0
Line of credit facility, maximum borrowing capacity, sublimit						$ 125,000,000.0
Commitment fee percentage			0.30%
Revolving credit facility, amount outstanding			$ 232,000,000		$ 0
Revolving credit facility, remaining borrowing capacity			$ 68,000,000.0		$ 300,000,000.0
Minimum fixed charge coverage ratio		1.25
Maximum leverage ratio		3.75
Revolving Credit Facility \| Subsequent Event
Debt Instrument [Line Items]
Debt instrument term	5 years
Maximum borrowing capacity	$ 400,000,000.0
Minimum fixed charge coverage ratio	1.25
Maximum leverage ratio	3.00
Percentage of voting equity interests in first-tier foreign subsidiaries	65.00%
Temporary increase amount of maximum leverage ratio	3.75
Duration of temporary increase for maximum leverage ratio	18 months
Revolving Credit Facility \| Prime Rate
Debt Instrument [Line Items]
Spread on interest rate			1.00%
Revolving Credit Facility \| Federal Funds Effective Rate \| Subsequent Event
Debt Instrument [Line Items]
Spread on interest rate	0.50%
Revolving Credit Facility \| LIBOR
Debt Instrument [Line Items]
Spread on interest rate			2.00%
Revolving Credit Facility \| LIBOR \| Subsequent Event
Debt Instrument [Line Items]
Spread on interest rate	1.00%
Revolving Credit Facility, Accordion Feature
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 50,000,000.0
Letter of Credit \| Subsequent Event
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 25,000,000.0
Swingline Loans \| Subsequent Event
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 10,000,000.0

Long-Term Debt and Commitments - Whitmore Term Loan (Details) - Secured Term Loan - Whitmore - USD ($)	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Debt Instrument [Line Items]
Debt instrument, periodic principal payment	$ 140,000
Outstanding borrowings under term loan	$ 10,337,000	$ 10,898,000
LIBOR
Debt Instrument [Line Items]
Spread on interest rate	2.00%

Long-Term Debt and Commitments - Aggregate Maturities of Long-Term Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Mar. 31, 2020
Debt Disclosure [Abstract]
2022	$ 561
2023	232,561
2024	561
2025	561
2026	561
Thereafter	7,532
Total debt	$ 242,337	$ 10,898

Leases - Additional Information (Details) $ in Millions	1 Months Ended
Leases - Additional Information (Details) $ in Millions	Oct. 31, 2019 USD ($) lease	Mar. 31, 2021
Lessee, Lease, Description [Line Items]
Number of operating leases terminated \| lease	2
Early lease termination fee \| $	$ 0.5
Minimum
Lessee, Lease, Description [Line Items]
Remaining lease term		1 year
Maximum
Lessee, Lease, Description [Line Items]
Remaining lease term		27 years

Leases - Components of Operating Lease Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Leases [Abstract]
Operating lease expense	$ 5,243	$ 3,524
Short-term lease expense	377	225
Total operating lease expense	$ 5,620	$ 3,749

Leases - Operating Lease Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Mar. 31, 2020
Leases [Abstract]
ROU assets, net	$ 61,707	$ 16,383
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	us-gaap:OtherAssets	us-gaap:OtherAssets
Short-term lease liabilities	$ 8,063	$ 3,056
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	us-gaap:AccountsPayableAndAccruedLiabilitiesCurrent	us-gaap:AccountsPayableAndAccruedLiabilitiesCurrent
Long-term lease liabilities	$ 56,709	$ 15,179
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	us-gaap:OtherLiabilitiesNoncurrent	us-gaap:OtherLiabilitiesNoncurrent
Total operating lease liabilities	$ 64,772	$ 18,235

Leases - Supplemental Cash Flow (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Leases [Abstract]
Cash paid for amounts included in the measurement of operating lease liabilities	$ 5,578	$ 3,824
ROU assets obtained in exchange for new operating lease obligations	$ 114	$ 3,187

Leases - Other Information for Operating Leases (Details)	Mar. 31, 2021	Mar. 31, 2020
Leases [Abstract]
Weighted average remaining lease term (in years)	8 years 2 months 12 days	6 years 2 months 12 days
Weighted average discount rate (percent)	2.60%	4.30%

Leases - Maturities of Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Mar. 31, 2020
Leases [Abstract]
2022	$ 9,551
2023	9,009
2024	8,910
2025	8,785
2026	8,786
Thereafter	26,518
Total lease liabilities	71,559
Less: Imputed interest	(6,787)
Present value of lease liabilities	$ 64,772	$ 18,235

Derivative Instruments and Hedge Accounting - Additional Information (Details) - Interest Rate Swap - USD ($) $ in Millions	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Derivative [Line Items]
Notional amount	$ 10.3	$ 10.9
Maximum remaining length of interest rate swap contract	8 years 3 months 18 days

Derivative Instruments and Hedge Accounting - Fair Value of Derivatives (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Mar. 31, 2020
Derivatives, Fair Value [Line Items]
Current derivative liabilities	$ 49,743	$ 36,607
Non-current derivative liabilities	136,725	21,142
Hedging Instrument \| Interest Rate Swap
Derivatives, Fair Value [Line Items]
Current derivative liabilities	280	271
Non-current derivative liabilities	$ 736	$ 1,492

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019
Earnings Per Share [Abstract]
Income from continuing operations	$ 9,600	$ 2,300	$ 16,400	$ 12,000	$ 13,400	$ 7,300	$ 8,800	$ 15,300	$ 40,288	$ 44,817	$ 46,052
Income (loss) from discontinued operations, net of tax	0	0	0	0	1,200	0	0	(100)	0	1,061	(478)
Net income	$ 9,600	$ 2,300	$ 16,400	$ 12,000	$ 14,600	$ 7,300	$ 8,800	$ 15,200	$ 40,288	$ 45,878	$ 45,574
Weighted average shares:
Common stock (in shares)									14,919	14,928	15,257
Participating securities (in shares)									96	111	157
Denominator for basic earnings per common share (in shares)									15,015	15,039	15,414
Potentially dilutive securities (in shares)									111	167	118
Denominator for diluted earnings per common share (in shares)									15,126	15,206	15,532
Basic earnings (loss) per common share:
Continuing operations (USD per share)	$ 0.62	$ 0.16	$ 1.11	$ 0.81	$ 0.89	$ 0.48	$ 0.59	$ 1.02	$ 2.68	$ 2.98	$ 2.99
Discontinued operations (USD per share)	0	0	0	0	0.08	0	(0.01)	(0.01)	0	0.07	(0.03)
Net income (USD per share)	0.62	0.16	1.11	0.81	0.97	0.48	0.58	1.01	2.68	3.05	2.96
Diluted earnings per common share:
Continuing operations (USD per share)	0.61	0.16	1.10	0.81	0.88	0.48	0.58	1.01	2.66	2.95	2.96
Discontinued operations (USD per share)	0	0	0	0	0.08	0	0	(0.01)	0	0.07	(0.03)
Net income (USD per share)	$ 0.61	$ 0.16	$ 1.10	$ 0.81	$ 0.96	$ 0.48	$ 0.58	$ 1.00	$ 2.66	$ 3.02	$ 2.93

Shareholders' Equity (Details) - USD ($)					12 Months Ended			24 Months Ended
Shareholders' Equity (Details) - USD ($)	Apr. 15, 2021	Apr. 04, 2019	Nov. 07, 2018	Nov. 11, 2016	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019	Oct. 31, 2018	Oct. 30, 2020
Equity, Class of Treasury Stock [Line Items]
Approved quarterly dividend rate (USD per share)		$ 0.135			$ 0.150
Dividends paid					$ 8,083,000	$ 8,130,000	$ 0
Subsequent Event
Equity, Class of Treasury Stock [Line Items]
Dividend declared (USD per share)	$ 0.150
2016 Share Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Authorized repurchase amount				$ 35,000,000.0
Repurchase program period in force				2 years
Shares repurchased (shares)							629,659	656,203
Repurchased amount							$ 33,800,000	$ 35,000,000.0
2018 Share Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Authorized repurchase amount			$ 75,000,000.0
Repurchase program period in force			2 years
Shares repurchased (shares)					115,151	393,836
Repurchased amount					$ 7,300,000	$ 26,900,000
2020 Share Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Authorized repurchase amount									$ 100,000,000.0
Shares repurchased (shares)					0

Retirement Plans - Additional Information (Details) - USD ($)	1 Months Ended		3 Months Ended	6 Months Ended	12 Months Ended
	Sep. 30, 2019	Aug. 31, 2019	Mar. 31, 2020	Sep. 30, 2019	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018
Defined Benefit Plan Disclosure [Line Items]
Company contributions					$ 69,000	$ 93,000
Settlements					0	54,605,000
Pension plan curtailment benefit					0	6,472,000	$ 0
Estimated prior service costs amortized from accumulated other comprehensive loss into pension expense in next fiscal year					100,000
Estimated net loss amortized from accumulated other comprehensive loss into pension expense in next fiscal year					100,000
Plan assets at fair value			$ 1,898,000		$ 2,492,000	1,898,000	55,009,000
Pension Plan \| Canadian Plan
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan number of consecutive terms of highest compensation					60 months
Defined benefit plan number of years of employment					10 years
Company contributions					$ 100,000
Estimated contributions made under defined benefit plan, next fiscal year					$ 100,000
Pension Plan \| Canadian Plan \| Other
Defined Benefit Plan Disclosure [Line Items]
Current target allocations, percentage of total assets					100.00%
Pension Plan \| Canadian Plan \| Other \| Hierarchical Level 2
Defined Benefit Plan Disclosure [Line Items]
Plan assets at fair value					$ 2,500,000
Pension Plan \| Qualified Plan \| U.S.
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan number of consecutive terms of highest compensation					5 years
Defined benefit plan number of years of employment					10 years
Company contributions					$ 0	$ 0	$ 0
Defined benefit plan, lump sum payments to terminated vested participants, percentage of liability								16.00%
Defined benefit plan, percentage of participants, settlement								67.00%
Settlements								$ 7,300,000
Lump sum payments offered to eligible active and terminated vested participants, percent of remaining liability				42.00%
Percent of participants that accepted lump sum payment offer				74.00%
Aggregate amount of lump sum payments		$ 17,000,000.0
Additional contribution required due to termination	$ 500,000
Pension plan curtailment benefit	7,000,000.0
Overall termination charge, net of tax	$ 5,400,000
Excess funds distributed to Defined Contribution Plan			$ 500,000

Retirement Plans - Summary of Assumptions (Details)	12 Months Ended
Retirement Plans - Summary of Assumptions (Details)	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019
Assumptions used to determine benefit obligations:
Discount rate	3.30%	3.60%	4.00%
Rate of compensation increases	3.00%	3.00%	3.00%
Assumptions used to determine net pension expense:
Discount rate	3.60%	4.00%	4.00%
Expected return on plan assets	4.80%	4.80%	4.60%
Rate of compensation increases	3.00%	3.00%	3.00%
Pension Plan \| Canadian Plan
Assumptions used to determine net pension expense:
Rate of compensation increases	3.00%

Retirement Plans - Schedule of Net Pension (Benefit) Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019
Retirement Benefits [Abstract]
Service cost – benefits earned during the year	$ 40	$ 71	$ 76
Interest cost on projected benefit obligation	144	1,136	2,113
Expected return on assets	(96)	(1,361)	(2,656)
Net amortization and deferral	74	56	47
Pension plan termination	0	6,472	0
Net pension expense (benefit)	$ 162	$ 6,374	$ (420)

Retirement Plans - Summary of Changes in Pension Obligations (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Benefit obligation at beginning of year	$ 3,880	$ 53,993
Service cost	40	71	$ 76
Interest cost	144	1,136	2,113
Actuarial gain	212	5,103
Benefits paid	(265)	(1,697)
Pension plan termination	0	(54,605)
Currency translation impact	280	(121)
Benefit obligation at end of year	4,291	3,880	$ 53,993
Accumulated benefit obligation	$ 3,990	$ 3,690

Retirement Plans - Summary of Reconciliation of Plan's Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets at beginning of year	$ 1,898	$ 55,009
Actual return on plan assets	441	3,093
Benefits paid	(159)	(1,591)
Company contributions	69	93
Pension plan termination	0	(54,605)
Currency translation impact	243	(101)
Fair value of plan assets at end of year	$ 2,492	$ 1,898

- Definition

Amount of contribution received by defined benefit plan from employer which increases plan assets.

+ References + Details

- Definition

Amount of asset segregated and restricted to provide benefit under defined benefit plan. Asset includes, but is not limited to, stock, bond, other investment, earning from investment, and contribution by employer and employee.

+ References + Details

Retirement Plans - Summary of Net Pension Asset (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract]
Plan assets at fair value	$ 2,492	$ 1,898	$ 55,009
Benefit obligation	(4,291)	(3,880)	$ (53,993)
Unfunded status	$ (1,799)	$ (1,982)

- Definition

+ References + Details

Retirement Plans - Summary of Amounts Recognized in Balance Sheet (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Mar. 31, 2020
Retirement Benefits [Abstract]
Current liabilities	$ (104)	$ (103)
Noncurrent liabilities	(1,695)	(1,879)
Unfunded status	$ (1,799)	$ (1,982)

Retirement Plans - Schedule of Change in Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Accumulated other comprehensive loss at beginning of year	$ (871)	$ (3,466)
Amortization of net loss	62	47
Amortization of prior service benefit (cost)	(31)	21
Pension plan termination	0	2,516
Net gain (loss) arising during the year	96	(17)
Currency translation impact	(55)	28
Accumulated other comprehensive loss at end of year	$ (799)	$ (871)

Retirement Plans - Schedule of Amounts Recorded in Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019
Retirement Benefits [Abstract]
Net prior service cost	$ 27	$ 56
Net loss	(826)	(927)
Accumulated other comprehensive loss	$ (799)	$ (871)	$ (3,466)

Retirement Plans - Schedule of Actual Asset Allocations (Details)	Mar. 31, 2021	Mar. 31, 2020
Defined Benefit Plan Disclosure [Line Items]
Actual asset allocation, percentage	100.00%	100.00%
Equity securities
Defined Benefit Plan Disclosure [Line Items]
Actual asset allocation, percentage	0.00%	0.00%
Fixed income securities
Defined Benefit Plan Disclosure [Line Items]
Actual asset allocation, percentage	0.00%	0.00%
Other
Defined Benefit Plan Disclosure [Line Items]
Actual asset allocation, percentage	100.00%	100.00%
Cash and cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Actual asset allocation, percentage	0.00%	0.00%

Retirement Plans - Summary of Expected Cash Benefit Payments (Details) $ in Millions	Mar. 31, 2021 USD ($)
Retirement Benefits [Abstract]
2022	$ 0.2
2023	0.2
2024	0.2
2025	0.2
2026	0.2
Thereafter	$ 1.1

Retirement Plans - Defined Contribution Plan (Details) - USD ($) $ in Millions	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Retirement Benefits [Abstract]
Employer matching contribution, percent of match	100.00%
Employer matching contribution, percent of employees' gross pay	6.00%
Contributions to defined contribution plan	$ 3.9	$ 4.0

Retirement Plans - Employee Stock Ownership Plan (Details) - USD ($) $ in Millions	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]
Period of credited service after which participant's interest in contributions to ESOP fully vest	3 years
Contributions to the ESOP	$ 3.6	$ 3.2	$ 1.6
ESOP expense recorded	$ 2.6
CSWI
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]
Shares held in ESOP (in shares)	628,289	718,646

Income Taxes - Schedule of Income Before Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019
Income Tax Disclosure [Abstract]
U.S. Federal									$ 48,392	$ 53,946	$ 53,375
Foreign									2,726	3,655	8,066
Income before income taxes	$ 10,900	$ 3,100	$ 21,500	$ 15,600	$ 16,000	$ 9,400	$ 12,500	$ 19,700	$ 51,118	$ 57,601	$ 61,441

- 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
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-Name Accounting Standards Codification
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-Section 50
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Section 50
-Paragraph 30
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 280
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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(10))
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Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Subparagraph (SX 210.9-04(15))
-URI http://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

+ Details

Income Taxes - Schedule of Income Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019
Current
U.S. Federal	$ 6,773	$ 8,466	$ 10,298
State and local	3,561	1,999	2,729
Foreign	1,641	1,968	1,881
Provision for income taxes	11,975	12,433	14,908
Deferred
U.S. Federal	(1,150)	673	644
State and local	(500)	(100)	(280)
Foreign	505	(222)	117
Provision for income taxes	(1,145)	351	481
Total
U.S. Federal	5,623	9,139	10,942
State and local	3,061	1,899	2,449
Foreign	2,146	1,746	1,998
Provision for income taxes	$ 10,830	$ 12,784	$ 15,389

Income Taxes - Additional Information (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019	Dec. 15, 2020
Income Tax Disclosure [Abstract]
U.S. federal statutory income tax rate percentage		21.00%	21.00%	21.00%
Effective tax rate		21.20%	22.20%	25.00%
Decrease in provision due to release of uncertain tax positions		$ 4,717,000	$ 1,615,000	$ (244,000)
Decrease in effective tax rate due to release of uncertain tax positions		9.20%	2.80%
Increase in provision due to state tax expense impact (net of federal benefits)		$ 2,419,000	$ 1,943,000	2,222,000
Increase in effective tax rate due to state tax expense impact (net of federal benefits)		4.70%	3.40%
Increase in provision due to additional non-deductible expenses		$ 1,438,000	$ (546,000)	$ (276,000)
Increase in effective tax rate due to additional non-deductible expenses		2.80%
Tax effected net operating loss carryforwards, net of valuation allowances	$ 0	$ 0	$ 0
Earnings related to foreign subsidiaries for which taxes are not provided	17,000,000	17,000,000
Business Acquisition [Line Items]
Accrued interest on uncertain tax positions	1,000,000.0	1,000,000.0
Accrued penalties on uncertain tax positions	1,800,000	1,800,000
Tax benefit recognized as a result of receiving audit closing letter from IRS related to calendar 2017, a pre-acquisition tax year	5,300,000
Release of accrued interest	600,000
Release of penalty	600,000
Net decrease in income tax expense from interest and penalties related to uncertain tax positions		900,000
T.A. Industries (TRUaire)
Business Acquisition [Line Items]
Tax contingency reserves	17,321,000	17,321,000			$ 22,511,000
Unrecognized tax benefit related to acquisition		13,600,000
Accrued interest on uncertain tax positions	1,400,000	1,400,000
Accrued penalties on uncertain tax positions	$ 2,300,000	$ 2,300,000

Income Taxes - Reconciliation of Income Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019
Income Tax Disclosure [Abstract]
Computed tax expense at statutory rate	$ 10,735	$ 12,096	$ 12,903
Increase (reduction) in income taxes resulting from:
State and local income taxes, net of federal benefits	2,419	1,943	2,222
Amended return items (pension and foreign withholding)	0	975	0
IRS audit adjustments	0	502	0
GILTI and Section 250 Deduction	440	124	749
Foreign rate differential	85	84	302
Uncertain tax positions	(4,717)	(1,615)	244
Other permanent differences	1,438	(546)	(276)
Foreign tax credits	(554)	(479)	(1,123)
Repatriation tax, net of tax credit	822	0	0
Other, net	162	(300)	368
Provision for income taxes	$ 10,830	$ 12,784	$ 15,389

Income Taxes - Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Mar. 31, 2020
Deferred tax assets:
Operating lease liabilities	$ 14,680	$ 4,380
Accrued compensation	3,878	3,997
Impairment	386	386
Pension and other employee benefits	313	362
Inventory reserves	1,330	197
Net operating loss carryforwards	145	145
Accrued expenses	244	141
Foreign tax credit carry-forward	130	40
State R&D credit carry-forward	120	0
Transaction Costs	630	0
Other, net	1,455	934
Deferred tax assets	23,311	10,582
Valuation allowance	(145)	(145)
Deferred tax assets, net of valuation allowance	23,166	10,437
Deferred tax liabilities:
Goodwill and intangible assets	(65,070)	(5,740)
Property, plant and equipment	(7,816)	(4,444)
Operating lease - ROU assets	(13,631)	(3,943)
Repatriation reserve	(942)	0
Other, net	(297)	(158)
Deferred tax liabilities	(87,756)	(14,285)
Net deferred tax liabilities	$ (64,590)	$ (3,848)

Income Taxes - Summary of Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Balance at beginning of year	$ 498	$ 1,910
Increases related to prior year tax positions	13,895	0
Decreases related to prior year tax positions	(4,215)	(1,304)
Increases related to current year tax positions	34	64
Settlement	0	(172)
Balance at end of year	$ 10,212	$ 498

Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	$ 276,741	$ 263,686	$ 265,765
Other comprehensive loss	5,450	(717)	(3,254)
Balance at end of period	412,013	276,741	263,686
Expected loss from currency cash flow hedge, next 12 months (less than)	200
Currency translation adjustments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	(9,185)	(6,869)
Other comprehensive loss	4,791	(2,316)
Balance at end of period	(4,394)	(9,185)	(6,869)
Interest rate swaps
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	(1,390)	(394)
Unrealized losses (gain), net of taxes	362	(1,069)
Reclassification of other comprehensive loss (income), net of taxes	225	73
Other comprehensive loss	587	(996)
Balance at end of period	(803)	(1,390)	(394)
Unrealized losses, tax	(96)	284
Reclassification from AOCI, tax	(60)	(19)
Defined benefit plans
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	(871)	(3,466)
Other comprehensive loss	72	2,595
Balance at end of period	(799)	(871)	$ (3,466)
Amortization of net prior service cost (benefit), net of taxes
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Reclassification of other comprehensive loss (income), net of taxes	(31)	21
Reclassification from AOCI, tax	8	(6)
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	62	47
Reclassification from AOCI, tax	(16)	(12)
Net loss (gain) arising during the year, net of taxes
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Other comprehensive loss	96	(17)
Other comprehensive (loss) income, tax	(26)	5
Pension plan termination, net of taxes
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Other comprehensive loss	0	2,516
Other comprehensive (loss) income, tax	0	(669)
Currency translation impact
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Other comprehensive loss	$ (55)	$ 28

Revenue Recognition (Details) $ in Thousands	3 Months Ended								12 Months Ended
Revenue Recognition (Details) $ in Thousands	Mar. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Sep. 30, 2020 USD ($)	Jun. 30, 2020 USD ($)	Mar. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Sep. 30, 2019 USD ($)	Jun. 30, 2019 USD ($)	Mar. 31, 2021 USD ($) segment	Mar. 31, 2020 USD ($)	Mar. 31, 2019 USD ($)
Disaggregation of Revenue [Line Items]
Number of business segments \| segment									2
Net revenues	$ 133,400	$ 89,900	$ 104,900	$ 91,000	$ 98,600	$ 83,700	$ 101,300	$ 102,300	$ 419,205	$ 385,871	$ 350,155
Change in Contract Liabilities [Roll Forward]
Balance at beginning of period				$ 2,892					2,892
Revenue recognized									(2,612)
New contracts and revenue added to existing contracts									1,183
Balance at end of period	$ 1,463				$ 2,892				1,463	2,892
Reportable Segments
Disaggregation of Revenue [Line Items]
Net revenues									419,205	385,871	350,155
Industrial Products \| Reportable Segments
Disaggregation of Revenue [Line Items]
Net revenues									289,416	234,895	205,931
Specialty Chemicals \| Reportable Segments
Disaggregation of Revenue [Line Items]
Net revenues									$ 129,789	150,976	144,224
Build-to-order
Disaggregation of Revenue [Line Items]
Retainage, percentage of transaction price not collectible until overall construction project is complete									10.00%
Lead times for transfer to customer									84 days
Build-to-order \| Reportable Segments
Disaggregation of Revenue [Line Items]
Net revenues									$ 87,057	82,357	69,564
Build-to-order \| Industrial Products \| Reportable Segments
Disaggregation of Revenue [Line Items]
Net revenues									87,057	82,357	69,564
Build-to-order \| Specialty Chemicals \| Reportable Segments
Disaggregation of Revenue [Line Items]
Net revenues									$ 0	0	0
Installation Services \| Total Consolidated Revenue \| Product Concentration Risk
Disaggregation of Revenue [Line Items]
Percentage of total consolidated revenue									3.00%
Book-and-ship
Disaggregation of Revenue [Line Items]
Lead times for transfer to customer									7 days
Book-and-ship \| Reportable Segments
Disaggregation of Revenue [Line Items]
Net revenues									$ 332,148	303,514	280,591
Book-and-ship \| Industrial Products \| Reportable Segments
Disaggregation of Revenue [Line Items]
Net revenues									202,359	152,538	136,367
Book-and-ship \| Specialty Chemicals \| Reportable Segments
Disaggregation of Revenue [Line Items]
Net revenues									$ 129,789	$ 150,976	$ 144,224

Segments - Summary of Financial Information of Reporting Segments (Details) $ in Thousands	3 Months Ended								12 Months Ended
	Mar. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Sep. 30, 2020 USD ($)	Jun. 30, 2020 USD ($)	Mar. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Sep. 30, 2019 USD ($)	Jun. 30, 2019 USD ($)	Mar. 31, 2021 USD ($) segment	Mar. 31, 2020 USD ($)	Mar. 31, 2019 USD ($)
Segment Reporting [Abstract]
Number of reportable segments \| segment									2
Segment Reporting Information [Line Items]
Revenues, net	$ 133,400	$ 89,900	$ 104,900	$ 91,000	$ 98,600	$ 83,700	$ 101,300	$ 102,300	$ 419,205	$ 385,871	$ 350,155
Operating income									59,470	66,067	60,440
Depreciation and amortization									23,037	14,844	13,836
Total Assets	874,957				369,245				874,957	369,245	352,632
Specialty Chemicals \| Trademarks
Segment Reporting Information [Line Items]
Impairment of unamortized trademarks					1,000
Operating Segments
Segment Reporting Information [Line Items]
Revenues, net									419,205	385,871	350,155
Operating income									73,904	80,416	72,747
Depreciation and amortization									22,173	14,142	13,152
Total Assets	861,718				344,373				861,718	344,373	325,267
Operating Segments \| Industrial Products
Segment Reporting Information [Line Items]
Revenues, net									289,416	234,895	205,931
Operating income									55,641	55,725	48,817
Depreciation and amortization									15,255	6,573	5,871
Total Assets	741,726				205,518				741,726	205,518	187,680
Operating Segments \| Specialty Chemicals
Segment Reporting Information [Line Items]
Revenues, net									129,789	150,976	144,224
Operating income									18,263	24,691	23,930
Depreciation and amortization									6,918	7,569	7,281
Total Assets	119,992				138,855				119,992	138,855	137,587
Eliminations and Other
Segment Reporting Information [Line Items]
Revenues, net									0	0	0
Operating income									(14,434)	(14,349)	(12,307)
Depreciation and amortization									864	702	684
Total Assets	$ 13,239				$ 24,872				$ 13,239	$ 24,872	$ 27,365

Segments - Schedule of Sales and Long-Lived Assets by Geographic Area (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues, net	$ 133,400	$ 89,900	$ 104,900	$ 91,000	$ 98,600	$ 83,700	$ 101,300	$ 102,300	$ 419,205	$ 385,871	$ 350,155
Long-lived assets	660,404				219,200				$ 660,404	$ 219,200	$ 201,365
Net Revenues \| Geographic Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage									100.00%	100.00%	100.00%
Long-lived Assets \| Geographic Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage									100.00%	100.00%	100.00%
U.S.
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues, net									$ 367,169	$ 323,000	$ 286,545
Long-lived assets	617,258				196,679				$ 617,258	$ 196,679	$ 176,935
U.S. \| Net Revenues \| Geographic Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage									87.60%	83.70%	81.80%
U.S. \| Long-lived Assets \| Geographic Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage									93.50%	89.70%	87.90%
Non-U.S.
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues, net									$ 52,036	$ 62,871	$ 63,610
Long-lived assets	$ 43,146				$ 22,521				$ 43,146	$ 22,521	$ 24,430
Non-U.S. \| Net Revenues \| Geographic Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage									12.40%	16.30%	18.20%
Non-U.S. \| Long-lived Assets \| Geographic Concentration Risk
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage									6.50%	10.30%	12.10%

- 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
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-Subparagraph (a)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Quarterly Financial Data (Unaudited) - Summary of Unaudited Quarterly Data (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								4 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2021	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019
Quarterly Financial Information Disclosure [Abstract]
Revenues, net	$ 133,400	$ 89,900	$ 104,900	$ 91,000	$ 98,600	$ 83,700	$ 101,300	$ 102,300		$ 419,205	$ 385,871	$ 350,155
Gross profit	54,000	39,300	48,700	42,800	44,800	37,700	47,400	47,200		184,800	177,050	161,370
Income before income taxes	10,900	3,100	21,500	15,600	16,000	9,400	12,500	19,700		51,118	57,601	61,441
Income from continuing operations	9,600	2,300	16,400	12,000	13,400	7,300	8,800	15,300		40,288	44,817	46,052
Income (loss) from discontinued operations, net	0	0	0	0	1,200	0	0	(100)		0	1,061	(478)
Net income	$ 9,600	$ 2,300	$ 16,400	$ 12,000	$ 14,600	$ 7,300	$ 8,800	$ 15,200		$ 40,288	$ 45,878	$ 45,574
Basic earnings per common share:
Continuing operations (USD per share)	$ 0.62	$ 0.16	$ 1.11	$ 0.81	$ 0.89	$ 0.48	$ 0.59	$ 1.02		$ 2.68	$ 2.98	$ 2.99
Discontinued operations (USD per share)	0	0	0	0	0.08	0	(0.01)	(0.01)		0	0.07	(0.03)
Net income (USD per share)	0.62	0.16	1.11	0.81	0.97	0.48	0.58	1.01		2.68	3.05	2.96
Diluted earnings per common share:
Continuing operations (USD per share)	0.61	0.16	1.10	0.81	0.88	0.48	0.58	1.01		2.66	2.95	2.96
Discontinued operations (USD per share)	0	0	0	0	0.08	0	0	(0.01)		0	0.07	(0.03)
Net income (USD per share)	$ 0.61	$ 0.16	$ 1.10	$ 0.81	$ 0.96	$ 0.48	$ 0.58	$ 1.00		$ 2.66	$ 3.02	$ 2.93
Schedule of Equity Method Investments [Line Items]
Indemnification expense	$ 5,000
Specialty Chemicals
Schedule of Equity Method Investments [Line Items]
Transaction expenses related to formation of joint venture	1,600
Trademark
Indefinite-lived Intangible Assets [Line Items]
Tradename impairment					$ 1,000
T.A. Industries (TRUaire)
Quarterly Financial Information Disclosure [Abstract]
Income before income taxes									$ (400)
Business Acquisition [Line Items]
Transaction expenses incurred	800									$ 7,800
Schedule of Equity Method Investments [Line Items]
Indemnification expense	$ 5,000

Subsequent Events (Details) - USD ($)	May 18, 2021	Apr. 01, 2021	Dec. 11, 2015	Dec. 01, 2020
Revolving Credit Facility
Subsequent Event [Line Items]
Maximum borrowing capacity			$ 250,000,000.0	$ 300,000,000.0
Debt instrument term			5 years
Subsequent Event \| Revolving Credit Facility
Subsequent Event [Line Items]
Maximum borrowing capacity	$ 400,000,000.0
Debt instrument term	5 years
Subsequent Event \| Whitmore \| Shell
Subsequent Event [Line Items]
Equity interest sold		50.00%
Consideration received in conjunction with JV formation		$ 13,700,000

Label	Element	Value
Accounting Standards Update 2014-09 [Member]
Accounting Standards Update [Extensible List]	us-gaap_AccountingStandardsUpdateExtensibleList	Accounting Standards Update 2014-09 [Member]
Accounting Standards Update 2016-09 [Member]
Accounting Standards Update [Extensible List]	us-gaap_AccountingStandardsUpdateExtensibleList	Accounting Standards Update 2016-09 [Member]
Accounting Standards Update 2018-02 [Member]
Accounting Standards Update [Extensible List]	us-gaap_AccountingStandardsUpdateExtensibleList	Accounting Standards Update 2018-02 [Member]

- Definition

Indicates amendment to accounting standards.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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+ Details