Thermon (THR) 10-Q 4 Feb 16 2016 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Dec. 31, 2015	Feb. 01, 2016
Entity Listings [Line Items]
Entity Registrant Name	Thermon Group Holdings, Inc.
Entity Central Index Key	1,489,096
Current Fiscal Year End Date	--03-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Dec. 31, 2015
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Common Stock, Shares Outstanding		32,215,894

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2015	Mar. 31, 2015
Current assets:
Cash and cash equivalents	$ 79,101	$ 93,774
Accounts receivable, net of allowance for doubtful accounts of $748 and $785 as of December 31, 2015 and March 31, 2015, respectively	52,958	60,441
Inventories, net	44,098	41,008
Costs and estimated earnings in excess of billings on uncompleted contracts	7,934	6,804
Prepaid expenses and other current assets	8,344	5,128
Deferred income taxes	3,290	3,549
Total current assets	195,725	210,704
Property, plant and equipment, net	39,963	34,824
Goodwill	120,460	105,232
Intangible assets, net	105,043	100,813
Debt issuance costs, net	1,074	1,358
Other long term assets	349	378
Total assets	462,614	453,309
Current liabilities:
Accounts payable	19,169	17,145
Accrued liabilities	13,107	17,417
Current portion of long term debt	13,500	13,500
Outstanding borrowings	5,000	0
Billings in excess of costs and estimated earnings on uncompleted contracts	3,223	2,366
Income taxes payable	2,816	2,710
Total current liabilities	56,815	53,138
Long-term debt, net of current maturities	84,375	94,500
Deferred income taxes	34,061	30,835
Other noncurrent liabilities	3,046	3,070
Total liabilities	178,297	181,543
Equity
Common stock: $.001 par value; 150,000,000 authorized; 32,210,938 and 32,082,393 shares issued and outstanding at December 31, 2015 and March 31, 2015, respectively	32	32
Preferred stock: $.001 par value; 10,000,000 authorized; no shares issued and outstanding	0	0
Additional paid in capital	215,726	213,885
Accumulated other comprehensive income	(54,501)	(41,400)
Retained earnings (accumulated deficit)	119,054	99,249
Shareholders’ equity	280,311	271,766
Non-controlling interests	4,006	0
Total equity	284,317	271,766
Total liabilities and equity	$ 462,614	$ 453,309

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2015	Mar. 31, 2015
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	150,000,000	150,000,000
Common stock, shares issued		32,082,393
Common stock, shares outstanding		32,082,393
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Treasury Stock, Shares	0	0
Thermon Holding Corp.
Accounts receivable, allowance for doubtful accounts (in dollars)	$ 748	$ 785

Condensed Consolidated Statemen

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014
Sales	$ 74,427,000	$ 87,622,000	$ 209,584,000	$ 234,322,000
Cost of sales	39,298,000	42,089,000	110,364,000	113,723,000
Gross profit	35,129,000	45,533,000	99,220,000	120,599,000
Operating expenses:
Marketing, general and administrative and engineering	20,167,000	19,631,000	59,021,000	57,973,000
Amortization of intangible assets	3,135,000	2,683,000	8,979,000	8,175,000
Income from operations	11,827,000	23,219,000	31,220,000	54,451,000
Other income/(expenses):
Interest income	91,000	138,000	309,000	365,000
Interest expense	(918,000)	(1,094,000)	(3,227,000)	(3,580,000)
Other expense	(377,000)	(496,000)	(664,000)	(1,334,000)
Income before provision for income taxes	10,623,000	21,767,000	27,638,000	49,902,000
Income tax expense	1,954,000	6,164,000	7,462,000	11,017,000
Net income	8,669,000	15,603,000	20,176,000	38,885,000
Income attributable to non-controlling interests	189,000	0	371,000	0
Net income (loss)	8,480,000	15,603,000	19,805,000	38,885,000
Comprehensive income:
Net income (loss)	8,480,000	15,603,000	19,805,000	38,885,000
Foreign currency translation adjustment	(6,047,000)	(8,628,000)	(13,337,000)	(15,480,000)
Derivative valuation, net of tax	373,000	(202,000)	237,000	(51,000)
Comprehensive income	$ 2,806,000	$ 6,773,000	$ 6,705,000	$ 23,354,000
Net Income per common share:
Basic (in dollars per share)	$ 0.26	$ 0.49	$ 0.62	$ 1.21
Diluted (in dollars per share)	$ 0.26	$ 0.48	$ 0.61	$ 1.20
Weighted-average shares used in computing net income per common share:
Basic (in shares)	32,210,081	32,066,877	32,162,800	32,014,840
Diluted (in shares)	32,596,747	32,455,463	32,575,757	32,391,110

Condensed Consolidated Stateme5

Condensed Consolidated Statement of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Operating activities
Net income	$ 20,176	$ 38,885
Adjustment to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	12,971	10,679
Amortization of deferred debt issuance costs	629	350
Stock compensation expense	2,764	2,302
Deferred income taxes	(1,658)	(5,818)
Other	939	1,496
Changes in operating assets and liabilities:
Accounts receivable	10,806	(18,223)
Inventories	(3,183)	(8,952)
Costs and estimated earnings in excess of billings on uncompleted contracts	(952)	(1,317)
Other current and noncurrent assets	(1,627)	(1,223)
Accounts payable	954	4,394
Accrued liabilities and noncurrent liabilities	(4,266)	5,106
Income taxes payable and receivable	(2,505)	6,408
Net cash provided by operating activities	35,048	34,087
Investing activities
Purchases of property, plant and equipment	(9,464)	(4,148)
Sale of rental equipment at net book value	1,726	0
Cash paid for acquisitions (net of cash acquired)	(31,180)	0
Net cash used in investing activities	(38,918)	(4,148)
Financing activities
Proceeds from (Repayments of) Lines of Credit	5,000	0
Payments on long term debt	(10,125)	(10,125)
Issuance costs associated with revolving line of credit and long term debt	(341)	(290)
Proceeds from exercise of stock options	204	484
Repurchase of employee stock units on vesting	(1,265)	0
Benefit from excess tax deduction from option exercises	133	1,450
Lease financing	(148)	(156)
Net cash used in financing activities	(6,542)	(8,637)
Effect of exchange rate changes on cash and cash equivalents	(4,261)	(3,654)
Change in cash and cash equivalents	(14,673)	17,648
Cash and cash equivalents at beginning of period	93,774	72,640
Cash and cash equivalents at end of period	$ 79,101	$ 90,288

Basis of Presentation and Accou

Basis of Presentation and Accounting Policy Information	9 Months Ended
	Dec. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Accounting Policy Information	Basis of Presentation and Accounting Policy Information Thermon Group Holdings, Inc. and its direct and indirect subsidiaries are referred to collectively as “we,” “our,” or the “Company” herein. We are a provider of highly engineered thermal solutions for process industries. Our thermal solutions, also referred to as heat tracing, provide an external heat source to pipes, vessels and instruments for the purposes of freeze protection, temperature and flow maintenance, environmental monitoring, and surface snow and ice melting. As a manufacturer, we provide a suite of products (heating cables, tubing bundles and control systems) and services (design optimization, engineering, installation and maintenance services) required to deliver comprehensive solutions to complex projects. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements and notes thereto for the year ended March 31, 2015 . In our opinion, the accompanying consolidated financial statements reflect all adjustments (consisting only of normal recurring items) considered necessary to present fairly our financial position at December 31, 2015 and March 31, 2015 , and the results of our operations for the three and nine months ended December 31, 2015 and 2014 . Use of Estimates Generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reported period. While our management has based their assumptions and estimates on the facts and circumstances existing at December 31, 2015 , actual results could differ from those estimates and affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities and the corresponding revenues and expenses as of the date of the financial statements. The operating results for the three and nine months ended December 31, 2015 are not necessarily indicative of the results that may be achieved for the fiscal year ending March 31, 2016 . Correction of an error During the three months ended June 30, 2015, the Company recorded a correction of an error that reduced marketing, general and administrative and engineering expense by $498 and decreased additional paid in capital by an equivalent amount. In previous years, the Company had expensed the withholding tax value of equity awards that were withheld by the Company at vesting. The Company determined that the value of withheld shares should have been recorded as a reduction to additional paid in capital. Recent Accounting Pronouncements Revenue Recognition - In May 2014, the Financial Accounting Standards Board issued Accounting Standards Update No. 2014-09 “Revenue from Contracts with Customers” (Topic 606), which amends the existing revenue recognition requirements and guidance. Under the new guidance, revenue is recognized when promised goods or services are transferred to customers in an amount that reflects the consideration that is expected to be received for those goods or services. The new revenue standard may be applied retrospectively to each prior period presented or retrospectively with the cumulative effect recognized as of the date of adoption. The Company will adopt the standard on April 1, 2018. We have not selected a transition method and we are currently evaluating the effect that the updated standard will have on our consolidated financial statements and related disclosures. Stock Compensation - In June 2014, the Financial Accounting Standards Board issued Accounting Standards Update No. 2014-12 (Topic 718), which clarified the treatment of share-based payments when a performance target could be achieved after the requisite service period. Under the new guidance, compensation cost should be recognized over the requisite service period when it becomes probable that the performance target will be achieved. The total compensation cost recognized should reflect the number of awards that are expected to vest and should be adjusted to reflect those awards that ultimately vest. We adopted this standard April 1, 2015 and it did not have a material impact on our condensed consolidated financial statements. Interest- In April 2015, the Financial Accounting Standards Board issued Accounting Standards Update 2015-3 "Interest-Imputation of Interest" (Subtopic 835-30). The new guidance changes the presentation of debt issuance costs in financial statements and specifies that debt issuance costs related to a note shall be reported in the balance sheet as a direct deduction from the associated face amount of the note. The guidance does not change the current guidance related to the recognition and measurement of debt issuance costs. The amortization of debt issuance costs will continue to be reported as interest expense. The guidance is effective for years and interim periods within those fiscal years beginning after December 15, 2015. Early adoption is allowed for all entities and the new guidance shall be applied to all prior periods retrospectively. We are currently evaluating when to adopt this ASU. If the standard update were adopted as of December 31, 2015 , our outstanding debt obligations would have been reduced by $986 and $1,217 as of December 31, 2015 and March 31, 2015 , respectively. The adoption of this guidance will have no impact on the presentation of our condensed consolidated statements of operations. Interes t- In August 2015, the Financial Accounting Standards Board issued Accounting Standards Update 2015-15 "Imputation of Interest" (Subtopic 835-30). The guidance clarified the treatment of the presentation of debt issuance costs associated with a revolving line of credit. Under the guidance these costs can continue to be reported as an asset. As there were no changes to the pre-existing guidance the standard is considered to be effective immediately and had no impact on our condensed consolidated financial statements. Inventory- In July 2015, the Financial Accounting Standards Board issued Accounting Standards Update 2015-11 "Simplifying the Measurement of Inventory" (Topic 330). Under the new guidance, inventory is measured at the lower of cost and net realizable value, and the new guidance eliminates the use of replacement cost and net realizable value less a normal profit margin as techniques to value inventory. Net realizable value is defined as the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. The new guidance will be applied prospectively for annual periods and interim periods within fiscal years beginning after December 15, 2016. We do not anticipate the adoption of this standard will have a material impact on our condensed consolidated financial statements. Business Combinations- In September 2015, the Financial Accounting Standards Board issued Accounting Standards Update 2015-16 "Simplifying the Accounting for Measurement-Period Adjustments" (Topic 805). Under the new guidance, an acquirer must recognize adjustments to provisional amounts that are identified in the reporting period in which the adjustments amounts are determined. Companies are required to disclose the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustments to the provisional amounts had been recognized as of the acquisition date. The new guidance is to be applied prospectively for fiscal years beginning after December 15, 2015 and interim periods within those fiscal years. Early adoption is permitted. We adopted this standard in September 2015 and it did not have a material impact on our condensed consolidated financial statements. Income Taxes- In November 2015, the Financial Accounting Standards Board issued Accounting Standards Update 2015-17, which requires an entity to present all deferred income tax assets and liabilities as noncurrent. Under the previous guidance, an entity had to classify deferred income tax assets and liabilities into current and noncurrent based on the classification of the related asset or liability. The new guidance is effective for annual periods beginning after December 15, 2016 and interim periods within those years. Early adoption is permitted. In the year of adoption, the guidance can be applied either prospectively or retrospectively. We are currently evaluating when to adopt the standard and the impact on our condensed consolidated balance sheet. The adoption of this guidance will have no impact on the presentation of our condensed consolidated statements of operations or condensed consolidated statements of cash flows. Financial Instruments- In January 2016, the Financial Accounting Standards Board issued Accounting Standards Update 2016-01, which amends the guidance on the classification and measurement of financial instruments. The amendment requires all equity investments to be measured at fair value with changes in the fair value recognized through earnings. The amendment also requires an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the credit risk when an entity has elected the fair value option. The guidance eliminates the requirement to disclose the methods and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet. The new guidance is effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2017. Early adoption is permitted for certain provisions of the accounting standards update. Upon the adoption of the standard, an entity will be required to make a cumulative-effect adjustment to retained earnings as of the beginning of such reporting period. We are currently evaluating when to adopt this standard. Upon adoption, we do not anticipate this standard will have a material impact on our condensed consolidated financial statements.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Dec. 31, 2015
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Fair Value . We measure fair value based on authoritative accounting guidance, which defines fair value, establishes a framework for measuring fair value and expands on required disclosures regarding fair value measurements. Inputs are referred to as assumptions that market participants would use in pricing the asset or liability. The uses of inputs in the valuation process are categorized into a three-level fair value hierarchy. • Level 1 — uses quoted prices in active markets for identical assets or liabilities we have the ability to access. • Level 2 — uses observable inputs other than quoted prices in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. • Level 3 — uses one or more significant inputs that are unobservable and supported by little or no market activity, and that reflect the use of significant management judgment. Financial assets and liabilities with carrying amounts approximating fair value include cash, trade accounts receivable, accounts payable, accrued expenses and other current liabilities. The carrying amount of these financial assets and liabilities approximates fair value because of their short maturities. At December 31, 2015 and March 31, 2015 , no assets or liabilities were valued using Level 3 criteria. Information about our long-term debt that is not measured at fair value is as follows: December 31, 2015 March 31, 2015 Carrying Value Fair Value Carrying Value Fair Value Valuation Technique Financial Liabilities Long-term debt $ 97,875 $ 97,875 $ 108,000 $ 108,000 Level 2 - Market Approach Revolving credit facility $ 5,000 $ 5,000 — — Level 2 - Market Approach At December 31, 2015 and March 31, 2015 , the fair value of our variable rate term loan and revolving credit facility approximates its carrying value as we pay interest based on the current market rate. As the quoted price is only available for similar financial assets, the Company concluded the pricing is indirectly observable through dealers and has been classified as Level 2. Foreign Currency Forward Contracts We transact business in various foreign currencies and have established a program that primarily utilizes foreign currency forward contracts to offset the risk associated with the effects of certain foreign currency exposures. Under this program, increases or decreases in our foreign currency exposures are intended to be offset by gains or losses on the forward contracts to mitigate foreign currency transaction gains or losses. These foreign currency exposures typically arise from intercompany transactions. Our forward contracts generally have terms of 30 days. We do not use forward contracts for trading purposes or designate these forward contracts as hedging instruments pursuant to ASC 815. We adjust the carrying amount of all contracts to their fair value at the end of each reporting period and unrealized gains and losses are included in our results of operations for that period. These gains and losses are designed to offset gains and losses resulting from settlement of payments received from our foreign operations which are settled in U.S. dollars. The fair value is determined by quoted prices from active foreign currency markets (Level 2 fair value). The condensed consolidated balance sheets reflect unrealized gains within accounts receivable, net and unrealized losses within accrued liabilities. Our ultimate realized gain or loss with respect to currency fluctuations will depend on the currency exchange rates and other factors in effect as the contracts mature. As of December 31, 2015 and March 31, 2015 , the notional amounts of forward contracts were as follows: Notional amount of foreign currency forward contracts by currency December 31, 2015 March 31, 2015 Russian Ruble $ 1,925 $ 1,374 Euro 2,315 467 Canadian Dollar 1,019 243 South Korean Won 2,337 3,347 Mexican Peso 785 873 Australian Dollar 1,249 1,104 Japanese Yen 348 815 Brazilian Real 348 — Total notional amounts $ 10,326 $ 8,223 The following table represents the fair value of our foreign currency forward contracts: December 31, 2015 March 31, 2015 Fair Value Fair Value Assets Liabilities Assets Liabilities Foreign currency forward contracts $ 36 $ 34 $ 87 $ 110 Foreign currency gains or losses related to our forward contracts in the accompanying condensed consolidated statements of operations and comprehensive income (loss) was a gain of $245 and a loss of $321 in the three months ended December 31, 2015 and 2014 , respectively, and losses of $415 and $496 for the nine months ended December 31, 2015 and 2014 , respectively. Gains and losses from our forward contracts were offset by transaction gains or losses incurred with the settlement of transactions denominated in foreign currencies. Our net foreign currency losses were $357 and $470 in the three months ended December 31, 2015 and 2014 , respectively. For the nine months ended December 31, 2015 and 2014 , our net foreign currency losses were $614 and $1,238 , respectively. Interest Rate Swaps The Company entered into two interest rate swap contracts to reduce the exposure to interest rate fluctuations associated with its variable rate term loan. Under the swap agreements, we pay a fixed amount and receive or make payments based on a variable rate. The Company designated the interest rate swap contracts as cash flow hedges pursuant to ASC 815. The Company formally documents all relationships between the hedging instrument and hedged item, its risk management objective and strategy, as well as counterparty creditworthiness. At each reporting period our interest rate swap contract is adjusted to fair value based on dealer quotes, which consider forward yield curves and volatility levels (Level 2 fair value). Unrealized gains, representing derivative assets, are reported within accounts receivable, net and unrealized losses, representing derivative liabilities, are reported within accrued liabilities on the accompanying condensed consolidated balance sheets. As of December 31, 2015 and March 31, 2015 , the fair values of the interest rate swap contracts were an unrealized loss of $281 and $612 , respectively. The change in fair value of the derivative instruments is recorded in accumulated other comprehensive income (loss) to the extent the derivative instruments are deemed effective. Ineffectiveness is measured based on the changes in fair value of the interest rate swap contract and the change in fair value of the hypothetical derivative and is recognized in earnings in the period in which ineffectiveness is realized. Based on the criteria established by ASC 815, the interest rate swap contract is deemed to be highly effective. Any realized gains or losses resulting from the interest rate swap contract are recognized within interest expense. Gains and losses from our interest rate swap contract are offset by changes in the variable interest rate on our term loan. During the three months ended December 31, 2015 , our interest rate on outstanding principal amounts was fixed at approximately 2.87% . D uring the three months ended December 31, 2015, the Company entered into a second interest rate swap contract to hedge interest payments on the previously unhedged portion of principal on its variable rate secured term loan where the Company previously had interest rate exposure. As of December 31, 2015, 100% of our interest payments on our variable rate term loan are hedged through its maturity in April 2019. The following table summarizes the aggregate unrealized loss in accumulated other comprehensive loss, and the losses reclassified into earnings for the three and nine months ended December 31, 2015 and 2014 : Three Months Ended December 31, 2015 Three Months Ended December 31, 2014 Before Tax Amount Tax Expense (Benefit) Other Comprehensive loss, net Before Tax Amount Tax Expense (Benefit) Other Comprehensive loss, net Unrealized gain (loss) at beginning of the period $ (956 ) $ (335 ) $ (621 ) $ 108 $ 38 $ 70 Add: gain (loss) from change in fair value of cash flow hedge 340 119 221 (745 ) (261 ) (484 ) Less: loss reclassified into earnings from effective hedge (222 ) (78 ) (144 ) (417 ) (146 ) (271 ) Less: ineffective portion of hedge transferred into earnings (11 ) (4 ) (7 ) (17 ) (6 ) (11 ) Unrealized gain (loss) at end of the period $ (383 ) $ (134 ) $ (249 ) $ (203 ) $ (71 ) $ (132 ) Nine Months Ended December 31, 2015 Nine Months Ended December 31, 2014 Before Tax Amount Tax Expense (Benefit) Other Comprehensive loss, net Before Tax Amount Tax Expense (Benefit) Other Comprehensive loss, net Unrealized loss at beginning of the period $ (746 ) $ (261 ) $ (485 ) $ (125 ) $ (44 ) $ (81 ) Add: gain (loss) from change in fair value of cash flow hedge (380 ) (133 ) (247 ) (1,412 ) (494 ) (918 ) Less: loss reclassified into earnings from effective hedge (710 ) (248 ) (462 ) (1,283 ) (449 ) (834 ) Less: ineffective portion of hedge transferred into earnings (33 ) (12 ) (21 ) (51 ) (18 ) (33 ) Unrealized gain (loss) at end of the period $ (383 ) $ (134 ) $ (249 ) $ (203 ) $ (71 ) $ (132 ) Transfers out of accumulated other comprehensive loss During the three and nine months ended December 31, 2015 and 2014 , there were no transfers out of accumulated other comprehensive loss except for realized losses from our interest rate swap contract presented in the preceding tables, which were recorded within interest expense in our statements of operations and comprehensive income.

Earnings and Net Income (Loss)

Earnings and Net Income (Loss) per Common Share	9 Months Ended
	Dec. 31, 2015
Earnings Per Share [Abstract]
Earnings and Net Income (Loss) per Common Share	Earnings and Net Income per Common Share Basic earnings per share (“EPS”) is computed by dividing net income available to Thermon Group Holdings, Inc. by the weighted average number of common shares outstanding during each period. Diluted net income per common share is computed by dividing net income available to Thermon Group Holdings, Inc. by the weighted average number of common shares and common share equivalents outstanding (if dilutive) during each period. The number of common share equivalents, which includes options and both restricted and performance stock units, is computed using the treasury stock method. With regard to the performance stock units, we assumed that the target number of shares would be issued within the calculation of diluted net income per common share. The reconciliations of the denominators used to calculate basic and diluted EPS for the three and nine months ended December 31, 2015 and 2014 , respectively, are as follows: Three Months Ended December 31, 2015 Three Months Ended December 31, 2014 Nine Months Ended December 31, 2015 Nine Months Ended December 31, 2014 Basic net income per common share Net income available to Thermon Group Holdings, Inc. $ 8,480 $ 15,603 $ 19,805 $ 38,885 Weighted-average common shares outstanding 32,210,081 32,066,877 32,162,800 32,014,840 Basic net income per common share $ 0.26 $ 0.49 $ 0.62 $ 1.21 Three Months Ended December 31, 2015 Three Months Ended December 31, 2014 Nine Months Ended December 31, 2015 Nine Months Ended December 31, 2014 Diluted net income per common share Net income available to Thermon Group Holdings, Inc. $ 8,480 $ 15,603 $ 19,805 $ 38,885 Weighted-average common shares outstanding 32,210,081 32,066,877 32,162,800 32,014,840 Common share equivalents: Stock options 230,490 265,957 248,639 285,344 Restricted and performance stock units 156,176 122,629 164,318 90,926 Weighted average shares outstanding – dilutive (1) 32,596,747 32,455,463 32,575,757 32,391,110 Diluted net income per common share $ 0.26 $ 0.48 $ 0.61 $ 1.20 (1) For the three and nine months ended December 31, 2015 , 69,224 and 48,232 equity awards were not included in the calculation of diluted net income per common share, respectively, as they would have an anti-dilutive effect. For the three and nine months ended December 31, 2014 , 48,728 and 49,193 equity awards, respectively, were not included in the calculation of diluted net income per common share since they would have an anti-dilutive effect.

Inventories

Inventories	9 Months Ended
	Dec. 31, 2015
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories consisted of the following: December 31, March 31, Raw materials $ 15,531 $ 12,299 Work in process 1,941 5,060 Finished goods 27,896 24,765 45,368 42,124 Valuation reserves (1,270 ) (1,116 ) Inventories, net $ 44,098 $ 41,008

Goodwill

Goodwill	9 Months Ended
	Dec. 31, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets	Acquisitions, Goodwill and Other Intangible Assets Industrial Process Insulators ("IPI") Transaction On July 31, 2015, a wholly owned indirect subsidiary of the Company acquired 100% of the capital stock of Industrial Process Insulators ("IPI") for $21,750 , subject to a customary working capital adjustment. The results of IPI's operations have been included in the consolidated financial statements since that date. IPI is an insulation contractor serving the refining, petrochemical, power and energy, marine and pulp and paper industries in the United States, with a significant presence in the Texas and Louisiana Gulf Coast region. IPI has served as a customer and valued subcontractor to the Company for the past seventeen years and some members of IPI's senior management team are former company employees. The acquisition is expected to enhance our turn-key product offerings and strengthen our presence and relationships in the Gulf Coast region as IPI serves many of the same end-markets as those served by our core thermal solutions business. We recognized $10,204 in goodwill associated with the acquisition. Consideration to or on behalf of sellers at close $ 21,750 Fair value of total consideration transferred $ 21,750 The following table summarizes the preliminary fair value of the assets and liabilities assumed: Assets acquired: Cash $ 1,526 Accounts receivable 3,723 Inventories 474 Other current assets 204 Property, plant and equipment 119 Identifiable intangible assets 13,784 Goodwill 10,204 Total assets 30,034 Liabilities assumed: Current liabilities 2,203 Uncertain tax position liability 1,119 Noncurrent deferred tax liability 4,962 Total liabilities 8,284 Total consideration $ 21,750 The fair value of accounts receivable represents IPI's gross outstanding receivables as of the acquisition date that we estimate will be fully collectible. For the three and nine months ended December 31, 2015, we incurred $33 of transaction expenses related to the IPI acquisition which were recorded within marketing, general and administrative and engineering expenses on the condensed consolidated statements of operations and comprehensive income. Our provisional estimate of identifiable intangible assets at December 31, 2015 that were related to the IPI transaction consisted of the following: Amortization period Gross Carrying Amount at December 31, 2015 Accumulated Amortization Net Carrying Amount at December 31, 2015 Order backlog 6 months $ 437 $ 364 $ 73 Customer relationships 10 years 10,720 447 10,273 Trademark 8 years 1,820 95 1,725 Other 3 years 807 112 695 Total $ 13,784 $ 1,018 $ 12,766 The weighted average useful life of acquired finite lived intangible assets related to the IPI transaction is 9.0 years . At December 31, 2015 , approximately $4,000 of the purchase price was held in escrow to secure the sellers' indemnification obligations in the event of any breaches of representations and warranties contained in the definitive agreements. Sumac Transaction On April 1, 2015, Thermon Canada, Inc. ("TCI"), a wholly owned indirect subsidiary of the Company, acquired a 75% controlling interest in the business previously operated by Sumac Fabrication Company Limited ("Sumac") for $10,956 , (based on the Canadian Dollar to U.S. Dollar exchange rate on April 1, 2015) in cash, plus a non-interest bearing note ("performance based note") with a principal amount of $5,905 (based on the Canadian Dollar to U.S. Dollar exchange rate on April 1, 2015) that matures on April 1, 2016, with the actual amount payable at maturity ranging from zero up to a maximum of $7,500 Canadian Dollars, subject to the achievement of certain performance metrics during the 12 month period ending April 1, 2016. Since the terms of the performance based note include continued employment by Sumac's principals, the estimated payout will be accrued on a ratable basis as compensation expense until the actual amount becomes determinable on April 1, 2016. Sumac is located in Fort McMurray, Alberta, Canada. Sumac's line of products and solutions are designed to provide a safe and efficient means of supplying temporary electrical power distribution and lighting at energy infrastructure facilities for new construction and during maintenance and turnaround projects at operating facilities. Sumac products include power distribution panels, master/slave sub-panels, power cords and lighting fixtures. Sumac products are sold to end-users operating in many of the same markets as our core thermal solutions, including heavy industrial settings, oil and gas refining and upgrading, power generation plants, petrochemical production facilities and mining operations. We believe we will be able to leverage our existing global sales force to further expand the reach of Sumac's product offerings. We recognized $9,255 of goodwill in connection with the Sumac acquisition that we expect will be deductible for Canadian taxation purposes. Consideration to or on behalf of sellers at close $ 10,956 Fair value of total consideration transferred $ 10,956 The following table summarizes the preliminary fair value of the assets and liabilities assumed: Assets acquired: Accounts receivable $ 1,693 Inventories 1,299 Other current assets 123 Property, plant and equipment 1,316 Identifiable intangible assets 2,645 Goodwill 9,255 Total assets 16,331 Liabilities assumed: Current liabilities 1,025 Noncurrent deferred tax liability 714 Total liabilities 1,739 Non-controlling interests 3,636 Total consideration $ 10,956 The fair value of accounts receivable represents Sumac's gross outstanding receivables as of the acquisition date that we estimate will be fully collectible. In total, $134 of transaction costs were incurred related to the Sumac transaction, all of which were incurred prior to the nine months ended December 31, 2015. Our provisional estimate of identifiable intangible assets at December 31, 2015 that were related to the Sumac transaction consisted of the following: Amortization period Gross Carrying Amount at December 31, 2015 Accumulated Amortization Net Carrying Amount at December 31, 2015 Backlog 6 months $ 170 $ 170 $ — Customer relationships 3 years 1,705 426 1,279 Other 10.3 years 546 92 454 Total $ 2,421 $ 688 $ 1,733 The weighted average useful life of acquired finite lived intangible assets related to Sumac transaction is 4.5 years. At December 31, 2015 , approximately $1,030 of the purchase price was held in escrow to secure the sellers' indemnification obligations in the event of any breaches of representations and warranties contained in the definitive agreements. Unitemp Transaction On March 2, 2015, Thermon South Africa Pty. Ltd., a wholly owned indirect subsidiary of the Company, acquired substantially all of the operating assets and assumed certain operating liabilities of Unitemp cc (Unitemp or the Unitemp Transaction). The results of Unitemp's operations have been included in the consolidated financial statements since that date. Unitemp offers heating, sensing, portable instruments, monitoring and control solutions to industrial customers throughout Sub-Saharan Africa through its headquarters in Cape Town, South Africa and a branch location in Johannesburg, South Africa. The acquisition is expected to strengthen the Company's presence in the region and leverage the pre-existing sales channels that Unitemp has in the region. The goodwill of $1,630 arising from the acquisition relates to the foregoing expected benefits of the acquisition. The Company paid cash consideration of $3,890 . Consideration to or on behalf of sellers at close $ 3,890 Fair value of total consideration transferred $ 3,890 The following table summarizes the preliminary fair value of the assets and liabilities assumed: Assets acquired: Accounts receivable $ 1,346 Inventories 655 Other current assets 21 Property, plant and equipment 77 Identifiable intangible assets 1,294 Goodwill 1,630 Total assets 5,023 Liabilities assumed: Current liabilities 415 Noncurrent deferred tax liability 718 Total liabilities 1,133 Total consideration $ 3,890 The fair value of accounts receivable represents Unitemp's gross outstanding receivables as of the acquisition date that we estimate will be fully collectible. In total, $34 of transaction costs were incurred related to the Unitemp Transaction, all of which were incurred prior to the nine months ended December 31, 2015. Our provisional estimate of identifiable intangible assets that were related to the Unitemp Transaction consisted of the following: Amortization period Gross Carrying Amount at December 31, 2015 Accumulated Amortization Net Carrying Amount at December 31, 2015 Gross Carrying Amount at March 31, 2015 Accumulated Amortization Net Carrying Amount at March 31, 2015 Trademarks 8 years $ 612 $ 64 $ 548 $ 780 $ 8 $ 772 Developed Technology 3 years 84 23 61 107 3 104 Customer Relationships 5 years 288 48 240 368 6 362 Total $ 984 $ 135 $ 849 $ 1,255 $ 17 $ 1,238 The weighted average useful life of acquired finite lived intangible assets related to Unitemp transaction is 6.7 years . At December 31, 2015 , approximately $278 of the purchase price was held in escrow to secure the sellers' indemnification obligations in the event of any breaches of representations and warranties contained in the definitive agreements. Other intangible assets related to previous transactions consisted of the following: Gross Carrying Amount at December 31, 2015 Accumulated Amortization Net Carrying Amount at December 31, 2015 Gross Carrying Amount at March 31, 2015 Accumulated Amortization Net Carrying Amount at March 31, 2015 Trademarks $ 41,972 $ — $ 41,972 $ 43,034 $ — $ 43,034 Developed technology 9,619 2,764 6,855 9,862 2,469 7,393 Customer relationships 90,345 50,037 40,308 92,581 44,195 48,386 Backlog 8,828 8,828 — 9,129 9,129 — Certification 438 — 438 449 — 449 Other 1,630 1,508 122 1,630 1,317 313 Total $ 152,832 $ 63,137 $ 89,695 $ 156,685 $ 57,110 $ 99,575 Goodwill The carrying amount of goodwill as of December 31, 2015 is as follows: Amount Balance as of March 31, 2015 $ 105,232 Goodwill acquired 19,459 Foreign currency translation impact (4,231 ) Balance as of December 31, 2015 $ 120,460 The excess purchase price over the fair value of assets acquired is recorded as goodwill. Goodwill is tested for impairment on an annual basis, and between annual tests if indicators of potential impairment exist. We perform a qualitative analysis to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill. In addition to the qualitative analysis, we also perform a quantitative analysis using the income approach. Our annual impairment test will be performed during the fourth quarter of our fiscal year. The Sumac transaction was structured as an asset purchase and we expect that the $9,255 in goodwill associated with that transaction will be deductible for tax purposes in Canada. All other goodwill at December 31, 2015 is not deductible for tax purposes. During the three months ended September 30, 2015, we completed a restructuring of our Canadian operations in which we reduced approximately 34% of our Canadian workforce and closed two sales offices. The employee severance and office closure costs totaled $578 . During the nine months ended December 31, 2015, revenue from our organic Canadian operations (excluding our recent Sumac acquisition) has decreased by approximately 57% as compared to the nine months ended December 31, 2014. We consider the recent decline in our Canadian business, which management believes is attributable to lower oil prices and the reduction of capital investments in the Canadian oil sands region, to be an indicator of potential asset impairments in our Canadian reporting unit. The goodwill balance in the Canadian reporting unit at December 31, 2015 is $34,432 and the net intangible assets are $25,005 . During the three months ended December 31, 2015, we completed an interim goodwill impairment assessment of the goodwill of our Canadian reporting unit utilizing the income approach, based on discounted future cash flows, which are derived from internal forecasts and economic expectations, and the market approach, based on market multiples of guideline public companies. Based on the interim goodwill impairment assessment, the estimated fair value of the Canadian reporting unit exceeded the carrying value. As such, there was no impairment of goodwill or intangible assets as of December 31, 2015. We will continue to monitor our Canadian reporting unit's goodwill and intangible asset valuations and test for potential impairments until the overall market conditions in such region improve.

Accrued Liabilities

Accrued Liabilities	9 Months Ended
	Dec. 31, 2015
Payables and Accruals [Abstract]
Accrued Liabilities	Accrued Liabilities Accrued current liabilities consisted of the following: December 31, March 31, Accrued employee compensation and related expenses $ 8,653 $ 11,040 Customer prepayment 471 633 Warranty reserve 365 429 Professional fees 1,406 1,568 Sales tax payable 1,183 1,058 Other 1,029 2,689 Total accrued current liabilities $ 13,107 $ 17,417

Short-Term Revolving Lines of C

Short-Term Revolving Lines of Credit	9 Months Ended
	Dec. 31, 2015
Short-term Debt [Abstract]
Short-Term Revolving Credit Facilities	Short-Term Revolving Credit Facilities The Company’s subsidiary in the Netherlands has a revolving credit facility in the amount of Euro 4,000 (equivalent to $4,370 at December 31, 2015 ). The facility is collateralized by such subsidiary's receivables, inventory, equipment, furniture and real estate. No amounts were outstanding under this facility at December 31, 2015 or March 31, 2015 . The Company’s subsidiary in India has a revolving credit facility in the amount of 80,000 Rupees (equivalent to $1,206 at December 31, 2015 ). The facility is collateralized by such subsidiary's receivables, inventory, real estate, a letter of credit and cash. No amounts were outstanding under this facility at December 31, 2015 or March 31, 2015 . The Company’s subsidiary in Australia has a revolving credit facility in the amount of $325 Australian Dollars (equivalent to $237 at December 31, 2015 ). The facility is collateralized by such subsidiary's real estate. No amounts were outstanding under this facility at December 31, 2015 or March 31, 2015 . The Company’s subsidiary in Japan has a revolving credit facility in the amount of 45,000 Japanese Yen (equivalent to $373 at December 31, 2015 ). No amounts were outstanding under this facility at December 31, 2015 or March 31, 2015 . Under the Company’s senior secured revolving credit facility described below in Note 8, “Long-Term Debt,” there were $5,000 of outstanding borrowings at December 31, 2015 and no outstanding borrowings at March 31, 2015 .

Long-Term Debt

Long-Term Debt	9 Months Ended
	Dec. 31, 2015
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt Long-term debt consisted of the following: December 31, March 31, Variable Rate Term Loan, due April 2019 $ 97,875 $ 108,000 Less current portion (13,500 ) (13,500 ) $ 84,375 $ 94,500 Senior Secured Credit Facility In August 2015, we entered into the second amendment (the "Amendment") to our amended and restated credit agreement, dated April 19, 2013. Under our credit facility, a component of our interest rate is dictated by our leverage ratio. Under the Amendment, the fixed portion of our interest rate, which is dictated by our leverage ratio, was reduced by 0.25% and our fee on undrawn amounts on our senior secured revolving credit facility was reduced by 0.05% . The maximum leverage ratio permitted for each fiscal quarter remained at 2.75 to 1.0 . During the nine months ended December 31, 2015 , in connection with the Amendment, we incurred $341 of fees, which we have deferred and will recognize as interest expense over the life of the term loan. During the nine months ended December 31, 2014, we incurred $290 of debt issuance costs in connection with the execution of the first amendment to our amended and restated credit agreement. Under our credit facility, in no case shall availability exceed commitments thereunder. The credit facility will mature in April 2019. Any credit facility borrowings will bear interest, at our option, at a rate equal to either (i) a base rate determined by reference to the greatest of (a) JPMorgan Chase Bank's prime rate in New York City, (b) the federal funds effective rate in effect on such day plus ½ of 1% and (c) the adjusted LIBOR rate for a one month interest period on such day plus 1%, in each case plus an applicable margin dictated by our leverage ratio, or (ii) the LIBOR rate, plus an applicable margin dictated by our leverage ratio. Borrowings denominated in Canadian Dollars under the Canadian sub-facility bear interest at our option, at a rate equal to either (i) a base rate determined by reference to the greater of (a) JPMorgan Chase Bank, Toronto branch's prime rate and (b) the sum of (x) the yearly interest rate to which the one-month Canadian deposit offered rate is equivalent plus (y) 1.0%, in each case plus an applicable margin dictated by our leverage ratio, or (ii) a Canadian deposit offered rate determined by the sum of (a) the annual rate of interest determined with reference to the arithmetic average of the discount rate quotations of all institutions listed in respect of the relevant period for Canadian dollar-denominated bankers' acceptances plus (b) 0.10% per annum, plus an applicable margin dictated by our leverage ratio. In addition to paying interest on outstanding borrowings under our credit facility, we are currently required to pay a 0.30% per annum commitment fee to the lenders in respect of the unutilized commitments thereunder, which commitment fee could change based on our leverage ratio, and letter of credit fees equal to the LIBOR margin or the Canadian deposit offered rate, as applicable, on the undrawn amount of all outstanding letters of credit, in addition to a 0.125% annual fronting fee. At December 31, 2015 , we had $5,000 of outstanding borrowings under our senior secured revolving credit facility. The interest rate on outstanding borrowings as of December 31, 2015 was 2.19% . As of December 31, 2015 , we had $54,282 of capacity available under our senior secured revolving credit facility after taking into account the borrowing base, outstanding loan advances, borrowings and letters of credit. The variable rate secured term loan bears interest at the LIBOR rate plus an applicable margin dictated by our leverage ratio. As of December 31, 2015 , our interest rate was 2.19% . The term loan includes monthly principal payments of $1,125 through March 31, 2017, increasing to $1,688 through the maturity date. The remaining $40,500 is due in April 2019. Interest rate swaps. The Company entered into two interest rate swap contracts to reduce the exposure to interest rate fluctuations associated with its variable rate secured term loan interest payments. Under the interest rate swap agreements, we pay a fixed amount and receive payments based on a variable interest rate. Under the terms of the Amendment and our interest rate swaps, our interest rate on outstanding principal amounts was fixed at approximately 2.87% during the three months ended December 31, 2015. T he Company entered into a second interest rate swap contract during the three months ended December 31, 2015 to hedge interest payments on its variable rate secured term loan, where the Company previously had interest rate exposure. As of December 31, 2015, 100% of our interest payments on our variable rate secured term loan are hedged through its maturity in April 2019. Guarantees; security. The obligations under our credit facility are guaranteed on a senior secured basis by each of our existing and future domestic restricted subsidiaries, including Thermon Industries, Inc., the U.S. borrower under our credit facility. The obligations under our credit facility are secured by a first priority perfected security interest in substantially all of our assets, subject to certain exceptions, permitted liens and encumbrances reasonably acceptable to the administrative agent under our credit facility. Restrictive covenants. The credit facility contains various restrictive covenants that include restrictions or limitations on our ability to: incur additional indebtedness or issue disqualified capital stock unless certain financial tests are satisfied; pay dividends, redeem subordinated debt or make other restricted payments; make certain investments or acquisitions; issue stock of subsidiaries; grant or permit certain liens on our assets; enter into certain transactions with affiliates; merge, consolidate or transfer substantially all of our assets; incur dividend or other payment restrictions affecting certain of our subsidiaries; transfer or sell assets, including capital stock of our subsidiaries; and change the business we conduct. As of December 31, 2015 , we were in compliance with all financial covenants of the credit facility.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Dec. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies At December 31, 2015 , the Company had in place letter of credit guarantees and performance bonds securing performance obligations of the Company. These arrangements totaled approximately $10,263 . Of this amount, $1,394 is secured by cash deposits at the Company’s financial institutions and an additional $718 represents a reduction of the available amount of the Company's short and long term revolving lines of credit. Included in prepaid expenses and other current assets at December 31, 2015 and March 31, 2015 was approximately $1,394 and $1,388 , respectively, of cash deposits pledged as collateral on performance bonds and letters of credit. Our Indian subsidiary also has $5,473 in customs bonds outstanding to secure the Company's customs and duties obligations in India. We are involved in various legal and administrative proceedings that arise from time to time in the ordinary course of doing business. Some of these proceedings may result in fines, penalties or judgments being assessed against us, which may adversely affect our financial results. In addition, from time to time, we are involved in various disputes, which may or may not be settled prior to legal proceedings being instituted and which may result in losses in excess of accrued liabilities, if any, relating to such unresolved disputes. As of December 31, 2015 , management believes that adequate reserves have been established for any probable and reasonably estimable losses. Expenses related to litigation reduce operating income. We do not believe that the outcome of any of these proceedings or disputes would have a significant adverse effect on our financial position, long-term results of operations, or cash flows. It is possible, however, that charges related to these matters could be significant to our results of operations or cash flows in any one accounting period. The Company has no outstanding legal matters outside of matters arising in the ordinary course of business. We can give no assurances we will prevail in any of these matters.

Stock-Based Compensation Expens

Stock-Based Compensation Expense	9 Months Ended
	Dec. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation Expense	Stock-Based Compensation Expense Our board of directors has adopted and the shareholders have approved two stock option award plans. The 2010 Thermon Group Holdings, Inc. Restricted Stock and Stock Option Plan (“2010 Plan”) was approved on July 28, 2010. The 2010 Plan authorized the issuance of 2,767,171 stock options or restricted shares (on a post-stock split basis). On April 8, 2011, the board of directors approved the Thermon Group Holdings, Inc. 2011 Long-Term Incentive Plan (“2011 LTIP”). The 2011 LTIP made available 2,893,341 shares of the Company’s common stock that may be awarded to employees, directors or non-employee contractors as compensation in the form of stock options, restricted stock awards or restricted stock units. At December 31, 2015 , there were 439,726 options outstanding. For the three months ended December 31, 2015 and 2014 , stock compensation expense was $890 and $930 , respectively, and $2,764 and $2,302 for the nine months ended December 31, 2015 and 2014 , respectively. During the nine months ended December 31, 2015 , 96,953 restricted stock units were issued to our employees. The aggregate grant date fair values as determined by the closing price of our stock on the respective grant dates were $2,343 for the nine months ended December 31, 2015 . The awards will be expensed on a straight-line basis over the service periods which range from one to three years. At each anniversary of the restricted stock unit's grant date, a proportionate number of stock units will become vested for the employees and the shares will become issued and outstanding. We maintain a plan to issue our directors awards of fully vested common stock every three months for a total award over a twelve-month period of approximately $385 . During the three and nine months ended December 31, 2015 , 4,830 and 12,796 of fully vested common shares were issued to our directors, respectively. The aggregate grant date fair values as determined by the closing price of our common stock on the respective grant dates were $96 and $288 for the three and nine months ended December 31, 2015 , respectively. The fair value of the awards will be expensed on each grant date. During the nine months ended December 31, 2015 , a target amount of 46,426 performance stock units were issued to certain members of our senior management that had a total grant date fair value of $1,113 . The performance indicator for these performance stock units is based on the market performance of our stock price, from the date of grant through March 31, 2018, relative to the market price performance of a pre-determined peer group of companies. Since the performance indicator is market-based, we use a Monte-Carlo valuation model to calculate the probable outcome of the performance measure to arrive at the fair value. The requisite service period required to earn the awards is through March 31, 2018. We will expense the fair value of the performance stock units over the service period on a straight-line basis whether or not the stock price performance condition is met. At the end of the performance period, the performance stock units will be evaluated with the requisite number of shares being issued. The possible number of shares that could be issued ranges from zero to 92,852 in the aggregate. Shares that are not awarded at the measurement date will be forfeited.

Income Taxes

Income Taxes	9 Months Ended
	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes For the nine month periods ended December 31, 2015 and 2014 , the Company recorded tax expense of $7,462 on pre-tax income of $27,638 and tax expense of $11,017 on pre-tax income of $49,902 , respectively. During the nine months ended December 31 2015, the Company accrued an additional deferred tax liability of $455 due to an increase in the provincial tax rate in Alberta, Canada. During the nine months ended December 31, 2014, the Company released a deferred tax liability of $3,224 for taxes accrued on previously undistributed foreign earnings that are no longer expected to be repatriated. Our anticipated annual effective tax rate before discrete events is approximately 29.9% and has been applied to our consolidated pre-tax income for the nine months ended December 31, 2015 . For the nine months ended December 31, 2014 , our tax provision reflected an annual effective tax rate before discrete events of 28.5% . We have adopted a permanent reinvestment position whereby we expect to reinvest our foreign earnings for most of our foreign subsidiaries and do not expect to repatriate future earnings. As a result of the adoption of a permanent reinvestment position, we no longer accrue a tax liability in anticipation of future dividends from most of our foreign subsidiaries. The estimated annual effective tax rate for the fiscal year ending March 31, 2016 reflects the estimated taxable earnings of our various foreign subsidiaries and the applicable local tax rates, after accounting for certain permanent differences, such as nondeductible compensation expenses. As of December 31, 2015 , we have established a long-term liability for uncertain tax positions in the amount of $647 , all of which is related to the IPI acquisition. During the three months ended December 31, 2015, we reduced our liabilities for uncertain tax positions in the amount of $1,281 as a portion of our uncertain tax positions related to periods which are no longer subject to audit. $501 of the reduction in tax liability related to IPI. During the nine months ended December 31, 2015 , the Company recognized related accrued interest and penalties of $23 as income tax expense related to our current uncertain tax positions. As of December 31, 2015 , the tax years for fiscal 2012 through fiscal 2015 remain open to examination by the major taxing jurisdictions to which we are subject.

Geographic Information

Geographic Information	9 Months Ended
	Dec. 31, 2015
Segment Reporting [Abstract]
Geographic Information	Geographic Information We have defined our operating segments based on geographic regions. These regions share similar economic characteristics, product mix, customers and distribution methods. Accordingly, we have elected to aggregate these geographic regions into a single reportable segment. Within our one reportable segment, we present additional detail for those countries or regions that generate significant revenue and operating income. For purposes of this note, revenue is attributed to individual countries or regions on the basis of the physical location and jurisdiction of organization of the subsidiary that invoices the material and services. Total sales and income from operations classified by major geographic area in which the Company operates are as follows: Three Months Ended December 31, 2015 Three Months Ended December 31, 2014 Nine Months Ended December 31, 2015 Nine Months Ended December 31, 2014 Sales by geographic area: United States (a) $ 32,461 $ 35,304 $ 95,570 $ 84,044 Canada (b) 16,013 29,088 41,715 79,133 Europe (c) 15,257 14,316 46,853 43,968 Asia 10,696 8,914 25,446 27,177 $ 74,427 $ 87,622 $ 209,584 $ 234,322 Income from operations: United States (a) $ 6,561 $ 9,364 $ 17,830 $ 18,272 Canada (b) 2,802 11,021 5,337 28,365 Europe (c) 2,047 2,789 7,207 6,121 Asia 1,677 1,287 4,678 5,020 Unallocated: Stock compensation (890 ) (930 ) (2,764 ) (2,302 ) Public company costs (370 ) (312 ) (1,068 ) (1,025 ) $ 11,827 $ 23,219 $ 31,220 $ 54,451 (a) IPI's sales and operating income from the date of acquisition are included in the United States geographic region for the three and nine months ended December 31, 2015. (b) Sumac's sales and operating income from the date of acquisition are included in the Canada geographic region for the three and nine months ended December 31, 2015. (c) Unitemp's sales and operating income are included in the Europe geographic region for the three and nine months ended December 31, 2015.

Basis of Presentation and Acc18

Basis of Presentation and Accounting Policy Information (Policies)	9 Months Ended
	Dec. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Use of Estimates	Use of Estimates Generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reported period. While our management has based their assumptions and estimates on the facts and circumstances existing at December 31, 2015 , actual results could differ from those estimates and affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities and the corresponding revenues and expenses as of the date of the financial statements. The operating results for the three and nine months ended December 31, 2015 are not necessarily indicative of the results that may be achieved for the fiscal year ending March 31, 2016 .
Recent Accounting Pronouncements	Recent Accounting Pronouncements Revenue Recognition - In May 2014, the Financial Accounting Standards Board issued Accounting Standards Update No. 2014-09 “Revenue from Contracts with Customers” (Topic 606), which amends the existing revenue recognition requirements and guidance. Under the new guidance, revenue is recognized when promised goods or services are transferred to customers in an amount that reflects the consideration that is expected to be received for those goods or services. The new revenue standard may be applied retrospectively to each prior period presented or retrospectively with the cumulative effect recognized as of the date of adoption. The Company will adopt the standard on April 1, 2018. We have not selected a transition method and we are currently evaluating the effect that the updated standard will have on our consolidated financial statements and related disclosures. Stock Compensation - In June 2014, the Financial Accounting Standards Board issued Accounting Standards Update No. 2014-12 (Topic 718), which clarified the treatment of share-based payments when a performance target could be achieved after the requisite service period. Under the new guidance, compensation cost should be recognized over the requisite service period when it becomes probable that the performance target will be achieved. The total compensation cost recognized should reflect the number of awards that are expected to vest and should be adjusted to reflect those awards that ultimately vest. We adopted this standard April 1, 2015 and it did not have a material impact on our condensed consolidated financial statements. Interest- In April 2015, the Financial Accounting Standards Board issued Accounting Standards Update 2015-3 "Interest-Imputation of Interest" (Subtopic 835-30). The new guidance changes the presentation of debt issuance costs in financial statements and specifies that debt issuance costs related to a note shall be reported in the balance sheet as a direct deduction from the associated face amount of the note. The guidance does not change the current guidance related to the recognition and measurement of debt issuance costs. The amortization of debt issuance costs will continue to be reported as interest expense. The guidance is effective for years and interim periods within those fiscal years beginning after December 15, 2015. Early adoption is allowed for all entities and the new guidance shall be applied to all prior periods retrospectively. We are currently evaluating when to adopt this ASU. If the standard update were adopted as of December 31, 2015 , our outstanding debt obligations would have been reduced by $986 and $1,217 as of December 31, 2015 and March 31, 2015 , respectively. The adoption of this guidance will have no impact on the presentation of our condensed consolidated statements of operations. Interes t- In August 2015, the Financial Accounting Standards Board issued Accounting Standards Update 2015-15 "Imputation of Interest" (Subtopic 835-30). The guidance clarified the treatment of the presentation of debt issuance costs associated with a revolving line of credit. Under the guidance these costs can continue to be reported as an asset. As there were no changes to the pre-existing guidance the standard is considered to be effective immediately and had no impact on our condensed consolidated financial statements. Inventory- In July 2015, the Financial Accounting Standards Board issued Accounting Standards Update 2015-11 "Simplifying the Measurement of Inventory" (Topic 330). Under the new guidance, inventory is measured at the lower of cost and net realizable value, and the new guidance eliminates the use of replacement cost and net realizable value less a normal profit margin as techniques to value inventory. Net realizable value is defined as the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. The new guidance will be applied prospectively for annual periods and interim periods within fiscal years beginning after December 15, 2016. We do not anticipate the adoption of this standard will have a material impact on our condensed consolidated financial statements. Business Combinations- In September 2015, the Financial Accounting Standards Board issued Accounting Standards Update 2015-16 "Simplifying the Accounting for Measurement-Period Adjustments" (Topic 805). Under the new guidance, an acquirer must recognize adjustments to provisional amounts that are identified in the reporting period in which the adjustments amounts are determined. Companies are required to disclose the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustments to the provisional amounts had been recognized as of the acquisition date. The new guidance is to be applied prospectively for fiscal years beginning after December 15, 2015 and interim periods within those fiscal years. Early adoption is permitted. We adopted this standard in September 2015 and it did not have a material impact on our condensed consolidated financial statements. Income Taxes- In November 2015, the Financial Accounting Standards Board issued Accounting Standards Update 2015-17, which requires an entity to present all deferred income tax assets and liabilities as noncurrent. Under the previous guidance, an entity had to classify deferred income tax assets and liabilities into current and noncurrent based on the classification of the related asset or liability. The new guidance is effective for annual periods beginning after December 15, 2016 and interim periods within those years. Early adoption is permitted. In the year of adoption, the guidance can be applied either prospectively or retrospectively. We are currently evaluating when to adopt the standard and the impact on our condensed consolidated balance sheet. The adoption of this guidance will have no impact on the presentation of our condensed consolidated statements of operations or condensed consolidated statements of cash flows. Financial Instruments- In January 2016, the Financial Accounting Standards Board issued Accounting Standards Update 2016-01, which amends the guidance on the classification and measurement of financial instruments. The amendment requires all equity investments to be measured at fair value with changes in the fair value recognized through earnings. The amendment also requires an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the credit risk when an entity has elected the fair value option. The guidance eliminates the requirement to disclose the methods and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet. The new guidance is effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2017. Early adoption is permitted for certain provisions of the accounting standards update. Upon the adoption of the standard, an entity will be required to make a cumulative-effect adjustment to retained earnings as of the beginning of such reporting period. We are currently evaluating when to adopt this standard. Upon adoption, we do not anticipate this standard will have a material impact on our condensed consolidated financial statements.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Dec. 31, 2015
Fair Value Disclosures [Abstract]
Schedule of long-term debt that is not measured at fair value	Information about our long-term debt that is not measured at fair value is as follows: December 31, 2015 March 31, 2015 Carrying Value Fair Value Carrying Value Fair Value Valuation Technique Financial Liabilities Long-term debt $ 97,875 $ 97,875 $ 108,000 $ 108,000 Level 2 - Market Approach Revolving credit facility $ 5,000 $ 5,000 — — Level 2 - Market Approach
Schedule of notional amounts of forward contracts held in foreign currencies	As of December 31, 2015 and March 31, 2015 , the notional amounts of forward contracts were as follows: Notional amount of foreign currency forward contracts by currency December 31, 2015 March 31, 2015 Russian Ruble $ 1,925 $ 1,374 Euro 2,315 467 Canadian Dollar 1,019 243 South Korean Won 2,337 3,347 Mexican Peso 785 873 Australian Dollar 1,249 1,104 Japanese Yen 348 815 Brazilian Real 348 — Total notional amounts $ 10,326 $ 8,223
Schedule of fair value of foreign currency forward contracts	The following table represents the fair value of our foreign currency forward contracts: December 31, 2015 March 31, 2015 Fair Value Fair Value Assets Liabilities Assets Liabilities Foreign currency forward contracts $ 36 $ 34 $ 87 $ 110
Schedule of unrealized gain (loss) in accumulated other comprehensive loss	The following table summarizes the aggregate unrealized loss in accumulated other comprehensive loss, and the losses reclassified into earnings for the three and nine months ended December 31, 2015 and 2014 : Three Months Ended December 31, 2015 Three Months Ended December 31, 2014 Before Tax Amount Tax Expense (Benefit) Other Comprehensive loss, net Before Tax Amount Tax Expense (Benefit) Other Comprehensive loss, net Unrealized gain (loss) at beginning of the period $ (956 ) $ (335 ) $ (621 ) $ 108 $ 38 $ 70 Add: gain (loss) from change in fair value of cash flow hedge 340 119 221 (745 ) (261 ) (484 ) Less: loss reclassified into earnings from effective hedge (222 ) (78 ) (144 ) (417 ) (146 ) (271 ) Less: ineffective portion of hedge transferred into earnings (11 ) (4 ) (7 ) (17 ) (6 ) (11 ) Unrealized gain (loss) at end of the period $ (383 ) $ (134 ) $ (249 ) $ (203 ) $ (71 ) $ (132 ) Nine Months Ended December 31, 2015 Nine Months Ended December 31, 2014 Before Tax Amount Tax Expense (Benefit) Other Comprehensive loss, net Before Tax Amount Tax Expense (Benefit) Other Comprehensive loss, net Unrealized loss at beginning of the period $ (746 ) $ (261 ) $ (485 ) $ (125 ) $ (44 ) $ (81 ) Add: gain (loss) from change in fair value of cash flow hedge (380 ) (133 ) (247 ) (1,412 ) (494 ) (918 ) Less: loss reclassified into earnings from effective hedge (710 ) (248 ) (462 ) (1,283 ) (449 ) (834 ) Less: ineffective portion of hedge transferred into earnings (33 ) (12 ) (21 ) (51 ) (18 ) (33 ) Unrealized gain (loss) at end of the period $ (383 ) $ (134 ) $ (249 ) $ (203 ) $ (71 ) $ (132 )

Earnings and Net Income (Loss20

Earnings and Net Income (Loss) per Common Share (Tables)	9 Months Ended
	Dec. 31, 2015
Earnings Per Share [Abstract]
Schedule of reconciliation of the denominators used to calculate basic EPS and diluted EPS	The reconciliations of the denominators used to calculate basic and diluted EPS for the three and nine months ended December 31, 2015 and 2014 , respectively, are as follows: Three Months Ended December 31, 2015 Three Months Ended December 31, 2014 Nine Months Ended December 31, 2015 Nine Months Ended December 31, 2014 Basic net income per common share Net income available to Thermon Group Holdings, Inc. $ 8,480 $ 15,603 $ 19,805 $ 38,885 Weighted-average common shares outstanding 32,210,081 32,066,877 32,162,800 32,014,840 Basic net income per common share $ 0.26 $ 0.49 $ 0.62 $ 1.21 Three Months Ended December 31, 2015 Three Months Ended December 31, 2014 Nine Months Ended December 31, 2015 Nine Months Ended December 31, 2014 Diluted net income per common share Net income available to Thermon Group Holdings, Inc. $ 8,480 $ 15,603 $ 19,805 $ 38,885 Weighted-average common shares outstanding 32,210,081 32,066,877 32,162,800 32,014,840 Common share equivalents: Stock options 230,490 265,957 248,639 285,344 Restricted and performance stock units 156,176 122,629 164,318 90,926 Weighted average shares outstanding – dilutive (1) 32,596,747 32,455,463 32,575,757 32,391,110 Diluted net income per common share $ 0.26 $ 0.48 $ 0.61 $ 1.20 (1) For the three and nine months ended December 31, 2015 , 69,224 and 48,232 equity awards were not included in the calculation of diluted net income per common share, respectively, as they would have an anti-dilutive effect. For the three and nine months ended December 31, 2014 , 48,728 and 49,193 equity awards, respectively, were not included in the calculation of diluted net income per common share since they would have an anti-dilutive effect.

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Dec. 31, 2015
Inventory Disclosure [Abstract]
Schedule of Inventory, Current	December 31, March 31, Raw materials $ 15,531 $ 12,299 Work in process 1,941 5,060 Finished goods 27,896 24,765 45,368 42,124 Valuation reserves (1,270 ) (1,116 ) Inventories, net $ 44,098 $ 41,008

Goodwill (Tables)

Goodwill (Tables)	9 Months Ended
	Dec. 31, 2015
Acquired Finite-Lived Intangible Assets [Line Items]
Schedule of Business Acquisitions, by Acquisition	Consideration to or on behalf of sellers at close $ 3,890 Fair value of total consideration transferred $ 3,890 Consideration to or on behalf of sellers at close $ 10,956 Fair value of total consideration transferred $ 10,956
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The following table summarizes the preliminary fair value of the assets and liabilities assumed: Assets acquired: Accounts receivable $ 1,693 Inventories 1,299 Other current assets 123 Property, plant and equipment 1,316 Identifiable intangible assets 2,645 Goodwill 9,255 Total assets 16,331 Liabilities assumed: Current liabilities 1,025 Noncurrent deferred tax liability 714 Total liabilities 1,739 Non-controlling interests 3,636 Total consideration $ 10,956 The following table summarizes the preliminary fair value of the assets and liabilities assumed: Assets acquired: Accounts receivable $ 1,346 Inventories 655 Other current assets 21 Property, plant and equipment 77 Identifiable intangible assets 1,294 Goodwill 1,630 Total assets 5,023 Liabilities assumed: Current liabilities 415 Noncurrent deferred tax liability 718 Total liabilities 1,133 Total consideration $ 3,890
Schedule of Intangible Assets	Other intangible assets related to previous transactions consisted of the following: Gross Carrying Amount at December 31, 2015 Accumulated Amortization Net Carrying Amount at December 31, 2015 Gross Carrying Amount at March 31, 2015 Accumulated Amortization Net Carrying Amount at March 31, 2015 Trademarks $ 41,972 $ — $ 41,972 $ 43,034 $ — $ 43,034 Developed technology 9,619 2,764 6,855 9,862 2,469 7,393 Customer relationships 90,345 50,037 40,308 92,581 44,195 48,386 Backlog 8,828 8,828 — 9,129 9,129 — Certification 438 — 438 449 — 449 Other 1,630 1,508 122 1,630 1,317 313 Total $ 152,832 $ 63,137 $ 89,695 $ 156,685 $ 57,110 $ 99,575
Schedule of carrying amount of goodwill	The carrying amount of goodwill as of December 31, 2015 is as follows: Amount Balance as of March 31, 2015 $ 105,232 Goodwill acquired 19,459 Foreign currency translation impact (4,231 ) Balance as of December 31, 2015 $ 120,460
Industrial Process Insulators, Inc.
Acquired Finite-Lived Intangible Assets [Line Items]
Schedule of Business Acquisitions, by Acquisition	Consideration to or on behalf of sellers at close $ 21,750 Fair value of total consideration transferred $ 21,750
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The following table summarizes the preliminary fair value of the assets and liabilities assumed: Assets acquired: Cash $ 1,526 Accounts receivable 3,723 Inventories 474 Other current assets 204 Property, plant and equipment 119 Identifiable intangible assets 13,784 Goodwill 10,204 Total assets 30,034 Liabilities assumed: Current liabilities 2,203 Uncertain tax position liability 1,119 Noncurrent deferred tax liability 4,962 Total liabilities 8,284 Total consideration $ 21,750
Schedule of Intangible Assets	Our provisional estimate of identifiable intangible assets at December 31, 2015 that were related to the IPI transaction consisted of the following: Amortization period Gross Carrying Amount at December 31, 2015 Accumulated Amortization Net Carrying Amount at December 31, 2015 Order backlog 6 months $ 437 $ 364 $ 73 Customer relationships 10 years 10,720 447 10,273 Trademark 8 years 1,820 95 1,725 Other 3 years 807 112 695 Total $ 13,784 $ 1,018 $ 12,766
Sumac Fabrication Company Limited
Acquired Finite-Lived Intangible Assets [Line Items]
Schedule of Intangible Assets	Our provisional estimate of identifiable intangible assets at December 31, 2015 that were related to the Sumac transaction consisted of the following: Amortization period Gross Carrying Amount at December 31, 2015 Accumulated Amortization Net Carrying Amount at December 31, 2015 Backlog 6 months $ 170 $ 170 $ — Customer relationships 3 years 1,705 426 1,279 Other 10.3 years 546 92 454 Total $ 2,421 $ 688 $ 1,733
Unitemp
Acquired Finite-Lived Intangible Assets [Line Items]
Schedule of Intangible Assets	Our provisional estimate of identifiable intangible assets that were related to the Unitemp Transaction consisted of the following: Amortization period Gross Carrying Amount at December 31, 2015 Accumulated Amortization Net Carrying Amount at December 31, 2015 Gross Carrying Amount at March 31, 2015 Accumulated Amortization Net Carrying Amount at March 31, 2015 Trademarks 8 years $ 612 $ 64 $ 548 $ 780 $ 8 $ 772 Developed Technology 3 years 84 23 61 107 3 104 Customer Relationships 5 years 288 48 240 368 6 362 Total $ 984 $ 135 $ 849 $ 1,255 $ 17 $ 1,238

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	9 Months Ended
	Dec. 31, 2015
Payables and Accruals [Abstract]
Schedule of accrued current liabilities	December 31, March 31, Accrued employee compensation and related expenses $ 8,653 $ 11,040 Customer prepayment 471 633 Warranty reserve 365 429 Professional fees 1,406 1,568 Sales tax payable 1,183 1,058 Other 1,029 2,689 Total accrued current liabilities $ 13,107 $ 17,417

Long-Term Debt (Tables)

Long-Term Debt (Tables)	9 Months Ended
	Dec. 31, 2015
Debt Disclosure [Abstract]
Schedule of long-term debt	Long-term debt consisted of the following: December 31, March 31, Variable Rate Term Loan, due April 2019 $ 97,875 $ 108,000 Less current portion (13,500 ) (13,500 ) $ 84,375 $ 94,500

Geographic Information (Tables)

Geographic Information (Tables)	9 Months Ended
	Dec. 31, 2015
Segment Reporting [Abstract]
Total sales and operating income classified by major geographic area in which the company operates	Total sales and income from operations classified by major geographic area in which the Company operates are as follows: Three Months Ended December 31, 2015 Three Months Ended December 31, 2014 Nine Months Ended December 31, 2015 Nine Months Ended December 31, 2014 Sales by geographic area: United States (a) $ 32,461 $ 35,304 $ 95,570 $ 84,044 Canada (b) 16,013 29,088 41,715 79,133 Europe (c) 15,257 14,316 46,853 43,968 Asia 10,696 8,914 25,446 27,177 $ 74,427 $ 87,622 $ 209,584 $ 234,322 Income from operations: United States (a) $ 6,561 $ 9,364 $ 17,830 $ 18,272 Canada (b) 2,802 11,021 5,337 28,365 Europe (c) 2,047 2,789 7,207 6,121 Asia 1,677 1,287 4,678 5,020 Unallocated: Stock compensation (890 ) (930 ) (2,764 ) (2,302 ) Public company costs (370 ) (312 ) (1,068 ) (1,025 ) $ 11,827 $ 23,219 $ 31,220 $ 54,451

Basis of Presentation and Acc26

Basis of Presentation and Accounting Policy Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Mar. 31, 2015
Business Acquisition [Line Items]
Marketing, general and administrative and engineering	$ 20,167	$ 19,631	$ 59,021	$ 57,973
Pro Forma | New Accounting Pronouncement, Early Adoption, Effect
Business Acquisition [Line Items]
Debt instrument, increase (decrease), other	$ 986				$ 1,217
Correction of Marketing, General and Administrative and Engineering Expense
Business Acquisition [Line Items]
Marketing, general and administrative and engineering			$ (498)

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Mar. 31, 2015
Financial Liabilities, Long-term debt
Revolving Credit Facility, Carrying Value	$ 5,000	$ 0
Level 2 - Market Approach
Financial Liabilities, Long-term debt
Long-term debt, Carrying Value	97,875	108,000
Long-term debt, Fair Value	97,875	108,000
Revolving Credit Facility, Carrying Value	5,000	0
Revolving Credit Facility, Fair Value	$ 5,000	$ 0

Fair Value Measurements - Forei

Fair Value Measurements - Foreign Exchange Contracts by Currency (Details) - Foreign Exchange Forward Contracts - USD ($) $ in Thousands	Dec. 31, 2015	Mar. 31, 2015
Derivatives [Line Items]
Notional amount	$ 10,326	$ 8,223
Russian Ruble
Derivatives [Line Items]
Notional amount	1,925	1,374
Euro
Derivatives [Line Items]
Notional amount	2,315	467
Canadian Dollar
Derivatives [Line Items]
Notional amount	1,019	243
South Korean Won
Derivatives [Line Items]
Notional amount	2,337	3,347
Mexican Peso
Derivatives [Line Items]
Notional amount	785	873
Australian Dollar
Derivatives [Line Items]
Notional amount	1,249	1,104
Japanese Yen
Derivatives [Line Items]
Notional amount	348	815
Brazil, Brazil Real
Derivatives [Line Items]
Notional amount	$ 348	$ 0

Fair Value Measurements - For29

Fair Value Measurements - Foreign Exchange Contracts (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Mar. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Maximum term of forward contracts	30 days
Net Gain (Loss) on Foreign Currency Derivative Instruments Not Designated as Hedging Instruments	$ (357)	$ (470)	$ (614)	$ (1,238)
Foreign Exchange Forward Contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign exchange contract forwards, assets	36		36		$ 87
Foreign exchange contract forwards, liabilities	34		34		$ 110
Gain (Loss) on Foreign Currency Derivatives Recorded in Earnings, Net	$ 245	$ (321)	$ (415)	$ (496)

Fair Value Measurements - Swap

Fair Value Measurements - Swap (Details) - Interest Rate Swap - USD ($) $ in Thousands	Dec. 31, 2015	Mar. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash Flow Hedges Derivative Instruments at Fair Value, Net	$ (281)	$ (612)
Revolving credit facility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative, fixed interest rate	2.87%
Interest payments, percent hedged	100.00%

Fair Value Measurements - Accum

Fair Value Measurements - Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014
Unrealized Loss in Accumulated Other Comprehensive Loss, before Tax [Roll Forward]
Unrealized loss at beginning of the period, before tax	$ (956)	$ 108	$ (746)	$ (125)
Add: loss from change in fair value of cash flow hedge, before tax	340	(745)	(380)	(1,412)
Less: loss reclassified into earnings from effective hedge, before tax	(222)	(417)	(710)	(1,283)
Less: ineffective portion of hedge transferred into earnings, before tax	(11)	(17)	(33)	(51)
Unrealized loss at end of the period, before tax	(383)	(203)	(383)	(203)
Unrealized Loss in Accumulated Other Comprehensive Loss, Tax [Roll Forward]
Add: loss from change in fair value of cash flow hedge, tax	119	(261)	(133)	(494)
Unrealized loss at beginning of the period, tax	(335)	38	(261)	(44)
Less: loss reclassified into earnings from effective hedge, tax	(78)	(146)	(248)	(449)
Less: ineffective portion of hedge transferred into earnings, tax	(4)	(6)	(12)	(18)
Unrealized loss at end of the period, tax	(134)	(71)	(134)	(71)
Unrealized Loss In Accumulated Other Comprehensive Loss, Net of Tax [Roll Forward]
Unrealized net gain (loss), beginning of period	(621)	70	(485)	(81)
Add: loss from change in fair value of cash flow hedge, net of tax	221	(484)	(247)	(918)
Less: loss reclassified into earnings from effective hedge, net of tax	(144)	(271)	(462)	(834)
Less: ineffective portion of hedge transferred into earnings, net of tax	(7)	(11)	(21)	(33)
Unrealized net gain (loss), end of the period	$ (249)	$ (132)	$ (249)	$ (132)

Earnings and Net Income (Loss32

Earnings and Net Income (Loss) per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014
Basic net income (loss) per common share
Net income	$ 8,480	$ 15,603	$ 19,805	$ 38,885
Weighted-average common shares outstanding	32,210,081	32,066,877	32,162,800	32,014,840
Basic net income (loss) per common share (in dollars per share)	$ 0.26	$ 0.49	$ 0.62	$ 1.21
Diluted net income (loss) per common share
Net income	$ 8,480	$ 15,603	$ 19,805	$ 38,885
Weighted-average common shares outstanding	32,210,081	32,066,877	32,162,800	32,014,840
Diluted (in shares)	32,596,747	32,455,463	32,575,757	32,391,110
Diluted net income (loss) per common share (in dollars per share)	$ 0.26	$ 0.48	$ 0.61	$ 1.20
Equity Option
Diluted net income (loss) per common share
Weighted Average Number Diluted Shares Outstanding Adjustment	230,490	265,957	248,639	285,344
Restricted Stock Units
Diluted net income (loss) per common share
Weighted Average Number Diluted Shares Outstanding Adjustment	156,176	122,629	164,318	90,926
Stock Compensation Plan
Diluted net income (loss) per common share
Antidilutive securities excluded from computation of earnings per share, amount	69,224	48,728	48,232	49,193

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Mar. 31, 2015
Inventory Disclosure [Abstract]
Raw materials	$ 15,531	$ 12,299
Work in process	1,941	5,060
Finished goods	27,896	24,765
Inventories, gross	45,368	42,124
Valuation reserves	(1,270)	(1,116)
Inventories, net	$ 44,098	$ 41,008

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets - Acquisition Consideration (Details) - USD ($) $ in Thousands	Jul. 31, 2015	Apr. 01, 2015	Mar. 02, 2015	Dec. 31, 2015	Dec. 31, 2015	Mar. 31, 2015
Business Acquisition [Line Items]
Goodwill				$ 120,460	$ 120,460	$ 105,232
Industrial Process Insulators, Inc.
Business Acquisition [Line Items]
Transactions Costs				$ 33	$ 33
Business Acquisition, Percentage of Voting Interests Acquired	100.00%
Goodwill	$ 10,204
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life					9 years
Consideration to or on behalf of sellers at close	21,750
Fair value of total consideration transferred	$ 21,750
Sumac Fabrication Company Limited
Business Acquisition [Line Items]
Transactions Costs					$ 134
Business Acquisition, Percentage of Voting Interests Acquired		75.00%
Goodwill		$ 9,255
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life				4 years 6 months
Consideration to or on behalf of sellers at close		10,956
Fair value of total consideration transferred		$ 10,956
Unitemp
Business Acquisition [Line Items]
Transactions Costs					$ 34
Goodwill			$ 1,630
Consideration to or on behalf of sellers at close			3,890
Fair value of total consideration transferred			$ 3,890

Goodwill and Other Intangible35

Goodwill and Other Intangible Assets Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Mar. 31, 2015
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible Assets, Net (Excluding Goodwill)	$ 105,043	$ 100,813
CHS Transactions [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Accumulated Amortization	63,137	57,110
Intangible Assets, Gross (Excluding Goodwill)	152,832	156,685
Intangible Assets, Net (Excluding Goodwill)	89,695	99,575
CHS Transactions [Member] | Developed Technology Rights
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	9,619	9,862
Finite-Lived Intangible Assets, Accumulated Amortization	2,764	2,469
Finite-Lived Intangible Assets, Net	6,855	7,393
CHS Transactions [Member] | Customer Relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	90,345	92,581
Finite-Lived Intangible Assets, Accumulated Amortization	50,037	44,195
Finite-Lived Intangible Assets, Net	40,308	48,386
CHS Transactions [Member] | Order or Production Backlog
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	8,828	9,129
Finite-Lived Intangible Assets, Accumulated Amortization	8,828	9,129
Finite-Lived Intangible Assets, Net	0	0
CHS Transactions [Member] | Other Intangible Assets
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	1,630	1,630
Finite-Lived Intangible Assets, Accumulated Amortization	1,508	1,317
Finite-Lived Intangible Assets, Net	122	313
CHS Transactions [Member] | Trademarks
Acquired Finite-Lived Intangible Assets [Line Items]
Indefinite-Lived Intangible Assets (Excluding Goodwill)	41,972	43,034
CHS Transactions [Member] | Certification Marks
Acquired Finite-Lived Intangible Assets [Line Items]
Indefinite-Lived Intangible Assets (Excluding Goodwill)	$ 438	$ 449

Goodwill (Details)

Goodwill (Details) $ in Thousands	9 Months Ended
	Dec. 31, 2015USD ($)
Goodwill
Balance at the beginning of the period	$ 105,232
Goodwill acquired	19,459
Foreign currency translation impact	(4,231)
Balance at the end of the period	$ 120,460

Goodwill and Other Intangible37

Goodwill and Other Intangible Assets -Acquisition Recognized Identified Assets Acquired and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Jul. 31, 2015	Apr. 01, 2015	Mar. 31, 2015	Mar. 02, 2015
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets [Abstract]
Goodwill	$ 120,460			$ 105,232
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities [Abstract]
Non-controlling interests	$ 4,006			$ 0
Industrial Process Insulators, Inc.
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets [Abstract]
Cash		$ 1,526
Accounts receivable		3,723
Inventories		474
Other current assets		204
Property, plant and equipment		119
Identifiable intangible assets		13,784
Goodwill		10,204
Total assets		30,034
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities [Abstract]
Current liabilities		2,203
Uncertain tax position liability		1,119
Noncurrent deferred tax liability		4,962
Total liabilities		8,284
Total consideration		$ 21,750
Sumac Fabrication Company Limited
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets [Abstract]
Accounts receivable			$ 1,693
Inventories			1,299
Other current assets			123
Property, plant and equipment			1,316
Identifiable intangible assets			2,645
Goodwill			9,255
Total assets			16,331
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities [Abstract]
Current liabilities			1,025
Noncurrent deferred tax liability			714
Total liabilities			1,739
Non-controlling interests			3,636
Total consideration			$ 10,956
Unitemp
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets [Abstract]
Accounts receivable					$ 1,346
Inventories					655
Other current assets					21
Property, plant and equipment					77
Identifiable intangible assets					1,294
Goodwill					1,630
Total assets					5,023
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities [Abstract]
Current liabilities					415
Noncurrent deferred tax liability					718
Total liabilities					1,133
Total consideration					$ 3,890

Goodwill and Other Intangible38

Goodwill and Other Intangible Assets - Intangible Assets related to Acquisition (Details) - USD ($) $ in Thousands	9 Months Ended
	Dec. 31, 2015	Mar. 31, 2015
Finite-Lived Intangible Assets [Line Items]
Intangible Assets, Net (Excluding Goodwill)	$ 105,043	$ 100,813
Industrial Process Insulators, Inc.
Finite-Lived Intangible Assets [Line Items]
Intangible Assets, Gross (Excluding Goodwill)	13,784
Finite-Lived Intangible Assets, Accumulated Amortization	1,018
Intangible Assets, Net (Excluding Goodwill)	12,766
Unitemp
Finite-Lived Intangible Assets [Line Items]
Intangible Assets, Gross (Excluding Goodwill)	984	1,255
Finite-Lived Intangible Assets, Accumulated Amortization	135	17
Intangible Assets, Net (Excluding Goodwill)	849	1,238
Unitemp | Trademarks
Finite-Lived Intangible Assets [Line Items]
Intangible Assets, Gross (Excluding Goodwill)	612	780
Finite-Lived Intangible Assets, Accumulated Amortization	64	8
Intangible Assets, Net (Excluding Goodwill)	548	772
Sumac Fabrication Company Limited
Finite-Lived Intangible Assets [Line Items]
Intangible Assets, Gross (Excluding Goodwill)	2,421
Finite-Lived Intangible Assets, Accumulated Amortization	688
Intangible Assets, Net (Excluding Goodwill)	$ 1,733
Order or Production Backlog | Industrial Process Insulators, Inc.
Finite-Lived Intangible Assets [Line Items]
Amortization period	6 months
Intangible Assets, Gross (Excluding Goodwill)	$ 437
Finite-Lived Intangible Assets, Accumulated Amortization	364
Intangible Assets, Net (Excluding Goodwill)	$ 73
Order or Production Backlog | Sumac Fabrication Company Limited
Finite-Lived Intangible Assets [Line Items]
Amortization period	6 months
Intangible Assets, Gross (Excluding Goodwill)	$ 170
Finite-Lived Intangible Assets, Accumulated Amortization	170
Intangible Assets, Net (Excluding Goodwill)	$ 0
Customer Relationships | Industrial Process Insulators, Inc.
Finite-Lived Intangible Assets [Line Items]
Amortization period	10 years
Intangible Assets, Gross (Excluding Goodwill)	$ 10,720
Finite-Lived Intangible Assets, Accumulated Amortization	447
Intangible Assets, Net (Excluding Goodwill)	10,273
Customer Relationships | Unitemp
Finite-Lived Intangible Assets [Line Items]
Intangible Assets, Gross (Excluding Goodwill)	288	368
Finite-Lived Intangible Assets, Accumulated Amortization	48	6
Intangible Assets, Net (Excluding Goodwill)	$ 240	362
Customer Relationships | Sumac Fabrication Company Limited
Finite-Lived Intangible Assets [Line Items]
Amortization period	3 years
Intangible Assets, Gross (Excluding Goodwill)	$ 1,705
Finite-Lived Intangible Assets, Accumulated Amortization	426
Intangible Assets, Net (Excluding Goodwill)	$ 1,279
Trademarks | Industrial Process Insulators, Inc.
Finite-Lived Intangible Assets [Line Items]
Amortization period	8 years
Intangible Assets, Gross (Excluding Goodwill)	$ 1,820
Finite-Lived Intangible Assets, Accumulated Amortization	95
Intangible Assets, Net (Excluding Goodwill)	1,725
Developed Technology Rights | Unitemp
Finite-Lived Intangible Assets [Line Items]
Intangible Assets, Gross (Excluding Goodwill)	84	107
Finite-Lived Intangible Assets, Accumulated Amortization	23	3
Intangible Assets, Net (Excluding Goodwill)	$ 61	$ 104
Other Intangible Assets | Industrial Process Insulators, Inc.
Finite-Lived Intangible Assets [Line Items]
Amortization period	3 years
Intangible Assets, Gross (Excluding Goodwill)	$ 807
Finite-Lived Intangible Assets, Accumulated Amortization	112
Intangible Assets, Net (Excluding Goodwill)	$ 695
Other Intangible Assets | Sumac Fabrication Company Limited
Finite-Lived Intangible Assets [Line Items]
Amortization period	10 years 3 months 18 days
Intangible Assets, Gross (Excluding Goodwill)	$ 546
Finite-Lived Intangible Assets, Accumulated Amortization	92
Intangible Assets, Net (Excluding Goodwill)	$ 454

Goodwill and Other Intangible39

Goodwill and Other Intangible Assets -Narrative (Details) - USD ($) $ in Thousands	Jul. 31, 2015	Apr. 01, 2015	Mar. 02, 2015	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015	Mar. 31, 2015
Goodwill [Line Items]
Goodwill				$ 120,460		$ 120,460	$ 105,232
Restructuring Charges						578
Intangible Assets, Net (Excluding Goodwill)				105,043		$ 105,043	100,813
Industrial Process Insulators, Inc.
Goodwill [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life						9 years
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Held in Escrow				4,000		$ 4,000
Transactions Costs				33		33
Business Acquisition, Percentage of Voting Interests Acquired	100.00%
Goodwill	$ 10,204
Fair value of total consideration transferred	$ 21,750
Intangible Assets, Net (Excluding Goodwill)				$ 12,766		12,766
Sumac Fabrication Company Limited
Goodwill [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life				4 years 6 months
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Held in Escrow				$ 1,030		1,030
Transactions Costs						134
Business Acquisition, Percentage of Voting Interests Acquired		75.00%
Payments to Acquire Businesses, Gross		$ 10,956
Debt Instrument, Face Amount		5,905
Goodwill		9,255
Fair value of total consideration transferred		10,956
Intangible Assets, Net (Excluding Goodwill)				1,733		1,733
Unitemp
Goodwill [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Held in Escrow				278		278
Transactions Costs						34
Goodwill			$ 1,630
Fair value of total consideration transferred			$ 3,890
Intangible Assets, Net (Excluding Goodwill)				849		849	1,238
CHS Transactions [Member]
Goodwill [Line Items]
Intangible Assets, Net (Excluding Goodwill)				89,695		89,695	$ 99,575
Minimum | Canadian Dollar | Sumac Fabrication Company Limited
Goodwill [Line Items]
Debt Instrument, Maturity Payment Amount		0
Maximum | Canadian Dollar | Sumac Fabrication Company Limited
Goodwill [Line Items]
Debt Instrument, Maturity Payment Amount		$ 7,500
CANADA
Goodwill [Line Items]
Reduction in workforce (percent)					34.00%
CANADA | CHS Transactions [Member]
Goodwill [Line Items]
Goodwill				34,432		34,432
Intangible Assets, Net (Excluding Goodwill)				$ 25,005		$ 25,005

Accrued Liabilities (Details)

Accrued Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Mar. 31, 2015
Payables and Accruals [Abstract]
Accrued employee compensation and related expenses	$ 8,653	$ 11,040
Customer prepayment	471	633
Warranty reserve	365	429
Professional fees	1,406	1,568
Sales tax payable	1,183	1,058
Other	1,029	2,689
Total accrued current liabilities	$ 13,107	$ 17,417

Short-Term Revolving Lines of41

Short-Term Revolving Lines of Credit (Details)	Dec. 31, 2015AUD	Dec. 31, 2015EUR (€)	Dec. 31, 2015USD ($)	Dec. 31, 2015JPY (¥)	Dec. 31, 2015INR (₨)	Mar. 31, 2015USD ($)
Short-Term Revolving Lines of Credit
Outstanding borrowings			$ 5,000,000			$ 0
Netherlands
Short-Term Revolving Lines of Credit
Outstanding borrowings						0
India
Short-Term Revolving Lines of Credit
Outstanding borrowings			0			0
Australia
Short-Term Revolving Lines of Credit
Outstanding borrowings			0			0
Japan
Short-Term Revolving Lines of Credit
Outstanding borrowings			0			0
Revolving credit facility
Short-Term Revolving Lines of Credit
Outstanding borrowings			5,000,000			$ 0
Revolving credit facility | Netherlands
Short-Term Revolving Lines of Credit
Maximum borrowing capacity			4,370,000
Revolving credit facility | India
Short-Term Revolving Lines of Credit
Maximum borrowing capacity			1,206,000
Revolving credit facility | Australia
Short-Term Revolving Lines of Credit
Maximum borrowing capacity			237,000
Revolving credit facility | Japan
Short-Term Revolving Lines of Credit
Maximum borrowing capacity			$ 373,000
Euro Member Countries, Euro | Revolving credit facility | Netherlands
Short-Term Revolving Lines of Credit
Maximum borrowing capacity | €		€ 4,000,000
India, Rupees | Revolving credit facility | India
Short-Term Revolving Lines of Credit
Maximum borrowing capacity | ₨					₨ 80,000,000
Australian Dollar | Revolving credit facility | Australia
Short-Term Revolving Lines of Credit
Maximum borrowing capacity | AUD	AUD 325,000
Japanese Yen | Revolving credit facility | Japan
Short-Term Revolving Lines of Credit
Maximum borrowing capacity | ¥				¥ 45,000,000

Long-Term Debt (Details)

Long-Term Debt (Details)	3 Months Ended	9 Months Ended
	Dec. 31, 2015USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Mar. 31, 2015USD ($)
Debt Instrument [Line Items]
Less current portion	$ (13,500,000)	$ (13,500,000)		$ (13,500,000)
Long-term debt, noncurrent	84,375,000	84,375,000		94,500,000
Outstanding borrowings	$ 5,000,000	5,000,000		0
Issuance costs associated with revolving line of credit and long term debt		$ 341,000	$ 290,000
Senior Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, interest rate, stated percentage	2.1875%	2.1875%
Loans Payable
Debt Instrument [Line Items]
Variable Rate Term Loan, due April 2019	$ 97,875,000	$ 97,875,000		$ 108,000,000
Debt Instrument, interest rate, stated percentage	2.1875%	2.1875%
Revolving credit facility
Debt Instrument [Line Items]
Debt instrument, interest rate, decrease (percentage)		0.25%
Line of credit facility, decrease in periodic payment (as a percentage)	0.05%	0.05%
Annual commitment fee on unutilized commitments (as a percent)	0.30%
Line of credit facility, commitment fee percentage	0.125%
Outstanding borrowings	$ 5,000,000	$ 5,000,000
Capacity available under credit facility	$ 54,282,000	$ 54,282,000
Interest rate at period end (as a percent)	2.1875%	2.1875%
London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Interest rate in addition to LIBOR rate	1.00%
Canadian Deposit Offer Rate
Debt Instrument [Line Items]
Interest rate in addition to LIBOR rate	1.00%
Minimum | Base Rate
Debt Instrument [Line Items]
Interest rate in addition to LIBOR rate	0.50%
Maximum
Debt Instrument [Line Items]
Maximum leverage ratio		2.75
Maximum | Base Rate
Debt Instrument [Line Items]
Interest rate in addition to LIBOR rate	1.00%
Through March 31, 2017 | Loans Payable
Debt Instrument [Line Items]
Repayments of Notes Payable	$ 1,125,000
Last Two Years Of Loan | Loans Payable
Debt Instrument [Line Items]
Repayments of Notes Payable		$ 1,688,000
Due in April 2019 | Loans Payable
Debt Instrument [Line Items]
Repayments of Notes Payable	$ 40,500,000
Interest Rate Swap | Revolving credit facility
Debt Instrument [Line Items]
Derivative, fixed interest rate	2.87%	2.87%
Interest payments, percent hedged	100.00%	100.00%

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Mar. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Totaled arrangements under letter of credit guarantees and performance bonds securing performance obligations	$ 10,263
Guarantee obligations secured by cash deposits	1,394
Guarantee obligations represented by a reduction of the available amount of the company's short term and long term revolving lines of credit	718
Cash deposits pledged as collateral on performance bonds and letters of credit	1,394	$ 1,388
Indian Custom Bonds Outstanding	$ 5,473

Stock-Based Compensation Expe44

Stock-Based Compensation Expense (Details) $ in Thousands	3 Months Ended		9 Months Ended		49 Months Ended
	Dec. 31, 2015USD ($)shares	Dec. 31, 2014USD ($)	Dec. 31, 2015USD ($)shares	Dec. 31, 2014USD ($)	Jun. 30, 2014plan	Apr. 08, 2011shares	Jul. 28, 2010shares
Stock-Based Compensation Expense
Number of stock option award plans | plan					2
Options outstanding (in shares)	439,726		439,726
Stock compensation expense | $	$ 890	$ 930	$ 2,764	$ 2,302
Restricted Stock and Stock Option Plan
Stock-Based Compensation Expense
Maximum number of shares of the company's common stock that may be awarded							2,767,171
2011 Long-term Incentive Plan
Stock-Based Compensation Expense
Maximum number of shares of the company's common stock that may be awarded						2,893,341
Performance Shares [Member]
Stock-Based Compensation Expense
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period			46,426
Stock Issued During Period, Value, Restricted Stock Award, Gross | $			$ 1,113
Restricted Stock Units
Stock-Based Compensation Expense
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period			96,953
Stock Issued During Period, Value, Restricted Stock Award, Gross | $			$ 2,343
Common Stock [Member]
Stock-Based Compensation Expense
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	4,830		12,796
Stock Issued During Period, Value, Restricted Stock Award, Gross | $	$ 96		$ 288
Share-based compensation arrangement by share-based payment award, fair value of shares authorized amount | $	$ 385		$ 385
Minimum
Stock-Based Compensation Expense
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Possible Number of Performance Shares to be Granted			0
Minimum | Restricted Stock Units
Stock-Based Compensation Expense
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	1 year
Maximum
Stock-Based Compensation Expense
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Possible Number of Performance Shares to be Granted			92,852
Maximum | Restricted Stock Units
Stock-Based Compensation Expense
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	3 years

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014
Income Tax Examination [Line Items]
Income tax expense	$ 1,954	$ 6,164	$ 7,462	$ 11,017
Pre-tax income (loss)	10,623	$ 21,767	27,638	49,902
Decrease of deferred tax liability			$ (455)	$ 3,224
Annual effective tax rate before discrete events			29.90%	28.50%
Long-term liability for uncertain tax positions	647		$ 647
Liability for uncertain tax positions	1,281
Interest and penalties accrued as income tax expense			$ 23
Industrial Process Insulators, Inc.
Income Tax Examination [Line Items]
Liability for uncertain tax positions	$ 501

Geographic Information (Details

Geographic Information (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2015USD ($)segment	Dec. 31, 2014USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Sales by geographic area:
Revenues	$ 74,427	$ 87,622	$ 209,584	$ 234,322
Operating income
Stock compensation expense	(890)	(930)	(2,764)	(2,302)
Public company costs	(370)	(312)
Operating income (loss)	$ 11,827	23,219	31,220	54,451
Number of Reportable Segments | segment	1
United States
Sales by geographic area:
Revenues	$ 32,461	35,304	95,570	84,044
Operating income
Operating income (loss)	6,561	9,364	17,830	18,272
CANADA
Sales by geographic area:
Revenues	16,013	29,088	41,715	79,133
Operating income
Operating income (loss)	2,802	11,021	5,337	28,365
Europe
Sales by geographic area:
Revenues	15,257	14,316	46,853	43,968
Operating income
Operating income (loss)	2,047	2,789	7,207	6,121
Asia
Sales by geographic area:
Revenues	10,696	8,914	25,446	27,177
Operating income
Operating income (loss)	1,677	1,287	4,678	5,020
Unallocated
Operating income
Stock compensation expense	$ (890)	$ (930)	(2,764)	(2,302)
Public company costs			$ (1,068)	$ (1,025)