CSW Industrials (CSWI) 10-Q 9 Aug 17 2018 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Jun. 30, 2017	Aug. 02, 2017
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2017
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q1
Trading Symbol	CSWI
Entity Registrant Name	CSW INDUSTRIALS, INC.
Entity Central Index Key	1,624,794
Current Fiscal Year End Date	--03-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		15,887,967

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Income Statement [Abstract]
Revenues, net	$ 98,027	$ 84,107
Cost of revenues	(55,658)	(45,904)
Gross profit	42,369	38,203
Selling, general and administrative expenses	(28,106)	(29,711)
Impairment expenses	0	(1,082)
Operating income	14,263	7,410
Interest expense, net	(631)	(748)
Other income (expense), net	(313)	538
Income before income taxes	13,319	7,200
Provision for income taxes	(4,805)	(3,104)
Net income	$ 8,514	$ 4,096
Net earnings per common share:
Basic (USD per share)	$ 0.54	$ 0.26
Diluted (USD per Share)	$ 0.54	$ 0.26

CONDENSED CONSOLIDATED STATEME3

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Statement of Comprehensive Income [Abstract]
Net income	$ 8,514	$ 4,096
Other comprehensive income (loss):
Foreign currency translation adjustments	1,676	(1,324)
Cash flow hedging activity, net of taxes of $22 and $120, respectively	(41)	(223)
Pension and other post retirement effects, net of taxes of $(5) and $(5), respectively	(9)	10
Other comprehensive income (loss)	1,626	(1,537)
Comprehensive income	$ 10,140	$ 2,559

CONDENSED CONSOLIDATED STATEME4

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Statement of Comprehensive Income [Abstract]
Cash flow hedging activity, taxes	$ 22	$ 120
Pension and other post retirement effects, taxes	$ (5)	$ (5)

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2017	Mar. 31, 2017
Current assets:
Cash and cash equivalents	$ 25,926	$ 23,146
Bank time deposits	1,829	1,776
Accounts receivable, net of allowance of $1,521 and $1,513, respectively	71,270	63,782
Inventories, net	51,194	50,401
Prepaid expenses and other current assets	6,938	7,178
Total current assets	157,157	146,283
Property, plant and equipment, net of accumulated depreciation of $60,136 and $57,317, respectively	64,048	63,897
Goodwill	81,286	80,863
Intangible assets, net	88,894	90,610
Other assets	16,165	16,011
Total assets	407,550	397,664
Current liabilities:
Accounts payable	17,563	14,419
Accrued and other current liabilities	30,829	22,756
Current portion of long-term debt	561	561
Total current liabilities	48,953	37,736
Long-term debt	66,630	72,646
Retirement benefits payable	1,252	1,464
Other long-term liabilities	7,130	13,380
Total liabilities	123,965	125,226
Equity:
Common shares, $0.01 par value Shares authorized - 50,000 Shares issued - 15,846 and 15,846, respectively	157	157
Preferred shares, $0.01 par value Shares authorized - 10,000 Shares issued - 0	0	0
Additional paid-in capital	39,212	38,701
Treasury shares, at cost	(1,021)	(1,011)
Retained earnings	254,046	245,026
Accumulated other comprehensive loss	(8,809)	(10,435)
Total equity	283,585	272,438
Total liabilities and equity	$ 407,550	$ 397,664

CONDENSED CONSOLIDATED BALANCE6

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2017	Mar. 31, 2017
Statement of Financial Position [Abstract]
Accounts receivable, allowance	$ 1,521	$ 1,513
Property, plant and equipment, accumulated depreciation	$ 60,136	$ 57,317
Common shares, par value (USD per share)	$ 0.01	$ 0.01
Common shares, authorized (shares)	50,000,000	50,000,000
Common shares, issued (shares)	15,846,000	15,846,000
Preferred shares, par value (USD per share)	$ 0.01	$ 0.01
Preferred shares, authorized (shares)	10,000,000	10,000,000
Preferred shares, issued (shares)	0	0

CONDENSED CONSOLIDATED STATEME7

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Cash flows from operating activities:
Net income	$ 8,514	$ 4,096
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	2,017	2,141
Amortization of intangible and other assets	2,215	1,986
Provision for inventory reserves	175	0
Share-based and other executive compensation	1,017	2,730
Net loss (gain) on sales of property, plant and equipment	105	(266)
Net pension benefit	(319)	(313)
Impairment of assets	0	1,082
Net deferred taxes	(173)	553
Changes in operating assets and liabilities:
Accounts receivable, net	(7,277)	(5,977)
Inventories, net	(853)	586
Prepaid expenses and other current assets	262	69
Other assets	6	54
Accounts payable and other current liabilities	4,665	(2,486)
Retirement benefits payable and other liabilities	95	(404)
Net cash provided by operating activities	10,449	3,851
Cash flows from investing activities:
Capital expenditures	(2,300)	(2,772)
Proceeds from sale of assets held for investment	0	252
Net change in bank time deposits	(5)	(39)
Cash paid for acquisitions	(44)	0
Net cash used in investing activities	(2,349)	(2,559)
Cash flows from financing activities:
Repayments of lines of credit	(6,015)	(5,140)
Purchase of treasury shares	(10)	(556)
Net cash used in financing activities	(6,025)	(5,696)
Effect of exchange rate changes on cash and equivalents	705	127
Net change in cash and cash equivalents	2,780	(4,277)
Cash and cash equivalents, beginning of period	23,146	25,987
Cash and cash equivalents, end of period	$ 25,926	$ 21,710

ORGANIZATION AND OPERATIONS AND

ORGANIZATION AND OPERATIONS AND SUMMARY OF ACCOUNTING POLICIES	3 Months Ended
	Jun. 30, 2017
Accounting Policies [Abstract]
ORGANIZATION AND OPERATIONS AND SUMMARY OF ACCOUNTING POLICIES	ORGANIZATION AND OPERATIONS AND SUMMARY OF ACCOUNTING POLICIES CSW Industrials, Inc. (“CSWI,” the “Company,” “we,” “our” or “us”) is a diversified industrial growth company with well-established, scalable platforms and domain expertise across three segments: Industrial Products; Coatings, Sealants and Adhesives; and Specialty Chemicals. Our broad portfolio of leading products provides performance optimizing solutions to our customers. Our products include mechanical products for heating, ventilating and air conditioning (“HVAC”) and refrigeration applications, coatings and sealants and high performance specialty lubricants. Drawing on our innovative and proven technologies, we seek to deliver solutions to our professional customers that require superior performance and reliability. Our diverse product portfolio includes more than 100 highly respected industrial brands including RectorSeal No. 5 ™ thread sealants, KOPR KOTE™ anti-seize lubricants, Safe-T-Switch ® condensate overflow shutoff devices, KATS ® coatings, Air Sentry ® breathers, RailPlex ® tank car coatings, Deacon ® high temperature sealants, AC Leak Freeze ® refrigerant leak repair solutions and Greco Aluminum Railings™. Our products are well known in the specific markets we serve and have a reputation for high quality and reliability. Markets that we serve include HVAC, industrial, rail, plumbing, architecturally-specified building products, energy, mining and other general industrial markets. Restructuring During the quarter ended September 30, 2016 we initiated restructuring programs related to our Coatings, Sealants & Adhesives and our Industrial Products segments. The programs were initiated in response to excess capacity due to contraction in the markets we serve, which caused us to perform a facility rationalization analysis. Restructuring charges are as follows (in thousands): Severance/ Retention Asset Write- down Other (a) Total Three Months Ended June 30, 2017 Cost of revenues $ 29 $ 69 $ 327 $ 425 Selling, general and administrative — — 37 37 Total $ 29 $ 69 $ 364 $ 462 Inception to Date Restructuring Charges Cost of revenues $ 597 $ 69 $ 994 $ 1,660 Selling, general and administrative 451 2,800 212 3,463 Total $ 1,048 $ 2,869 $ 1,206 $ 5,123 Total Expected Restructuring Charges (b) Cost of revenues $ 597 $ 69 $ 1,094 $ 1,760 Selling, general and administrative 451 2,800 212 3,463 Total $ 1,048 $ 2,869 $ 1,306 $ 5,223 (a) Other consists of moving costs related to relocation of manufacturing activities, consulting fees for production and efficiency support, recruiting fees to increase staff in locations where production is being relocated and duplicate and inefficient labor incurred during the transition and relocation. These charges will be expensed as incurred. (b) Total expected restructuring charges represent management's best estimate to date. As the execution of the program is still in process, the amount and nature of actual restructuring charges incurred could vary from total expected charges. As of June 30, 2017 , the restructuring reserve attributable to these programs consisted entirely of anticipated severance expense recorded during the fiscal year ended March 31, 2017 and is included in accrued and other current liabilities on our condensed consolidated balance sheet. Basis of Presentation The condensed consolidated financial statements included in this Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2017 (“Quarterly Report”) includes all revenues, costs, assets and liabilities directly attributable to CSWI and have been prepared in accordance with United States (“U.S.”) generally accepted accounting principles (“GAAP”). The condensed consolidated financial statements reflect all adjustments that are, in the opinion of management, necessary to present a fair statement of CSWI’s financial position as of June 30, 2017 , and the results of operations for three months ended June 30, 2017 and 2016 , respectively. All adjustments are of a normal, recurring nature. All significant intercompany balances and transactions have been eliminated in consolidation. The year-end condensed balance sheet data was derived from audited financial statements, but does not include all disclosures required by U.S. GAAP. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the notes thereto included in CSWI’s Annual Report on Form 10-K for the fiscal year ended March 31, 2017 (the “Annual Report”). Accounting Policies We have consistently applied the accounting policies described in our Annual Report in preparing these condensed consolidated financial statements. We have not made any changes in significant accounting policies disclosed in the Annual Report. Accounting Developments In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, “Revenue from Contracts with Customers (Topic 606),” which has been subsequently amended with additional ASUs including ASU No. 2016-12, issued in May 2016, and ASU No. 2016-20, issued in December 2016. ASU No. 2014-09, as amended, supersedes the revenue recognition requirements in “Revenue Recognition (Topic 605).” The standard is principle-based and provides a five-step model to determine when and how revenue is recognized. The core principle is that a company should recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. There are also expanded disclosure requirements in this ASU. In July 2015, the FASB voted to delay the effective date of ASU 2014-09 by one year. As a result, public entities will apply the new standard for annual reporting periods beginning after December 15, 2017, including interim periods within those reporting periods. Early adoption as of the original public entity effective date is permitted. We are currently evaluating the impact of ASU No. 2014-09 and ASU 2016-12 on our consolidated financial condition and results of operations and do not believe the adoption of the new standard will have a material impact. We will adopt the standard for our annual reporting period beginning April 1, 2018 and interim periods within this annual reporting period using the modified retrospective approach. In July 2015, the FASB issued ASU No. 2015-11, “Inventory (Subtopic 330): Simplifying the Measurement of Inventory.” This ASU simplifies the subsequent measurement of inventory by requiring inventory to be measured at the lower of cost and net realizable value. Entities will continue to apply their existing impairment models to inventories that are accounted for using LIFO and retail inventory methods. This ASU is effective for annual periods, including interim periods within those annual periods, beginning after December 15, 2016. Early adoption is permitted. The new guidance must be applied prospectively after the date of adoption. We adopted the amendments of this ASU during the quarter ended June 30, 2017, and it did not have a material impact on our consolidated financial condition and results of operations. In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842),” to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. A lessee should recognize in the statement of financial position a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term. The recognition, measurement, and presentation of expenses and cash flows arising from a lease by a lessee have not significantly changed from previous U.S. GAAP. This ASU is effective for annual periods, including interim periods within those annual periods, beginning after December 15, 2018. Modified retrospective application is permitted with certain practical expedients. Early adoption is permitted. We are currently evaluating the impact of ASU No. 2016-02 on our consolidated financial condition and results of operations. In March 2016, the FASB issued ASU No. 2016-09, “Compensation – Stock Compensation (Topic 718),” Improvements to Employee Share-Based Payment Accounting." The ASU affects the accounting for employee share-based payment transactions as it relates to accounting for income taxes, accounting for forfeitures, and statutory tax withholding requirements. We adopted the provisions of ASU 2016-09 as of April 1, 2017. Our adoption resulted in a $0.5 million one-time, cumulative adjustment to beginning retained earnings related to the accounting for income taxes. In August 2016, the FASB issued ASU No. 2016-15, “Statement of Cash Flows (Topic 230) – Classification of Certain Cash Receipts and Cash Payments,” which clarifies how entities should classify certain cash receipts and cash payments on the statement of cash flows and how the predominance principle should be applied when cash receipts and cash payments have aspects of more than one class of cash flows. The new guidance should be applied on a retrospective basis for each period presented. ASU 2016-15 is effective for annual periods, including interim periods within those annual periods, beginning after December 15, 2017. Early adoption is permitted. We do not expect the adoption of ASU No. 2016-15 to have a material impact on our consolidated financial condition and results of operations. In October 2016, the FASB issued ASU No. 2016-16, “Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory,” to improve the accounting for the income tax consequences arising from these types of transfers. This ASU aligns the recognition of the income tax consequences with International Financial Reporting Standards. Specifically, International Accounting Standards No. 12, “Income Taxes,” requires recognition of current and deferred income taxes resulting from an intra-entity transfer of any asset (including inventory) when the transfer occurs. This ASU is effective for annual periods, including interim periods within those annual periods, beginning after December 15, 2017. Early adoption is permitted. We do not expect the adoption of ASU No. 2016-16 to have a material impact on our consolidated financial condition and results of operations. In November 2016, the FASB issued ASU No. 2016-18, "Statement of Cash Flows (Topic 230): Restricted Cash (a consensus of the FASB Emerging Issues Task Force)," which requires that amounts generally described as restricted cash and restricted cash equivalents be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. This ASU is effective for annual periods, including interim periods within those annual periods, beginning after December 15, 2017. Early adoption is permitted. The adoption of ASU No. 2016-18 will not have an impact on our consolidated financial condition and results of operations. In January 2017, the FASB issued ASU No. 2017-01, "Business Combinations (Topic 805): Clarifying the Definition of a Business," to clarify the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The amendments in this ASU require that when substantially all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single identifiable asset or a group of similar identifiable assets, the set of assets is not a business. This ASU is effective for annual periods, including interim periods within those annual periods, beginning after December 15, 2017. The amendments in this update should be applied prospectively on or after the effective date, however early adoption is permitted. We do not expect the adoption of ASU No. 2017-01 to have a material impact on our consolidated financial condition and results of operations. In January 2017, the FASB issued ASU No. 2017-04, "Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment," which modifies the concept of impairment from the condition that exists when the carrying amount of goodwill exceeds its implied fair value to the condition that exists when the carrying amount of a reporting unit exceeds its fair value. An entity no longer will determine goodwill impairment by calculating the implied fair value of goodwill by assigning the fair value of a reporting unit to all of its assets and liabilities as if that reporting unit had been acquired in a business combination. The amendments in this ASU should be adopted for annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2019. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The adoption of ASU No. 2017-04 will only impact our consolidated financial condition and results of operations to the extent that we incur a future goodwill impairment. In March 2017, the FASB issued ASU No. 2017-07, "Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost," which requires that an employer disaggregate the service cost component from the other components of net benefit cost. The amendments also provide explicit guidance on how to present the service cost component and the other components of net benefit cost in the income statement and allow only the service cost component of net benefit cost to be eligible for capitalization. This ASU is effective for annual periods, including interim periods within those annual periods, beginning after December 15, 2017. The amendments in this update should be applied retrospectively on or after the effective date, however early adoption is permitted as of the beginning of an annual period for which financial statements (interim or annual) have not been issued or made available for issuance. We, in partnership with our actuaries, are currently evaluating the impact of ASU No. 2017-07 on our consolidated financial condition and results of operations.

ACQUISITIONS

ACQUISITIONS	3 Months Ended
	Jun. 30, 2017
Business Combinations [Abstract]
ACQUISITIONS	ACQUISITIONS Greco Aluminum Railings On February 28, 2017 , we acquired the equity of Greco Aluminum Railings (“Greco”), based in Windsor, Ontario, Canada, for $28.2 million , net of cash acquired, funded through our revolving credit facility. Greco is a leading manufacturer of high-quality engineered railing and safety systems for multi-family and commercial structures in the U.S. and Canada. The excess of the purchase price over the fair value of the identifiable assets acquired was $13.6 million and was allocated to goodwill. Goodwill represents the value expected to be obtained from a more extensive portfolio of architecturally-specified building products, which help make buildings safer and more aesthetically pleasing, while enabling compliance with building codes and leveraging our larger distributor network. The preliminary allocation of the fair value of the net assets acquired included customer lists, trademarks, non-compete agreements and a favorable leasehold of $10.3 million , $1.0 million , $0.8 million and $0.1 million , respectively, as well as property, plant and equipment and inventory of $0.8 million and $0.5 million , respectively, net of a deferred tax liability of $3.4 million . Customer lists, the non-compete agreement and the favorable leasehold are being amortized over 15 years, five years and approximately nine years (remaining life of the leasehold), respectively, while trademarks and goodwill are not being amortized. Greco activity has been included in our Industrial Products segment since the acquisition date. Greco contributed $1.2 million and $0.2 million in net sales and operating income, respectively, for the fiscal year ended March 31, 2017 and $4.7 million and $1.1 million in net sales and operating income, respectively, for the quarter ended June 30, 2017 . No pro forma information has been provided due to immateriality.

INVENTORIES

INVENTORIES	3 Months Ended
	Jun. 30, 2017
Inventory Disclosure [Abstract]
INVENTORIES	INVENTORIES Inventories consist of the following (in thousands): June 30, 2017 March 31, 2017 Raw materials and supplies $ 24,038 $ 21,717 Work in process 5,480 6,272 Finished goods 28,767 29,538 Total inventories 58,285 57,527 Less: LIFO reserve (5,295 ) (5,295 ) Less: Obsolescence reserve (1,796 ) (1,831 ) Inventories, net $ 51,194 $ 50,401

INTANGIBLE ASSETS

INTANGIBLE ASSETS	3 Months Ended
	Jun. 30, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
INTANGIBLE ASSETS	INTANGIBLE ASSETS The following table provides information about our intangible assets (in thousands, except years): June 30, 2017 March 31, 2017 Wtd Avg Life Gross Amount Accumulated Amortization Gross Amount Accumulated Amortization (Years) Finite-lived intangible assets: Patents 12 $ 9,629 $ (5,009 ) $ 9,576 $ (4,779 ) Customer lists and amortized trademarks 12 81,473 (24,653 ) 81,121 (22,935 ) Non-compete agreements 5 1,726 (327 ) 1,819 (334 ) Other 12 4,917 (1,000 ) 4,849 (828 ) $ 97,745 $ (30,989 ) $ 97,365 $ (28,876 ) Trade names and trademarks not being amortized $ 22,138 $ — $ 22,121 $ — Amortization expense for the three month periods ended June 30, 2017 and 2016 was $2.1 million and $2.0 million , respectively. The following table shows the estimated future amortization for intangible assets as of June 30, 2017 , for the remainder of the current fiscal year and the next five years ending March 31 (in thousands): 2018 $ 5,985 2019 7,250 2020 7,007 2021 6,784 2022 6,335 2023 6,092

SPIN-OFF EXECUTIVE COMPENSATION

SPIN-OFF EXECUTIVE COMPENSATION	3 Months Ended
	Jun. 30, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
SPIN-OFF EXECUTIVE COMPENSATION	SPIN-OFF EXECUTIVE COMPENSATION On August 28, 2014 , the Board of Directors of Capital Southwest (our former parent company) adopted an executive compensation plan consisting of grants of nonqualified stock options, restricted stock and cash incentive awards to executive officers of Capital Southwest (the “Spin-Off Executive Compensation Plan”). The Spin-Off Executive Compensation Plan was intended to align the compensation of Capital Southwest’s executive officers with Capital Southwest’s key strategic objective of increasing the market value of Capital Southwest’s shares through a transformative transaction for the benefit of Capital Southwest’s shareholders. Under the Spin-Off Executive Compensation Plan, Joseph B. Armes, Kelly Tacke and Bowen S. Diehl were to receive an amount equal to 6.0% of the aggregate appreciation in Capital Southwest’s share price from August 28, 2014 (using a base price of $36.16 per share) to the Trigger Event Date (later to be determined to be December 29, 2015 , as discussed below) (the “Total Payment Amount”). The initial plan component consisted of nonqualified options awarded to purchase a total of 258,000 shares of Capital Southwest common stock. The second plan component consisted of total awards of 127,000 shares of Capital Southwest restricted common stock, which have voting rights, but do not have cash dividend rights. The final plan component consisted of cash incentive payments awarded to each of Mr. Armes, Ms. Tacke and Mr. Diehl in an amount equal to the excess of each awardee’s allocable portion of the Total Payment Amount over the aggregate value of the awardee’s restricted common stock and nonqualified option awards under the Spin-Off Executive Compensation Plan, calculated as of the Trigger Event Date. The equity based awards vest and become exercisable as follows: (1) 1/3 on the Trigger Event Date; (2) 1/3 on the first anniversary of the Trigger Event Date; and (3) 1/3 on the second anniversary of the Trigger Event Date. Generally, entitlement to such awards is conditioned on the awardee remaining in the employment of Capital Southwest or its subsidiaries on the vesting date, or in the event the employment of the awardee was transferred to CSWI, continuing employment by CSWI. Effective immediately with the spin-off of CSWI, both Joseph B. Armes and Kelly Tacke became employees of CSWI and Bowen Diehl remained an employee of Capital Southwest. On September 8, 2015 , the Board of Directors of Capital Southwest designated the Share Distribution as a transformative transaction for purposes of the Spin-Off Executive Compensation Plan and amended the award agreements granted under the Spin-Off Executive Compensation Plan to provide for accelerated vesting of the awards held by an executive in the event of a termination of such executive’s service effected by the executive for good reason, by the employer without cause, or as a result of the disability or death of the executive. As a result of the Share Distribution completed on September 30, 2015 , the Trigger Event Date was determined to be December 29, 2015 . As of December 29, 2015 , the cash component of the Spin-Off Executive Compensation Plan was calculated based on the volume weighted average price of Capital Southwest and CSWI common stock for the 20 trading days ended December 29, 2015 . Effective with the Share Distribution, CSWI entered into an Employee Matters Agreement with Capital Southwest. Under this agreement, Capital Southwest retained the obligation to fund the cash incentive awards granted under the Spin-Off Executive Compensation Plan, and all liabilities with respect to such cash incentive awards remained liabilities of Capital Southwest. During the three months ended June 30, 2017 , we recorded total executive compensation expense for the cash incentive payments of $0.2 million for Mr. Armes and total stock compensation expense of $0.1 million . During the three months ended June 30, 2016 , we recorded total executive compensation expense for the cash incentive payments of $1.3 million for Mr. Armes and Ms. Tacke, and total stock compensation expense of $1.1 million . Within those amounts were $ 1.2 million and $ 1.0 million of cash incentive and stock compensation expense, respectively, that were accelerated as a result of Ms. Tacke's, former chief financial officer, transition in June 2016 .

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION	3 Months Ended
	Jun. 30, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
SHARE-BASED COMPENSATION	SHARE-BASED COMPENSATION In September 2015, CSWI adopted and Capital Southwest approved (as our sole stockholder) our 2015 Equity and Incentive Compensation Plan (the “2015 Plan”), which provides for the issuance of up to 1,230,000 shares of CSWI common stock through the grant of stock options, stock appreciation rights, restricted shares, restricted stock units, performance shares, performance units or other share-based awards, to employees, officers and non-employee directors. As of June 30, 2017 , 982,231 shares were available for issuance under the 2015 Plan. Additionally, in September 2015, in connection with the Spin-Off Executive Compensation Plan and Share Distribution, we issued 510,447 shares of common stock to adjust outstanding Capital Southwest equity-based awards to represent both Capital Southwest and CSWI equity-based awards. These conversion grants were issued on substantially the same terms and conditions as the prior Capital Southwest equity-based grants, and they were issued separate and apart from the 2015 Plan's 1,230,000 share authorization. We recorded share-based compensation as follows for the three month periods ended June 30, 2017 and 2016 (in thousands): Three Months Ended June 30, 2017 Stock Options Restricted Shares Total Share-based compensation expense $ 54 $ 791 $ 845 Related income tax benefit (16 ) (280 ) (296 ) Net share-based compensation expense $ 38 $ 511 $ 549 Three Months Ended June 30, 2016 Stock Options Restricted Shares Total Share-based compensation expense $ 471 $ 799 $ 1,270 Related income tax benefit (165 ) (280 ) (445 ) Net share-based compensation expense $ 306 $ 519 $ 825 Stock option activity was as follows: Three Months Ended June 30, 2017 Number of Shares Weighted Average Exercise Price Remaining Contractual Life Aggregate Intrinsic Value (Years) (in millions) Outstanding at April 1, 2017 251,635 $ 24.44 Granted — — Exercised — — Canceled — — Outstanding at June 30, 2017 251,635 $ 24.44 6.6 $ 3.6 Exercisable at June 30, 2017 170,412 $ 24.12 6.5 $ 2.5 At June 30, 2017 , we had unrecognized compensation cost related to non-vested stock options of $0.1 million , which will be amortized into net income over the remaining weighted average vesting period of approximately 1.0 years. No options were granted, exercised or vested during the three month period ended June 30, 2017 . The total fair value of stock options vested for the three month period ended June 30, 2016 was $0.3 million . No options were granted or exercised during the three month period ended June 30, 2016 . Restricted share activity was as follows: Three Months Ended June 30, 2017 Number of Shares Weighted Average Grant Date Fair Value Outstanding at April 1, 2017 209,489 $ 26.53 Granted 43,856 49.59 Vested (993 ) 33.55 Canceled (1,392 ) 31.75 Outstanding at June 30, 2017 250,960 $ 30.50 During the restriction period, the holders of restricted shares are entitled to vote and receive dividends, except for conversion awards issued under the Spin-Off Executive Compensation Plan (as discussed in Note 5). At June 30, 2017 , we had unrecognized compensation cost related to unvested restricted shares of $ 5.5 million , which will be amortized into net income over the remaining weighted average vesting period of approximately 2.1 years . The total fair value of restricted shares vested for the three month periods ended June 30, 2017 and 2016 was $0.1 million and $0.4 million , respectively. Performance-based restricted share units granted during the three month periods ended June 30, 2017 and 2016 includes 42,860 and 49,373 shares (at target), respectively, with performance-based vesting provisions, and vesting ranges from 0 - 200% and 0% - 100% , respectively based on pre-defined performance targets with market conditions. Performance shares do not have the rights to vote or receive cash dividends until vesting, if at all. Performance-based restricted share units are earned upon the achievement of performance targets, and are payable in common shares. Compensation expense is recognized over a 36 -month cliff vesting period based on the fair market value of our common shares on the date of grant.

LONG-TERM DEBT

LONG-TERM DEBT	3 Months Ended
	Jun. 30, 2017
Debt Disclosure [Abstract]
LONG-TERM DEBT	LONG-TERM DEBT Debt consists of the following (in thousands): June 30, 2017 March 31, 2017 Revolving Credit Facility, interest rate of 2.48% and 2.23%, respectively $ 54,750 $ 60,625 Whitmore term loan, interest rate of 2.88% and 2.98%, respectively 12,441 12,582 Total debt 67,191 73,207 Less: Current portion (561 ) (561 ) Long-term debt $ 66,630 $ 72,646 Revolving Credit Facility Agreement On December 11, 2015 , we entered into a five -year $250.0 million revolving credit facility agreement (“Revolving Credit Facility”), with an additional $50.0 million accordion feature, with JPMorgan Chase Bank, N.A., as administrative agent, and the other lenders party thereto. Borrowings under this facility bear interest at a rate of prime plus 0.50% or London Interbank Offered Rate (“LIBOR”) plus 1.50% , which may be adjusted based on our leverage ratio. We pay a commitment fee of 0.20% for the unutilized portion of the Revolving Credit Facility. Interest and commitment fees are payable at least quarterly and the outstanding principal balance is due at maturity. This facility is secured by substantially all of our assets. During the three months ended June 30, 2017 we repaid $5.9 million of the outstanding borrowings under this facility, and as of June 30, 2017 and March 31, 2017 , we had a remaining outstanding balance of $54.8 million and $60.6 million , respectively, which resulted in borrowing capacity of $245.2 million and $239.4 million , respectively, inclusive of the accordion feature. The Revolving Credit Facility contains certain customary restrictive covenants, including a requirement to maintain a minimum fixed charge coverage ratio of 1.25 to 1.00 and a maximum leverage ratio of Funded Debt to EBITDA (as defined in the agreement) of 3.00 to 1.00 . Covenant compliance is tested quarterly and we were in compliance with all covenants as of June 30, 2017 . Whitmore Term Loan As of June 30, 2017 , Whitmore Manufacturing (one of our wholly-owned operating subsidiaries) had a secured term loan outstanding related to a warehouse and corporate office building and the remodel of an existing manufacturing and research and development facility. The term loan matures on July 31, 2029 , with payments of $140,000 due each quarter. Borrowings under this term loan bear interest at a variable annual rate equal to one month LIBOR plus 2.0% . As of June 30, 2017 and March 31, 2017 , Whitmore had $12.4 million and $12.6 million , respectively, in outstanding borrowings under the term loan.

EARNINGS PER SHARE

EARNINGS PER SHARE	3 Months Ended
	Jun. 30, 2017
Earnings Per Share [Abstract]
EARNINGS PER SHARE	EARNINGS PER SHARE The following table sets forth the reconciliation of the numerator and the denominator of basic and diluted earnings per share for the three month periods ended June 30, 2017 and 2016 (amounts in thousands, except per share data): Three Months Ended 2017 2016 Net income for basic and diluted earnings per share $ 8,514 $ 4,096 Weighted average shares: Common stock 15,637 15,478 Participating securities 209 239 Denominator for basic earnings per common share 15,846 15,717 Potentially dilutive securities 77 61 Denominator for diluted earnings per common share 15,923 15,778 Earnings per common share: Basic $ 0.54 $ 0.26 Diluted 0.54 0.26

SHAREHOLDERS' EQUITY

SHAREHOLDERS' EQUITY	3 Months Ended
	Jun. 30, 2017
Equity [Abstract]
SHAREHOLDERS' EQUITY	SHAREHOLDERS' EQUITY On November 11, 2016 , we announced that our Board of Directors authorized a program to repurchase up to $35.0 million of our common stock over the next two years . These shares may be repurchased in the open market or in privately negotiated transactions. Repurchases will be made from time to time at our discretion, based on ongoing assessments of the capital needs of the business, the market price of its common stock and general market conditions. The program may be limited or terminated at any time at our discretion without notice. Through June 30, 2017 , no shares have been repurchased under this program.

DERIVATIVE INSTRUMENTS AND HEDG

DERIVATIVE INSTRUMENTS AND HEDGE ACCOUNTING	3 Months Ended
	Jun. 30, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVE INSTRUMENTS AND HEDGE ACCOUNTING	DERIVATIVE INSTRUMENTS AND HEDGE ACCOUNTING We enter into interest rate swap agreements to hedge exposure to floating interest rates on certain portions of our debt. As of June 30, 2017 and March 31, 2017 , we had $42.2 million and $43.2 million , respectively, of notional amount in outstanding designated interest rate swaps with third parties. All interest rate swaps are highly effective. At June 30, 2017 , the maximum remaining length of any interest rate swap contract in place was approximately 12.0 years . The fair value of interest rate swaps designated as hedging instruments are summarized below (in thousands): June 30, 2017 March 31, 2017 Current derivative assets $ 42 $ — Current derivative liabilities 186 199 Non-current derivative liabilities 538 420 The impact of changes in fair value of interest rate swaps is included in Note 15. On June 17, 2016 , we entered into a foreign exchange forward contract, not designated as a hedging instrument, to hedge our exposure associated with assets denominated in British pounds. The forward contract was settled on September 29, 2016 resulting in a net gain of $0.2 million , which was included in other income (expense), net on our condensed consolidated statements of income for the fiscal year ended March 31, 2017 . Current derivative assets are reported in our condensed consolidated balance sheets in prepaid expenses and other current assets. Current and non-current derivative liabilities are reported in our condensed consolidated balance sheets in accrued and other current liabilities and other long-term liabilities, respectively. We are exposed to risk from credit-related losses resulting from nonperformance by counterparties to our financial instruments. We perform credit evaluation of our counterparties and expect all counterparties to meet their obligations. We have not experienced credit losses from our counterparties.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	3 Months Ended
	Jun. 30, 2017
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS The fair value of interest rate swaps and foreign exchange forward contracts (as discussed in Note 8) are determined using Level 2 inputs. The carrying value of our debt (included in Note 7) approximates fair value as it bears interest at floating rates. The carrying amounts of other financial instruments (i.e., cash and cash equivalents, restricted cash, bank time deposits, accounts receivable, net, accounts payable) approximated their fair values at June 30, 2017 and March 31, 2017 due to their short-term nature. The fair values of acquisition-related contingent payments are estimated using Level 3 inputs. The contingent payment related to the acquisition of assets from SureSeal Manufacturing (“SureSeal”) utilized the weighted average probability method using forecasted sales and gross margin. The most significant factor in the valuation is projected net revenues resulting from sales of SureSeal products. The following table sets forth the changes in fair value recognized within the selling, general and administrative expenses of our condensed consolidated statements of income (in thousands): Three Months Ended SureSeal Balance at April 1, 2017 $ 6,390 Change due to accretion 255 Change in estimate (255 ) Balance at June 30, 2017 $ 6,390 On August 3, 2017 , we entered into an agreement with the sellers of the SureSeal product line assets that, among other things, amended the purchase agreement to eliminate the potential contingent payment in exchange for a cash payment materially equivalent to what we had accrued as of June 30, 2017 . The cash payment will be paid during the fiscal quarter ending September 30, 2017 .

RETIREMENT PLANS

RETIREMENT PLANS	3 Months Ended
	Jun. 30, 2017
Compensation and Retirement Disclosure [Abstract]
RETIREMENT PLANS	RETIREMENT PLANS Refer to Note 12 to our consolidated financial statements included in our Annual Report for a description of our retirement and post-retirement benefits. The following tables set forth the combined net pension benefit recognized in our condensed consolidated financial statements for all plans (in thousands): Three Months Ended June 30, 2017 2016 Service cost, benefits earned during the period $ 14 $ 23 Interest cost on projected benefit obligation 636 675 Expected return on assets (980 ) (989 ) Amortization of net actuarial loss 7 4 Net pension benefit $ (323 ) $ (287 )

CONTINGENCIES

CONTINGENCIES	3 Months Ended
	Jun. 30, 2017
Commitments and Contingencies Disclosure [Abstract]
CONTINGENCIES	CONTINGENCIES From time to time, we are involved in various claims and legal actions that arise in the ordinary course of business. There are not any matters pending that we currently believe are reasonably possible of having a material impact to our business, consolidated financial position, results of operations or cash flows.

INCOME TAXES

INCOME TAXES	3 Months Ended
	Jun. 30, 2017
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES For the three months ended June 30, 2017 , we earned $13.3 million before taxes and provided for income taxes of $4.8 million , resulting in an effective tax rate of 36.1% . For the three months ended June 30, 2016 , we earned $7.2 million before taxes and provided for income taxes of $3.1 million , resulting in an effective tax rate of 43.1% . The variance from the U.S. federal statutory rate for the three months ended June 30, 2017 , was primarily attributable to domestic operations in states with higher statutory rates, offset by foreign operations activity in countries with lower statutory rates. The provision for income taxes for the three months ended June 30, 2016 was impacted by $0.6 million relating to reserves for uncertain tax positions and the effect of changes in tax rates, which increased our anticipated effective rate by 8.5% for the three months ended June 30, 2016 .

OTHER COMPREHENSIVE INCOME (LOS

OTHER COMPREHENSIVE INCOME (LOSS)	3 Months Ended
	Jun. 30, 2017
Equity [Abstract]
OTHER COMPREHENSIVE INCOME (LOSS)	OTHER COMPREHENSIVE INCOME (LOSS) The following table provides an analysis of the changes in accumulated other comprehensive income (loss) (in thousands): Three Months Ended 2017 2016 Currency translation adjustments: Balance at beginning of period $ (8,132 ) $ (5,248 ) Adjustments for foreign currency translation 1,676 (1,324 ) Balance at end of period $ (6,456 ) $ (6,572 ) Interest rate swaps: Balance at beginning of period $ (402 ) $ (1,221 ) Unrealized losses, net of taxes of $117 and $167, respectively (a) (375 ) (309 ) Reclassification of losses included in interest expense, net of taxes of $14 and $(47), respectively 334 86 Other comprehensive loss (41 ) (223 ) Balance at end of period $ (443 ) $ (1,444 ) Defined benefit plans: Balance at beginning of period $ (1,901 ) $ (1,229 ) Amortization of net loss, net of taxes of $(1) and $(5), respectively (9 ) 10 Balance at end of period $ (1,910 ) $ (1,219 ) (a) Unrealized gains (losses) are reclassified to earnings as underlying cash interest payments are made. We expect to recognize a loss of $0.1 million , net of deferred taxes, over the next twelve months related to designated cash flow hedges based on their fair values at June 30, 2017 .

SEGMENTS

SEGMENTS	3 Months Ended
	Jun. 30, 2017
Segment Reporting [Abstract]
SEGMENTS	SEGMENTS We conduct our operations through three business segments based on type of product and how we manage the business: • Industrial Products includes specialty mechanical products, fire and smoke protection products, architecturally-specified building products and storage, filtration and application equipment for use with our specialty chemicals and other products for general industrial application. • Coatings, Sealants & Adhesives is comprised of coatings and penetrants, pipe thread sealants, firestopping sealants and caulks and adhesives/solvent cements. • Specialty Chemicals includes lubricants and greases, drilling compounds, anti-seize compounds, chemical formulations and degreasers and cleaners. Our corporate headquarters does not constitute a separate segment. We evaluate segment performance and allocate resources based on each reportable segment’s operating income. The Eliminations and Other segment information is included to reconcile segment data to the consolidated financial statements and includes assets and expenses primarily related to corporate and other functions. No individual customer accounted for more than 10% of consolidated net revenues. Currently, we do not allocate interest expense, net or other income (expense), net by segment. Three Months Ended June 30, 2017 : (in thousands) Industrial Products Coatings, Sealants and Adhesives Specialty Chemicals Subtotal – Reportable Segments Eliminations and Other Total Revenues, net $ 53,261 $ 23,382 $ 21,382 $ 98,025 $ 2 $ 98,027 Operating income 13,633 990 1,911 16,534 (2,271 ) 14,263 Three Months Ended June 30, 2016 : (in thousands) Industrial Products Coatings, Sealants and Adhesives Specialty Chemicals Subtotal – Reportable Segments Eliminations and Other Total Revenues, net $ 43,475 $ 23,424 $ 17,187 $ 84,086 $ 21 $ 84,107 Operating income 10,607 1,649 1,121 13,377 (5,967 ) 7,410

ORGANIZATION AND OPERATIONS A24

ORGANIZATION AND OPERATIONS AND SUMMARY OF ACCOUNTING POLICIES (Policies)	3 Months Ended
	Jun. 30, 2017
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The condensed consolidated financial statements included in this Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2017 (“Quarterly Report”) includes all revenues, costs, assets and liabilities directly attributable to CSWI and have been prepared in accordance with United States (“U.S.”) generally accepted accounting principles (“GAAP”). The condensed consolidated financial statements reflect all adjustments that are, in the opinion of management, necessary to present a fair statement of CSWI’s financial position as of June 30, 2017 , and the results of operations for three months ended June 30, 2017 and 2016 , respectively. All adjustments are of a normal, recurring nature. All significant intercompany balances and transactions have been eliminated in consolidation. The year-end condensed balance sheet data was derived from audited financial statements, but does not include all disclosures required by U.S. GAAP. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the notes thereto included in CSWI’s Annual Report on Form 10-K for the fiscal year ended March 31, 2017 (the “Annual Report”).
Accounting Policies	Accounting Policies We have consistently applied the accounting policies described in our Annual Report in preparing these condensed consolidated financial statements. We have not made any changes in significant accounting policies disclosed in the Annual Report.
Accounting Developments	Accounting Developments In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, “Revenue from Contracts with Customers (Topic 606),” which has been subsequently amended with additional ASUs including ASU No. 2016-12, issued in May 2016, and ASU No. 2016-20, issued in December 2016. ASU No. 2014-09, as amended, supersedes the revenue recognition requirements in “Revenue Recognition (Topic 605).” The standard is principle-based and provides a five-step model to determine when and how revenue is recognized. The core principle is that a company should recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. There are also expanded disclosure requirements in this ASU. In July 2015, the FASB voted to delay the effective date of ASU 2014-09 by one year. As a result, public entities will apply the new standard for annual reporting periods beginning after December 15, 2017, including interim periods within those reporting periods. Early adoption as of the original public entity effective date is permitted. We are currently evaluating the impact of ASU No. 2014-09 and ASU 2016-12 on our consolidated financial condition and results of operations and do not believe the adoption of the new standard will have a material impact. We will adopt the standard for our annual reporting period beginning April 1, 2018 and interim periods within this annual reporting period using the modified retrospective approach. In July 2015, the FASB issued ASU No. 2015-11, “Inventory (Subtopic 330): Simplifying the Measurement of Inventory.” This ASU simplifies the subsequent measurement of inventory by requiring inventory to be measured at the lower of cost and net realizable value. Entities will continue to apply their existing impairment models to inventories that are accounted for using LIFO and retail inventory methods. This ASU is effective for annual periods, including interim periods within those annual periods, beginning after December 15, 2016. Early adoption is permitted. The new guidance must be applied prospectively after the date of adoption. We adopted the amendments of this ASU during the quarter ended June 30, 2017, and it did not have a material impact on our consolidated financial condition and results of operations. In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842),” to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. A lessee should recognize in the statement of financial position a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term. The recognition, measurement, and presentation of expenses and cash flows arising from a lease by a lessee have not significantly changed from previous U.S. GAAP. This ASU is effective for annual periods, including interim periods within those annual periods, beginning after December 15, 2018. Modified retrospective application is permitted with certain practical expedients. Early adoption is permitted. We are currently evaluating the impact of ASU No. 2016-02 on our consolidated financial condition and results of operations. In March 2016, the FASB issued ASU No. 2016-09, “Compensation – Stock Compensation (Topic 718),” Improvements to Employee Share-Based Payment Accounting." The ASU affects the accounting for employee share-based payment transactions as it relates to accounting for income taxes, accounting for forfeitures, and statutory tax withholding requirements. We adopted the provisions of ASU 2016-09 as of April 1, 2017. Our adoption resulted in a $0.5 million one-time, cumulative adjustment to beginning retained earnings related to the accounting for income taxes. In August 2016, the FASB issued ASU No. 2016-15, “Statement of Cash Flows (Topic 230) – Classification of Certain Cash Receipts and Cash Payments,” which clarifies how entities should classify certain cash receipts and cash payments on the statement of cash flows and how the predominance principle should be applied when cash receipts and cash payments have aspects of more than one class of cash flows. The new guidance should be applied on a retrospective basis for each period presented. ASU 2016-15 is effective for annual periods, including interim periods within those annual periods, beginning after December 15, 2017. Early adoption is permitted. We do not expect the adoption of ASU No. 2016-15 to have a material impact on our consolidated financial condition and results of operations. In October 2016, the FASB issued ASU No. 2016-16, “Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory,” to improve the accounting for the income tax consequences arising from these types of transfers. This ASU aligns the recognition of the income tax consequences with International Financial Reporting Standards. Specifically, International Accounting Standards No. 12, “Income Taxes,” requires recognition of current and deferred income taxes resulting from an intra-entity transfer of any asset (including inventory) when the transfer occurs. This ASU is effective for annual periods, including interim periods within those annual periods, beginning after December 15, 2017. Early adoption is permitted. We do not expect the adoption of ASU No. 2016-16 to have a material impact on our consolidated financial condition and results of operations. In November 2016, the FASB issued ASU No. 2016-18, "Statement of Cash Flows (Topic 230): Restricted Cash (a consensus of the FASB Emerging Issues Task Force)," which requires that amounts generally described as restricted cash and restricted cash equivalents be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. This ASU is effective for annual periods, including interim periods within those annual periods, beginning after December 15, 2017. Early adoption is permitted. The adoption of ASU No. 2016-18 will not have an impact on our consolidated financial condition and results of operations. In January 2017, the FASB issued ASU No. 2017-01, "Business Combinations (Topic 805): Clarifying the Definition of a Business," to clarify the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The amendments in this ASU require that when substantially all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single identifiable asset or a group of similar identifiable assets, the set of assets is not a business. This ASU is effective for annual periods, including interim periods within those annual periods, beginning after December 15, 2017. The amendments in this update should be applied prospectively on or after the effective date, however early adoption is permitted. We do not expect the adoption of ASU No. 2017-01 to have a material impact on our consolidated financial condition and results of operations. In January 2017, the FASB issued ASU No. 2017-04, "Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment," which modifies the concept of impairment from the condition that exists when the carrying amount of goodwill exceeds its implied fair value to the condition that exists when the carrying amount of a reporting unit exceeds its fair value. An entity no longer will determine goodwill impairment by calculating the implied fair value of goodwill by assigning the fair value of a reporting unit to all of its assets and liabilities as if that reporting unit had been acquired in a business combination. The amendments in this ASU should be adopted for annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2019. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The adoption of ASU No. 2017-04 will only impact our consolidated financial condition and results of operations to the extent that we incur a future goodwill impairment. In March 2017, the FASB issued ASU No. 2017-07, "Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost," which requires that an employer disaggregate the service cost component from the other components of net benefit cost. The amendments also provide explicit guidance on how to present the service cost component and the other components of net benefit cost in the income statement and allow only the service cost component of net benefit cost to be eligible for capitalization. This ASU is effective for annual periods, including interim periods within those annual periods, beginning after December 15, 2017. The amendments in this update should be applied retrospectively on or after the effective date, however early adoption is permitted as of the beginning of an annual period for which financial statements (interim or annual) have not been issued or made available for issuance. We, in partnership with our actuaries, are currently evaluating the impact of ASU No. 2017-07 on our consolidated financial condition and results of operations.

ORGANIZATION AND OPERATIONS A25

ORGANIZATION AND OPERATIONS AND SUMMARY OF ACCOUNTING POLICIES (Tables)	3 Months Ended
	Jun. 30, 2017
Accounting Policies [Abstract]
Schedule of Restructuring Charges	Restructuring charges are as follows (in thousands): Severance/ Retention Asset Write- down Other (a) Total Three Months Ended June 30, 2017 Cost of revenues $ 29 $ 69 $ 327 $ 425 Selling, general and administrative — — 37 37 Total $ 29 $ 69 $ 364 $ 462 Inception to Date Restructuring Charges Cost of revenues $ 597 $ 69 $ 994 $ 1,660 Selling, general and administrative 451 2,800 212 3,463 Total $ 1,048 $ 2,869 $ 1,206 $ 5,123 Total Expected Restructuring Charges (b) Cost of revenues $ 597 $ 69 $ 1,094 $ 1,760 Selling, general and administrative 451 2,800 212 3,463 Total $ 1,048 $ 2,869 $ 1,306 $ 5,223 (a) Other consists of moving costs related to relocation of manufacturing activities, consulting fees for production and efficiency support, recruiting fees to increase staff in locations where production is being relocated and duplicate and inefficient labor incurred during the transition and relocation. These charges will be expensed as incurred. (b) Total expected restructuring charges represent management's best estimate to date. As the execution of the program is still in process, the amount and nature of actual restructuring charges incurred could vary from total expected charges.

INVENTORIES (Tables)

INVENTORIES (Tables)	3 Months Ended
	Jun. 30, 2017
Inventory Disclosure [Abstract]
Schedule of Inventories	Inventories consist of the following (in thousands): June 30, 2017 March 31, 2017 Raw materials and supplies $ 24,038 $ 21,717 Work in process 5,480 6,272 Finished goods 28,767 29,538 Total inventories 58,285 57,527 Less: LIFO reserve (5,295 ) (5,295 ) Less: Obsolescence reserve (1,796 ) (1,831 ) Inventories, net $ 51,194 $ 50,401

INTANGIBLE ASSETS (Tables)

INTANGIBLE ASSETS (Tables)	3 Months Ended
	Jun. 30, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets	The following table provides information about our intangible assets (in thousands, except years): June 30, 2017 March 31, 2017 Wtd Avg Life Gross Amount Accumulated Amortization Gross Amount Accumulated Amortization (Years) Finite-lived intangible assets: Patents 12 $ 9,629 $ (5,009 ) $ 9,576 $ (4,779 ) Customer lists and amortized trademarks 12 81,473 (24,653 ) 81,121 (22,935 ) Non-compete agreements 5 1,726 (327 ) 1,819 (334 ) Other 12 4,917 (1,000 ) 4,849 (828 ) $ 97,745 $ (30,989 ) $ 97,365 $ (28,876 ) Trade names and trademarks not being amortized $ 22,138 $ — $ 22,121 $ —
Schedule of Estimated Future Amortization for Intangible Assets	The following table shows the estimated future amortization for intangible assets as of June 30, 2017 , for the remainder of the current fiscal year and the next five years ending March 31 (in thousands): 2018 $ 5,985 2019 7,250 2020 7,007 2021 6,784 2022 6,335 2023 6,092

SHARE-BASED COMPENSATION (Table

SHARE-BASED COMPENSATION (Tables)	3 Months Ended
	Jun. 30, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of Share-Based Compensation	We recorded share-based compensation as follows for the three month periods ended June 30, 2017 and 2016 (in thousands): Three Months Ended June 30, 2017 Stock Options Restricted Shares Total Share-based compensation expense $ 54 $ 791 $ 845 Related income tax benefit (16 ) (280 ) (296 ) Net share-based compensation expense $ 38 $ 511 $ 549 Three Months Ended June 30, 2016 Stock Options Restricted Shares Total Share-based compensation expense $ 471 $ 799 $ 1,270 Related income tax benefit (165 ) (280 ) (445 ) Net share-based compensation expense $ 306 $ 519 $ 825
Schedule of Stock Options Activity	Stock option activity was as follows: Three Months Ended June 30, 2017 Number of Shares Weighted Average Exercise Price Remaining Contractual Life Aggregate Intrinsic Value (Years) (in millions) Outstanding at April 1, 2017 251,635 $ 24.44 Granted — — Exercised — — Canceled — — Outstanding at June 30, 2017 251,635 $ 24.44 6.6 $ 3.6 Exercisable at June 30, 2017 170,412 $ 24.12 6.5 $ 2.5
Schedule of Restricted Stock Activity	Restricted share activity was as follows: Three Months Ended June 30, 2017 Number of Shares Weighted Average Grant Date Fair Value Outstanding at April 1, 2017 209,489 $ 26.53 Granted 43,856 49.59 Vested (993 ) 33.55 Canceled (1,392 ) 31.75 Outstanding at June 30, 2017 250,960 $ 30.50

LONG-TERM DEBT (Tables)

LONG-TERM DEBT (Tables)	3 Months Ended
	Jun. 30, 2017
Debt Disclosure [Abstract]
Schedule of Long-Term Debt	Debt consists of the following (in thousands): June 30, 2017 March 31, 2017 Revolving Credit Facility, interest rate of 2.48% and 2.23%, respectively $ 54,750 $ 60,625 Whitmore term loan, interest rate of 2.88% and 2.98%, respectively 12,441 12,582 Total debt 67,191 73,207 Less: Current portion (561 ) (561 ) Long-term debt $ 66,630 $ 72,646

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	3 Months Ended
	Jun. 30, 2017
Earnings Per Share [Abstract]
Reconciliation of Earnings Per Share	The following table sets forth the reconciliation of the numerator and the denominator of basic and diluted earnings per share for the three month periods ended June 30, 2017 and 2016 (amounts in thousands, except per share data): Three Months Ended 2017 2016 Net income for basic and diluted earnings per share $ 8,514 $ 4,096 Weighted average shares: Common stock 15,637 15,478 Participating securities 209 239 Denominator for basic earnings per common share 15,846 15,717 Potentially dilutive securities 77 61 Denominator for diluted earnings per common share 15,923 15,778 Earnings per common share: Basic $ 0.54 $ 0.26 Diluted 0.54 0.26

DERIVATIVE INSTRUMENTS AND HE31

DERIVATIVE INSTRUMENTS AND HEDGE ACCOUNTING (Tables)	3 Months Ended
	Jun. 30, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Fair Value of Derivatives	The fair value of interest rate swaps designated as hedging instruments are summarized below (in thousands): June 30, 2017 March 31, 2017 Current derivative assets $ 42 $ — Current derivative liabilities 186 199 Non-current derivative liabilities 538 420

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	3 Months Ended
	Jun. 30, 2017
Fair Value Disclosures [Abstract]
Summary of Changes in Fair Value	The following table sets forth the changes in fair value recognized within the selling, general and administrative expenses of our condensed consolidated statements of income (in thousands): Three Months Ended SureSeal Balance at April 1, 2017 $ 6,390 Change due to accretion 255 Change in estimate (255 ) Balance at June 30, 2017 $ 6,390

RETIREMENT PLANS (Tables)

RETIREMENT PLANS (Tables)	3 Months Ended
	Jun. 30, 2017
Compensation and Retirement Disclosure [Abstract]
Schedule of Net Pension Benefit	The following tables set forth the combined net pension benefit recognized in our condensed consolidated financial statements for all plans (in thousands): Three Months Ended June 30, 2017 2016 Service cost, benefits earned during the period $ 14 $ 23 Interest cost on projected benefit obligation 636 675 Expected return on assets (980 ) (989 ) Amortization of net actuarial loss 7 4 Net pension benefit $ (323 ) $ (287 )

OTHER COMPREHENSIVE INCOME (L34

OTHER COMPREHENSIVE INCOME (LOSS) (Tables)	3 Months Ended
	Jun. 30, 2017
Equity [Abstract]
Analysis of Changes in Accumulated Other Comprehensive Income (Loss)	The following table provides an analysis of the changes in accumulated other comprehensive income (loss) (in thousands): Three Months Ended 2017 2016 Currency translation adjustments: Balance at beginning of period $ (8,132 ) $ (5,248 ) Adjustments for foreign currency translation 1,676 (1,324 ) Balance at end of period $ (6,456 ) $ (6,572 ) Interest rate swaps: Balance at beginning of period $ (402 ) $ (1,221 ) Unrealized losses, net of taxes of $117 and $167, respectively (a) (375 ) (309 ) Reclassification of losses included in interest expense, net of taxes of $14 and $(47), respectively 334 86 Other comprehensive loss (41 ) (223 ) Balance at end of period $ (443 ) $ (1,444 ) Defined benefit plans: Balance at beginning of period $ (1,901 ) $ (1,229 ) Amortization of net loss, net of taxes of $(1) and $(5), respectively (9 ) 10 Balance at end of period $ (1,910 ) $ (1,219 ) (a) Unrealized gains (losses) are reclassified to earnings as underlying cash interest payments are made. We expect to recognize a loss of $0.1 million , net of deferred taxes, over the next twelve months related to designated cash flow hedges based on their fair values at June 30, 2017 .

SEGMENTS (Tables)

SEGMENTS (Tables)	3 Months Ended
	Jun. 30, 2017
Segment Reporting [Abstract]
Schedule of Segments	Our corporate headquarters does not constitute a separate segment. We evaluate segment performance and allocate resources based on each reportable segment’s operating income. The Eliminations and Other segment information is included to reconcile segment data to the consolidated financial statements and includes assets and expenses primarily related to corporate and other functions. No individual customer accounted for more than 10% of consolidated net revenues. Currently, we do not allocate interest expense, net or other income (expense), net by segment. Three Months Ended June 30, 2017 : (in thousands) Industrial Products Coatings, Sealants and Adhesives Specialty Chemicals Subtotal – Reportable Segments Eliminations and Other Total Revenues, net $ 53,261 $ 23,382 $ 21,382 $ 98,025 $ 2 $ 98,027 Operating income 13,633 990 1,911 16,534 (2,271 ) 14,263 Three Months Ended June 30, 2016 : (in thousands) Industrial Products Coatings, Sealants and Adhesives Specialty Chemicals Subtotal – Reportable Segments Eliminations and Other Total Revenues, net $ 43,475 $ 23,424 $ 17,187 $ 84,086 $ 21 $ 84,107 Operating income 10,607 1,649 1,121 13,377 (5,967 ) 7,410

ORGANIZATION AND OPERATIONS A36

ORGANIZATION AND OPERATIONS AND SUMMARY OF ACCOUNTING POLICIES - Additional Information (Details) $ in Millions	3 Months Ended
	Jun. 30, 2017SegmentBrand	Apr. 01, 2017USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of business segments | Segment	3
Highly respected industrial brands | Brand	100
Accounting Standards Update 2016-09 | Retained Earnings
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative adjustment to retained earnings | $		$ 0.5

ORGANIZATION AND OPERATIONS A37

ORGANIZATION AND OPERATIONS AND SUMMARY OF ACCOUNTING POLICIES - Schedule of Restructuring Charges (Details) - Strathmore $ in Thousands	3 Months Ended
	Jun. 30, 2017USD ($)
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 462
Inception to Date Restructuring Charges	5,123
Total Expected Restructuring Charges	5,223
Cost of revenues
Restructuring Cost and Reserve [Line Items]
Restructuring charges	425
Inception to Date Restructuring Charges	1,660
Total Expected Restructuring Charges	1,760
Selling, general and administrative
Restructuring Cost and Reserve [Line Items]
Restructuring charges	37
Inception to Date Restructuring Charges	3,463
Total Expected Restructuring Charges	3,463
Severance/Retention
Restructuring Cost and Reserve [Line Items]
Restructuring charges	29
Inception to Date Restructuring Charges	1,048
Total Expected Restructuring Charges	1,048
Severance/Retention | Cost of revenues
Restructuring Cost and Reserve [Line Items]
Restructuring charges	29
Inception to Date Restructuring Charges	597
Total Expected Restructuring Charges	597
Severance/Retention | Selling, general and administrative
Restructuring Cost and Reserve [Line Items]
Restructuring charges	0
Inception to Date Restructuring Charges	451
Total Expected Restructuring Charges	451
Asset Write-down
Restructuring Cost and Reserve [Line Items]
Restructuring charges	69
Inception to Date Restructuring Charges	2,869
Total Expected Restructuring Charges	2,869
Asset Write-down | Cost of revenues
Restructuring Cost and Reserve [Line Items]
Restructuring charges	69
Inception to Date Restructuring Charges	69
Total Expected Restructuring Charges	69
Asset Write-down | Selling, general and administrative
Restructuring Cost and Reserve [Line Items]
Restructuring charges	0
Inception to Date Restructuring Charges	2,800
Total Expected Restructuring Charges	2,800
Other
Restructuring Cost and Reserve [Line Items]
Restructuring charges	364
Inception to Date Restructuring Charges	1,206
Total Expected Restructuring Charges	1,306
Other | Cost of revenues
Restructuring Cost and Reserve [Line Items]
Restructuring charges	327
Inception to Date Restructuring Charges	994
Total Expected Restructuring Charges	1,094
Other | Selling, general and administrative
Restructuring Cost and Reserve [Line Items]
Restructuring charges	37
Inception to Date Restructuring Charges	212
Total Expected Restructuring Charges	$ 212

ACQUISITIONS (Details)

ACQUISITIONS (Details) - USD ($) $ in Thousands	Feb. 28, 2017	Jun. 30, 2017	Jun. 30, 2016	Mar. 31, 2017
Business Acquisition [Line Items]
Net sales		$ 42,369	$ 38,203
Operating income		14,263	$ 7,410
Greco Holdings, LLC
Business Acquisition [Line Items]
Purchase price, amount transferred	$ 28,200
Fair value of property, plant and equipment acquired	800
Fair value of inventory acquired	500
Fair value of deferred tax liabilities assumed	3,400
Net sales		4,700		$ 1,200
Operating income		$ 1,100		200
Industrial Products | Greco Holdings, LLC
Business Acquisition [Line Items]
Goodwill, acquired during period				$ 13,600
Customer Lists | Greco Holdings, LLC
Business Acquisition [Line Items]
Fair value of the assets acquired	$ 10,300
Assets acquired, amortization period	15 years
Non-compete agreements | Greco Holdings, LLC
Business Acquisition [Line Items]
Fair value of the assets acquired	$ 800
Assets acquired, amortization period	5 years
Lease Agreements | Greco Holdings, LLC
Business Acquisition [Line Items]
Fair value of the assets acquired	$ 100
Assets acquired, amortization period	9 years
Trademarks | Greco Holdings, LLC
Business Acquisition [Line Items]
Fair value of the assets acquired	$ 1,000

INVENTORIES (Detail)

INVENTORIES (Detail) - USD ($) $ in Thousands	Jun. 30, 2017	Mar. 31, 2017
Inventory Disclosure [Abstract]
Raw materials and supplies	$ 24,038	$ 21,717
Work in process	5,480	6,272
Finished goods	28,767	29,538
Total inventories	58,285	57,527
Less: LIFO reserve	(5,295)	(5,295)
Less: Obsolescence reserve	(1,796)	(1,831)
Inventories, net	$ 51,194	$ 50,401

INTANGIBLE ASSETS - Schedule of

INTANGIBLE ASSETS - Schedule of Intangible Assets (Detail) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2017	Mar. 31, 2017
Intangible Assets [Line Items]
Gross Amount	$ 97,745	$ 97,365
Accumulated Amortization	(30,989)	(28,876)
Trade names and trademarks not being amortized
Intangible Assets [Line Items]
Gross Amount	$ 22,138	22,121
Patents
Intangible Assets [Line Items]
Wtd Avg Life (Years)	12 years
Gross Amount	$ 9,629	9,576
Accumulated Amortization	$ (5,009)	(4,779)
Customer lists and amortized trademarks
Intangible Assets [Line Items]
Wtd Avg Life (Years)	12 years
Gross Amount	$ 81,473	81,121
Accumulated Amortization	$ (24,653)	(22,935)
Non-compete agreements
Intangible Assets [Line Items]
Wtd Avg Life (Years)	5 years
Gross Amount	$ 1,726	1,819
Accumulated Amortization	$ (327)	(334)
Other
Intangible Assets [Line Items]
Wtd Avg Life (Years)	12 years
Gross Amount	$ 4,917	4,849
Accumulated Amortization	$ (1,000)	$ (828)

INTANGIBLE ASSETS - Schedule 41

INTANGIBLE ASSETS - Schedule of Estimated Future Amortization (Detail) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Amortization of intangible assets	$ 2,100	$ 2,000
2,018	5,985
2,019	7,250
2,020	7,007
2,021	6,784
2,022	6,335
2,023	$ 6,092

SPIN-OFF EXECUTIVE COMPENSATI42

SPIN-OFF EXECUTIVE COMPENSATION (Detail) - USD ($) $ / shares in Units, $ in Thousands	Dec. 29, 2017	Dec. 29, 2016	Dec. 29, 2015	Jun. 30, 2017	Jun. 30, 2016	Dec. 29, 2015	Aug. 28, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense				$ 845	$ 1,270
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense				54	471
Restricted Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense				791	799
Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Executive compensation expense for the cash incentive payments				200	1,300
Share-based compensation expense				$ 100	1,100
Accelerated compensation expense for cash incentive payments					1,200
Accelerated compensation expense for stock compensation payments					$ 1,000
Executive Officer | Stock Appreciation Rights (SARs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of aggregate appreciation to be received						6.00%
Share price (in USD per share)							$ 36.16
Executive Officer | Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of common stock granted (in shares)							258,000
Executive Officer | Restricted Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of common stock granted (in shares)							127,000
Executive Officer | Trigger Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity based awards vest and become exercisable		33.00%	33.00%
Executive Officer | Trigger Event | Forecast
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity based awards vest and become exercisable	33.00%

SHARE-BASED COMPENSATION - Addi

SHARE-BASED COMPENSATION - Additional Information (Detail) - 2015 Plan - Stock Compensation Plan - shares	Jun. 30, 2017	Sep. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of common stock granted		1,230,000
Shares available for issuance	982,231
Share Distribution
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for issuance	510,447

SHARE-BASED COMPENSATION - Sche

SHARE-BASED COMPENSATION - Schedule of Share-Based Compensation (Detail) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 845	$ 1,270
Related income tax benefit	(296)	(445)
Net share-based compensation expense	549	825
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	54	471
Related income tax benefit	(16)	(165)
Net share-based compensation expense	38	306
Restricted Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	791	799
Related income tax benefit	(280)	(280)
Net share-based compensation expense	$ 511	$ 519

SHARE-BASED COMPENSATION - Stoc

SHARE-BASED COMPENSATION - Stock Option Activity (Detail) - Stock Options $ / shares in Units, $ in Millions	3 Months Ended
	Jun. 30, 2017USD ($)$ / sharesshares
Number of Shares
Number of Shares, Outstanding, Beginning balance | shares	251,635
Number of Shares, Granted | shares	0
Number of Shares, Exercised | shares	0
Number of Shares, Canceled | shares	0
Number of Shares, Outstanding, Ending balance | shares	251,635
Exercisable at end of period, Number of shares | shares	170,412
Weighted Average Exercise Price
Weighted Average Exercise Price, Outstanding, Beginning balance (USD per share) | $ / shares	$ 24.44
Weighted Average Exercise Price, Granted (USD per share) | $ / shares	0
Weighted Average Exercise Price, Exercised (USD per share) | $ / shares	0
Weighted Average Exercise Price, Canceled (USD per share) | $ / shares	0
Weighted Average Exercise Price, Outstanding, Ending balance (USD per share) | $ / shares	24.44
Exercisable at End of Period, Exercise Price (USD per share) | $ / shares	$ 24.12
Outstanding, Remaining Contractual Life	6 years 7 months 17 days
Exercisable, Remaining Contractual Life	6 years 5 months 23 days
Outstanding, Aggregate Intrinsic Value | $	$ 3.6
Exercisable, Aggregate Intrinsic Value | $	$ 2.5

SHARE-BASED COMPENSATION (Stock

SHARE-BASED COMPENSATION (Stock Option Activity) - Additional Information (Detail) - Stock Options - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation costs related to non-vested stock option	$ 0.1
Weighted average vesting period	1 year
Stock options, vested, fair value		$ 0.3

SHARE-BASED COMPENSATION - Rest

SHARE-BASED COMPENSATION - Restricted Share Activity (Detail) - Restricted Shares	3 Months Ended
	Jun. 30, 2017$ / sharesshares
Number of Shares
Number of Shares, Outstanding, Beginning balance | shares	209,489
Number of Shares, Granted | shares	43,856
Number of Shares, Vested | shares	(993)
Number of Shares, Canceled | shares	(1,392)
Number of Shares, Outstanding, Ending balance | shares	250,960
Weighted Average Grant Date Fair Value
Weighted Average Grant Date Fair Value, Outstanding, Beginning balance (USD per share) | $ / shares	$ 26.53
Weighted Average Grant Date Fair Value, Granted (USD per share) | $ / shares	49.59
Weighted Average Grant Date Fair Value, Vested (USD per share) | $ / shares	33.55
Weighted Average Grant Date Fair Value, Canceled (USD per share) | $ / shares	31.75
Weighted Average Grant Date Fair Value, Outstanding, Ending balance (USD per share) | $ / shares	$ 30.50

SHARE-BASED COMPENSATION (Restr

SHARE-BASED COMPENSATION (Restricted Stock Activity) - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Restricted Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation costs related to unvested restricted shares	$ 5.5
Weighted average vesting period	2 years 1 month 20 days
Fair value of restricted shares vested	$ 0.1	$ 0.4
Restricted shares granted	43,856
Restricted Stock Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted shares granted	42,860	49,373
Vesting period	36 months
Restricted Stock Performance Shares | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance-based vesting range	0.00%
Restricted Stock Performance Shares | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance-based vesting range	200.00%

LONG-TERM DEBT - Schedule of Lo

LONG-TERM DEBT - Schedule of Long-Term Debt (Detail) - USD ($) $ in Thousands	Jun. 30, 2017	Mar. 31, 2017
Debt Instrument [Line Items]
Total debt	$ 67,191	$ 73,207
Less: Current portion	(561)	(561)
Long-term debt	66,630	72,646
Whitmore | Secured Term Loan
Debt Instrument [Line Items]
Whitmore term loan, interest rate of 2.88% and 2.98%, respectively	$ 12,441	$ 12,582
Interest rate	2.88%	2.98%
Revolving Credit Facility
Debt Instrument [Line Items]
Revolving Credit Facility, interest rate of 2.48% and 2.23%, respectively	$ 54,750	$ 60,625
Interest rate	2.48%	2.23%

LONG-TERM DEBT (Revolving Credi

LONG-TERM DEBT (Revolving Credit Agreement) - Additional Information (Detail)	Dec. 11, 2015USD ($)	Jun. 30, 2017USD ($)	Mar. 31, 2017USD ($)
Revolving Credit Facility
Debt Instrument [Line Items]
Debt instrument, term		5 years
Maximum borrowing capacity	$ 250,000,000
Commitment fee paid	0.20%
Line of credit amount repaid		$ (5,900,000)
Line of credit outstanding amount		54,750,000	$ 60,625,000
Line of credit facility, remaining borrowing capacity		$ 245,200,000	$ 239,400,000
Minimum fixed charge coverage ratio		1.25
Maximum leverage ratio of Funded Debt to EBITDA		3
Revolving Credit Facility | Prime Rate
Debt Instrument [Line Items]
Spread on interest rate	0.50%
Revolving Credit Facility | LIBOR
Debt Instrument [Line Items]
Spread on interest rate	1.50%
Revolving Credit Agreement, Accordion Feature
Debt Instrument [Line Items]
Additional borrowing capacity with accordion feature	$ 50,000,000

LONG-TERM DEBT (Whitmore Term L

LONG-TERM DEBT (Whitmore Term Loan) - Additional Information (Detail) - Whitmore - Secured Term Loan - USD ($)	3 Months Ended
	Jun. 30, 2017	Mar. 31, 2017
Debt Instrument [Line Items]
Debt instrument, periodic principal payment	$ 140,000
Whitmore term loan	$ 12,441,000	$ 12,582,000
LIBOR
Debt Instrument [Line Items]
Spread on interest rate	2.00%

EARNINGS PER SHARE (Detail)

EARNINGS PER SHARE (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Earnings Per Share [Abstract]
Net income for basic and diluted earnings per share	$ 8,514	$ 4,096
Weighted average shares:
Common stock (shares)	15,637	15,478
Participating securities (shares)	209	239
Denominator for basic earnings per common share (shares)	15,846	15,717
Potentially dilutive securities (shares)	77	61
Denominator for diluted earnings per common share (shares)	15,923	15,778
Earnings per common share:
Basic (USD per share)	$ 0.54	$ 0.26
Diluted (USD per Share)	$ 0.54	$ 0.26

SHAREHOLDERS' EQUITY (Details)

SHAREHOLDERS' EQUITY (Details) - USD ($)	3 Months Ended
	Jun. 30, 2017	Nov. 11, 2016
Equity [Abstract]
Share repurchase program authorized amount		$ 35,000,000
Share repurchase program term	2 years
Shares repurchased to date (shares)	0

DERIVATIVE INSTRUMENTS AND HE54

DERIVATIVE INSTRUMENTS AND HEDGE ACCOUNTING - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2017	Mar. 31, 2017
Interest Rate Swap
Derivative [Line Items]
Notional amount	$ 42.2	$ 43.2
Maximum remaining length of contract	12 years
Foreign Exchange Forward
Derivative [Line Items]
Gain on changes in fair value of foreign exchange forward contracts	$ 0.2

DERIVATIVE INSTRUMENTS AND HE55

DERIVATIVE INSTRUMENTS AND HEDGE ACCOUNTING - Fair Value of Derivatives (Detail) - Hedging Instrument - Interest Rate Swap - USD ($) $ in Thousands	Jun. 30, 2017	Mar. 31, 2017
Derivatives, Fair Value [Line Items]
Current derivative assets	$ 42	$ 0
Current derivative liabilities	186	199
Non-current derivative liabilities	$ 538	$ 420

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Detail) - Sure Seal Brand $ in Thousands	3 Months Ended
	Jun. 30, 2017USD ($)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Balance at April 1, 2017	$ 6,390
Change due to accretion	255
Change in estimate	(255)
Balance at June 30, 2017	$ 6,390

RETIREMENT PLANS (Detail)

RETIREMENT PLANS (Detail) - Qualified Plan - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Defined Benefit Plan Disclosure [Line Items]
Service cost, benefits earned during the period	$ 14	$ 23
Interest cost on projected benefit obligation	636	675
Expected return on assets	(980)	(989)
Amortization of net actuarial loss	7	4
Net pension benefit	$ (323)	$ (287)

INCOME TAXES (Detail)

INCOME TAXES (Detail) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Income Tax Disclosure [Abstract]
Income before income taxes	$ 13,319	$ 7,200
Provision for income taxes	$ 4,805	$ 3,104
Effective tax rate	36.10%	43.10%
Reserves for uncertain tax positions		$ 600
Increase in anticipated effective tax rate	8.50%

OTHER COMPREHENSIVE INCOME (L59

OTHER COMPREHENSIVE INCOME (LOSS) (Detail) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	$ 272,438
Adjustments for foreign currency translation	1,676	$ (1,324)
Other comprehensive income (loss)	1,626	(1,537)
Balance at end of period	283,585
Losses on cash flow hedges expected to be reclassified to earnings within next 12 months	100
Currency translation adjustments:
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	(8,132)	(5,248)
Adjustments for foreign currency translation	1,676	(1,324)
Balance at end of period	(6,456)	(6,572)
Interest rate swaps:
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	(402)	(1,221)
Unrealized losses, net of taxes	(375)	(309)
Reclassification of other comprehensive income, net of taxes	334	86
Other comprehensive income (loss)	(41)	(223)
Balance at end of period	(443)	(1,444)
Unrealized losses, tax	117	167
Reclassification from AOCI, tax	14	(47)
Defined benefit plans:
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	(1,901)	(1,229)
Balance at end of period	(1,910)	(1,219)
Amortization of net loss, net of taxes
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Reclassification of other comprehensive income, net of taxes	(9)	10
Reclassification from AOCI, tax	$ (1)	$ (5)

SEGMENTS (Detail)

SEGMENTS (Detail) $ in Thousands	3 Months Ended
	Jun. 30, 2017USD ($)Segment	Jun. 30, 2016USD ($)
Segment Reporting Information [Line Items]
Number of business segments | Segment	3
Revenues, net	$ 98,027	$ 84,107
Operating income	14,263	7,410
Subtotal – Reportable Segments
Segment Reporting Information [Line Items]
Revenues, net	98,025	84,086
Operating income	16,534	13,377
Subtotal – Reportable Segments | Industrial Products
Segment Reporting Information [Line Items]
Revenues, net	53,261	43,475
Operating income	13,633	10,607
Subtotal – Reportable Segments | Coatings, Sealants and Adhesives
Segment Reporting Information [Line Items]
Revenues, net	23,382	23,424
Operating income	990	1,649
Subtotal – Reportable Segments | Specialty Chemicals
Segment Reporting Information [Line Items]
Revenues, net	21,382	17,187
Operating income	1,911	1,121
Eliminations and Other
Segment Reporting Information [Line Items]
Revenues, net	2	21
Operating income	$ (2,271)	$ (5,967)