CSW Industrials (CSWI) 10-Q 4 Feb 20 2020 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Dec. 31, 2019	Jan. 30, 2020
Cover page.
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Dec. 31, 2019
Document Transition Report	false
Entity File Number	001-37454
Entity Registrant Name	CSW INDUSTRIALS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	47-2266942
Entity Address, Address Line One	5420 Lyndon B. Johnson Freeway, Suite 500
Entity Address, City or Town	Dallas
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75240
City Area Code	214
Local Phone Number	884-3777
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	CSWI
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		15,125,931
Entity Central Index Key	0001624794
Current Fiscal Year End Date	--03-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Amendment Flag	false

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
Income Statement [Abstract]
Revenues, net	$ 83,716	$ 77,488	$ 287,373	$ 258,678
Cost of revenues	(46,025)	(43,260)	(155,043)	(140,153)
Gross profit	37,691	34,228	132,330	118,525
Selling, general and administrative expenses	(27,203)	(24,807)	(81,398)	(74,156)
Operating income	10,488	9,421	50,932	44,369
Interest expense, net	(286)	(289)	(1,086)	(1,094)
Other (expense) income, net	(848)	336	(8,302)	1,157
Income before income taxes	9,354	9,468	41,544	44,432
Provision for income taxes	(2,072)	(3,471)	(10,099)	(12,005)
Income from continuing operations	7,282	5,997	31,445	32,427
Income (loss) from discontinued operations, net of tax	26	(1,016)	(148)	(616)
Net income	$ 7,308	$ 4,981	$ 31,297	$ 31,811
Basic earnings (loss) per common share:
Continuing operations (USD per share)	$ 0.48	$ 0.39	$ 2.09	$ 2.09
Discontinued operations (USD per share)	0	(0.06)	(0.01)	(0.04)
Net income (USD per share)	0.48	0.33	2.08	2.05
Diluted earnings (loss) per common share:
Continuing operations (USD per share)	0.48	0.39	2.07	2.07
Discontinued operations (USD per share)	0	(0.07)	(0.01)	(0.04)
Net income (USD per share)	$ 0.48	$ 0.32	$ 2.06	$ 2.03

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
Statement of Comprehensive Income [Abstract]
Net income	$ 7,308	$ 4,981	$ 31,297	$ 31,811
Other comprehensive income (loss):
Foreign currency translation adjustments	1,699	(1,582)	1,288	(3,024)
Cash flow hedging activity, net of taxes of $(55), $67, $82 and $(20), respectively	207		(307)
Cash flow hedging activity, net of taxes of $(55), $68, $82 and $(20), respectively		(254)		(2)
Pension and other postretirement effects, net of taxes of $1, $(11), $(672) and $(17), respectively	(3)	41	2,527	63
Other comprehensive income (loss)	1,903	(1,795)	3,508	(2,963)
Comprehensive income	$ 9,211	$ 3,186	$ 34,805	$ 28,848

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
Statement of Comprehensive Income [Abstract]
Cash flow hedging activity, taxes	$ (55)		$ 82
Cash flow hedging activity, taxes		$ 67		$ (20)
Pension and other postretirement effects, taxes	$ 1	$ (11)	$ (672)	$ (17)

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Dec. 31, 2019	Mar. 31, 2019
Current assets:
Cash and cash equivalents	$ 39,884	$ 26,651
Accounts receivable, net of allowance for doubtful accounts of $1,139 and $591, respectively	57,583	66,136
Inventories, net	57,269	51,429
Prepaid expenses and other current assets	3,843	7,030
Current assets, discontinued operations	46	21
Total current assets	158,625	151,267
Property, plant and equipment, net of accumulated depreciation of $70,285 and $65,548, respectively	55,599	53,639
Goodwill	92,720	86,295
Intangible assets, net	49,420	50,466
Other assets	22,318	10,965
Noncurrent assets, discontinued operations	2,012	0
Total assets	380,694	352,632
Current liabilities:
Accounts payable	17,704	19,024
Accrued and other current liabilities	34,666	29,426
Current portion of long-term debt	561	561
Current liabilities, discontinued operations	348	161
Total current liabilities	53,279	49,172
Long-term debt	10,477	30,898
Retirement benefits payable	2,049	1,978
Other long-term liabilities	19,302	6,114
Noncurrent liabilities, discontinued operations	2,595	784
Total liabilities	87,702	88,946
Equity:
Common shares, $0.01 par value, Shares authorized - 50,000, Shares issued - 16,054 and 16,001, respectively	159	158
Preferred shares, $0.01 par value, Shares authorized and issued - 10,000 and 0, respectively	0	0
Additional paid-in capital	47,013	46,633
Treasury shares, at cost (929 and 962 shares, respectively)	(49,317)	(49,964)
Retained earnings	302,358	277,588
Accumulated other comprehensive loss	(7,221)	(10,729)
Total equity	292,992	263,686
Total liabilities and equity	$ 380,694	$ 352,632

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2019	Mar. 31, 2019
Statement of Financial Position [Abstract]
Accounts receivable, allowance	$ 1,139	$ 591
Property, plant and equipment, accumulated depreciation	$ 70,285	$ 65,548
Common shares, par value (USD per share)	$ 0.01	$ 0.01
Common shares, authorized (shares)	50,000,000	50,000,000
Common shares, issued (shares)	16,054,000	16,001,000
Preferred shares, par value (USD per share)	$ 0.01	$ 0.01
Preferred shares, authorized (shares)	10,000,000	10,000,000
Preferred shares, issued (shares)	0	0
Treasury shares, at cost (shares)	929,000	962,000

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Treasury Shares	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Loss
Balance at beginning of period at Mar. 31, 2018	$ 265,765	$ 158	$ (3,252)	$ 42,684	$ 233,650	$ (7,475)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation	929			929
Stock activity under stock plans	(136)		(136)
Repurchase of common shares	(7,366)		(7,366)
Net income	11,676				11,676
Other comprehensive income (loss), net of tax	(1,335)					(1,335)
Balance at end of period at Jun. 30, 2018	267,609	158	(10,754)	43,613	243,402	(8,810)
Balance at beginning of period at Mar. 31, 2018	265,765	158	(3,252)	42,684	233,650	(7,475)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	31,811
Other comprehensive income (loss), net of tax	(2,963)
Balance at end of period at Dec. 31, 2018	253,827	158	(45,007)	45,576	263,538	(10,438)
Balance at beginning of period at Jun. 30, 2018	267,609	158	(10,754)	43,613	243,402	(8,810)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation	865			865
Stock activity under stock plans	(29)		(29)
Repurchase of common shares	(23,466)		(23,466)
Net income	15,155				15,155
Other comprehensive income (loss), net of tax	167					167
Balance at end of period at Sep. 30, 2018	260,301	158	(34,249)	44,478	258,557	(8,643)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation	1,098			1,098
Stock activity under stock plans	(866)		(866)
Repurchase of common shares	(9,892)		(9,892)
Net income	4,981				4,981
Other comprehensive income (loss), net of tax	(1,795)					(1,795)
Balance at end of period at Dec. 31, 2018	253,827	158	(45,007)	45,576	263,538	(10,438)
Balance at beginning of period at Mar. 31, 2019	263,686	158	(49,964)	46,633	277,588	(10,729)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation	1,213			1,213
Stock activity under stock plans	(792)	1	(793)
Net income	15,204				15,204
Dividends declared	(2,041)				(2,041)
Other comprehensive income (loss), net of tax	(43)					(43)
Balance at end of period at Jun. 30, 2019	276,827	159	(50,757)	47,846	290,351	(10,772)
Balance at beginning of period at Mar. 31, 2019	263,686	158	(49,964)	46,633	277,588	(10,729)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	31,297
Other comprehensive income (loss), net of tax	3,508
Balance at end of period at Dec. 31, 2019	292,992	159	(49,317)	47,013	302,358	(7,221)
Balance at beginning of period at Jun. 30, 2019	276,827	159	(50,757)	47,846	290,351	(10,772)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation	1,196			1,196
Net income	8,783				8,783
Dividends declared	(2,015)			25	(2,040)
Other comprehensive income (loss), net of tax	1,648					1,648
Balance at end of period at Sep. 30, 2019	286,439	159	(50,757)	49,067	297,094	(9,124)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation	1,367			1,367
Stock activity under stock plans	(1,183)		2,251	(3,434)
Repurchase of common shares	(811)		(811)
Net income	7,308				7,308
Dividends declared	(2,031)			13	(2,044)
Other comprehensive income (loss), net of tax	1,903					1,903
Balance at end of period at Dec. 31, 2019	$ 292,992	$ 159	$ (49,317)	$ 47,013	$ 302,358	$ (7,221)

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Cash flows from operating activities:
Net income	$ 31,297	$ 31,811
Less: Loss from discontinued operations	(148)	(616)
Income from continuing operations	31,445	32,427
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	6,008	5,599
Amortization of intangible and other assets	5,238	4,799
Provision for inventory reserves	183	822
Provision for doubtful accounts	837	126
Share-based and other executive compensation	3,776	2,893
Net gain on disposals of property, plant and equipment	(844)	(2,854)
Pension plan termination expense	6,559	0
Net pension benefit	(156)	(296)
Realized deferred taxes (See Note 15)	0	10,419
Net deferred taxes	(369)	(194)
Changes in operating assets and liabilities:
Accounts receivable, net	10,143	12,450
Inventories	(5,099)	(7,676)
Prepaid expenses and other current assets	3,236	(2,263)
Other assets	20	293
Accounts payable and other current liabilities	(265)	1,755
Retirement benefits payable and other liabilities	(359)	(19)
Net cash provided by operating activities, continuing operations	60,353	58,281
Net cash used in operating activities, discontinued operations	(442)	(8,401)
Net cash provided by operating activities	59,911	49,880
Cash flows from investing activities:
Capital expenditures	(7,595)	(4,766)
Proceeds from sale of assets	1,239	3,291
Proceeds from sale of assets held for investment	0	2,102
Cash paid for acquisitions	(11,837)	0
Net cash (used in) provided by investing activities, continuing operations	(18,193)	627
Net cash provided by investing activities, discontinued operations	0	7,356
Net cash (used in) provided by investing activities	(18,193)	7,983
Cash flows from financing activities:
Borrowings on lines of credit	7,500	8,000
Repayments of lines of credit	(27,921)	(20,421)
Purchase of treasury shares	(2,784)	(41,755)
Dividends paid to shareholder	(6,088)	0
Net cash used in financing activities	(29,293)	(54,176)
Effect of exchange rate changes on cash and equivalents	808	(769)
Net change in cash and cash equivalents	13,233	2,918
Cash and cash equivalents, beginning of period	26,651	11,706
Cash and cash equivalents, end of period	$ 39,884	$ 14,624

ORGANIZATION AND OPERATIONS AND

ORGANIZATION AND OPERATIONS AND SUMMARY OF ACCOUNTING POLICIES	9 Months Ended
	Dec. 31, 2019
Accounting Policies [Abstract]
ORGANIZATION AND OPERATIONS AND SUMMARY OF ACCOUNTING POLICIES	ORGANIZATION AND OPERATIONS AND SUMMARY OF ACCOUNTING POLICIES CSW Industrials, Inc. (“CSWI,” “we,” “our” or “us”) is a diversified industrial growth company with well-established, scalable platforms and domain expertise across two segments: Industrial Products and Specialty Chemicals. Our broad portfolio of leading products provides performance optimizing solutions to our customers. Our products include mechanical products for heating, ventilating, air conditioning and refrigeration (“HVAC/R”), sealants, architecturally-specified building products 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, KATS Coatings ® , Safe-T-Switch ® condensate overflow shutoff devices, Air Sentry ® breathers, Deacon ® high temperature sealants and AC Leak Freeze ® to stop refrigerant leaks . Our products are well-known in the specific industries we serve and have a reputation for high quality and reliability. The markets that we serve include HVAC/R, architecturally-specified building products, general industrial, plumbing, energy, rail and mining. Basis of Presentation The condensed consolidated financial statements included in this Quarterly Report on Form 10-Q for the quarterly period ended December 31, 2019 (“Quarterly Report”), include all revenues, costs, assets and liabilities directly attributable to CSWI and have been prepared in accordance with United States (“U.S.”) generally accepted accounting principles (“GAAP”). The condensed consolidated financial statements reflect all adjustments that are, in the opinion of management, necessary to present a fair statement of CSWI’s financial position as of December 31, 2019 and the results of operations for the three and nine month periods ended December 31, 2019 and 2018. All adjustments are of a normal and 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, 2019 (the “Annual Report”). Accounting Policies We have consistently applied the accounting policies described in our Annual Report in preparing these condensed consolidated financial statements. We have not made any changes in significant accounting policies disclosed in the Annual Report, with the exception of the lease accounting policy described below as a result of adopting the new lease standards. Leases – We determine if a contract is or contains a lease at inception by evaluating whether the contract conveys the right to control the use of an identified asset. Right-of-Use (“ROU”) assets and lease liabilities are initially recognized at the commencement date based on the present value of remaining lease payments over the lease term calculated using our incremental borrowing rate, unless the implicit rate is readily determinable. ROU assets represent the right to use an underlying asset for the lease term, including any upfront lease payments made and excluding lease incentives. Lease liabilities represent the obligation to make future lease payments throughout the lease term. The lease term includes renewal periods when we are reasonably certain to exercise the option to renew. The ROU asset is amortized over the expected lease term. Lease and non-lease components, when present on our leases, are accounted for separately. Leases with an initial term of 12 months or less are excluded from recognition in the balance sheet, and the expense for these short-term leases and for operating leases is recognized on a straight-line basis over the lease term. We have certain lease contracts with terms and conditions that provide for variability in the payment amount based on changes in facts or circumstances occurring after the commencement date. These variable lease payments are recognized in our condensed consolidated income statements as the obligation is incurred. As of December 31, 2019, w e did not have material leases that imposed significant restrictions or covenants, material related party leases or sale-leaseback arrangements. Accounting Developments Pronouncements Implemented In February 2016, the Financial Accounting Standards Board ("FASB") issued ASU No. 2016-02, "Leases (Topic 842)," which has been subsequently amended with additional ASUs including ASU No. 2018-10 and ASU No. 2018-11 issued in July 2018, and ASU No. 2018-20 issued in December 2018, to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. A lessee should recognize in the statement of financial position a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term. The recognition, measurement and presentation of expenses and cash flows arising from a lease by a lessee have not significantly changed from previous U.S. GAAP. This ASU is effective for annual periods, including interim periods within those annual periods, beginning after December 15, 2018. Modified retrospective application is permitted with certain practical expedients. Early adoption is permitted. We adopted this standard effective April 1, 2019, using the modified retrospective approach for leases existing at or entered into before the effective date. As such, the cumulative effect of the implementation has been recorded to the opening balance of retained earnings in the period of adoption and prior periods have not been adjusted. Upon adoption, we elected the package of three practical expedients permitted under the transition guidance, which include the carry forward of our leases without reassessing whether any contracts are leases or contain leases, lease classification and initial direct lease costs. We also elected the transition practical expedient to apply hindsight when determining the lease term and when assessing impairment of ROU assets at the adoption date, which allows us to update our assessments according to new information and changes in facts and circumstances that have occurred since lease inception. Adoption of this ASU resulted in recognition of ROU assets and lease liabilities of $16.9 million and $18.6 million, respectively, including leases classified as discontinued operations, as well as a reduction to opening retained earnings of $0.4 million, at the date of adoption. Refer to Note 8 for details of the impact of the adoption of this ASU. In August 2017, the FASB issued ASU No. 2017-12, "Derivatives and Hedging (Topic 815): Targeted Improvements of Accounting for Hedging Activities." The purpose of this ASU is to better align a company's risk management activities and financial reporting for hedging relationships. Additionally, the ASU simplifies the hedge accounting requirements and improves the disclosures of hedging arrangements. This ASU was amended by ASU 2018-16 to include the secured overnight financing rate as an acceptable reference rate. This ASU is effective for annual periods, including interim periods within those annual periods, beginning after December 15, 2018. Adoption of this ASU effective April 1, 2019, did not have a material impact on our consolidated financial condition or results of operations. Pronouncements not yet implemented In June 2016, the FASB issued ASU No. 2016-13, "Financial Instruments – Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments," as amended, which requires, among other things, the use of a new current expected credit loss ("CECL") model in order to determine our allowances for doubtful accounts with respect to accounts receivable. The CECL model requires that we estimate our lifetime expected credit loss with respect to our receivables and contract assets and record allowances that, when deducted from the balance of the receivables, represent the net amounts expected to be collected. We will also be required to disclose information about how we developed the allowances, including changes in the factors that influenced our estimate of expected credit losses and the reasons for those changes. This ASU is effective for annual periods, including interim periods within those annual periods, beginning after December 15, 2019. We do not expect adoption of this ASU to have a material impact on our consolidated financial condition and results of operations. In August 2018, the FASB issued ASU No. 2018-13, "Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement," which modifies the disclosure requirements on fair value measurements. The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. An entity is permitted to early adopt any removed or modified disclosures and delay adoption of the additional disclosures until their effective date. This ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. We do not expect adoption of this ASU to have a material impact on our consolidated financial condition and results of operations. In August 2018, the FASB issued ASU No. 2018-14, "Disclosure Framework – Changes to the Disclosure Requirements for Defined Benefit Plans," which modifies the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. The amendments remove disclosures that no longer are considered cost beneficial, clarify the specific requirements of disclosures and add disclosure requirements identified as relevant. This ASU is effective, on a retrospective basis, for fiscal years ending after December 15, 2020. Early adoption is permitted. We do not expect adoption of this ASU to have a material impact on our consolidated financial condition and results of operations. In August 2018, the FASB issued ASU No. 2018-15, "Customer's Accounting for the Implementation Costs Incurred in Cloud Computing Arrangement That is a Service Contract." The amendments in this ASU align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). This ASU is effective for fiscal years beginning after December 15, 2019 and interim periods within those fiscal years, and should be applied either retrospectively or prospectively to all implementation costs incurred after the date of adoption. Early adoption is permitted. We do not expect adoption of this ASU to have a material impact on our consolidated financial condition and results of operations. In December 2019, the FASB issued ASU No. 2019-12, "Income Taxes: Simplifying the Accounting for Income Taxes." The amendments in this ASU simplify the accounting for income taxes by removing certain exceptions and adding some requirements regarding franchise (or similar) tax, step-ups in a business combination, treatment of entities not subject to tax and when to apply enacted changes in tax laws. This ASU is effective for fiscal years beginning after December 15, 2020 and interim periods within those fiscal years. The amendments related to changes in ownership of foreign equity method investments or foreign subsidiaries should be applied on a modified retrospective basis through a cumulative-effect adjustment to retained earnings as of the beginning of the fiscal year of adoption. The amendments related to franchise taxes that are partially based on income should be applied on either a retrospective basis for all periods presented or a modified retrospective basis through a cumulative-effect adjustment to retained earnings as of the beginning of the fiscal year of adoption. All other amendments should be applied on a prospective basis. Early adoption is permitted. Our initial assessment of this ASU indicates it will not have a material impact on our consolidated financial condition and results of operations, but our assessment is not complete.

ACQUISITIONS

ACQUISITIONS	9 Months Ended
	Dec. 31, 2019
Business Combinations [Abstract]
ACQUISITIONS	ACQUISITIONS Petersen Metals On April 2, 2019, we acquired the assets of Petersen Metals, Inc. (“Petersen”), based near Tampa, Florida, for $11.8 million, of which $11.5 million was paid at closing and funded through our revolving credit facility, and the remaining $0.3 million represented a working capital adjustment paid in July 2019. Petersen is a leading designer, manufacturer and installer of architecturally-specified, engineered metal products and railings, including aluminum and stainless steel railings products for interior and exterior applications. The excess of the purchase price over the fair value of the identifiable assets acquired was $6.1 million allocated to goodwill, which will be deductible for income tax purposes. Goodwill represents the value expected to be obtained from enabling geographic, end market and product diversification and expansion as Petersen is a strategic complement to our existing line of architecturally-specified building products. The preliminary allocation of the fair value of the net assets acquired included customer lists of $3.2 million and backlog of $0.4 million, as well as accounts receivable, inventory and equipment of $2.2 million, $0.8 million and $0.7 million, respectively, net of current liabilities of $1.5 million. Customer lists are being amortized over 15 years, backlog is amortized over 1.5 years and goodwill is not being amortized. Petersen activity has been included in our Industrial Products segment since the acquisition date. No pro forma information has been provided due to immateriality. MSD Research, Inc. On January 31, 2019, we acquired the assets of MSD Research, Inc. (“MSD”), based in Boca Raton, Florida, for $10.1 million, funded through our revolving credit facility. MSD is a leading provider of condensate management products for commercial and residential HVAC/R systems, including float switches, drain line cleanouts and flush tools. The excess of the purchase price over the fair value of the identifiable assets acquired was $5.2 million allocated to goodwill, which will be deductible for income tax purposes. Goodwill represents the value expected to be obtained from owning a more extensive condensation management product portfolio for the HVAC/R market and leveraging our larger distributor network. The preliminary allocation of the fair value of the net assets acquired included customer lists, trademarks and technology of $3.3 million, $0.8 million and $0.4 million, respectively, as well as inventory and accounts receivable of $0.3 million and $0.1 million, respectively. Customer lists and technology are being amortized over 10 years and 5 years, respectively, while trademarks and goodwill are not being amortized. MSD activity has been included in our Industrial Products segment since the acquisition date. No pro forma information has been provided due to immateriality.

DISCONTINUED OPERATIONS

DISCONTINUED OPERATIONS	9 Months Ended
	Dec. 31, 2019
Discontinued Operations and Disposal Groups [Abstract]
DISCONTINUED OPERATIONS	DISCONTINUED OPERATIONS During the quarter ended December 31, 2017, we commenced a sale process to divest our Coatings business to allow us to focus resources on our core growth platforms. Our Coatings business manufactured specialized industrial coating products including urethanes, epoxies, acrylics and alkyds. As of December 31, 2017, the Coatings business met the held-for-sale criteria under ASC 360, "Property, Plant and Equipment," and accordingly, we classified and accounted for the assets and liabilities of the Coatings business as held-for-sale in the accompanying condensed consolidated balance sheets, and as discontinued operations, net of tax, in the accompanying condensed consolidated statements of income and cash flows. We completed an initial assessment of the assets and liabilities of the Coatings business and recorded a $46.0 million impairment based on our best estimates as of the date of issuance of financial results for the quarter ended December 31, 2017. No adjustments to previously recorded estimates have been made subsequently. On July 31, 2018, we consummated a sale of assets related to our Coatings business to an unrelated third party, the terms of which were not disclosed due to immateriality. During the three months ended September 30, 2018, we received an aggregate of $6.9 million for the sale of assets related to our Coatings business in multiple transactions. This resulted in gains on disposal of $6.9 million due to write-downs of long-lived assets in prior periods. Summarized selected financial information for the Coatings business for the three and nine months ended December 31, 2019 and 2018, is presented in the following table: Three Months Ended Nine Months Ended (amounts in thousands) 2019 2018 2019 2018 Revenues, net $ — $ — $ — $ 5,303 Income (loss) from discontinued operations before income taxes 19 (1,225) (204) (693) Income tax benefit 7 209 56 77 Income (loss) from discontinued operations, net $ 26 $ (1,016) $ (148) $ (616) (amounts in thousands) December 31, 2019 March 31, 2019 Assets Prepaid expenses and other current assets (a) $ — $ 21 Other assets (b) 2,012 — Total assets $ 2,012 $ 21 Liabilities Accounts payable, accrued expenses and other liabilities (b) $ 2,943 $ 945 (a) The assets and liabilities of the Coatings business reside in a disregarded entity for tax purposes. Accordingly, the tax attributes associated with the operations of our Coatings business will ultimately flow through to the corporate parent, which files a consolidated federal return. Therefore, any corresponding tax assets or liabilities have been reflected as a component of our continuing operations.

INVENTORIES

INVENTORIES	9 Months Ended
	Dec. 31, 2019
Inventory Disclosure [Abstract]
INVENTORIES	INVENTORIES Inventories consist of the following (in thousands): December 31, 2019 March 31, 2019 Raw materials and supplies $ 21,706 $ 20,267 Work in process 7,273 6,483 Finished goods 35,588 31,876 Total inventories 64,567 58,626 Less: LIFO reserve (5,027) (5,027) Less: Obsolescence reserve (2,271) (2,170) Inventories, net $ 57,269 $ 51,429

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS	9 Months Ended
	Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL AND INTANGIBLE ASSETS	GOODWILL AND INTANGIBLE ASSETS The changes in the carrying amount of goodwill as of December 31, 2019 and March 31, 2019 were as follows (in thousands): Industrial Products Specialty Total Balance at March 31, 2019 $ 54,732 $ 31,563 $ 86,295 Petersen acquisition 6,128 — 6,128 Currency translation 297 — 297 Balance at December 31, 2019 $ 61,157 $ 31,563 $ 92,720 The following table provides information about our intangible assets (in thousands, except years): December 31, 2019 March 31, 2019 Wtd Avg Life (Years) Ending Gross Amount Accumulated Amortization Ending Gross Amount Accumulated Amortization Finite-lived intangible assets: Patents 11 $ 9,636 $ (6,735) $ 9,835 $ (6,316) Customer lists and amortized trademarks 12 63,726 (32,231) 60,065 (28,622) Non-compete agreements 5 1,782 (1,478) 1,764 (1,066) Other 8 5,161 (2,465) 4,808 (2,010) $ 80,305 $ (42,909) $ 76,472 $ (38,014) Trade names and trademarks not being amortized: $ 12,024 $ — $ 12,008 $ — Amortization expense for the three and nine months ended December 31, 2019 were $1.7 million and $5.1 million, respectively. Amortization expense for the three and nine months ended December 31, 2018, were $1.5 million and $4.6 million, respectively. The following table shows the estimated future amortization for intangible assets, as of December 31, 2019, for the remainder of the current fiscal year and the next five fiscal years ending March 31 (in thousands): 2020 $ 1,360 2021 5,504 2022 5,100 2023 4,244 2024 3,938 2025 3,250

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION	9 Months Ended
	Dec. 31, 2019
Share-based Payment Arrangement [Abstract]
SHARE-BASED COMPENSATION	SHARE-BASED COMPENSATION Refer to Note 6 to our consolidated financial statements included in the Annual Report for a description of the 2015 Equity and Incentive Compensation Plan (the "2015 Plan"). As of December 31, 2019, 771,543 shares were available for issuance under the 2015 Plan. We recorded share-based compensation expense as follows for the three and nine months ended December 31, 2019 and 2018 (in thousands): Three Months Ended December 31, 2019 Nine Months Ended December 31, 2019 Stock Options Restricted Total Stock Options Restricted Total Share-based compensation expense $ — $ 1,366 $ 1,366 $ — $ 3,776 $ 3,776 Related income tax benefit — (328) (328) — (906) (906) Net share-based compensation expense $ — $ 1,038 $ 1,038 $ — $ 2,870 $ 2,870 Three Months Ended December 31, 2018 Nine Months Ended December 31, 2018 Stock Options Restricted Total Stock Options Restricted Total Share-based compensation expense $ — $ 1,099 $ 1,099 $ 19 $ 2,874 $ 2,893 Related income tax benefit — (264) (264) (4) (690) (694) Net share-based compensation expense $ — $ 835 $ 835 $ 15 $ 2,184 $ 2,199 Stock option activity was as follows: Nine Months Ended December 31, 2019 Number of Shares Weighted Average Exercise Price Remaining Contractual Life (Years) Aggregate Intrinsic Value (in Millions) Outstanding at April 1, 2019: 231,717 $ 25.12 Exercised (115,859) 24.93 Canceled — — Outstanding at December 31, 2019 115,858 $ 25.30 4.37 6.0 Exercisable at December 31, 2019 115,858 $ 25.30 4.37 6.0 All compensation costs related to stock options were recognized prior to April 1, 2019. No options were granted or vested during the three and nine months ended December 31, 2019 and 2018. Restricted share activity was as follows: Nine Months Ended December 31, 2019 Number of Shares Weighted Average Grant Date Fair Value Outstanding at April 1, 2019: 213,622 $ 45.42 Granted 89,584 71.13 Vested (96,312) 37.46 Canceled (4,113) 44.83 Outstanding at December 31, 2019 202,781 $ 60.57 During the restriction period, the holders of restricted shares are entitled to vote and receive dividends. Unvested restricted shares outstanding as of December 31, 2019 and March 31, 2019 included 92,905 and 96,282 shares (at target), respectively, with performance-based vesting provisions, having vesting ranges from 0%-200% based on pre-defined performance targets with market conditions. Performance-based awards accrue dividend equivalents, which are settled upon (and to the extent of) vesting of the underlying award, but do not have the right to vote until vested. Performance-based awards are earned upon the achievement of objective performance targets and are payable in common shares. Compensation expense is calculated based on the fair market value as determined by a Monte Carlo simulation and is recognized over a 36-month cliff vesting period. At December 31, 2019, we had unrecognized compensation cost related to unvested restricted shares of $8.3 million, which will be amortized into net income over the remaining weighted average vesting period of approximately 2.0 years. The total fair value of restricted shares granted during the three months ended December 31, 2019 and 2018 was $3.8 million and $3.3 million, respectively. The total fair value of restricted shares granted during the nine months ended December 31, 2019 and 2018 was $6.4 million and $5.0 million, respectively. The total fair value of restricted shares vested during the three months ended December 31, 2019 and 2018 was $4.1 million and $2.2 million, respectively. The total fair value of restricted shares vested during the nine months ended December 31, 2019 and 2018 was $6.2 million and $2.6 million, respectively.

LONG-TERM DEBT

LONG-TERM DEBT	9 Months Ended
	Dec. 31, 2019
Debt Disclosure [Abstract]
LONG-TERM DEBT	LONG-TERM DEBT Debt consists of the following (in thousands): December 31, 2019 March 31, 2019 Revolving Credit Facility, interest rate of 3.01% and 3.74%, respectively $ — $ 20,000 Whitmore Term Loan, interest rate of 3.76% and 4.50%, respectively 11,038 11,459 Total debt 11,038 31,459 Less: Current portion (561) (561) Long-term debt $ 10,477 $ 30,898 Revolving Credit Facility As discussed in Note 8 to our consolidated financial statements included in our Annual Report, we have a five Whitmore Term Loan As of December 31, 2019, Whitmore Manufacturing (one of our wholly-owned operating subsidiaries) had a secured term loan ("Whitmore Term Loan") outstanding related to a warehouse and corporate office building and the remodel of an existing manufacturing and research and development facility. The Whitmore Term Loan matures on July 31, 2029 and requires payments of $140,000 each quarter. Borrowings under this loan bear interest at a variable annual rate equal to one month LIBOR plus 2.0%. As of December 31, 2019 and March 31, 2019, Whitmore Manufacturing had $11.0 million and $11.5 million, respectively, in outstanding borrowings under the Whitmore Term Loan. Interest payments under the Whitmore Term Loan are hedged under an interest rate swap agreement as described in Note 9.

LEASES

LEASES	9 Months Ended
	Dec. 31, 2019
Leases [Abstract]
LEASES	LEASES We have operating leases for manufacturing facilities, offices, warehouses, vehicles and certain equipment. Our leases have remaining lease terms of 1 year to 10 years, some of which include escalation clauses and/or options to extend or terminate the leases. Leases related to discontinued operations have been omitted from the following disclosures (see Note 3 for information on leases included in discontinued operations). In October 2019, we terminated two operating leases and paid an early lease termination fee of $0.5 million. The loss on early termination is recorded in other income (expense), net as the assets were not used in our operations. We do not currently have any financing lease arrangements. Three Months Ended December 31, 2019 Nine Months Ended December 31, 2019 Components of Operating Lease Expenses (in thousands) Operating lease expense (a) $ 846 $ 2,639 Short-term lease expense (a) 48 201 Total operating lease expense $ 894 $ 2,840 (a) Included in cost of revenues and selling, general and administrative expense December 31, 2019 Operating Lease Assets and Liabilities (in thousands) ROU assets, net (a) $ 14,683 Short-term lease liabilities (b) $ 2,583 Long-term lease liabilities (b) 12,732 Total operating lease liabilities $ 15,315 (a) Included in other assets, net (b) Included in accrued and other current liabilities and other long-term liabilities Nine Months Ended December 31, 2019 Supplemental Cash Flow (in thousands) Cash paid for amounts included in the measurement of operating lease liabilities (a) $ 2,554 ROU assets obtained in exchange for new operating lease obligations 2,419 (a) Included in our condensed consolidated statement of cash flows, operating activities in accounts payable and other current liabilities Other Information for Operating Leases Weighted average remaining lease term (in years) 6.24 Weighted average discount rate (percent) 4.3 % Maturities of operating lease liabilities were as follows (in thousands): Year Ending March 31, 2020 (excluding the nine months ended December 31, 2019) $ 828 2021 3,256 2022 3,235 2023 2,569 2024 2,349 Thereafter 6,011 Total lease liabilities 18,248 Less: Imputed interest (2,933) Present value of lease liabilities $ 15,315 As discussed in Note 1, we elected the transition practical expedient to apply hindsight when determining the lease term at the new lease standard adoption date. The increase in lease liabilities at December 31, 2019, as compared with future obligations as of March 31, 2019, represents the renewal period options that we were reasonably certain to exercise as of the adoption date. The future minimum obligations under operating leases in effect as of March 31, 2019 having a noncancellable term in excess of one year as determined prior to the adoption of the new lease standard are as follows for the fiscal years ending March 31 (in thousands): 2020 $ 3,048 2021 2,733 2022 1,645 2023 1,038 2024 921 Thereafter 1,010 Total future minimum lease payments $ 10,395

DERIVATIVE INSTRUMENTS AND HEDG

DERIVATIVE INSTRUMENTS AND HEDGE ACCOUNTING	9 Months Ended
	Dec. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVE INSTRUMENTS AND HEDGE ACCOUNTING	DERIVATIVE INSTRUMENTS AND HEDGE ACCOUNTING We have an interest rate swap agreement to hedge exposure to floating interest rates on a certain portion of our debt. As of December 31, 2019 and March 31, 2019, we had $11.0 million and $11.5 million, respectively, of notional amount outstanding designated as an interest rate swap with third parties. The interest rate swap is highly effective. At December 31, 2019, the maximum remaining length of the interest rate swap contract was approximately 9.6 years. The fair value of the interest rate swap designated as a hedging instrument is summarized below (in thousands): December 31, 2019 March 31, 2019 Current derivative liabilities $ 137 $ 56 Non-current derivative liabilities 751 443 The impact of changes in fair value of the interest rate swap is included in Note 16. Current and non-current derivative assets are reported in our condensed consolidated balance sheets in prepaid expenses and other current assets and other assets, respectively. Current and non-current derivative liabilities are reported in our condensed consolidated balance sheets in accrued and other current liabilities and other long-term liabilities, respectively. We are exposed to risk from credit-related losses resulting from nonperformance by counterparties to our financial instruments. We perform credit evaluation of our counterparties and expect all counterparties to meet their obligations. Through December 31, 2019, we have not experienced credit losses from our counterparties.

EARNINGS PER SHARE

EARNINGS PER SHARE	9 Months Ended
	Dec. 31, 2019
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 and nine months ended December 31, 2019 and 2018 (amounts in thousands, except per share data): Three Months Ended Nine Months Ended 2019 2018 2019 2018 Income from continuing operations $ 7,282 $ 5,997 $ 31,445 $ 32,427 Income (loss) from discontinued operations 26 (1,016) (148) (616) Net income $ 7,308 $ 4,981 $ 31,297 $ 31,811 Weighted average shares: Common stock 14,976 15,084 14,931 15,369 Participating securities 108 154 113 159 Denominator for basic earnings per common share 15,084 15,238 15,044 15,528 Potentially dilutive securities 168 115 177 117 Denominator for diluted earnings per common share 15,252 15,353 15,221 15,645 Basic earnings (loss) per common share: Continuing operations $ 0.48 $ 0.39 $ 2.09 $ 2.09 Discontinued operations — (0.06) (0.01) (0.04) Net income $ 0.48 $ 0.33 $ 2.08 $ 2.05 Diluted earnings (loss) per common share: Continuing operations $ 0.48 $ 0.39 $ 2.07 $ 2.07 Discontinued operations — (0.07) (0.01) (0.04) Net income $ 0.48 $ 0.32 $ 2.06 $ 2.03

SHAREHOLDERS' EQUITY

SHAREHOLDERS' EQUITY	9 Months Ended
	Dec. 31, 2019
Equity [Abstract]
SHAREHOLDERS' EQUITY	SHAREHOLDERS' EQUITY Share Repurchase Program On November 11, 2016, we announced that our Board of Directors authorized a program to repurchase up to $35.0 million of our common stock over a two On November 7, 2018, we announced that our Board of Directors authorized a new program to repurchase up to $75.0 million of our common stock over a two Dividends

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	9 Months Ended
	Dec. 31, 2019
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTSThe fair value of the interest rate swap contract (as discussed in Note 9) is determined using Level 2 inputs.  The carrying value of our debt (discussed in Note 7) approximates fair value as it bears interest at floating rates.  The carrying amounts of other financial instruments (i.e., cash and cash equivalents, accounts receivable, net, accounts payable) approximate their fair values at December 31, 2019 and March 31, 2019 due to their short-term nature.

RETIREMENT PLANS

RETIREMENT PLANS	9 Months Ended
	Dec. 31, 2019
Retirement Benefits [Abstract]
RETIREMENT PLANS	RETIREMENT PLANS Refer to Note 13 to our consolidated financial statements included in the 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 Nine Months Ended 2019 2018 2019 2018 Service cost, benefits earned during the period $ 18 $ 19 $ 53 $ 56 Interest cost on projected benefit obligation 37 528 1,082 1,584 Expected return on assets (27) (664) (1,334) (1,991) Amortization of net actuarial loss 12 12 38 36 Pension plan termination — — 7,019 — Net pension benefit $ 40 $ (105) $ 6,858 $ (315) The components of net periodic cost for retirement and postretirement benefits, other than service costs, are included in other (expense) income, net in our condensed consolidated statements of income. During the nine months ended December 31, 2019, we offered lump sum payments to eligible active and terminated vested participants in our qualified U.S. pension plan (the “Qualified Plan”), representing approximately 42% of our liability.

CONTINGENCIES

CONTINGENCIES	9 Months Ended
	Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
CONTINGENCIES	CONTINGENCIESFrom time to time, we are involved in various claims and legal actions that arise in the ordinary course of business.  There are no matters pending that we currently believe have a reasonable possibility of having a material impact to our business, consolidated financial position, results of operations or cash flows.

INCOME TAXES

INCOME TAXES	9 Months Ended
	Dec. 31, 2019
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES For the three months ended December 31, 2019, we earned $9.4 million from continuing operations before taxes and provided for income taxes of $2.1 million, resulting in an effective tax rate of 22.2%. For the nine months ended December 31, 2019, we earned $41.5 million from continuing operations before taxes and provided for income taxes of $10.1 million, resulting in an effective tax rate of 24.3%. The provision for income taxes differed from the statutory rate for the three and nine months ended December 31, 2019, primarily due to the provision for global intangible low-taxed income ("GILTI"), adjustments related to foreign items, excess tax deductions related to stock compensation, and adjustments related to income tax returns. For the three months ended December 31, 2018, we earned $9.5 million from continuing operations before taxes and provided for income taxes of $3.5 million, resulting in an effective tax rate of 36.7%. For the nine months ended December 31, 2018, we earned $44.4 million from continuing operations before taxes and provided for income taxes of $12.0 million, resulting in an effective tax rate of 27.0%. The provision for income taxes differed from the statutory rate for the three and nine months ended December 31, 2018, primarily due to adjustments related to federal and foreign income tax returns. As the assets and liabilities of our discontinued Coatings business discussed in Note 3 reside in a disregarded entity for tax purposes, the tax attributes associated with the operations of our Coatings business ultimately flow through to our corporate parent, which files a consolidated federal return. Therefore, corresponding deferred tax assets or liabilities expected to be substantially realized by our corporate parent have been reflected as assets of our continuing operations and have not been allocated to the balances of assets or liabilities of our discontinued operations disclosed in Note 3. The statement of cash flows reflects the impact of the deferred taxes related to the disregarded entity in Realized deferred taxes (prior year has been conformed to our current presentation).

OTHER COMPREHENSIVE INCOME (LOS

OTHER COMPREHENSIVE INCOME (LOSS)	9 Months Ended
	Dec. 31, 2019
Equity [Abstract]
OTHER COMPREHENSIVE INCOME (LOSS)	OTHER COMPREHENSIVE INCOME (LOSS) The following table provides an analysis of the changes in accumulated other comprehensive loss (in thousands): Three Months Ended 2019 2018 Currency translation adjustments: Balance at beginning of period $ (7,280) $ (6,279) Adjustments for foreign currency translation 1,699 (1,582) Balance at end of period $ (5,581) $ (7,861) Interest rate swaps: Balance at beginning of period $ (908) $ 144 Unrealized gains (losses), net of taxes of $(49) and $71, respectively (a) 184 (268) Reclassification of losses included in interest expense, net, net of taxes of $(6) and $(4), respectively 23 14 Other comprehensive income (loss) 207 (254) Balance at end of period $ (701) $ (110) Defined benefit plans: Balance at beginning of period $ (936) $ (2,508) Amortization of net (losses) gains, net of taxes of $1 and $(11), respectively (b) (3) 41 Balance at end of period $ (939) $ (2,467) Nine Months Ended 2019 2018 Currency translation adjustments: Balance at beginning of period $ (6,869) $ (4,837) Adjustments for foreign currency translation 1,288 (3,024) Balance at end of period $ (5,581) $ (7,861) Interest rate swaps: Balance at beginning of period $ (394) $ (108) Unrealized losses, net of taxes of $94 and $11, respectively (a) (354) (42) Reclassification of losses included in interest expense, net, net of taxes of $(12) and $(15), respectively 47 56 Other adjustments (c) — (16) Other comprehensive loss (307) (2) Balance at end of period $ (701) $ (110) Defined benefit plans: Balance at beginning of period $ (3,466) $ (2,530) Amortization of net gains, net of taxes of $(3) and $(17), respectively (b) 11 63 Pension plan termination, net of taxes of $(669) and $0, respectively 2,516 — Other comprehensive income 2,527 63 Balance at end of period $ (939) $ (2,467) (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 December 31, 2019. (b) Amortization of actuarial losses out of accumulated comprehensive loss are included in the computation of net periodic pension expense. See Note 13 for additional information. (c) The other adjustments relate to changes in the effective tax rate.

REVENUE RECOGNITION

REVENUE RECOGNITION	9 Months Ended
	Dec. 31, 2019
Revenue from Contract with Customer [Abstract]
REVENUE RECOGNITION	REVENUE RECOGNITION Refer to Note 18 to our consolidated financial statements included in the Annual Report for a description of our disaggregation of revenues. Disaggregation of revenues reconciled to our reportable segments is as follows (in thousands): Three Months Ended December 31, 2019 Nine Months Ended December 31, 2019 Industrial Products Specialty Chemicals Total Industrial Products Specialty Chemicals Total Build-to-order $ 19,955 $ — $ 19,955 $ 61,196 $ — $ 61,196 Book-and-ship 28,718 35,043 63,761 113,598 112,579 226,177 Net revenues $ 48,673 $ 35,043 $ 83,716 $ 174,794 $ 112,579 $ 287,373 Three Months Ended December 31, 2018 Nine Months Ended December 31, 2018 Industrial Products Specialty Chemicals Total Industrial Products Specialty Chemicals Total Build-to-order $ 17,917 $ — $ 17,917 $ 51,238 $ — $ 51,238 Book-and-ship 25,735 33,836 59,571 101,001 106,437 207,438 Net revenues $ 43,652 $ 33,836 $ 77,488 $ 152,239 $ 106,437 $ 258,676 Contract liabilities, which are included in accrued and other current liabilities in our condensed consolidated balance sheets were as follows (in thousands): Balance at April 1, 2019: $ 2,337 Revenue recognized during the period (442) New contracts during the period 942 Balance at December 31, 2019 $ 2,837

SEGMENTS

SEGMENTS	9 Months Ended
	Dec. 31, 2019
Segment Reporting [Abstract]
SEGMENTS	SEGMENTS As discussed in Note 19 to our consolidated financial statements in the Annual Report, we conduct our operations through two business segments based on type of product and how we manage the business: Industrial Products and Specialty Chemicals. Three Months Ended December 31, 2019 (in thousands) Industrial Products Specialty Chemicals Subtotal - Reportable Segments Eliminations and Other Total Revenues, net $ 48,673 $ 35,043 $ 83,716 $ — $ 83,716 Operating income 8,643 5,414 14,057 (3,569) 10,488 Three Months Ended December 31, 2018 (in thousands) Industrial Products Specialty Chemicals Subtotal - Reportable Segments Eliminations and Other Total Revenues, net $ 43,652 $ 33,836 $ 77,488 $ — $ 77,488 Operating income 8,059 4,574 12,633 (3,212) 9,421 Nine Months Ended December 31, 2019 (in thousands) Industrial Products Specialty Chemicals Subtotal - Reportable Segments Eliminations and Other Total Revenues, net $ 174,794 $ 112,579 $ 287,373 $ — $ 287,373 Operating income 42,099 19,179 61,278 (10,346) 50,932 Nine Months Ended December 31, 2018 (in thousands) Industrial Products Specialty Chemicals Subtotal - Reportable Segments Eliminations and Other Total Revenues, net $ 152,239 $ 106,437 $ 258,676 $ 2 $ 258,678 Operating income 36,164 17,205 53,369 (9,000) 44,369

ORGANIZATION AND OPERATIONS A_2

ORGANIZATION AND OPERATIONS AND SUMMARY OF ACCOUNTING POLICIES (Policies)	9 Months Ended
	Dec. 31, 2019
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 December 31, 2019 (“Quarterly Report”), include all revenues, costs, assets and liabilities directly attributable to CSWI and have been prepared in accordance with United States (“U.S.”) generally accepted accounting principles (“GAAP”). The condensed consolidated financial statements reflect all adjustments that are, in the opinion of management, necessary to present a fair statement of CSWI’s financial position as of December 31, 2019 and the results of operations for the three and nine month periods ended December 31, 2019 and 2018. All adjustments are of a normal and 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, 2019 (the “Annual Report”).
Leases	Leases – We determine if a contract is or contains a lease at inception by evaluating whether the contract conveys the right to control the use of an identified asset. Right-of-Use (“ROU”) assets and lease liabilities are initially recognized at the commencement date based on the present value of remaining lease payments over the lease term calculated using our incremental borrowing rate, unless the implicit rate is readily determinable. ROU assets represent the right to use an underlying asset for the lease term, including any upfront lease payments made and excluding lease incentives. Lease liabilities represent the obligation to make future lease payments throughout the lease term. The lease term includes renewal periods when we are reasonably certain to exercise the option to renew. The ROU asset is amortized over the expected lease term. Lease and non-lease components, when present on our leases, are accounted for separately. Leases with an initial term of 12 months or less are excluded from recognition in the balance sheet, and the expense for these short-term leases and for operating leases is recognized on a straight-line basis over the lease term. We have certain lease contracts with terms and conditions that provide for variability in the payment amount based on changes in facts or circumstances occurring after the commencement date. These variable lease payments are recognized in our condensed consolidated income statements as the obligation is incurred. As of December 31, 2019, w e did not have material leases that imposed significant restrictions or covenants, material related party leases or sale-leaseback arrangements.
Accounting Developments	Accounting Developments Pronouncements Implemented In February 2016, the Financial Accounting Standards Board ("FASB") issued ASU No. 2016-02, "Leases (Topic 842)," which has been subsequently amended with additional ASUs including ASU No. 2018-10 and ASU No. 2018-11 issued in July 2018, and ASU No. 2018-20 issued in December 2018, to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. A lessee should recognize in the statement of financial position a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term. The recognition, measurement and presentation of expenses and cash flows arising from a lease by a lessee have not significantly changed from previous U.S. GAAP. This ASU is effective for annual periods, including interim periods within those annual periods, beginning after December 15, 2018. Modified retrospective application is permitted with certain practical expedients. Early adoption is permitted. We adopted this standard effective April 1, 2019, using the modified retrospective approach for leases existing at or entered into before the effective date. As such, the cumulative effect of the implementation has been recorded to the opening balance of retained earnings in the period of adoption and prior periods have not been adjusted. Upon adoption, we elected the package of three practical expedients permitted under the transition guidance, which include the carry forward of our leases without reassessing whether any contracts are leases or contain leases, lease classification and initial direct lease costs. We also elected the transition practical expedient to apply hindsight when determining the lease term and when assessing impairment of ROU assets at the adoption date, which allows us to update our assessments according to new information and changes in facts and circumstances that have occurred since lease inception. Adoption of this ASU resulted in recognition of ROU assets and lease liabilities of $16.9 million and $18.6 million, respectively, including leases classified as discontinued operations, as well as a reduction to opening retained earnings of $0.4 million, at the date of adoption. Refer to Note 8 for details of the impact of the adoption of this ASU. In August 2017, the FASB issued ASU No. 2017-12, "Derivatives and Hedging (Topic 815): Targeted Improvements of Accounting for Hedging Activities." The purpose of this ASU is to better align a company's risk management activities and financial reporting for hedging relationships. Additionally, the ASU simplifies the hedge accounting requirements and improves the disclosures of hedging arrangements. This ASU was amended by ASU 2018-16 to include the secured overnight financing rate as an acceptable reference rate. This ASU is effective for annual periods, including interim periods within those annual periods, beginning after December 15, 2018. Adoption of this ASU effective April 1, 2019, did not have a material impact on our consolidated financial condition or results of operations. Pronouncements not yet implemented In June 2016, the FASB issued ASU No. 2016-13, "Financial Instruments – Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments," as amended, which requires, among other things, the use of a new current expected credit loss ("CECL") model in order to determine our allowances for doubtful accounts with respect to accounts receivable. The CECL model requires that we estimate our lifetime expected credit loss with respect to our receivables and contract assets and record allowances that, when deducted from the balance of the receivables, represent the net amounts expected to be collected. We will also be required to disclose information about how we developed the allowances, including changes in the factors that influenced our estimate of expected credit losses and the reasons for those changes. This ASU is effective for annual periods, including interim periods within those annual periods, beginning after December 15, 2019. We do not expect adoption of this ASU to have a material impact on our consolidated financial condition and results of operations. In August 2018, the FASB issued ASU No. 2018-13, "Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement," which modifies the disclosure requirements on fair value measurements. The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. An entity is permitted to early adopt any removed or modified disclosures and delay adoption of the additional disclosures until their effective date. This ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. We do not expect adoption of this ASU to have a material impact on our consolidated financial condition and results of operations. In August 2018, the FASB issued ASU No. 2018-14, "Disclosure Framework – Changes to the Disclosure Requirements for Defined Benefit Plans," which modifies the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. The amendments remove disclosures that no longer are considered cost beneficial, clarify the specific requirements of disclosures and add disclosure requirements identified as relevant. This ASU is effective, on a retrospective basis, for fiscal years ending after December 15, 2020. Early adoption is permitted. We do not expect adoption of this ASU to have a material impact on our consolidated financial condition and results of operations. In August 2018, the FASB issued ASU No. 2018-15, "Customer's Accounting for the Implementation Costs Incurred in Cloud Computing Arrangement That is a Service Contract." The amendments in this ASU align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). This ASU is effective for fiscal years beginning after December 15, 2019 and interim periods within those fiscal years, and should be applied either retrospectively or prospectively to all implementation costs incurred after the date of adoption. Early adoption is permitted. We do not expect adoption of this ASU to have a material impact on our consolidated financial condition and results of operations. In December 2019, the FASB issued ASU No. 2019-12, "Income Taxes: Simplifying the Accounting for Income Taxes." The amendments in this ASU simplify the accounting for income taxes by removing certain exceptions and adding some requirements regarding franchise (or similar) tax, step-ups in a business combination, treatment of entities not subject to tax and when to apply enacted changes in tax laws. This ASU is effective for fiscal years beginning after December 15, 2020 and interim periods within those fiscal years. The amendments related to changes in ownership of foreign equity method investments or foreign subsidiaries should be applied on a modified retrospective basis through a cumulative-effect adjustment to retained earnings as of the beginning of the fiscal year of adoption. The amendments related to franchise taxes that are partially based on income should be applied on either a retrospective basis for all periods presented or a modified retrospective basis through a cumulative-effect adjustment to retained earnings as of the beginning of the fiscal year of adoption. All other amendments should be applied on a prospective basis. Early adoption is permitted. Our initial assessment of this ASU indicates it will not have a material impact on our consolidated financial condition and results of operations, but our assessment is not complete.

DISCONTINUED OPERATIONS (Tables

DISCONTINUED OPERATIONS (Tables)	9 Months Ended
	Dec. 31, 2019
Discontinued Operations and Disposal Groups [Abstract]
Schedule of Discontinued Operations	Summarized selected financial information for the Coatings business for the three and nine months ended December 31, 2019 and 2018, is presented in the following table: Three Months Ended Nine Months Ended (amounts in thousands) 2019 2018 2019 2018 Revenues, net $ — $ — $ — $ 5,303 Income (loss) from discontinued operations before income taxes 19 (1,225) (204) (693) Income tax benefit 7 209 56 77 Income (loss) from discontinued operations, net $ 26 $ (1,016) $ (148) $ (616) (amounts in thousands) December 31, 2019 March 31, 2019 Assets Prepaid expenses and other current assets (a) $ — $ 21 Other assets (b) 2,012 — Total assets $ 2,012 $ 21 Liabilities Accounts payable, accrued expenses and other liabilities (b) $ 2,943 $ 945 (a) The assets and liabilities of the Coatings business reside in a disregarded entity for tax purposes. Accordingly, the tax attributes associated with the operations of our Coatings business will ultimately flow through to the corporate parent, which files a consolidated federal return. Therefore, any corresponding tax assets or liabilities have been reflected as a component of our continuing operations.

INVENTORIES (Tables)

INVENTORIES (Tables)	9 Months Ended
	Dec. 31, 2019
Inventory Disclosure [Abstract]
Schedule of Inventories	Inventories consist of the following (in thousands): December 31, 2019 March 31, 2019 Raw materials and supplies $ 21,706 $ 20,267 Work in process 7,273 6,483 Finished goods 35,588 31,876 Total inventories 64,567 58,626 Less: LIFO reserve (5,027) (5,027) Less: Obsolescence reserve (2,271) (2,170) Inventories, net $ 57,269 $ 51,429

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS (Tables)	9 Months Ended
	Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Changes in Carrying Amount of Goodwill	The changes in the carrying amount of goodwill as of December 31, 2019 and March 31, 2019 were as follows (in thousands): Industrial Products Specialty Total Balance at March 31, 2019 $ 54,732 $ 31,563 $ 86,295 Petersen acquisition 6,128 — 6,128 Currency translation 297 — 297 Balance at December 31, 2019 $ 61,157 $ 31,563 $ 92,720
Schedule of Intangible Assets	The following table provides information about our intangible assets (in thousands, except years): December 31, 2019 March 31, 2019 Wtd Avg Life (Years) Ending Gross Amount Accumulated Amortization Ending Gross Amount Accumulated Amortization Finite-lived intangible assets: Patents 11 $ 9,636 $ (6,735) $ 9,835 $ (6,316) Customer lists and amortized trademarks 12 63,726 (32,231) 60,065 (28,622) Non-compete agreements 5 1,782 (1,478) 1,764 (1,066) Other 8 5,161 (2,465) 4,808 (2,010) $ 80,305 $ (42,909) $ 76,472 $ (38,014) Trade names and trademarks not being amortized: $ 12,024 $ — $ 12,008 $ —
Schedule of Estimated Future Amortization for Intangible Assets	The following table shows the estimated future amortization for intangible assets, as of December 31, 2019, for the remainder of the current fiscal year and the next five fiscal years ending March 31 (in thousands): 2020 $ 1,360 2021 5,504 2022 5,100 2023 4,244 2024 3,938 2025 3,250

SHARE-BASED COMPENSATION (Table

SHARE-BASED COMPENSATION (Tables)	9 Months Ended
	Dec. 31, 2019
Share-based Payment Arrangement [Abstract]
Schedule of Share-Based Compensation Expense	We recorded share-based compensation expense as follows for the three and nine months ended December 31, 2019 and 2018 (in thousands): Three Months Ended December 31, 2019 Nine Months Ended December 31, 2019 Stock Options Restricted Total Stock Options Restricted Total Share-based compensation expense $ — $ 1,366 $ 1,366 $ — $ 3,776 $ 3,776 Related income tax benefit — (328) (328) — (906) (906) Net share-based compensation expense $ — $ 1,038 $ 1,038 $ — $ 2,870 $ 2,870 Three Months Ended December 31, 2018 Nine Months Ended December 31, 2018 Stock Options Restricted Total Stock Options Restricted Total Share-based compensation expense $ — $ 1,099 $ 1,099 $ 19 $ 2,874 $ 2,893 Related income tax benefit — (264) (264) (4) (690) (694) Net share-based compensation expense $ — $ 835 $ 835 $ 15 $ 2,184 $ 2,199
Schedule of Stock Options Activity	Stock option activity was as follows: Nine Months Ended December 31, 2019 Number of Shares Weighted Average Exercise Price Remaining Contractual Life (Years) Aggregate Intrinsic Value (in Millions) Outstanding at April 1, 2019: 231,717 $ 25.12 Exercised (115,859) 24.93 Canceled — — Outstanding at December 31, 2019 115,858 $ 25.30 4.37 6.0 Exercisable at December 31, 2019 115,858 $ 25.30 4.37 6.0
Schedule of Restricted Share Activity	Restricted share activity was as follows: Nine Months Ended December 31, 2019 Number of Shares Weighted Average Grant Date Fair Value Outstanding at April 1, 2019: 213,622 $ 45.42 Granted 89,584 71.13 Vested (96,312) 37.46 Canceled (4,113) 44.83 Outstanding at December 31, 2019 202,781 $ 60.57

LONG-TERM DEBT (Tables)

LONG-TERM DEBT (Tables)	9 Months Ended
	Dec. 31, 2019
Debt Disclosure [Abstract]
Schedule of Long-Term Debt	Debt consists of the following (in thousands): December 31, 2019 March 31, 2019 Revolving Credit Facility, interest rate of 3.01% and 3.74%, respectively $ — $ 20,000 Whitmore Term Loan, interest rate of 3.76% and 4.50%, respectively 11,038 11,459 Total debt 11,038 31,459 Less: Current portion (561) (561) Long-term debt $ 10,477 $ 30,898

LEASES (Tables)

LEASES (Tables)	9 Months Ended
	Dec. 31, 2019
Leases [Abstract]
Schedule of Components of Operating Lease Expense, Operating Lease Assets and Liabilities, Supplemental Cash Flow, and Other Information	Three Months Ended December 31, 2019 Nine Months Ended December 31, 2019 Components of Operating Lease Expenses (in thousands) Operating lease expense (a) $ 846 $ 2,639 Short-term lease expense (a) 48 201 Total operating lease expense $ 894 $ 2,840 (a) Included in cost of revenues and selling, general and administrative expense December 31, 2019 Operating Lease Assets and Liabilities (in thousands) ROU assets, net (a) $ 14,683 Short-term lease liabilities (b) $ 2,583 Long-term lease liabilities (b) 12,732 Total operating lease liabilities $ 15,315 (a) Included in other assets, net (b) Included in accrued and other current liabilities and other long-term liabilities Nine Months Ended December 31, 2019 Supplemental Cash Flow (in thousands) Cash paid for amounts included in the measurement of operating lease liabilities (a) $ 2,554 ROU assets obtained in exchange for new operating lease obligations 2,419 (a) Included in our condensed consolidated statement of cash flows, operating activities in accounts payable and other current liabilities Other Information for Operating Leases Weighted average remaining lease term (in years) 6.24 Weighted average discount rate (percent) 4.3 %
Schedule of Maturities of Operating Lease Liabilities	Maturities of operating lease liabilities were as follows (in thousands): Year Ending March 31, 2020 (excluding the nine months ended December 31, 2019) $ 828 2021 3,256 2022 3,235 2023 2,569 2024 2,349 Thereafter 6,011 Total lease liabilities 18,248 Less: Imputed interest (2,933) Present value of lease liabilities $ 15,315
Schedule of Minimum Obligations Under Operating Leases	The future minimum obligations under operating leases in effect as of March 31, 2019 having a noncancellable term in excess of one year as determined prior to the adoption of the new lease standard are as follows for the fiscal years ending March 31 (in thousands): 2020 $ 3,048 2021 2,733 2022 1,645 2023 1,038 2024 921 Thereafter 1,010 Total future minimum lease payments $ 10,395

DERIVATIVE INSTRUMENTS AND HE_2

DERIVATIVE INSTRUMENTS AND HEDGE ACCOUNTING (Tables)	9 Months Ended
	Dec. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Fair Value of Derivatives	The fair value of the interest rate swap designated as a hedging instrument is summarized below (in thousands): December 31, 2019 March 31, 2019 Current derivative liabilities $ 137 $ 56 Non-current derivative liabilities 751 443

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	9 Months Ended
	Dec. 31, 2019
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 and nine months ended December 31, 2019 and 2018 (amounts in thousands, except per share data): Three Months Ended Nine Months Ended 2019 2018 2019 2018 Income from continuing operations $ 7,282 $ 5,997 $ 31,445 $ 32,427 Income (loss) from discontinued operations 26 (1,016) (148) (616) Net income $ 7,308 $ 4,981 $ 31,297 $ 31,811 Weighted average shares: Common stock 14,976 15,084 14,931 15,369 Participating securities 108 154 113 159 Denominator for basic earnings per common share 15,084 15,238 15,044 15,528 Potentially dilutive securities 168 115 177 117 Denominator for diluted earnings per common share 15,252 15,353 15,221 15,645 Basic earnings (loss) per common share: Continuing operations $ 0.48 $ 0.39 $ 2.09 $ 2.09 Discontinued operations — (0.06) (0.01) (0.04) Net income $ 0.48 $ 0.33 $ 2.08 $ 2.05 Diluted earnings (loss) per common share: Continuing operations $ 0.48 $ 0.39 $ 2.07 $ 2.07 Discontinued operations — (0.07) (0.01) (0.04) Net income $ 0.48 $ 0.32 $ 2.06 $ 2.03

RETIREMENT PLANS (Tables)

RETIREMENT PLANS (Tables)	9 Months Ended
	Dec. 31, 2019
Retirement Benefits [Abstract]
Schedule of Net Pension Benefit	The following tables set forth the combined net pension benefit recognized in our condensed consolidated financial statements for all plans (in thousands): Three Months Ended Nine Months Ended 2019 2018 2019 2018 Service cost, benefits earned during the period $ 18 $ 19 $ 53 $ 56 Interest cost on projected benefit obligation 37 528 1,082 1,584 Expected return on assets (27) (664) (1,334) (1,991) Amortization of net actuarial loss 12 12 38 36 Pension plan termination — — 7,019 — Net pension benefit $ 40 $ (105) $ 6,858 $ (315)

OTHER COMPREHENSIVE INCOME (L_2

OTHER COMPREHENSIVE INCOME (LOSS) (Tables)	9 Months Ended
	Dec. 31, 2019
Equity [Abstract]
Analysis of Changes in Accumulated Other Comprehensive Income (Loss)	The following table provides an analysis of the changes in accumulated other comprehensive loss (in thousands): Three Months Ended 2019 2018 Currency translation adjustments: Balance at beginning of period $ (7,280) $ (6,279) Adjustments for foreign currency translation 1,699 (1,582) Balance at end of period $ (5,581) $ (7,861) Interest rate swaps: Balance at beginning of period $ (908) $ 144 Unrealized gains (losses), net of taxes of $(49) and $71, respectively (a) 184 (268) Reclassification of losses included in interest expense, net, net of taxes of $(6) and $(4), respectively 23 14 Other comprehensive income (loss) 207 (254) Balance at end of period $ (701) $ (110) Defined benefit plans: Balance at beginning of period $ (936) $ (2,508) Amortization of net (losses) gains, net of taxes of $1 and $(11), respectively (b) (3) 41 Balance at end of period $ (939) $ (2,467) Nine Months Ended 2019 2018 Currency translation adjustments: Balance at beginning of period $ (6,869) $ (4,837) Adjustments for foreign currency translation 1,288 (3,024) Balance at end of period $ (5,581) $ (7,861) Interest rate swaps: Balance at beginning of period $ (394) $ (108) Unrealized losses, net of taxes of $94 and $11, respectively (a) (354) (42) Reclassification of losses included in interest expense, net, net of taxes of $(12) and $(15), respectively 47 56 Other adjustments (c) — (16) Other comprehensive loss (307) (2) Balance at end of period $ (701) $ (110) Defined benefit plans: Balance at beginning of period $ (3,466) $ (2,530) Amortization of net gains, net of taxes of $(3) and $(17), respectively (b) 11 63 Pension plan termination, net of taxes of $(669) and $0, respectively 2,516 — Other comprehensive income 2,527 63 Balance at end of period $ (939) $ (2,467) (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 December 31, 2019. (b) Amortization of actuarial losses out of accumulated comprehensive loss are included in the computation of net periodic pension expense. See Note 13 for additional information. (c) The other adjustments relate to changes in the effective tax rate.

REVENUE RECOGNITION (Tables)

REVENUE RECOGNITION (Tables)	9 Months Ended
	Dec. 31, 2019
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	Disaggregation of revenues reconciled to our reportable segments is as follows (in thousands): Three Months Ended December 31, 2019 Nine Months Ended December 31, 2019 Industrial Products Specialty Chemicals Total Industrial Products Specialty Chemicals Total Build-to-order $ 19,955 $ — $ 19,955 $ 61,196 $ — $ 61,196 Book-and-ship 28,718 35,043 63,761 113,598 112,579 226,177 Net revenues $ 48,673 $ 35,043 $ 83,716 $ 174,794 $ 112,579 $ 287,373 Three Months Ended December 31, 2018 Nine Months Ended December 31, 2018 Industrial Products Specialty Chemicals Total Industrial Products Specialty Chemicals Total Build-to-order $ 17,917 $ — $ 17,917 $ 51,238 $ — $ 51,238 Book-and-ship 25,735 33,836 59,571 101,001 106,437 207,438 Net revenues $ 43,652 $ 33,836 $ 77,488 $ 152,239 $ 106,437 $ 258,676
Schedule of Contract Liabilities	Contract liabilities, which are included in accrued and other current liabilities in our condensed consolidated balance sheets were as follows (in thousands): Balance at April 1, 2019: $ 2,337 Revenue recognized during the period (442) New contracts during the period 942 Balance at December 31, 2019 $ 2,837

SEGMENTS (Tables)

SEGMENTS (Tables)	9 Months Ended
	Dec. 31, 2019
Segment Reporting [Abstract]
Schedule of Segments	Three Months Ended December 31, 2019 (in thousands) Industrial Products Specialty Chemicals Subtotal - Reportable Segments Eliminations and Other Total Revenues, net $ 48,673 $ 35,043 $ 83,716 $ — $ 83,716 Operating income 8,643 5,414 14,057 (3,569) 10,488 Three Months Ended December 31, 2018 (in thousands) Industrial Products Specialty Chemicals Subtotal - Reportable Segments Eliminations and Other Total Revenues, net $ 43,652 $ 33,836 $ 77,488 $ — $ 77,488 Operating income 8,059 4,574 12,633 (3,212) 9,421 Nine Months Ended December 31, 2019 (in thousands) Industrial Products Specialty Chemicals Subtotal - Reportable Segments Eliminations and Other Total Revenues, net $ 174,794 $ 112,579 $ 287,373 $ — $ 287,373 Operating income 42,099 19,179 61,278 (10,346) 50,932 Nine Months Ended December 31, 2018 (in thousands) Industrial Products Specialty Chemicals Subtotal - Reportable Segments Eliminations and Other Total Revenues, net $ 152,239 $ 106,437 $ 258,676 $ 2 $ 258,678 Operating income 36,164 17,205 53,369 (9,000) 44,369

ORGANIZATION AND OPERATIONS A_3

ORGANIZATION AND OPERATIONS AND SUMMARY OF ACCOUNTING POLICIES - Additional Information (Details) $ in Thousands	9 Months Ended
	Dec. 31, 2019USD ($)segment	Dec. 31, 2019USD ($)brand	Apr. 01, 2019USD ($)
Accounting Policies [Abstract]
Number of business segments	2	2
Highly respected industrial brands (more than) | brand		100
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
ROU assets	$ 14,683	$ 14,683
Lease liabilities	$ 15,315	$ 15,315
ASC 842 Leases
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
ROU assets			$ 16,900
Lease liabilities			18,600
Reduction to opening retained earnings			400
ASC 842 Leases | Retained Earnings
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Reduction to opening retained earnings			$ 400

ACQUISITIONS - Additional Infor

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

DISCONTINUED OPERATIONS - Narra

DISCONTINUED OPERATIONS - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Dec. 31, 2017	Dec. 31, 2019	Dec. 31, 2018
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of assets			$ 1,239	$ 3,291
Discontinued Operations, Held-for-sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment charge		$ 46,000
Discontinued Operations, Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of assets	$ 6,900
Gains on disposal due to write-downs of long-lived assets in prior periods	$ 6,900

DISCONTINUED OPERATIONS - Incom

DISCONTINUED OPERATIONS - Income Statement (Details) - Discontinued Operations, Disposed of by Sale - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenues, net	$ 0	$ 0	$ 0	$ 5,303
Income (loss) from discontinued operations before income taxes	19	(1,225)	(204)	(693)
Income tax benefit	7	209	56	77
Income (loss) from discontinued operations, net	$ 26	$ (1,016)	$ (148)	$ (616)

DISCONTINUED OPERATIONS - Balan

DISCONTINUED OPERATIONS - Balance Sheet (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Apr. 01, 2019	Mar. 31, 2019
Liabilities
ROU assets	$ 14,683
Lease liabilities	15,315
ASC 842 Leases
Liabilities
ROU assets		$ 16,900
Lease liabilities		18,600
Discontinued Operations, Disposed of by Sale
Assets
Prepaid expenses and other current assets	0		$ 21
Other assets	2,012		0
Total assets	2,012		21
Liabilities
Accounts payable, accrued expenses and other liabilities	$ 2,943		$ 945
Discontinued Operations, Disposed of by Sale | ASC 842 Leases
Liabilities
ROU assets		1,800
Lease liabilities		$ 2,900

INVENTORIES (Detail)

INVENTORIES (Detail) - USD ($) $ in Thousands	Dec. 31, 2019	Mar. 31, 2019
Inventory Disclosure [Abstract]
Raw materials and supplies	$ 21,706	$ 20,267
Work in process	7,273	6,483
Finished goods	35,588	31,876
Total inventories	64,567	58,626
Less: LIFO reserve	(5,027)	(5,027)
Less: Obsolescence reserve	(2,271)	(2,170)
Inventories, net	$ 57,269	$ 51,429

GOODWILL AND INTANGIBLE ASSET_2

GOODWILL AND INTANGIBLE ASSETS - Schedule of Changes in Carrying Amount of Goodwill (Detail) $ in Thousands	9 Months Ended
	Dec. 31, 2019USD ($)
Goodwill [Roll Forward]
Balance at beginning of period	$ 86,295
Petersen acquisition	6,128
Currency translation	297
Balance at end of period	92,720
Industrial Products
Goodwill [Roll Forward]
Balance at beginning of period	54,732
Petersen acquisition	6,128
Currency translation	297
Balance at end of period	61,157
Specialty Chemicals
Goodwill [Roll Forward]
Balance at beginning of period	31,563
Petersen acquisition	0
Currency translation	0
Balance at end of period	$ 31,563

GOODWILL AND INTANGIBLE ASSET_3

GOODWILL AND INTANGIBLE ASSETS - Schedule of Intangible Assets (Detail) - USD ($) $ in Thousands	9 Months Ended
	Dec. 31, 2019	Mar. 31, 2019
Intangible Assets [Line Items]
Ending Gross Amount	$ 80,305	$ 76,472
Accumulated Amortization	(42,909)	(38,014)
Trade names and trademarks not being amortized
Intangible Assets [Line Items]
Ending Gross Amount	$ 12,024	12,008
Patents
Intangible Assets [Line Items]
Wtd Avg Life (Years)	11 years
Ending Gross Amount	$ 9,636	9,835
Accumulated Amortization	$ (6,735)	(6,316)
Customer lists and amortized trademarks
Intangible Assets [Line Items]
Wtd Avg Life (Years)	12 years
Ending Gross Amount	$ 63,726	60,065
Accumulated Amortization	$ (32,231)	(28,622)
Non-compete agreements
Intangible Assets [Line Items]
Wtd Avg Life (Years)	5 years
Ending Gross Amount	$ 1,782	1,764
Accumulated Amortization	$ (1,478)	(1,066)
Other
Intangible Assets [Line Items]
Wtd Avg Life (Years)	8 years
Ending Gross Amount	$ 5,161	4,808
Accumulated Amortization	$ (2,465)	$ (2,010)

GOODWILL AND INTANGIBLE ASSET_4

GOODWILL AND INTANGIBLE ASSETS - Schedule of Estimated Future Amortization (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of intangible assets	$ 1,700	$ 1,500	$ 5,100	$ 4,600
2020	1,360		1,360
2021	5,504		5,504
2022	5,100		5,100
2023	4,244		4,244
2024	3,938		3,938
2025	$ 3,250		$ 3,250

SHARE-BASED COMPENSATION - Addi

SHARE-BASED COMPENSATION - Additional Information (Detail)	Dec. 31, 2019shares
2015 Plan | Stock Compensation Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for issuance (shares)	771,543

SHARE-BASED COMPENSATION - Sche

SHARE-BASED COMPENSATION - Schedule of Share-Based Compensation (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 1,366	$ 1,099	$ 3,776	$ 2,893
Related income tax benefit	(328)	(264)	(906)	(694)
Net share-based compensation expense	1,038	835	2,870	2,199
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	0	0	0	19
Related income tax benefit	0	0	0	(4)
Net share-based compensation expense	0	0	0	15
Restricted  Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	1,366	1,099	3,776	2,874
Related income tax benefit	(328)	(264)	(906)	(690)
Net share-based compensation expense	$ 1,038	$ 835	$ 2,870	$ 2,184

SHARE-BASED COMPENSATION - Stoc

SHARE-BASED COMPENSATION - Stock Option Activity (Detail) - Stock Options $ / shares in Units, $ in Millions	9 Months Ended
	Dec. 31, 2019USD ($)$ / sharesshares
Number of Shares
Outstanding at beginning of period (shares) | shares	231,717
Exercised (shares) | shares	(115,859)
Canceled (shares) | shares	0
Outstanding at end of period (shares) | shares	115,858
Exercisable at end of period (shares) | shares	115,858
Weighted Average Exercise Price
Outstanding at beginning of period (USD per share) | $ / shares	$ 25.12
Exercised (USD per share) | $ / shares	24.93
Canceled (USD per share) | $ / shares	0
Outstanding at end of period (USD per share) | $ / shares	25.30
Exercisable at end of period (USD per share) | $ / shares	$ 25.30
Outstanding, Remaining Contractual Life	4 years 4 months 13 days
Exercisable, Remaining Contractual Life	4 years 4 months 13 days
Outstanding, Aggregate Intrinsic Value | $	$ 6
Exercisable, Aggregate Intrinsic Value | $	$ 6

SHARE-BASED COMPENSATION (Stock

SHARE-BASED COMPENSATION (Stock Option Activity) - Additional Information (Detail) - Stock Options - shares	3 Months Ended		9 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted (shares)	0	0	0	0
Number of shares vested (shares)	0	0	0	0

SHARE-BASED COMPENSATION - Rest

SHARE-BASED COMPENSATION - Restricted Share Activity (Detail) - Restricted Shares	9 Months Ended
	Dec. 31, 2019$ / sharesshares
Number of Shares
Outstanding at beginning of period (shares) | shares	213,622
Granted (shares) | shares	89,584
Vested (shares) | shares	(96,312)
Canceled (shares) | shares	(4,113)
Outstanding at end of period (shares) | shares	202,781
Weighted Average Grant Date Fair Value
Outstanding at beginning of period (USD per share) | $ / shares	$ 45.42
Granted (USD per share) | $ / shares	71.13
Vested (USD per share) | $ / shares	37.46
Canceled (USD per share) | $ / shares	44.83
Outstanding at end of period (USD per share) | $ / shares	$ 60.57

SHARE-BASED COMPENSATION (Restr

SHARE-BASED COMPENSATION (Restricted Stock Activity) - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Mar. 31, 2019
Restricted Stock Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested restricted shares outstanding (shares)	92,905		92,905		96,282
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%
Restricted  Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested restricted shares outstanding (shares)	202,781		202,781		213,622
Unrecognized compensation costs related to unvested restricted shares	$ 8.3		$ 8.3
Weighted average vesting period			2 years
Fair value of restricted shares granted	3.8	$ 3.3	$ 6.4	$ 5
Fair value of restricted shares vested	$ 4.1	$ 2.2	$ 6.2	$ 2.6

LONG-TERM DEBT - Schedule of Lo

LONG-TERM DEBT - Schedule of Long-Term Debt (Detail) - USD ($)	Dec. 31, 2019	Mar. 31, 2019
Debt Instrument [Line Items]
Total debt	$ 11,038,000	$ 31,459,000
Less: Current portion	(561,000)	(561,000)
Long-term debt	10,477,000	30,898,000
Whitmore | Secured Term Loan
Debt Instrument [Line Items]
Whitmore Term Loan, interest rate of 3.76% and 4.50%, respectively	$ 11,038,000	$ 11,459,000
Interest rate	3.76%	4.50%
Revolving Credit Facility
Debt Instrument [Line Items]
Revolving Credit Facility, interest rate of 3.01% and 3.74%, respectively	$ 0	$ 20,000,000
Interest rate	3.01%	3.74%

LONG-TERM DEBT (Revolving Credi

LONG-TERM DEBT (Revolving Credit Agreement) - Additional Information (Detail) - USD ($)	9 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Mar. 31, 2019
Debt Instrument [Line Items]
Borrowings on lines of credit	$ 7,500,000	$ 8,000,000
Revolving Credit Facility
Debt Instrument [Line Items]
Debt instrument, term	5 years
Maximum borrowing capacity	$ 250,000,000
Commitment fee paid	0.15%
Borrowings on lines of credit	$ 7,500,000
Line of credit amount repaid	27,500,000
Line of credit outstanding amount	0		$ 20,000,000
Line of credit facility, remaining borrowing capacity	$ 300,000,000		$ 280,000,000
Revolving Credit Facility | Prime Rate
Debt Instrument [Line Items]
Spread on interest rate	0.25%
Revolving Credit Facility | LIBOR
Debt Instrument [Line Items]
Spread on interest rate	1.25%
Revolving Credit Facility, Accordion Feature
Debt Instrument [Line Items]
Additional borrowing capacity with accordion feature	$ 50,000,000

LONG-TERM DEBT (Whitmore Term L

LONG-TERM DEBT (Whitmore Term Loan) - Additional Information (Detail) - Whitmore - Secured Term Loan - USD ($)	9 Months Ended
	Dec. 31, 2019	Mar. 31, 2019
Debt Instrument [Line Items]
Debt instrument, periodic principal payment	$ 140,000
Outstanding borrowings under term loan	$ 11,038,000	$ 11,459,000
LIBOR
Debt Instrument [Line Items]
Spread on interest rate	2.00%

LEASES - Additional Information

LEASES - Additional Information (Details) $ in Millions	1 Months Ended	9 Months Ended
	Oct. 31, 2019USD ($)lease	Dec. 31, 2019
Lessee, Lease, Description [Line Items]
Number of operating leases terminated | lease	2
Early lease termination fee | $	$ 0.5
Minimum
Lessee, Lease, Description [Line Items]
Remaining lease term		1 year
Maximum
Lessee, Lease, Description [Line Items]
Remaining lease term		10 years

LEASES - Components of Operatin

LEASES - Components of Operating Lease Expenses (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Dec. 31, 2019	Dec. 31, 2019
Leases [Abstract]
Operating lease expense	$ 846	$ 2,639
Short-term lease expense	48	201
Total operating lease expense	$ 894	$ 2,840

LEASES - Operating Lease Assets

LEASES - Operating Lease Assets and Liabilities (Details) $ in Thousands	Dec. 31, 2019USD ($)
Leases [Abstract]
ROU assets, net	$ 14,683
Short-term lease liabilities	2,583
Long-term lease liabilities	12,732
Total operating lease liabilities	$ 15,315

LEASES - Supplemental Cash Flow

LEASES - Supplemental Cash Flow (Details) $ in Thousands	9 Months Ended
	Dec. 31, 2019USD ($)
Leases [Abstract]
Cash paid for amounts included in the measurement of operating lease liabilities	$ 2,554
ROU assets obtained in exchange for new operating lease obligations	$ 2,419

LEASES - Other Information for

LEASES - Other Information for Operating Leases (Details)	Dec. 31, 2019
Leases [Abstract]
Weighted average remaining lease term (in years)	6 years 2 months 26 days
Weighted average discount rate (percent)	4.30%

LEASES - Maturities of Operatin

LEASES - Maturities of Operating Lease Liabilities (Details) $ in Thousands	Dec. 31, 2019USD ($)
Leases [Abstract]
Year Ending March 31, 2020 (excluding the nine months ended December 31, 2019)	$ 828
2021	3,256
2022	3,235
2023	2,569
2024	2,349
Thereafter	6,011
Total lease liabilities	18,248
Less: Imputed interest	(2,933)
Present value of lease liabilities	$ 15,315

LEASES - Future Minimum Obligat

LEASES - Future Minimum Obligations Under Operating Leases (Details) $ in Thousands	Mar. 31, 2019USD ($)
Leases [Abstract]
2020	$ 3,048
2021	2,733
2022	1,645
2023	1,038
2024	921
Thereafter	1,010
Total future minimum lease payments	$ 10,395

DERIVATIVE INSTRUMENTS AND HE_3

DERIVATIVE INSTRUMENTS AND HEDGE ACCOUNTING - Additional Information (Detail) - Interest Rate Swap - USD ($) $ in Millions	9 Months Ended
	Dec. 31, 2019	Mar. 31, 2019
Derivative [Line Items]
Notional amount	$ 11	$ 11.5
Maximum remaining length of contract	9 years 7 months 6 days

DERIVATIVE INSTRUMENTS AND HE_4

DERIVATIVE INSTRUMENTS AND HEDGE ACCOUNTING - Fair Value of Derivatives (Detail) - Hedging Instrument - Interest Rate Swap - USD ($) $ in Thousands	Dec. 31, 2019	Mar. 31, 2019
Derivatives, Fair Value [Line Items]
Current derivative liabilities	$ 137	$ 56
Non-current derivative liabilities	$ 751	$ 443

EARNINGS PER SHARE (Detail)

EARNINGS PER SHARE (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended						9 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Dec. 31, 2019	Dec. 31, 2018
Earnings Per Share [Abstract]
Income from continuing operations	$ 7,282			$ 5,997			$ 31,445	$ 32,427
Income (loss) from discontinued operations	26			(1,016)			(148)	(616)
Net income	$ 7,308	$ 8,783	$ 15,204	$ 4,981	$ 15,155	$ 11,676	$ 31,297	$ 31,811
Weighted average shares:
Common stock (shares)	14,976			15,084			14,931	15,369
Participating securities (shares)	108			154			113	159
Denominator for basic earnings per common share (shares)	15,084			15,238			15,044	15,528
Potentially dilutive securities (shares)	168			115			177	117
Denominator for diluted earnings per common share (shares)	15,252			15,353			15,221	15,645
Basic earnings (loss) per common share:
Continuing operations (USD per share)	$ 0.48			$ 0.39			$ 2.09	$ 2.09
Discontinued operations (USD per share)	0			(0.06)			(0.01)	(0.04)
Net income (USD per share)	0.48			0.33			2.08	2.05
Diluted earnings (loss) per common share:
Continuing operations (USD per share)	0.48			0.39			2.07	2.07
Discontinued operations (USD per share)	0			(0.07)			(0.01)	(0.04)
Net income (USD per share)	$ 0.48			$ 0.32			$ 2.06	$ 2.03

SHAREHOLDERS' EQUITY (Details)

SHAREHOLDERS' EQUITY (Details) - USD ($)	Jan. 10, 2020	Apr. 04, 2019	Nov. 07, 2018	Nov. 11, 2016	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2019	Oct. 31, 2018
Equity, Class of Treasury Stock [Line Items]
Dividend declared (USD per share)		$ 0.135
Total dividends declared and paid					$ 2,000,000		$ 6,100,000
Approved quarterly dividend rate (USD per share)		$ 0.135
Subsequent Event
Equity, Class of Treasury Stock [Line Items]
Dividend declared (USD per share)	$ 0.135
2016 Share Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Share repurchase program authorized amount				$ 35,000,000
Share repurchase program term				2 years
Shares repurchased (shares)						57,499		629,659		656,203
Shares repurchased, amount						$ 3,000,000		$ 33,800,000		$ 35,000,000
2018 Share Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Share repurchase program authorized amount			$ 75,000,000
Share repurchase program term			2 years
Shares repurchased (shares)					12,494		12,494		243,644
Shares repurchased, amount					$ 800,000		$ 800,000		$ 12,600,000

RETIREMENT PLANS (Detail)

RETIREMENT PLANS (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
Retirement Benefits [Abstract]
Service cost, benefits earned during the period	$ 18	$ 19	$ 53	$ 56
Interest cost on projected benefit obligation	37	528	1,082	1,584
Expected return on assets	(27)	(664)	(1,334)	(1,991)
Amortization of net actuarial loss	12	12	38	36
Pension plan termination	0	0	7,019	0
Net pension benefit	$ 40	$ (105)	$ 6,858	$ (315)

RETIREMENT PLANS - Additional I

RETIREMENT PLANS - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended		3 Months Ended		9 Months Ended
	Sep. 30, 2019	Aug. 31, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Overall termination charge, pre-tax			$ 0	$ 0	$ 7,019	$ 0
Pension Plan | U.S. | Qualified Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Lump sum payments offered to eligible active and terminated vested participants, percent of liability					42.00%
Percent of participants that accepted lump sum payment offer					74.00%
Aggregate amount of lump sum payments		$ 17,000
Additional contribution required due to termination	$ 500
Overall termination charge, pre-tax	7,000
Overall termination charge, net of tax	$ 5,400

INCOME TAXES (Detail)

INCOME TAXES (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Income from continuing operations before income taxes	$ 9,354	$ 9,468	$ 41,544	$ 44,432
Tax expense (benefit)	$ 2,072	$ 3,471	$ 10,099	$ 12,005
Effective tax rate	22.20%	36.70%	(24.30%)	27.00%

OTHER COMPREHENSIVE INCOME (L_3

OTHER COMPREHENSIVE INCOME (LOSS) (Detail) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Dec. 31, 2019	Dec. 31, 2018
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	$ 286,439	$ 276,827	$ 263,686	$ 260,301	$ 267,609	$ 265,765	$ 263,686	$ 265,765
Other comprehensive income (loss)	1,903	1,648	(43)	(1,795)	167	(1,335)	3,508	(2,963)
Balance at end of period	292,992	286,439	276,827	253,827	260,301	267,609	292,992	253,827
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	(7,280)		(6,869)	(6,279)		(4,837)	(6,869)	(4,837)
Other comprehensive income (loss)	1,699			(1,582)			1,288	(3,024)
Balance at end of period	(5,581)	(7,280)		(7,861)	(6,279)		(5,581)	(7,861)
Interest rate swaps
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	(908)		(394)				(394)
Unrealized gains (losses), net of taxes	184						(354)
Reclassification of other comprehensive (income) loss, net of taxes	23						47
Other comprehensive income (loss)	207						(307)
Balance at end of period	(701)	(908)					(701)
Unrealized gains (losses), tax	(49)			71			94	11
Reclassification from AOCI, tax	(6)			(4)			(12)	(15)
Other adjustments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Other comprehensive income (loss)							0	(16)
Interest rate swaps
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period				144		(108)		(108)
Unrealized gains (losses), net of taxes				(268)				(42)
Reclassification of other comprehensive (income) loss, net of taxes				14				56
Other comprehensive income (loss)				(254)				(2)
Balance at end of period				(110)	144			(110)
Defined benefit plans
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	(936)		$ (3,466)	(2,508)		$ (2,530)	(3,466)	(2,530)
Other comprehensive income (loss)							2,527	63
Balance at end of period	(939)	$ (936)		(2,467)	$ (2,508)		(939)	(2,467)
Amortization of net losses
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Reclassification of other comprehensive (income) loss, net of taxes	(3)			41			11	63
Reclassification from AOCI, tax	$ 1			$ (11)			(3)	(17)
Pension plan termination
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Reclassification of other comprehensive (income) loss, net of taxes							2,516	0
Reclassification from AOCI, tax							$ (669)	$ 0

REVENUE RECOGNITION (Details)

REVENUE RECOGNITION (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
Disaggregation of Revenue [Line Items]
Net revenues	$ 83,716	$ 77,488	$ 287,373	$ 258,678
Change in Contract Liabilities [Roll Forward]
Balance at beginning of period			2,337
Revenue recognized during the period			(442)
New contracts during the period			942
Balance at end of period	2,837		2,837
Reportable Segments
Disaggregation of Revenue [Line Items]
Net revenues	83,716	77,488	287,373	258,676
Reportable Segments | Build-to-order
Disaggregation of Revenue [Line Items]
Net revenues	19,955	17,917	61,196	51,238
Reportable Segments | Book-and-ship
Disaggregation of Revenue [Line Items]
Net revenues	63,761	59,571	226,177	207,438
Reportable Segments | Industrial Products
Disaggregation of Revenue [Line Items]
Net revenues	48,673	43,652	174,794	152,239
Reportable Segments | Industrial Products | Build-to-order
Disaggregation of Revenue [Line Items]
Net revenues	19,955	17,917	61,196	51,238
Reportable Segments | Industrial Products | Book-and-ship
Disaggregation of Revenue [Line Items]
Net revenues	28,718	25,735	113,598	101,001
Reportable Segments | Specialty Chemicals
Disaggregation of Revenue [Line Items]
Net revenues	35,043	33,836	112,579	106,437
Reportable Segments | Specialty Chemicals | Build-to-order
Disaggregation of Revenue [Line Items]
Net revenues	0	0	0	0
Reportable Segments | Specialty Chemicals | Book-and-ship
Disaggregation of Revenue [Line Items]
Net revenues	$ 35,043	$ 33,836	$ 112,579	$ 106,437

SEGMENTS (Detail)

SEGMENTS (Detail) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2019segment	Dec. 31, 2019USD ($)	Dec. 31, 2019brand	Dec. 31, 2018USD ($)
Segment Reporting [Abstract]
Number of business segments			2		2
Segment Reporting Information [Line Items]
Revenues, net	$ 83,716	$ 77,488		$ 287,373		$ 258,678
Operating income	10,488	9,421		50,932		44,369
Reportable Segments
Segment Reporting Information [Line Items]
Revenues, net	83,716	77,488		287,373		258,676
Operating income	14,057	12,633		61,278		53,369
Reportable Segments | Industrial Products
Segment Reporting Information [Line Items]
Revenues, net	48,673	43,652		174,794		152,239
Operating income	8,643	8,059		42,099		36,164
Reportable Segments | Specialty Chemicals
Segment Reporting Information [Line Items]
Revenues, net	35,043	33,836		112,579		106,437
Operating income	5,414	4,574		19,179		17,205
Eliminations and Other
Segment Reporting Information [Line Items]
Revenues, net	0	0		0		2
Operating income	$ (3,569)	$ (3,212)		$ (10,346)		$ (9,000)

Uncategorized Items - cswi-2019

Label	Element	Value
Accounting Standards Update 2016-16 [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ (1,232,000)
Accounting Standards Update 2016-16 [Member] | Retained Earnings [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	(1,232,000)
Accounting Standards Update 2014-09 [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	(692,000)
Accounting Standards Update 2014-09 [Member] | Retained Earnings [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ (692,000)