CSW Industrials (CSWI) 10-Q 3 Feb 22 2022 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Dec. 31, 2021	Jan. 31, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Dec. 31, 2021
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	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		15,824,478
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001624794
Current Fiscal Year End Date	--03-31

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Income Statement [Abstract]
Revenues, net	$ 136,286	$ 89,932	$ 453,136	$ 285,836
Cost of revenues	(86,244)	(50,594)	(271,445)	(155,010)
Gross profit	50,042	39,338	181,691	130,826
Selling, general and administrative expenses	(37,894)	(35,221)	(115,177)	(88,276)
Operating income	12,148	4,117	66,514	42,550
Interest expense, net	(1,184)	(469)	(4,151)	(1,071)
Other expense, net	(127)	(592)	(432)	(1,259)
Income before income taxes	10,837	3,056	61,931	40,220
Provision for income taxes	(2,068)	(710)	(14,592)	(9,560)
Net income	8,769	2,346	47,339	30,660
Less: Income attributable to redeemable noncontrolling interest	(458)	0	(985)	0
Net income attributable to CSW Industrials, Inc.	$ 8,311	$ 2,346	$ 46,354	$ 30,660
Net income per share attributable to CSW Industrials, Inc.
Basic (USD per share)	$ 0.53	$ 0.16	$ 2.94	$ 2.07
Diluted (USD per share)	$ 0.52	$ 0.16	$ 2.93	$ 2.06

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Statement of Comprehensive Income [Abstract]
Net income	$ 8,769	$ 2,346	$ 47,339	$ 30,660
Other comprehensive income (loss):
Foreign currency translation adjustments	(71)	2,271	(113)	4,661
Cash flow hedging activity, net of taxes of $(25), $(40), $(19) and $(42), respectively	93	152	71	157
Pension and other postretirement effects, net of taxes of $14, $3, $5 and 3, respectively	(52)	(10)	(20)	(10)
Other comprehensive income (loss)	(30)	2,413	(62)	4,808
Comprehensive income	8,739	4,759	47,277	35,468
Less: Comprehensive income attributable to redeemable noncontrolling interest	(458)	0	(985)	0
Comprehensive income attributable to CSW Industrials, Inc.	$ 8,281	$ 4,759	$ 46,292	$ 35,468

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Statement of Comprehensive Income [Abstract]
Cash flow hedging activity, taxes	$ (25)	$ (40)	$ (19)	$ (42)
Pension and other postretirement effect, taxes	$ 14	$ 3	$ 5	$ 3

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Dec. 31, 2021	Mar. 31, 2021
Current assets:
Cash and cash equivalents	$ 16,184	$ 10,088
Accounts receivable, net of allowance for expected credit losses of $1,021 and $915, respectively	90,737	96,695
Inventories, net	127,442	98,086
Prepaid expenses and other current assets	16,355	9,684
Total current assets	250,718	214,553
Property, plant and equipment, net of accumulated depreciation of $78,510 and $72,944, respectively	82,557	82,554
Goodwill	237,985	218,795
Intangible assets, net	295,149	283,060
Other assets	83,636	75,995
Total assets	950,045	874,957
Current liabilities:
Accounts payable	39,530	32,444
Accrued and other current liabilities	58,335	49,743
Current portion of long-term debt	561	561
Total current liabilities	98,426	82,748
Long-term debt	230,355	241,776
Retirement benefits payable	1,706	1,695
Other long-term liabilities	145,444	136,725
Total liabilities	475,931	462,944
Commitments and contingencies (See Note 14)
Redeemable noncontrolling interest	15,376	0
Equity:
Common shares	162	161
Preferred shares	0	0
Additional paid-in capital	110,790	104,689
Treasury shares, at cost (454 and 511 shares, respectively)	(32,604)	(34,075)
Retained earnings	386,448	347,234
Accumulated other comprehensive loss	(6,058)	(5,996)
Total equity	458,738	412,013
Total liabilities, redeemable noncontrolling interest and equity	$ 950,045	$ 874,957

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2021	Mar. 31, 2021
Statement of Financial Position [Abstract]
Accounts receivable, allowance for expected credit losses	$ 1,021	$ 915
Property, plant and equipment, accumulated depreciation	$ 78,510	$ 72,944
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)	16,284,000	16,162,000
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)	454,000	511,000

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, 2020	$ 276,741	$ 159	$ (75,377)	$ 48,327	$ 315,078	$ (11,446)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation	1,328			1,328
Stock activity under stock plans	(1,670)	1	(1,670)	(1)
Repurchase of common shares	(7,291)		(7,291)
Reissuance of treasury shares	3,647		3,131	516
Net income	11,960				11,960
Dividends	(1,984)			12	(1,996)
Other comprehensive income (loss), net of tax	1,279					1,279
Balance at end of period at Jun. 30, 2020	284,010	160	(81,207)	50,182	325,042	(10,167)
Balance at beginning of period at Mar. 31, 2020	276,741	159	(75,377)	48,327	315,078	(11,446)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income attribute to Whitmore JV	30,660
Net income	30,660
Other comprehensive income (loss), net of tax	4,808
Balance at end of period at Dec. 31, 2020	402,717	161	(34,075)	103,538	339,731	(6,638)
Balance at beginning of period at Jun. 30, 2020	284,010	160	(81,207)	50,182	325,042	(10,167)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation	1,222			1,222
Stock activity under stock plans	(6)		(6)
Reissuance of treasury shares	1,333		1,812	(479)	0
Net income	16,354				16,354
Dividends	(1,988)			11	(1,999)
Other comprehensive income (loss), net of tax	1,116					1,116
Balance at end of period at Sep. 30, 2020	302,041	160	(79,401)	50,936	339,397	(9,051)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation	1,395			1,395
Stock activity under stock plans	(1,135)	1	(1,136)
Reissuance of treasury shares	97,656		46,462	51,194	0
Net income attribute to Whitmore JV	2,346
Net income	2,346				2,346
Dividends	(1,999)			13	(2,012)
Other comprehensive income (loss), net of tax	2,413					2,413
Balance at end of period at Dec. 31, 2020	402,717	161	(34,075)	103,538	339,731	(6,638)
Balance at beginning of period at Mar. 31, 2021	412,013	161	(34,075)	104,689	347,234	(5,996)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation	1,888			1,888
Stock activity under stock plans	(3,169)		(3,168)	(1)
Reissuance of treasury shares	2,311		1,375	936
Net income attribute to Whitmore JV	20,048				20,048
Dividends	(2,358)			19	(2,377)
Other comprehensive income (loss), net of tax	387					387
Balance at end of period at Jun. 30, 2021	431,120	161	(35,868)	107,531	364,905	(5,609)
Balance at beginning of period at Mar. 31, 2021	412,013	161	(34,075)	104,689	347,234	(5,996)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income attribute to Whitmore JV	46,354
Net income	47,339
Other comprehensive income (loss), net of tax	(62)
Balance at end of period at Dec. 31, 2021	458,738	162	(32,604)	110,790	386,448	(6,058)
Balance at beginning of period at Jun. 30, 2021	431,120	161	(35,868)	107,531	364,905	(5,609)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation	2,049			2,049
Stock activity under stock plans	(13)		(13)
Reissuance of treasury shares	574		1,568	(994)
Net income attribute to Whitmore JV	17,996				17,996
Dividends	(2,360)			18	(2,378)
Other comprehensive income (loss), net of tax	(419)					(419)
Balance at end of period at Sep. 30, 2021	448,947	161	(34,313)	108,604	380,523	(6,028)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation	2,287			2,287
Stock activity under stock plans	(1,697)	1	(1,698)
Repurchase of common shares	(477)		(477)
Reissuance of treasury shares	3,765		3,884	(119)
Net income attribute to Whitmore JV	8,311				8,311
Net income	8,769
Dividends	(2,368)			18	(2,386)
Other comprehensive income (loss), net of tax	(30)					(30)
Balance at end of period at Dec. 31, 2021	$ 458,738	$ 162	$ (32,604)	$ 110,790	$ 386,448	$ (6,058)

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Cash flows from operating activities:
Net income	$ 47,339	$ 30,660
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	8,731	6,079
Amortization of intangible and other assets	19,765	5,698
Provision for inventory reserves	3,519	1,169
Provision for doubtful accounts	1,146	227
Share-based and other executive compensation	6,223	3,945
Net gain on disposals of property, plant and equipment	(9)	(42)
Net pension benefit	269	121
Net deferred taxes	1,757	456
Changes in operating assets and liabilities:
Accounts receivable	5,621	14,115
Inventories	(33,250)	(1,581)
Prepaid expenses and other current assets	(4,827)	(4,494)
Other assets	378	(340)
Accounts payable and other current liabilities	12,032	(1,787)
Retirement benefits payable and other liabilities	778	(180)
Net cash provided by operating activities	69,472	54,046
Cash flows from investing activities:
Capital expenditures	(8,356)	(6,886)
Proceeds from sale of assets	21	604
Cash paid for acquisitions	(36,427)	(278,680)
Net cash used in investing activities	(44,762)	(284,962)
Cash flows from financing activities:
Borrowings on line of credit	52,513	255,000
Repayments of line of credit and term loan	(63,934)	(10,421)
Payments of deferred loan costs	(2,327)	(149)
Purchase of treasury shares	(5,356)	(10,488)
Proceeds from stock option activity	1,326	1,331
Proceeds from acquisition of redeemable noncontrolling interest shareholder	6,293	0
Dividends	(7,084)	(5,970)
Net cash provided by (used in) financing activities	(18,569)	229,303
Effect of exchange rate changes on cash and equivalents	(45)	1,535
Net change in cash and cash equivalents	6,096	(78)
Cash and cash equivalents, beginning of period	10,088	18,338
Cash and cash equivalents, end of period	$ 16,184	$ 18,260

ORGANIZATION AND OPERATIONS AND

ORGANIZATION AND OPERATIONS AND SUMMARY OF ACCOUNTING POLICIES	9 Months Ended
	Dec. 31, 2021
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 growth-oriented, diversified industrial company with a strategic focus on providing niche, value-added products in the end markets we serve. Our broad portfolio of leading products provides performance optimizing and life safety solutions to our customers. Our products include mechanical products for heating, ventilation, air conditioning and refrigeration (“HVAC/R”), grilles, registers and diffusers ("GRD"), engineered building products and high-performance specialty lubricants and sealants. Drawing on our innovative and proven technologies, we seek to deliver solutions primarily to our professional end-use customers that place a premium on superior performance and reliability. Our diverse product portfolio includes more than 100 highly respected industrial brands including No. 5®, KOPR-KOTE®, Kats Coatings®, Safe-T-Switch®, Air Sentry®, Deacon®, Leak Freeze®, Greco®, TRUaire® and Shoemaker Manufacturing TM . Our products are well-known in the specific industries we serve and have a reputation for high quality and reliability. Markets that we serve include HVAC/R, architecturally-specified building products, plumbing, energy, rail, mining and general industrial markets. The COVID-19 pandemic and its resulting impacts had an overall negative impact on our financial results in the three and nine months of our prior fiscal year ended December 31, 2020. During the three and nine months of our current fiscal year ended December 31, 2021, the direct impact of the COVID-19 pandemic on our consolidated operating results was limited, in all material respects, to our operations in Vietnam. In early August 2021, the Vietnamese government mandated numerous restrictions in an effort to mitigate the spread of COVID-19, including closures of non-essential businesses, limitations on movements of individuals, and the imposition of other highly-restrictive measures for businesses, like ours, that continued operations in compliance with the restrictions. Our Vietnam operations began resuming normal production activities in late November 2021, when the Vietnamese government-mandated restrictions began to ease. Regarding our operations generally, the indirect impacts of the COVID-19 pandemic have resulted in material and freight cost inflation, supply chain disruptions and freight delays, driven by numerous factors including countermeasures taken by U.S. federal, state and/or local governments and the Federal Reserve, labor supply shortages, and recovering demand. During the three months ended December 31, 2021, material cost increases moderated, but we continue to experience increased freight costs and freight delays. We expect material and freight cost volatility, supply chain challenges and freight delays to continue in the near-term, and we are addressing these impacts through focused inventory management and by continuing and increasing the pricing initiatives that began in the three months ended March 31, 2021. While the COVID-19 pandemic and its indirect effects have contributed to increased demand in certain parts of our business, including the HVAC/R end market, we expect customer demand levels and our overall results of operations and financial condition to have some level of volatility through the duration of the pandemic when compared to pre-pandemic periods. Despite strong demand in certain of our end markets and clear signs of recovery in others, we cannot reasonably estimate the magnitude or length of the pandemic’s direct and indirect adverse impact, including its ultimate impact on our business or financial condition, due to continued uncertainty regarding (1) the duration and severity of the COVID-19 pandemic, including any surges due to the Omicron variant or other future mutations and (2) the continued potential for short and long-term impacts on our facilities and employees, customer demand and supply chain. Basis of Presentation The condensed consolidated financial statements included in this Quarterly Report on Form 10-Q for the quarterly period ended December 31, 2021 (“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 are for us and our consolidated subsidiaries, each of which is a wholly-owned subsidiary, except our 50% investment in a variable interest entity for which we have determined that we are the primary beneficiary and therefore have consolidated into our financial statements. All significant intercompany transactions have been eliminated in consolidation. 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, 2021, and the results of operations for the three and nine-month periods ended December 31, 2021 and 2020. All adjustments are of a normal, recurring nature. 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, 2021 (the “Annual Report”). Whitmore Joint Venture On April 1, 2021, Whitmore Manufacturing, LLC (“Whitmore”), a wholly-owned subsidiary of CSWI, completed the formation of the previously announced joint venture (the "Whitmore JV") with Pennzoil-Quaker State Company dba SOPUS Products (“Shell”), a wholly-owned subsidiary of Shell Oil Company that comprises Shell’s U.S. lubricants business. The formation was consummated through a transaction in which Whitmore sold to Shell a 50% interest in a wholly-owned subsidiary (containing certain existing operating assets) in exchange for consideration of $13.4 million from Shell in the form of cash and intangible assets. The Whitmore JV is deemed to be a variable interest entity ("VIE") and the Company is the primary beneficiary of this VIE, primarily due to Whitmore having the power to direct the manufacturing activities, which are considered the most significant activities for the Whitmore JV. The Whitmore JV has been consolidated into the operations of the Company and its activity has been included in our Specialized Reliability Solutions segment since the formation date. Refer to Note 3 for further information on the Whitmore JV. Segment Realignment Beginning with the quarter ended June 30, 2021, we revised our segment structure to align with how our chief operating decision maker (who was determined to be our Chief Executive Officer) views our business, assesses performance and allocates resources to our business components. This segment structure revision became effective on April 1, 2021, and followed the completion of various strategic transactions including the acquisition of T.A. Industries, Inc. and the formation of the Whitmore JV. Refer to accounting policies below for detailed descriptions of our three business segments. As a result of the business segment revision, reclassification of certain prior year financial information has been made to conform with the current period's presentation. None of the changes impact the Company's previously reported consolidated net revenue, operating income, net income or net income per share. Refer to Note 18 for additional information on the Company's segment realignments. Accounting Policies We have consistently applied the accounting policies described in our Annual Report in preparing these condensed consolidated financial statements. Updates and supplements to those accounting policies associated with the segment realignment and formation of the Whitmore JV are discussed below: Segments - As discussed above, we conduct our operations through three business segments based on how we manage the business. Our Chief Executive Officer views our business, assesses performance and allocates resources using financial information generated and reported at the reportable segment level. We evaluate segment performance and allocate resources based on each reportable segment's operating income. Our reportable segments are as follows: 1. Contractor Solutions , which manufactures and supplies products predominantly for residential and commercial HVAC/R and plumbing applications, which are designed primarily for professional tradespeople. This segment is comprised primarily of our RectorSeal, TRUaire and Shoemaker operating companies. 2. Engineered Building Solutions , which provides primarily code-driven products focused on life safety that are engineered to provide aesthetically-pleasing solutions for the construction, refurbishment and modernization of commercial, institutional, and multi-family residential buildings. This segment is comprised primarily of our Balco, Greco and Smoke Guard operating companies. 3. Specialized Reliability Solutions , which provides products for increasing the reliability, performance and lifespan of industrial assets and solving equipment maintenance challenges. This segment is comprised primarily of our Whitmore operating company and the Whitmore JV. Variable Interest Entities - We evaluate whether an entity is a variable interest entity (“VIE”) and determine if the primary beneficiary status is appropriate on a quarterly basis. We consolidate a VIE for which we are the primary beneficiary. When assessing the determination of the primary beneficiary, we consider all relevant facts and circumstances, including: the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance, the obligation to absorb the expected losses and/or the right to receive the expected returns of the VIE. Through this evaluation, we determined that the Whitmore JV is a VIE and the Company is the primary beneficiary of this VIE, primarily due to the Whitmore having the power to direct the manufacturing activities, which are considered the most significant activities for the Whitmore JV. Redeemable Noncontrolling Interests - Noncontrolling interests with redemption features that are not solely within our control are considered redeemable noncontrolling interests. Our redeemable noncontrolling interest relates to Shell's 50% equity interest in the Whitmore JV and is classified in temporary equity that is reported between liabilities and shareholders' equity on our Consolidated Balance Sheets initially at its formation-date fair value. We adjust the redeemable noncontrolling interest each reporting period for the net income (or loss) attributable to the noncontrolling interest. We also make a measurement period adjustment, if any, to adjust the redeemable noncontrolling interest to the higher of the redemption value or carrying value each reporting period. These adjustments are recognized through retained earnings and are not reflected in net income or net income attributable to CSWI. The redemption value of the redeemable noncontrolling interest is estimated using a discounted cash flow analysis, which requires management judgment with respect to future revenue, operating margins, growth rates and discount rates. Net income (loss) attributable to the redeemable noncontrolling interests are presented as a separate line on the consolidated statements of operations which is necessary to identify those income (loss) specifically attributable to CSWI. The financial results and position of the redeemable noncontrolling interest acquired through the formation of the Whitmore JV are included in their entirety in our consolidated statements of operations and consolidated balance sheets beginning with the first fiscal quarter of fiscal 2022. When calculating earnings per share attributable to CSWI, we adjust net income attributable to CSWI for the excess portion of the measurement period adjustment to the extent the redemption value exceeds both the carrying value and the fair value of the redeemable noncontrolling interest on a cumulative basis. Refer to Note 3 for further information regarding the redeemable noncontrolling interest. Accounting Developments Pronouncements Implemented In December 2019, the FASB issued ASU No. 2019-12, "Income Taxes: Simplifying the Accounting for Income Taxes." The amendments in this ASU simplify the accounting for income taxes by removing certain exceptions and adding some requirements regarding franchise (or similar) tax, step-ups in a business combination, treatment of entities not subject to tax and when to apply enacted changes in tax laws. This ASU is effective for fiscal years beginning after December 15, 2020 and interim periods within those fiscal years. The amendments related to changes in ownership of foreign equity method investments or foreign subsidiaries should be applied on a modified retrospective basis through a cumulative-effect adjustment to retained earnings as of the beginning of the fiscal year of adoption. The amendments related to franchise taxes that are partially based on income should be applied on either a retrospective basis for all periods presented or a modified retrospective basis through a cumulative-effect adjustment to retained earnings as of the beginning of the fiscal year of adoption. All other amendments should be applied on a prospective basis. Early adoption is permitted. Our adoption of ASU No. 2019-12 effective April 1, 2021 did not have a material impact on our condensed consolidated financial conditions and results of operations. Pronouncements not yet implemented In March 2020, the FASB issued ASU 2020-04, "Reference Rate Reform (Topic 848) Facilitation of the Effects of Reference Rate Reform on Financial Reporting." This update provides optional guidance for a limited period of time to ease potential accounting impacts associated with transitioning away from reference rates that are expected to be discontinued, such as interbank offered rates and LIBOR. This ASU includes practical expedients for contract modifications due to reference rate reform. Generally, contract modifications related to reference rate reform may be considered an event that does not require remeasurement or reassessment of a previous accounting determination at the modification date. This ASU is effective immediately; however, it is only available through December 31, 2022. We are currently evaluating the potential impact of this ASU on our consolidated financial position and results of operations.

ACQUISITIONS

ACQUISITIONS	9 Months Ended
	Dec. 31, 2021
Business Combination and Asset Acquisition [Abstract]
ACQUISITIONS	ACQUISITIONS Shoemaker Manufacturing, LLC On December 15, 2021, we acquired 100% of outstanding equity of Shoemaker Manufacturing, LLC (“Shoemaker”), based in Cle Elum, Washington, for an aggregate purchase price of $44.0 million, including preliminary working capital and closing cash adjustments and expected contingent consideration. Shoemaker offers high-quality customizable GRD for commercial and residential markets, and expands CSWI’s HVAC/R product offering and regional exposure in the northwest U.S. The aggregate purchase price was comprised of initial cash consideration of $39.0 million, 25,483 shares of the Company's common stock valued at $3.0 million at transaction close and additional contingent consideration of up to $2.0 million based on Shoemaker meeting a defined financial target during the quarter ended March 31, 2022. The cash consideration was funded with cash on hand and borrowings under our existing revolving credit facility. The 25,483 shares of common stock delivered to the sellers as consideration were issued from treasury shares. As of the acquisition date, the estimated fair value of the contingent consideration obligation was classified as a current liability of $2.0 million and was determined using a scenario-based analysis on forecasted future results. During the three months ended December 31, 2021, we incurred $0.5 million in transaction expenses in connection with the Shoemaker acquisition, which were included in selling, general and administrative expenses in the Consolidated Statement of Operations. The Shoemaker acquisition was accounted for as a business combination under FASB Accounting Standards Codification Topic 805, Business Combinations ("Topic 805"). The excess of the purchase price over the preliminary fair value of the identifiable assets acquired was $19.7 million allocated to goodwill, which represents the value expected to be obtained from owning a more extensive GRD product portfolio for the HVAC/R market and increased regional exposure to the northwest U.S. The preliminary allocation of the fair value of the net assets acquired included customer lists ($13.0 million), trademarks ($5.3 million), noncompete agreements ($0.8 million), backlog ($0.3 million), inventory ($3.6 million), accounts receivable ($1.7 million), cash ($1.2 million), equipment ($1.4 million) and prepaid expenses ($0.2 million), net of current liabilities ($3.1 million). Customer lists, noncompete agreements and backlog are being amortized over 15 years, 5 years and 1 month, respectively, while trademarks and goodwill are not being amortized. The Company's evaluation of the facts and circumstances available of December 15, 2021, to assign fair values to assets acquired and liabilities assumed is ongoing. We expect to finalize the purchase price allocation as soon as practicable, but no later than one year from the acquisition date. Goodwill and all intangible assets, including customer lists, trademarks, noncompete agreements and backlog are deductible and amortized over 15 years for income tax purposes. Shoemaker activity has been included in our Contractor Solutions segment since the acquisition date. No pro forma information has been provided due to immateriality. T.A. Industries On December 15, 2020, we acquired 100% of the outstanding equity of T.A. Industries, Inc. (“TRUaire”), a leading manufacturer of GRD for the residential and commercial HVAC/R end market, based in Santa Fe Springs, California. The acquisition also included TRUaire’s wholly-owned manufacturing facility based in Vietnam. The acquisition extended the Company’s product offerings to the HVAC/R end market share and provided strategic distribution facilities. The contractual consideration paid for TRUaire included cash of $288.0 million, after working capital, closing cash and subsequent tax adjustments, and 849,852 shares of the Company’s common stock (valued at approximately $76.0 million at transaction signing on November 4, 2020) valued at $97.7 million at transaction close based on the closing market price of the Company's common shares on the acquisition date. The cash consideration was funded through a combination of cash on hand and borrowings under our revolving credit facility. The 849,852 shares of common stock delivered to the sellers as consideration were reissued from treasury shares. Acquisition Consideration (Amounts in thousands, except for shares) Cash (a) $ 287,986 Common stock (849,852 shares) 97,656 Total consideration transferred $ 385,642 (a) Amount includes working capital and closing cash adjustments, and includes a $1.0 million to be paid to the sellers as a result of an expected tax refund pursuant to the purchase agreement. The TRUaire acquisition was accounted for as a business combination under Topic 805. The Company allocated the TRUaire purchase price to tangible and identifiable intangible assets acquired and liabilities assumed based on their estimated fair values as of the acquisition date, December 15, 2020. The excess of the purchase price over those fair values was recorded to goodwill. The Company completed the analysis of tangible assets, intangible assets, liabilities assumed and the related allocation during the three months ended December 31, 2021. The following table summarizes the Company's estimate of the aggregate fair value of the assets acquired and liabilities assumed at the date of acquisition (in thousands). Initial Estimated Fair Value Measurement Period Adjustments Final Estimated Fair Value Cash $ 1,471 $ — $ 1,471 Accounts Receivable, net 13,467 (17) 13,450 Inventory 46,313 (1,300) 45,013 Short-Term Tax Indemnity Assets 5,000 — 5,000 Other Current Assets 1,285 2,103 3,388 Property, Plant and Equipment 28,832 (4,201) 24,631 Trade Name (indefinite life) 43,500 — 43,500 Customer Lists (useful life of 15 years) 194,000 8,500 202,500 Right-Of-Use Assets 49,040 — 49,040 Long-Term Tax Indemnity Assets 7,500 — 7,500 Other Long-Term Assets 2,850 (698) 2,152 Accounts Payable (4,074) — (4,074) Accrued and Other Current Liabilities (3,678) (172) (3,850) Lease Liabilities - Short-Term (4,811) — (4,811) Deferred Tax Liabilities (56,249) (5,589) (61,838) Tax Contingency Reserve (22,511) 5,190 (17,321) Lease Liabilities - Long-Term (45,369) — (45,369) Estimated fair value of net assets acquired 256,566 3,816 260,382 Goodwill 129,169 (3,909) 125,260 Total Purchase Price $ 385,735 $ (93) $ 385,642 Deferred tax liabilities were established to record the deferred tax impact of purchase price accounting adjustments, primarily related to intangible assets. Tax contingency reserves relate to uncertain tax positions TRUaire took in the periods prior to the acquisition date. In accordance with the tax indemnification included in the purchase agreement of TRUaire, the seller provided contractual indemnification to the Company for up to $12.5 million related to uncertain tax positions taken in prior years. The outcome of this arrangement will either be settled or expire by 2023. During the three months ended March 31, 2021, TRUaire received an audit closing letter from Internal Revenue Service related to calendar 2017, a pre-acquisition tax year. As a result of this, $5.0 million of the relevant tax indemnification assets was released in accordance with the purchase agreement. As of December 31, 2021, $7.5 million of the tax indemnification assets remained outstanding. Goodwill of $125.3 million represents the excess of the purchase price over the fair value of the underlying tangible and intangible assets acquired and liabilities assumed. The acquisition goodwill represents the value expected to be obtained from expanding the Company’s product offerings more broadly across the HVAC/R end market. The goodwill recorded as part of this acquisition is included in the Contractor Solutions segment. The goodwill associated with the acquisition will not be amortized for financial reporting purposes and will not be deductible for income tax purposes. TRUaire generated net revenue of $133.0 million and net income before income taxes of $11.3 million for the period from the acquisition date to December 31, 2021. The net income before taxes includes the indemnification expense of $5.0 million discussed above. For the three months ended December 31, 2021, TRUaire generated revenue of $30.4 million and net income before income taxes of $2.0 million. TRUaire activity is included in our Contractor Solutions segment. During the year ended March 31, 2021, the Company incurred and paid $7.8 million of transaction expenses in connection with the TRUaire acquisition, which were included in selling, general and administrative expenses in the Consolidated Statement of Operations. No transaction expenses were incurred during the three and nine months ended December 31, 2021. Pursuant to Topic 805, unaudited supplemental proforma results of operations for the three and nine months ended December 31, 2020, as if the acquisition of TRUaire had occurred on April 1, 2019, are presented below (in thousands, except per share amounts): Three Months Ended December 31, 2020 Nine Months Ended December 31, 2020 Revenue, net $ 113,857 $ 362,419 Net income 5,313 38,209 Net earnings per common share: Diluted $ 0.33 $ 2.42 Basic $ 0.34 $ 2.44 These proforma results do not present financial results that would have been realized had the acquisition occurred on April 1, 2019, nor are they intended to be a projection of future results. The unaudited proforma results include certain proforma adjustments to net income that were directly attributable to the acquisition, as if the acquisition had occurred on April 1, 2019, including the following: • Additional depreciation expense of $0.1 million and $0.4 million for the three and nine months ended December 31, 2020, respectively, that would have been recognized as a result of the fair value step-up of the property, plant and equipment; • Additional amortization expense of $2.8 million and $9.6 million for the three and nine months ended December 31, 2020, respectively, that would have been recognized as a result of the allocation of purchase consideration to customer lists subject to amortization; • Estimated additional interest expense of $1.0 million and $3.3 million for the three and nine months ended December 31, 2020, respectively, as a result of incurring additional borrowing and • Income tax effect of the proforma adjustments calculated using a blended statutory income tax rate of 24.5% of $1.0 million and $3.2 million for the three and nine months ended December 31, 2020, respectively.

CONSOLIDATION OF VARIABLE INTER

CONSOLIDATION OF VARIABLE INTEREST ENTITIES AND REDEEMABLE NONCONTROLLING INTEREST	9 Months Ended
	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
CONSOLIDATION OF VARIABLE INTEREST ENTITIES AND REDEEMABLE NONCONTROLLING INTEREST	CONSOLIDATION OF VARIABLE INTEREST ENTITY AND REDEEMABLE NONCONTROLLING INTEREST Whitmore Joint Venture On April 1, 2021, Whitmore Manufacturing, LLC (“Whitmore”), a wholly-owned subsidiary of CSWI, completed the formation of the previously announced joint venture (the "Whitmore JV") with Pennzoil-Quaker State Company dba SOPUS Products (“Shell”), a wholly-owned subsidiary of Shell Oil Company that comprises Shell’s U.S. lubricants business. The formation was consummated through a transaction in which Whitmore sold to Shell a 50% interest in a wholly-owned subsidiary (containing certain existing operating assets) in exchange for consideration of $13.4 million from Shell in the form of cash ($5.3 million) and intangible assets ($8.1 million). The Whitmore JV has been consolidated into the operations of the Company and its activity has been included in our Specialized Reliability Solutions segment since the formation date. The Whitmore JV is deemed to be a VIE as the equity investors at risk, as a group, lack the characteristics of a controlling financial interest. The major factor that led to the conclusion that the Company is the primary beneficiary of this VIE is that Whitmore has the power to direct the most significant activities due to its ability to direct the manufacturing decisions of the Whitmore JV. Whitmore JV's total net assets are presented below (in thousands): December 31, 2021 Cash $ 6,822 Accounts receivable, net 7,392 Inventories, net 1,745 Prepaid expenses and other current assets 84 Property, plant and equipment, net 4,686 Intangible assets, net 7,491 Other assets 134 Total assets $ 28,354 Accounts payable $ 5,645 Accrued and other current liabilities 328 Other long-term liabilities 66 Total liabilities $ 6,039 During the three and nine months ended December 31, 2021, the Whitmore JV generated net income of $0.9 million and $2.0 million, respectively. The Whitmore JV's LLC Agreement contains a put option that gives either member the right to sell its 50% equity interest in the Whitmore JV to the other member at a dollar amount equivalent to 90% of the initiating member's equity interest determined based on the fair market value of the Whitmore JV's net assets. This put option can be exercised, at either member's discretion, by providing written notice to the other member after three years from the Whitmore JV's formation, subject to certain timing restrictions. This redeemable noncontrolling interest is recorded at the higher of the redemption value or carrying value each reporting period. Changes in redeemable noncontrolling interest for the nine-month period ended December 31, 2021 were as follows (in thousands): Balance at March 31, 2021 $ — Fair value of redeemable noncontrolling interest at formation-date 13,391 Net income attributable to redeemable noncontrolling interest 985 Contributions from noncontrolling interest 1,000 Adjustments to redemption value — Balance at December 31, 2021 $ 15,376

INVENTORIES

INVENTORIES	9 Months Ended
	Dec. 31, 2021
Inventory Disclosure [Abstract]
INVENTORIES	INVENTORIES Inventories consist of the following (in thousands): December 31, 2021 March 31, 2021 Raw materials and supplies $ 45,083 $ 27,416 Work in process 6,652 6,365 Finished goods 86,148 72,452 Total inventories 137,883 106,233 Less: LIFO reserve (6,476) (4,565) Less: Obsolescence reserve (3,965) (3,582) Inventories, net $ 127,442 $ 98,086

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS	9 Months Ended
	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL AND INTANGIBLE ASSETS	GOODWILL AND INTANGIBLE ASSETS During the three months ended June 30, 2021, we revised our segment structure creating three reportable segments: Contractor Solutions, Engineered Building Solutions and Specialized Reliability Solutions. Refer to Note 1 and Note 18 for additional information on the Company's segment realignment. As part of our segment realignment, we changed our reporting units and reallocated existing goodwill to each of the new reportable segments and associated reporting units, based on management's estimate of the relative fair value of each reporting unit. The result of this reallocation of goodwill has been recast, by reportable segment, as of March 31, 2021. The changes in the carrying amount of goodwill as of December 31, 2021 and March 31, 2021 were as follows (in thousands): Contractor Solutions Engineered Building Solutions Specialized Reliability Solutions Total Balance at March 31, 2021 $ 169,345 $ 22,238 $ 27,212 $ 218,795 Goodwill re-allocation 14,813 2,727 (17,540) — TRUaire acquisition (300) — — (300) Shoemaker acquisition 19,665 — — 19,665 Currency translation (48) (58) (69) (175) Balance at December 31, 2021 $ 203,475 $ 24,907 $ 9,603 $ 237,985 In conjunction with the goodwill reallocation described above, during the three months ended June 30, 2021, we performed an impairment test of goodwill held by all reporting units as of March 31, 2021. Based on the results of the goodwill assessment, we determined that the fair values of each reporting unit exceeded its carrying value. As such, we concluded that there was no indication of goodwill impairment for all reporting units. The following table provides information about our intangible assets (in thousands, except years): December 31, 2021 March 31, 2021 Wtd Avg Life (Years) Ending Gross Amount Accumulated Amortization Ending Gross Amount Accumulated Amortization Finite-lived intangible assets: Patents 11 $ 9,417 $ (7,978) $ 9,461 $ (7,540) Customer lists and amortized trademarks 14 287,933 (56,346) 267,096 (42,345) Non-compete agreements 5 1,778 (930) 982 (790) Other 8 5,110 (3,725) 4,743 (3,141) $ 304,238 $ (68,979) $ 282,282 $ (53,816) Trade names and trademarks not being amortized: $ 59,890 $ — $ 54,594 $ — Amortization expenses for the three and nine months ended December 31, 2021 were $5.2 million and $19.4 million (including the amortization of inventory purchase accounting adjustment of $3.9 million), respectively. Amortization expenses for the three and nine months ended December 31, 2020 were $2.1 million and $5.4 million, respectively. The following table shows the estimated future amortization for intangible assets, as of December 31, 2021, for the remainder of the current fiscal year and the next four fiscal years ending March 31 (in thousands): 2022 $ 4,938 2023 20,106 2024 19,394 2025 18,436 2026 17,526 Thereafter 154,859 Total $ 235,259

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION	9 Months Ended
	Dec. 31, 2021
Share-based Payment Arrangement [Abstract]
SHARE-BASED COMPENSATION	SHARE-BASED COMPENSATION Refer to Note 5 to our consolidated financial statements included in our Annual Report for a description of the 2015 Equity and Incentive Compensation Plan (the "2015 Plan"). As of December 31, 2021, 512,054 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, 2021 and 2020 (in thousands): Three Months Ended Nine Months Ended 2021 2020 2021 2020 Share-based compensation expense $ 2,287 $ 1,394 $ 6,223 $ 3,944 Related income tax benefit (549) (335) (1,494) (947) Net share-based compensation expense $ 1,738 $ 1,059 $ 4,729 $ 2,997 Stock option activity was as follows: Nine Months Ended December 31, 2021 Number of Shares Weighted Average Price Remaining Contractual Life (Years) Aggregate Intrinsic Value (in Millions) Outstanding at April 1, 2021 63,413 $ 25.23 Exercised (52,613) 25.23 Outstanding at December 31, 2021 10,800 25.23 2.7 $ 1.0 Exercisable at December 31, 2021 10,800 $ 25.23 2.7 $ 1.0 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, 2021 and 2020. Restricted share activity was as follows: Nine Months Ended December 31, 2021 Number of Shares Weighted Average Grant Date Fair Value Outstanding at April 1, 2021: 172,916 $ 70.50 Granted 163,923 161.49 Vested (106,075) 63.01 Canceled (850) 68.52 Outstanding at December 31, 2021 229,914 $ 125.96 During the three months ended June 30, 2021, Joe Armes, the Company's Chairman, Chief Executive Officer and President, was awarded a series of long-term incentive awards with the purpose of retaining him through retirement and promoting successful succession planning and transition practices. Mr. Armes' awards include 31,496 shares of restricted stock, 27,559 performance shares and 19,685 performance restricted stock units. All awards granted to Mr. Armes are included in the above restricted share activity. During the restriction period, the holders of restricted shares are entitled to vote and receive dividends. Unvested restricted shares outstanding as of December 31, 2021 and 2020 included 102,306 and 88,425 shares (at target), respectively, with performance-based vesting provisions, and a vesting range of 0%-200% based on pre-defined performance targets with market conditions. Performance-based awards accrue dividend equivalents, which are settled upon (and to the extent of) vesting of the underlying award and do not have the right to vote until vested. Performance-based awards are earned upon the achievement of objective performance targets and are payable in common shares. Compensation expense is calculated based on the fair market value as determined by a Monte Carlo simulation and is recognized over a 36-month cliff vesting period. No awards with performance-based vesting provisions were granted during the three months ended December 31, 2021 and 2020. We granted 47,845 and 26,966 awards with performance-based vesting provisions during the nine months ended December 31, 2021 and 2020, respectively, with a vesting range of 0%-200%.

LONG-TERM DEBT

LONG-TERM DEBT	9 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
LONG-TERM DEBT	LONG-TERM DEBT Debt consists of the following (in thousands): December 31, 2021 March 31, 2021 Revolving Credit Facility, interest rate of 1.87% and 2.11%, respectively $ 221,000 $ 232,000 Whitmore Term Loan, interest rate of 2.10% and 2.11%, respectively 9,916 10,337 Total debt 230,916 242,337 Less: Current portion (561) (561) Long-term debt $ 230,355 $ 241,776 Revolving Credit Facility As discussed in Note 7 to our consolidated financial statements included in our Annual Report, we had a five-year, $300.0 million revolving credit facility agreement, which was scheduled to mature on September 15, 2022 (the “Revolving Credit Facility”). Borrowings in the U.S. under this facility bore interest at a rate of prime plus 1.00% or London Interbank Offered Rate ("LIBOR") plus 2.00%, which is adjusted based on our quarterly leverage ratio. We also paid a commitment fee of 0.30% for the unutilized portion of this revolving credit facility. On May 18, 2021, we entered into a Second Amended and Restated Credit Agreement (the “Second Credit Agreement”), which provides for a $400 million revolving credit facility that contains a $25 million sublimit for the issuance of letters of credit and a $10 million sublimit for swingline loans. The Second Credit Agreement is scheduled to mature on May 18, 2026. The Company incurred a total of $2.3 million in underwriting discounts and fees, which are being amortized over the life of the Second Credit Agreement. Borrowings under the Second Credit Agreement bear interest at either base rate or LIBOR, plus, in either case, an applicable margin based on the Company’s leverage ratio calculated on a quarterly basis. The base rate is described in the Second Credit Agreement as the highest of (i) the Federal funds effective rate plus 0.50%, (ii) the prime rate quoted by The Wall Street Journal, and (iii) the one-month LIBOR rate plus 1.00%. We pay a commitment fee of 0.20% for the unutilized portion of this revolving credit facility. Interest and commitment fees are payable at least quarterly and the outstanding principal balance is due at the maturity date. The Second Credit Agreement is secured by a first priority lien on all tangible and intangible assets and stock issued by the Borrower and its domestic subsidiaries, subject to specified exceptions, and 65% of the voting equity interests in its first-tier foreign subsidiaries. During the nine months ended December 31, 2021, we borrowed $52.5 million and repaid $63.5 million under this facility. As of December 31, 2021 and March 31, 2021, we had $221.0 million and $232.0 million, respectively, in our outstanding balance, which resulted in borrowing capacity under the credit facility in place at the time of $179.0 million and $68.0 million, respectively. The financial covenants contained in the Second Credit Agreement require the maintenance of a maximum leverage ratio of 3.00 to 1.00, subject to a temporary increase to 3.75 to 1.00 for 18 months following the consummation of permitted acquisitions with consideration in excess of certain threshold amounts set forth in the Second Credit Agreement, and the maintenance of a minimum fixed charge coverage ratio of 1.25 to 1.00, the calculations and terms of which are defined in the Second Credit Agreement. Covenant compliance is tested quarterly, and we were in compliance with all covenants as of December 31, 2021. Whitmore Term Loan In July 2014, Whitmore secured a term loan (the "Whitmore Term Loan") 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 term loan bear interest at a variable annual rate equal to one month LIBOR plus 2.0%. As of December 31, 2021 and March 31, 2021, Whitmore Manufacturing had $9.9 million and $10.3 million, respectively, in principal amount outstanding 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, 2021
Leases [Abstract]
LEASES	LEASES We have operating leases for manufacturing facilities, offices, warehouses, vehicles and certain equipment. Our leases have remaining lease terms of 1 year to 26 years, some of which include escalation clauses and/or options to extend or terminate the leases. We do not currently have any financing lease arrangements. Three Months Ended December 31, Nine Months Ended December 31, (in thousands) 2021 2020 2021 2020 Components of Operating Lease Expenses Operating lease expense (a) $ 2,472 $ 1,128 $ 7,302 $ 2,819 Short-term lease expense 73 130 231 295 Total operating lease expense $ 2,545 $ 1,258 $ 7,533 $ 3,114 (a) Included in cost of revenues and selling, general and administrative expense (in thousands) December 31, 2021 March 31, 2021 Operating Lease Assets and Liabilities Right-of-use assets, net (b) $ 67,760 $ 61,707 Short-term lease liabilities (c) $ 8,925 $ 8,063 Long-term lease liabilities (c) 64,339 56,709 Total operating lease liabilities $ 73,264 $ 64,772 (b) Included in other assets (c) Included in accrued and other current liabilities and other long-term liabilities Nine Months Ended December 31, (in thousands) 2021 2020 Supplemental Cash Flow Cash paid for amounts included in the measurement of operating lease liabilities (a) $ 7,205 $ 3,106 Right-of-use assets obtained in exchange for new operating lease obligations 7,280 68 (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 8.3 years 8.1 years Weighted average discount rate 2.3 % 2.5 % Maturities of operating lease liabilities were as follows (in thousands): Year Ending March 31, 2022 (excluding the nine months ended December 31, 2021) $ 2,756 2023 10,259 2024 10,152 2025 9,999 2026 9,988 Thereafter 37,117 Total lease liabilities 80,271 Less: Imputed interest (7,007) Present value of lease liabilities $ 73,264

DERIVATIVE INSTRUMENTS AND HEDG

DERIVATIVE INSTRUMENTS AND HEDGE ACCOUNTING	9 Months Ended
	Dec. 31, 2021
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 the Whitmore Term Loan, as discussed in Note 7. As of December 31, 2021 and March 31, 2021, we had $9.9 million and $10.3 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, 2021, the maximum remaining length of the interest rate swap contract was approximately 7.6 years. The fair value of the interest rate swap designated as a hedging instrument is summarized below (in thousands): December 31, 2021 March 31, 2021 Current derivative liabilities $ 193 $ 280 Non-current derivative liabilities 734 736 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. We have not experienced credit losses from our counterparties.

EARNINGS PER SHARE

EARNINGS PER SHARE	9 Months Ended
	Dec. 31, 2021
Earnings Per Share [Abstract]
EARNINGS PER SHARE	EARNINGS PER SHARE The following table sets forth the reconciliation of the numerator and the denominator of basic and diluted earnings per share for the three and nine months ended December 31, 2021 and 2020 (amounts in thousands, except per share data): Three Months Ended Nine Months Ended 2021 2020 2021 2020 Net income $ 8,769 $ 2,346 $ 47,339 $ 30,660 Less: Net income attributable to redeemable noncontrolling interest (458) — (985) — Net income attributable to CSW Industrials, Inc. shareholders $ 8,311 $ 2,346 $ 46,354 $ 30,660 Weighted average shares: Common stock 15,690 14,868 15,641 14,707 Participating securities 104 93 111 98 Denominator for basic earnings per common share 15,794 14,961 15,752 14,805 Potentially dilutive securities 50 118 57 106 Denominator for diluted earnings per common share 15,844 15,079 15,809 14,911 Net income per share attributable to CSW Industrials, Inc. shareholders: Basic $ 0.53 $ 0.16 $ 2.94 $ 2.07 Diluted $ 0.52 $ 0.16 $ 2.93 $ 2.06

SHAREHOLDERS' EQUITY

SHAREHOLDERS' EQUITY	9 Months Ended
	Dec. 31, 2021
Equity [Abstract]
SHAREHOLDERS' EQUITY	SHAREHOLDERS' EQUITY Share Repurchase Program On November 7, 2018, we announced that our Board of Directors authorized a program to repurchase up to $75.0 million of our common stock over a two-year period. On October 30, 2020, we announced that our Board of Directors authorized a new program to repurchase up to $100.0 million of our common stock, which replaced the previously announced $75.0 million program. Under the current repurchasae program, shares may be repurchased from time to time in the open market or in privately negotiated transactions. Repurchases will be made at our discretion, based on ongoing assessments of the capital needs of the business, the market price of our common stock and general market conditions. Our Board of Directors has established an expiration date of December 31, 2022, for completion of the current repurchase program; however, the program may be limited or terminated at any time at our discretion without notice. Under the current repurchase program, 4,175 shares were repurchased during the three months ended December 31, 2021, and no shares were repurchased during the three months ended December 31, 2020. A total of 740,137 shares were repurchased for an aggregate amount of $46.0 million under the prior $75.0 million program that was replaced by the current $100.0 million program. As of December 31, 2021, a total of 4,175 shares had been repurchased for an aggregate amount of $0.5 million under the current $100.0 million program. Dividends In April 2019, we commenced a quarterly dividend program. Total dividends of $2.4 million and $2.0 million were paid during the three months ended December 31, 2021 and 2020, respectively. Total dividends of $7.1 million and $6.0 million were paid during the nine months ended December 31, 2021 and 2020, respectively.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	9 Months Ended
	Dec. 31, 2021
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, 2021 and March 31, 2021 due to their short-term nature.

RETIREMENT PLANS

RETIREMENT PLANS	9 Months Ended
	Dec. 31, 2021
Retirement Benefits [Abstract]
RETIREMENT PLANS	RETIREMENT PLANS Refer to Note 13 to our consolidated financial statements included in our Annual Report for a description of our retirement and postretirement 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 2021 2020 2021 2020 Service cost, benefits earned during the period $ 12 $ 10 $ 36 $ 30 Interest cost on projected benefit obligation 34 36 101 107 Expected return on assets (28) (24) (84) (71) Amortization of net actuarial loss 18 18 53 55 Net pension benefit $ 36 $ 40 $ 106 $ 121 The components of net periodic cost for retirement and postretirement benefits, other than service costs, are included in other expense, net in our condensed consolidated statements of income.

CONTINGENCIES

CONTINGENCIES	9 Months Ended
	Dec. 31, 2021
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, whether individually or in the aggregate, 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, 2021
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES For the three months ended December 31, 2021, we earned $10.8 million from operations before taxes and provided for income taxes of $2.1 million, resulting in an effective tax rate of 19.1%. For the nine months ended December 31, 2021, we earned $61.9 million from operations before taxes and provided for income taxes of $14.6 million, resulting in an effective tax rate of 23.6%. The provision for income taxes differed from the statutory rate for the three and nine months ended December 31, 2021 primarily due to excess tax deductions related to stock compensation, deductions related to foreign-derived intangible income ("FDII"), federal return to provision adjustments and foreign tax credits, partially offset by state and foreign income taxes, executive compensation limitations, provision for global intangible low-taxed income ("GILTI") and an increase in the reserves for uncertain tax provisions. For the three months ended December 31, 2020, we earned $3.1 million from operations before taxes and provided for income taxes of $0.7 million, resulting in an effective tax rate of 23.2%. For the nine months ended December 31, 2020, we earned $40.2 million from operations before taxes and provided for income taxes of $9.6 million, resulting in an effective tax rate of 23.8%. The provision for income taxes differed from the statutory rate for the three and nine months ended December 31, 2020, primarily due to excess tax deductions related to stock compensation, deductions related to FDII, federal return to provision adjustments, foreign tax credits and adjustments related to state tax returns and state R&D credits, partially offset by state and foreign income taxes and provision for GILTI and a change in indefinite reinvestment assertion related to the investment in a foreign subsidiary. A CSWI subsidiary is currently under examination by a state tax jurisdiction for years ending December 31, 2018, 2019 and 2020. We have not been notified of any material adjustments.

OTHER COMPREHENSIVE INCOME (LOS

OTHER COMPREHENSIVE INCOME (LOSS)	9 Months Ended
	Dec. 31, 2021
Equity [Abstract]
OTHER COMPREHENSIVE INCOME (LOSS)	OTHER COMPREHENSIVE INCOME (LOSS) The following table provides an analysis of the changes in accumulated other comprehensive loss (in thousands): Three Months Ended December 31, 2021 2020 Currency translation adjustments: Balance at beginning of period $ (4,436) $ (6,795) Adjustments for foreign currency translation (71) 2,271 Balance at end of period $ (4,507) $ (4,524) Interest rate swaps: Balance at beginning of period $ (825) $ (1,385) Unrealized gain, net of taxes of $(10) and $(25), respectively (a) 37 94 Reclassification of losses included in interest expense, net, net of taxes of $(15) and $(15), respectively 56 58 Other comprehensive income 93 152 Balance at end of period $ (732) $ (1,233) Defined benefit plans: Balance at beginning of period $ (767) $ (871) Amortization of net losses, net of taxes of $14 and $3, respectively (b) (52) (10) Balance at end of period $ (819) $ (881) Nine Months Ended December 31, 2021 2020 Currency translation adjustments: Balance at beginning of period $ (4,394) $ (9,185) Adjustments for foreign currency translation (113) 4,661 Balance at end of period $ (4,507) $ (4,524) Interest rate swaps: Balance at beginning of period $ (803) $ (1,390) Unrealized losses, net of taxes of $27 and $3, respectively (100) (12) Reclassification of losses included in interest expense, net, net of taxes of $(45) and $(45), respectively 171 169 Other comprehensive income 71 157 Balance at end of period $ (732) $ (1,233) Defined benefit plans: Balance at beginning of period $ (799) $ (871) Amortization of net losses, net of taxes of $5 and $3, respectively (b) (20) (10) Balance at end of period $ (819) $ (881) (a) Unrealized gains (losses) are reclassified to earnings as underlying cash interest payments are made. We expect to recognize a loss of $0.2 million, net of deferred taxes, over the next twelve months related to designated cash flow hedges based on their fair values at December 31, 2021. (b) Amortization of actuarial losses out of accumulated comprehensive loss are included in the computation of net periodic pension expense. See Note 13 for additional information.

REVENUE RECOGNITION

REVENUE RECOGNITION	9 Months Ended
	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
REVENUE RECOGNITION	REVENUE RECOGNITION Refer to Note 18 to our consolidated financial statements included in our Annual Report for a description of our disaggregation of revenues. Disaggregation of revenues reconciled to our reportable segments is as follows (in thousands): Three Months Ended December 31, 2021 Nine Months Ended December 31, 2021 Contractor Solutions Engineered Building Solutions Specialized Reliability Solutions Total Contractor Solutions Engineered Building Solutions Specialized Reliability Solutions Total Build-to-order $ — $ 21,890 $ — $ 21,890 $ — $ 67,301 $ — $ 67,301 Book-and-ship 81,005 2,015 31,376 114,396 294,538 6,088 85,209 385,835 Net revenues $ 81,005 $ 23,905 $ 31,376 $ 136,286 $ 294,538 $ 73,389 $ 85,209 $ 453,136 Three Months Ended December 31, 2020 Nine Months Ended December 31, 2020 Contractor Solutions Engineered Building Solutions Specialized Reliability Solutions Total Contractor Solutions Engineered Building Solutions Specialized Reliability Solutions Total Build-to-order $ — $ 23,663 $ — $ 23,663 $ — $ 65,689 $ — $ 65,689 Book-and-ship 44,377 2,037 19,855 66,269 157,447 5,861 56,839 220,147 Net revenues $ 44,377 $ 25,700 $ 19,855 $ 89,932 $ 157,447 $ 71,550 $ 56,839 $ 285,836 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, 2021: $ 1,018 Revenue recognized during the period (943) New contracts and revenue added to existing contracts during the period 1,008 Balance at December 31, 2021 $ 1,083

SEGMENTS

SEGMENTS	9 Months Ended
	Dec. 31, 2021
Segment Reporting [Abstract]
SEGMENTS	SEGMENTS During the quarter ended June 30, 2021, we revised our segment structure to align with how our chief operating decision maker (who was determined to be our Chief Executive Officer) views our business, assesses performance and allocates resources to our business components. Effective April 1, 2021, following the completion of various strategic transactions including the acquisition of TRUaire and the formation of the Whitmore JV, our business is now organized into three reportable segments: (1) Contractor Solutions; (2) Engineered Building Solutions and (3) Specialized Reliability Solutions. Three Months Ended December 31, 2021: (in thousands) Contractor Solutions Engineered Building Solutions Specialized Reliability Solutions Subtotal - Reportable Segments Eliminations and Other Total Revenues, net to external customers $ 81,005 $ 23,905 $ 31,376 $ 136,286 $ — $ 136,286 Intersegment revenue 1,454 — 8 1,462 (1,462) — Operating income 10,756 3,200 2,651 $ 16,607 (4,459) $ 12,148 Three Months Ended December 31, 2020: (in thousands) Contractor Solutions Engineered Building Solutions Specialized Reliability Solutions Subtotal - Reportable Segments Eliminations and Other Total Revenues, net to external customers $ 44,377 $ 25,700 $ 19,855 $ 89,932 $ — $ 89,932 Intersegment revenue 62 — 19 81 (81) — Operating income 2,900 4,194 619 7,713 (3,596) 4,117 Nine Months Ended December 31, 2021: (in thousands) Contractor Solutions Engineered Building Solutions Specialized Reliability Solutions Subtotal - Reportable Segments Eliminations and Other Total Revenues, net to external customers $ 294,538 $ 73,389 $ 85,209 $ 453,136 $ — $ 453,136 Intersegment revenue 1,510 — 80 1,590 (1,590) — Operating income 67,021 9,388 3,928 $ 80,337 (13,823) $ 66,514 Nine Months Ended December 31, 2020: (in thousands) Contractor Solutions Engineered Building Solutions Specialized Reliability Solutions Subtotal - Reportable Segments Eliminations and Other Total Revenues, net to external customers $ 157,447 $ 71,550 $ 56,839 $ 285,836 $ — $ 285,836 Intersegment revenue 248 — 48 296 (296) — Operating income 40,459 11,763 1,286 53,508 (10,958) 42,550 TOTAL ASSETS (in thousands) Contractor Solutions Engineered Building Solutions Specialized Reliability Solutions Subtotal - Reportable Segments Eliminations and Other Total December 31, 2021 $ 744,400 $ 71,106 $ 117,566 $ 933,072 $ 16,973 $ 950,045 March 31, 2021 686,408 67,281 108,028 861,717 13,240 874,957

ORGANIZATION AND OPERATIONS A_2

ORGANIZATION AND OPERATIONS AND SUMMARY OF ACCOUNTING POLICIES (Policies)	9 Months Ended
	Dec. 31, 2021
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, 2021 (“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 are for us and our consolidated subsidiaries, each of which is a wholly-owned subsidiary, except our 50% investment in a variable interest entity for which we have determined that we are the primary beneficiary and therefore have consolidated into our financial statements. All significant intercompany transactions have been eliminated in consolidation. 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, 2021, and the results of operations for the three and nine-month periods ended December 31, 2021 and 2020. All adjustments are of a normal, recurring nature.
Whitmore Joint Venture	Whitmore Joint Venture On April 1, 2021, Whitmore Manufacturing, LLC (“Whitmore”), a wholly-owned subsidiary of CSWI, completed the formation of the previously announced joint venture (the "Whitmore JV") with Pennzoil-Quaker State Company dba SOPUS Products (“Shell”), a wholly-owned subsidiary of Shell Oil Company that comprises Shell’s U.S. lubricants business. The formation was consummated through a transaction in which Whitmore sold to Shell a 50% interest in a wholly-owned subsidiary (containing certain existing operating assets) in exchange for consideration of $13.4 million from Shell in the form of cash and intangible assets. The Whitmore JV is deemed to be a variable interest entity ("VIE") and the Company is the primary beneficiary of this VIE, primarily due to Whitmore having the power to direct the manufacturing activities, which are considered the most significant activities for the Whitmore JV. The Whitmore JV has been consolidated into the operations of the Company and its activity has been included in our Specialized Reliability Solutions segment since the formation date. Refer to Note 3 for further information on the Whitmore JV.
Segment Realignment	Segment Realignment Beginning with the quarter ended June 30, 2021, we revised our segment structure to align with how our chief operating decision maker (who was determined to be our Chief Executive Officer) views our business, assesses performance and allocates resources to our business components. This segment structure revision became effective on April 1, 2021, and followed the completion of various strategic transactions including the acquisition of T.A. Industries, Inc. and the formation of the Whitmore JV. Refer to accounting policies below for detailed descriptions of our three business segments. Segments - As discussed above, we conduct our operations through three business segments based on how we manage the business. Our Chief Executive Officer views our business, assesses performance and allocates resources using financial information generated and reported at the reportable segment level. We evaluate segment performance and allocate resources based on each reportable segment's operating income. Our reportable segments are as follows: 1. Contractor Solutions , which manufactures and supplies products predominantly for residential and commercial HVAC/R and plumbing applications, which are designed primarily for professional tradespeople. This segment is comprised primarily of our RectorSeal, TRUaire and Shoemaker operating companies. 2. Engineered Building Solutions , which provides primarily code-driven products focused on life safety that are engineered to provide aesthetically-pleasing solutions for the construction, refurbishment and modernization of commercial, institutional, and multi-family residential buildings. This segment is comprised primarily of our Balco, Greco and Smoke Guard operating companies. 3. Specialized Reliability Solutions , which provides products for increasing the reliability, performance and lifespan of industrial assets and solving equipment maintenance challenges. This segment is comprised primarily of our Whitmore operating company and the Whitmore JV.
Variable Interest Entities	Variable Interest Entities - We evaluate whether an entity is a variable interest entity (“VIE”) and determine if the primary beneficiary status is appropriate on a quarterly basis. We consolidate a VIE for which we are the primary beneficiary. When assessing the determination of the primary beneficiary, we consider all relevant facts and circumstances, including: the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance, the obligation to absorb the expected losses and/or the right to receive the expected returns of the VIE. Through this evaluation, we determined that the
Accounting Developments	Accounting Developments Pronouncements Implemented In December 2019, the FASB issued ASU No. 2019-12, "Income Taxes: Simplifying the Accounting for Income Taxes." The amendments in this ASU simplify the accounting for income taxes by removing certain exceptions and adding some requirements regarding franchise (or similar) tax, step-ups in a business combination, treatment of entities not subject to tax and when to apply enacted changes in tax laws. This ASU is effective for fiscal years beginning after December 15, 2020 and interim periods within those fiscal years. The amendments related to changes in ownership of foreign equity method investments or foreign subsidiaries should be applied on a modified retrospective basis through a cumulative-effect adjustment to retained earnings as of the beginning of the fiscal year of adoption. The amendments related to franchise taxes that are partially based on income should be applied on either a retrospective basis for all periods presented or a modified retrospective basis through a cumulative-effect adjustment to retained earnings as of the beginning of the fiscal year of adoption. All other amendments should be applied on a prospective basis. Early adoption is permitted. Our adoption of ASU No. 2019-12 effective April 1, 2021 did not have a material impact on our condensed consolidated financial conditions and results of operations. Pronouncements not yet implemented In March 2020, the FASB issued ASU 2020-04, "Reference Rate Reform (Topic 848) Facilitation of the Effects of Reference Rate Reform on Financial Reporting." This update provides optional guidance for a limited period of time to ease potential accounting impacts associated with transitioning away from reference rates that are expected to be discontinued, such as interbank offered rates and LIBOR. This ASU includes practical expedients for contract modifications due to reference rate reform. Generally, contract modifications related to reference rate reform may be considered an event that does not require remeasurement or reassessment of a previous accounting determination at the modification date. This ASU is effective immediately; however, it is only available through December 31, 2022. We are currently evaluating the potential impact of this ASU on our consolidated financial position and results of operations.

ACQUISITIONS (Tables)

ACQUISITIONS (Tables)	9 Months Ended
	Dec. 31, 2021
Business Combination and Asset Acquisition [Abstract]
Schedule of Consideration Transferred	Acquisition Consideration (Amounts in thousands, except for shares) Cash (a) $ 287,986 Common stock (849,852 shares) 97,656 Total consideration transferred $ 385,642 (a) Amount includes working capital and closing cash adjustments, and includes a $1.0 million to be paid to the sellers as a result of an expected tax refund pursuant to the purchase agreement.
Schedule of Aggregate Fair Value of Assets Acquired and Liabilities Assumed	The following table summarizes the Company's estimate of the aggregate fair value of the assets acquired and liabilities assumed at the date of acquisition (in thousands). Initial Estimated Fair Value Measurement Period Adjustments Final Estimated Fair Value Cash $ 1,471 $ — $ 1,471 Accounts Receivable, net 13,467 (17) 13,450 Inventory 46,313 (1,300) 45,013 Short-Term Tax Indemnity Assets 5,000 — 5,000 Other Current Assets 1,285 2,103 3,388 Property, Plant and Equipment 28,832 (4,201) 24,631 Trade Name (indefinite life) 43,500 — 43,500 Customer Lists (useful life of 15 years) 194,000 8,500 202,500 Right-Of-Use Assets 49,040 — 49,040 Long-Term Tax Indemnity Assets 7,500 — 7,500 Other Long-Term Assets 2,850 (698) 2,152 Accounts Payable (4,074) — (4,074) Accrued and Other Current Liabilities (3,678) (172) (3,850) Lease Liabilities - Short-Term (4,811) — (4,811) Deferred Tax Liabilities (56,249) (5,589) (61,838) Tax Contingency Reserve (22,511) 5,190 (17,321) Lease Liabilities - Long-Term (45,369) — (45,369) Estimated fair value of net assets acquired 256,566 3,816 260,382 Goodwill 129,169 (3,909) 125,260 Total Purchase Price $ 385,735 $ (93) $ 385,642
Schedule of Unaudited Proforma Financial Information	Pursuant to Topic 805, unaudited supplemental proforma results of operations for the three and nine months ended December 31, 2020, as if the acquisition of TRUaire had occurred on April 1, 2019, are presented below (in thousands, except per share amounts): Three Months Ended December 31, 2020 Nine Months Ended December 31, 2020 Revenue, net $ 113,857 $ 362,419 Net income 5,313 38,209 Net earnings per common share: Diluted $ 0.33 $ 2.42 Basic $ 0.34 $ 2.44

CONSOLIDATION OF VARIABLE INT_2

CONSOLIDATION OF VARIABLE INTEREST ENTITIES AND REDEEMABLE NONCONTROLLING INTEREST (Tables)	9 Months Ended
	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Variable Interest Entities	Whitmore JV's total net assets are presented below (in thousands): December 31, 2021 Cash $ 6,822 Accounts receivable, net 7,392 Inventories, net 1,745 Prepaid expenses and other current assets 84 Property, plant and equipment, net 4,686 Intangible assets, net 7,491 Other assets 134 Total assets $ 28,354 Accounts payable $ 5,645 Accrued and other current liabilities 328 Other long-term liabilities 66 Total liabilities $ 6,039
Schedule of Changes In Redeemable Noncontrolling Interest	Changes in redeemable noncontrolling interest for the nine-month period ended December 31, 2021 were as follows (in thousands): Balance at March 31, 2021 $ — Fair value of redeemable noncontrolling interest at formation-date 13,391 Net income attributable to redeemable noncontrolling interest 985 Contributions from noncontrolling interest 1,000 Adjustments to redemption value — Balance at December 31, 2021 $ 15,376

INVENTORIES (Tables)

INVENTORIES (Tables)	9 Months Ended
	Dec. 31, 2021
Inventory Disclosure [Abstract]
Schedule of Inventories	Inventories consist of the following (in thousands): December 31, 2021 March 31, 2021 Raw materials and supplies $ 45,083 $ 27,416 Work in process 6,652 6,365 Finished goods 86,148 72,452 Total inventories 137,883 106,233 Less: LIFO reserve (6,476) (4,565) Less: Obsolescence reserve (3,965) (3,582) Inventories, net $ 127,442 $ 98,086

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS (Tables)	9 Months Ended
	Dec. 31, 2021
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, 2021 and March 31, 2021 were as follows (in thousands): Contractor Solutions Engineered Building Solutions Specialized Reliability Solutions Total Balance at March 31, 2021 $ 169,345 $ 22,238 $ 27,212 $ 218,795 Goodwill re-allocation 14,813 2,727 (17,540) — TRUaire acquisition (300) — — (300) Shoemaker acquisition 19,665 — — 19,665 Currency translation (48) (58) (69) (175) Balance at December 31, 2021 $ 203,475 $ 24,907 $ 9,603 $ 237,985
Schedule of Intangible Assets	The following table provides information about our intangible assets (in thousands, except years): December 31, 2021 March 31, 2021 Wtd Avg Life (Years) Ending Gross Amount Accumulated Amortization Ending Gross Amount Accumulated Amortization Finite-lived intangible assets: Patents 11 $ 9,417 $ (7,978) $ 9,461 $ (7,540) Customer lists and amortized trademarks 14 287,933 (56,346) 267,096 (42,345) Non-compete agreements 5 1,778 (930) 982 (790) Other 8 5,110 (3,725) 4,743 (3,141) $ 304,238 $ (68,979) $ 282,282 $ (53,816) Trade names and trademarks not being amortized: $ 59,890 $ — $ 54,594 $ —
Schedule of Estimated Future Amortization for Intangible Assets	The following table shows the estimated future amortization for intangible assets, as of December 31, 2021, for the remainder of the current fiscal year and the next four fiscal years ending March 31 (in thousands): 2022 $ 4,938 2023 20,106 2024 19,394 2025 18,436 2026 17,526 Thereafter 154,859 Total $ 235,259

SHARE-BASED COMPENSATION (Table

SHARE-BASED COMPENSATION (Tables)	9 Months Ended
	Dec. 31, 2021
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, 2021 and 2020 (in thousands): Three Months Ended Nine Months Ended 2021 2020 2021 2020 Share-based compensation expense $ 2,287 $ 1,394 $ 6,223 $ 3,944 Related income tax benefit (549) (335) (1,494) (947) Net share-based compensation expense $ 1,738 $ 1,059 $ 4,729 $ 2,997
Schedule of Stock Options Activity	Stock option activity was as follows: Nine Months Ended December 31, 2021 Number of Shares Weighted Average Price Remaining Contractual Life (Years) Aggregate Intrinsic Value (in Millions) Outstanding at April 1, 2021 63,413 $ 25.23 Exercised (52,613) 25.23 Outstanding at December 31, 2021 10,800 25.23 2.7 $ 1.0 Exercisable at December 31, 2021 10,800 $ 25.23 2.7 $ 1.0
Schedule of Restricted Share Activity	Restricted share activity was as follows: Nine Months Ended December 31, 2021 Number of Shares Weighted Average Grant Date Fair Value Outstanding at April 1, 2021: 172,916 $ 70.50 Granted 163,923 161.49 Vested (106,075) 63.01 Canceled (850) 68.52 Outstanding at December 31, 2021 229,914 $ 125.96

LONG-TERM DEBT (Tables)

LONG-TERM DEBT (Tables)	9 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
Schedule of Long-Term Debt	Debt consists of the following (in thousands): December 31, 2021 March 31, 2021 Revolving Credit Facility, interest rate of 1.87% and 2.11%, respectively $ 221,000 $ 232,000 Whitmore Term Loan, interest rate of 2.10% and 2.11%, respectively 9,916 10,337 Total debt 230,916 242,337 Less: Current portion (561) (561) Long-term debt $ 230,355 $ 241,776

LEASES (Tables)

LEASES (Tables)	9 Months Ended
	Dec. 31, 2021
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, Nine Months Ended December 31, (in thousands) 2021 2020 2021 2020 Components of Operating Lease Expenses Operating lease expense (a) $ 2,472 $ 1,128 $ 7,302 $ 2,819 Short-term lease expense 73 130 231 295 Total operating lease expense $ 2,545 $ 1,258 $ 7,533 $ 3,114 (a) Included in cost of revenues and selling, general and administrative expense (in thousands) December 31, 2021 March 31, 2021 Operating Lease Assets and Liabilities Right-of-use assets, net (b) $ 67,760 $ 61,707 Short-term lease liabilities (c) $ 8,925 $ 8,063 Long-term lease liabilities (c) 64,339 56,709 Total operating lease liabilities $ 73,264 $ 64,772 (b) Included in other assets (c) Included in accrued and other current liabilities and other long-term liabilities Nine Months Ended December 31, (in thousands) 2021 2020 Supplemental Cash Flow Cash paid for amounts included in the measurement of operating lease liabilities (a) $ 7,205 $ 3,106 Right-of-use assets obtained in exchange for new operating lease obligations 7,280 68 (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 8.3 years 8.1 years Weighted average discount rate 2.3 % 2.5 %
Schedule of Maturities of Operating Lease Liabilities	Maturities of operating lease liabilities were as follows (in thousands): Year Ending March 31, 2022 (excluding the nine months ended December 31, 2021) $ 2,756 2023 10,259 2024 10,152 2025 9,999 2026 9,988 Thereafter 37,117 Total lease liabilities 80,271 Less: Imputed interest (7,007) Present value of lease liabilities $ 73,264

DERIVATIVE INSTRUMENTS AND HE_2

DERIVATIVE INSTRUMENTS AND HEDGE ACCOUNTING (Tables)	9 Months Ended
	Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Fair Value of Derivatives	The fair value of the interest rate swap designated as a hedging instrument is summarized below (in thousands): December 31, 2021 March 31, 2021 Current derivative liabilities $ 193 $ 280 Non-current derivative liabilities 734 736

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	9 Months Ended
	Dec. 31, 2021
Earnings Per Share [Abstract]
Schedule of 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, 2021 and 2020 (amounts in thousands, except per share data): Three Months Ended Nine Months Ended 2021 2020 2021 2020 Net income $ 8,769 $ 2,346 $ 47,339 $ 30,660 Less: Net income attributable to redeemable noncontrolling interest (458) — (985) — Net income attributable to CSW Industrials, Inc. shareholders $ 8,311 $ 2,346 $ 46,354 $ 30,660 Weighted average shares: Common stock 15,690 14,868 15,641 14,707 Participating securities 104 93 111 98 Denominator for basic earnings per common share 15,794 14,961 15,752 14,805 Potentially dilutive securities 50 118 57 106 Denominator for diluted earnings per common share 15,844 15,079 15,809 14,911 Net income per share attributable to CSW Industrials, Inc. shareholders: Basic $ 0.53 $ 0.16 $ 2.94 $ 2.07 Diluted $ 0.52 $ 0.16 $ 2.93 $ 2.06

RETIREMENT PLANS (Tables)

RETIREMENT PLANS (Tables)	9 Months Ended
	Dec. 31, 2021
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 2021 2020 2021 2020 Service cost, benefits earned during the period $ 12 $ 10 $ 36 $ 30 Interest cost on projected benefit obligation 34 36 101 107 Expected return on assets (28) (24) (84) (71) Amortization of net actuarial loss 18 18 53 55 Net pension benefit $ 36 $ 40 $ 106 $ 121

OTHER COMPREHENSIVE INCOME (L_2

OTHER COMPREHENSIVE INCOME (LOSS) (Tables)	9 Months Ended
	Dec. 31, 2021
Equity [Abstract]
Schedule of Analysis of Changes in Accumulated Other Comprehensive Loss	The following table provides an analysis of the changes in accumulated other comprehensive loss (in thousands): Three Months Ended December 31, 2021 2020 Currency translation adjustments: Balance at beginning of period $ (4,436) $ (6,795) Adjustments for foreign currency translation (71) 2,271 Balance at end of period $ (4,507) $ (4,524) Interest rate swaps: Balance at beginning of period $ (825) $ (1,385) Unrealized gain, net of taxes of $(10) and $(25), respectively (a) 37 94 Reclassification of losses included in interest expense, net, net of taxes of $(15) and $(15), respectively 56 58 Other comprehensive income 93 152 Balance at end of period $ (732) $ (1,233) Defined benefit plans: Balance at beginning of period $ (767) $ (871) Amortization of net losses, net of taxes of $14 and $3, respectively (b) (52) (10) Balance at end of period $ (819) $ (881) Nine Months Ended December 31, 2021 2020 Currency translation adjustments: Balance at beginning of period $ (4,394) $ (9,185) Adjustments for foreign currency translation (113) 4,661 Balance at end of period $ (4,507) $ (4,524) Interest rate swaps: Balance at beginning of period $ (803) $ (1,390) Unrealized losses, net of taxes of $27 and $3, respectively (100) (12) Reclassification of losses included in interest expense, net, net of taxes of $(45) and $(45), respectively 171 169 Other comprehensive income 71 157 Balance at end of period $ (732) $ (1,233) Defined benefit plans: Balance at beginning of period $ (799) $ (871) Amortization of net losses, net of taxes of $5 and $3, respectively (b) (20) (10) Balance at end of period $ (819) $ (881) (a) Unrealized gains (losses) are reclassified to earnings as underlying cash interest payments are made. We expect to recognize a loss of $0.2 million, net of deferred taxes, over the next twelve months related to designated cash flow hedges based on their fair values at December 31, 2021. (b) Amortization of actuarial losses out of accumulated comprehensive loss are included in the computation of net periodic pension expense. See Note 13 for additional information.

REVENUE RECOGNITION (Tables)

REVENUE RECOGNITION (Tables)	9 Months Ended
	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue	Disaggregation of revenues reconciled to our reportable segments is as follows (in thousands): Three Months Ended December 31, 2021 Nine Months Ended December 31, 2021 Contractor Solutions Engineered Building Solutions Specialized Reliability Solutions Total Contractor Solutions Engineered Building Solutions Specialized Reliability Solutions Total Build-to-order $ — $ 21,890 $ — $ 21,890 $ — $ 67,301 $ — $ 67,301 Book-and-ship 81,005 2,015 31,376 114,396 294,538 6,088 85,209 385,835 Net revenues $ 81,005 $ 23,905 $ 31,376 $ 136,286 $ 294,538 $ 73,389 $ 85,209 $ 453,136 Three Months Ended December 31, 2020 Nine Months Ended December 31, 2020 Contractor Solutions Engineered Building Solutions Specialized Reliability Solutions Total Contractor Solutions Engineered Building Solutions Specialized Reliability Solutions Total Build-to-order $ — $ 23,663 $ — $ 23,663 $ — $ 65,689 $ — $ 65,689 Book-and-ship 44,377 2,037 19,855 66,269 157,447 5,861 56,839 220,147 Net revenues $ 44,377 $ 25,700 $ 19,855 $ 89,932 $ 157,447 $ 71,550 $ 56,839 $ 285,836
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, 2021: $ 1,018 Revenue recognized during the period (943) New contracts and revenue added to existing contracts during the period 1,008 Balance at December 31, 2021 $ 1,083

SEGMENTS (Tables)

SEGMENTS (Tables)	9 Months Ended
	Dec. 31, 2021
Segment Reporting [Abstract]
Schedule of Segments	Three Months Ended December 31, 2021: (in thousands) Contractor Solutions Engineered Building Solutions Specialized Reliability Solutions Subtotal - Reportable Segments Eliminations and Other Total Revenues, net to external customers $ 81,005 $ 23,905 $ 31,376 $ 136,286 $ — $ 136,286 Intersegment revenue 1,454 — 8 1,462 (1,462) — Operating income 10,756 3,200 2,651 $ 16,607 (4,459) $ 12,148 Three Months Ended December 31, 2020: (in thousands) Contractor Solutions Engineered Building Solutions Specialized Reliability Solutions Subtotal - Reportable Segments Eliminations and Other Total Revenues, net to external customers $ 44,377 $ 25,700 $ 19,855 $ 89,932 $ — $ 89,932 Intersegment revenue 62 — 19 81 (81) — Operating income 2,900 4,194 619 7,713 (3,596) 4,117 Nine Months Ended December 31, 2021: (in thousands) Contractor Solutions Engineered Building Solutions Specialized Reliability Solutions Subtotal - Reportable Segments Eliminations and Other Total Revenues, net to external customers $ 294,538 $ 73,389 $ 85,209 $ 453,136 $ — $ 453,136 Intersegment revenue 1,510 — 80 1,590 (1,590) — Operating income 67,021 9,388 3,928 $ 80,337 (13,823) $ 66,514 Nine Months Ended December 31, 2020: (in thousands) Contractor Solutions Engineered Building Solutions Specialized Reliability Solutions Subtotal - Reportable Segments Eliminations and Other Total Revenues, net to external customers $ 157,447 $ 71,550 $ 56,839 $ 285,836 $ — $ 285,836 Intersegment revenue 248 — 48 296 (296) — Operating income 40,459 11,763 1,286 53,508 (10,958) 42,550 TOTAL ASSETS (in thousands) Contractor Solutions Engineered Building Solutions Specialized Reliability Solutions Subtotal - Reportable Segments Eliminations and Other Total December 31, 2021 $ 744,400 $ 71,106 $ 117,566 $ 933,072 $ 16,973 $ 950,045 March 31, 2021 686,408 67,281 108,028 861,717 13,240 874,957

ORGANIZATION AND OPERATIONS A_3

ORGANIZATION AND OPERATIONS AND SUMMARY OF ACCOUNTING POLICIES - Additional Information (Details) $ in Millions	Apr. 01, 2021USD ($)	Jun. 30, 2021segment	Dec. 31, 2021segmentbrand
Variable Interest Entity [Line Items]
Highly respected industrial brands (more than) | brand			100
Number of reportable segments		3	3
Number of operating segments			3
Shell | Whitmore JV
Variable Interest Entity [Line Items]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners			50.00%
Shell | Variable Interest Entity
Variable Interest Entity [Line Items]
Noncontrolling interest, decrease from deconsolidation | $	$ 13.4
Shell | Whitmore | Variable Interest Entity
Variable Interest Entity [Line Items]
Noncontrolling interest, ownership percentage sold	50.00%

ACQUISITIONS - Additional Infor

ACQUISITIONS - Additional Information (Details) - USD ($)	Dec. 15, 2021	Dec. 15, 2020	Nov. 04, 2020	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Mar. 31, 2021	Dec. 31, 2021
Business Acquisition [Line Items]
Cash paid for acquisitions							$ 36,427,000	$ 278,680,000
Goodwill				$ 237,985,000	$ 218,795,000		237,985,000		$ 218,795,000	$ 237,985,000
Income from continuing operations before income taxes				10,837,000		$ 3,056,000	61,931,000	40,220,000
Additional depreciation expense							8,731,000	6,079,000
Income tax effect				(2,068,000)		(710,000)	(14,592,000)	(9,560,000)
Shoemaker Manufacturing
Business Acquisition [Line Items]
Business combination, consideration transferred	$ 44,000,000
Cash paid for acquisitions	$ 39,000,000
Stock consideration (in shares)	25,483
Stock consideration, value of common stock	$ 3,000,000
Contingent consideration (up to)	2,000,000
Transaction expenses incurred	500,000
Goodwill	19,700,000
Fair value of inventory acquired	3,600,000
Fair value of accounts receivable acquired	1,700,000
Fair value of cash acquired	1,200,000
Fair value of equipment acquired	1,400,000
Fair value of prepaid expenses acquired	200,000
Fair value of current liabilities acquired	3,100,000
Shoemaker Manufacturing | Trademarks
Business Acquisition [Line Items]
Fair value of the assets acquired, indefinite-lived	5,300,000
Shoemaker Manufacturing | Customer Lists
Business Acquisition [Line Items]
Fair value of the assets acquired, finite-lived	$ 13,000,000
Assets acquired, amortization period	15 years
Shoemaker Manufacturing | Non-compete agreements
Business Acquisition [Line Items]
Fair value of the assets acquired, finite-lived	$ 800,000
Assets acquired, amortization period	5 years
Shoemaker Manufacturing | Backlog
Business Acquisition [Line Items]
Fair value of the assets acquired, finite-lived	$ 300,000
Assets acquired, amortization period	1 month
TRUaire acquisition
Business Acquisition [Line Items]
Percent of outstanding equity acquired	100.00%	100.00%
Business combination, consideration transferred		$ 385,642,000
Stock consideration (in shares)		849,852
Stock consideration, value of common stock		$ 97,656,000	$ 76,000,000
Transaction expenses incurred							0		$ 7,800,000
Goodwill		129,169,000		125,260,000			125,260,000			125,260,000
Fair value of inventory acquired		46,313,000		45,013,000			45,013,000			45,013,000
Fair value of accounts receivable acquired		13,467,000		13,450,000			13,450,000			13,450,000
Fair value of cash acquired		1,471,000		1,471,000			1,471,000			1,471,000
Fair value of equipment acquired		28,832,000		24,631,000			$ 24,631,000			24,631,000
Assets acquired, amortization period							15 years
Cash consideration after working capital and closing cash adjustments		287,986,000
Purchase price held in escrow account to offset potential income tax contingencies (up to)		$ 12,500,000
Tax indemnification asset released in accordance with purchase agreement					$ 5,000,000					5,000,000
Amount related to uncertain tax positions taken in prior years that the seller has provided contractual indemnification to the company for				7,500,000			$ 7,500,000			7,500,000
Revenues				30,400,000						133,000,000
Income from continuing operations before income taxes				$ 2,000,000						$ 11,300,000
Additional depreciation expense						100,000		400,000
Additional amortization expense						2,800,000		9,600,000
Additional interest expense as a result of incurring additional borrowing						$ 1,000,000		$ 3,300,000
Blended statutory income tax rate						24.50%		24.50%
Income tax effect						$ 1,000,000		$ 3,200,000

ACQUISITIONS - Consideration Tr

ACQUISITIONS - Consideration Transferred (Details) - TRUaire acquisition - USD ($) $ in Thousands	Dec. 15, 2021	Dec. 15, 2020	Nov. 04, 2020
Business Acquisition [Line Items]
Cash		$ 287,986
Common stock (849,852 shares)		97,656	$ 76,000
Total consideration transferred		$ 385,642
Working capital and closing cash adjustments	$ 1,000
Stock consideration (in shares)		849,852

ACQUISITIONS - Aggregate Fair V

ACQUISITIONS - Aggregate Fair Value of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	9 Months Ended	13 Months Ended
	Dec. 31, 2021	Dec. 31, 2021	Mar. 31, 2021	Dec. 15, 2020
Business Acquisition [Line Items]
Goodwill	$ 237,985	$ 237,985	$ 218,795
Goodwill re-allocation	0
TRUaire acquisition
Business Acquisition [Line Items]
Cash	1,471	1,471		$ 1,471
Accounts Receivable, net	13,450	13,450		13,467
Measurement Period Adjustments Accounts Receivable		(17)
Inventory	45,013	45,013		46,313
Measurement Period Adjustments, Inventory		(1,300)
Short-Term Tax Indemnity Assets	5,000	5,000		5,000
Other Current Assets	3,388	3,388		1,285
Measurement Period Adjustments, Other Current Assets		2,103
Property, Plant and Equipment	24,631	24,631		28,832
Measurement Period Adjustments, Property, Plant and Equipment		(4,201)
Trade Name (indefinite life)	$ 43,500	43,500		43,500
Assets acquired, amortization period	15 years
Customer Lists (useful life of 15 years)	$ 202,500	202,500		194,000
Measurement Period Adjustments, Customer Lists (useful life of 15 years)		8,500
Right-Of-Use Assets	49,040	49,040		49,040
Long-Term Tax Indemnity Assets	7,500	7,500		7,500
Other Long-term Assets, Measurement Period		(698)
Other Long-Term Assets	2,152	2,152		2,850
Accounts Payable	(4,074)	(4,074)		(4,074)
Accrued and Other Current Liabilities	(3,850)	(3,850)		(3,678)
Measurement Period Adjustments, Accrued and Other Current Liabilities		(172)
Lease Liabilities - Short-Term	(4,811)	(4,811)		(4,811)
Deferred Tax Liabilities	(61,838)	(61,838)		(56,249)
Measurement Period Adjustments, Deferred Tax Liabilities		(5,589)
Tax Contingency Reserve	(17,321)	(17,321)		(22,511)
Measurement Period Adjustments, Tax Contingency Reserve		5,190
Lease Liabilities - Long-Term	(45,369)	(45,369)		(45,369)
Estimated fair value of net assets acquired	260,382	260,382		256,566
Estimated fair value of net assets acquired		3,816
Goodwill	125,260	125,260		129,169
Goodwill re-allocation	(300)	(3,909)
Total Purchase Price	$ 385,642	385,642		$ 385,735
Total Purchase Price		$ (93)

ACQUISITIONS - Unaudited Profor

ACQUISITIONS - Unaudited Proforma Financial Information (Details) - TRUaire acquisition - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	9 Months Ended
	Dec. 31, 2020	Dec. 31, 2020
Business Acquisition [Line Items]
Revenue, net	$ 113,857	$ 362,419
Net income	$ 5,313	$ 38,209
Net earnings per common share:
Diluted (in dollars per share)	$ 0.33	$ 2.42
Basic (in dollars per share)	$ 0.34	$ 2.44

CONSOLIDATION OF VARIABLE INT_3

CONSOLIDATION OF VARIABLE INTEREST ENTITIES AND REDEEMABLE NONCONTROLLING INTEREST - Narrative (Details) - USD ($) $ in Thousands	Apr. 01, 2021	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Variable Interest Entity [Line Items]
Net income attribute to Whitmore JV		$ 8,311	$ 17,996	$ 20,048	$ 2,346	$ 46,354	$ 30,660
Shell | Variable Interest Entity
Variable Interest Entity [Line Items]
Interest sold (in percent)	50.00%
Consideration received	$ 13,400
Proceeds from sale of variable interest entity	5,300
Intangible assets received on disposal of variable interest entity	$ 8,100
Initiating member's equity interest	90.00%
Period of written notice	3 years
Whitmore Manufacturing, LLC | Variable Interest Entity
Variable Interest Entity [Line Items]
Net income attribute to Whitmore JV		$ 900				$ 2,000

CONSOLIDATION OF VARIABLE INT_4

CONSOLIDATION OF VARIABLE INTEREST ENTITIES AND REDEEMABLE NONCONTROLLING INTEREST (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Mar. 31, 2021
Variable Interest Entity [Line Items]
Cash	$ 16,184	$ 10,088
Inventories, net	127,442	98,086
Prepaid expenses and other current assets	16,355	9,684
Property, plant and equipment, net	82,557	82,554
Total assets	950,045	874,957
Other long-term liabilities	145,444	136,725
Total liabilities	475,931	$ 462,944
Whitmore Manufacturing, LLC | Variable Interest Entity
Variable Interest Entity [Line Items]
Cash	6,822
Accounts receivable, net	7,392
Inventories, net	1,745
Prepaid expenses and other current assets	84
Property, plant and equipment, net	4,686
Intangible assets, net	7,491
Other assets	134
Total assets	28,354
Accounts payable	5,645
Accrued and other current liabilities	328
Other long-term liabilities	66
Total liabilities	$ 6,039

CONSOLIDATION OF VARIABLE INT_5

CONSOLIDATION OF VARIABLE INTEREST ENTITIES AND REDEEMABLE NONCONTROLLING INTEREST - Changes In Redeemable Noncontrolling Interest (Details) $ in Thousands	9 Months Ended
	Dec. 31, 2021USD ($)
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Beginning balance	$ 0
Ending balance	15,376
Variable Interest Entity | Whitmore Manufacturing, LLC
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Beginning balance	0
Fair value of redeemable noncontrolling interest at formation-date	13,391
Net income attributable to redeemable noncontrolling interest	985
Contributions from noncontrolling interest	1,000
Adjustments to redemption value	0
Ending balance	$ 15,376

INVENTORIES (Detail)

INVENTORIES (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Mar. 31, 2021
Inventory Disclosure [Abstract]
Raw materials and supplies	$ 45,083	$ 27,416
Work in process	6,652	6,365
Finished goods	86,148	72,452
Total inventories	137,883	106,233
Less: LIFO reserve	(6,476)	(4,565)
Less: Obsolescence reserve	(3,965)	(3,582)
Inventories, net	$ 127,442	$ 98,086

GOODWILL AND INTANGIBLE ASSET_2

GOODWILL AND INTANGIBLE ASSETS - Additional Information (Detail) $ in Millions	3 Months Ended			9 Months Ended
	Dec. 31, 2021USD ($)	Jun. 30, 2021segment	Dec. 31, 2020USD ($)	Dec. 31, 2021USD ($)segment	Dec. 31, 2020USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Number of reportable segments | segment		3		3
Amortization expense of intangible assets	$ 5.2		$ 2.1	$ 19.4	$ 5.4
Amortization of inventory purchase accounting adjustment	$ 3.9			$ 3.9

GOODWILL AND INTANGIBLE ASSET_3

GOODWILL AND INTANGIBLE ASSETS - Schedule of Changes in Carrying Amount of Goodwill (Detail) - USD ($) $ in Thousands	9 Months Ended	13 Months Ended
	Dec. 31, 2021	Dec. 31, 2021
Goodwill [Roll Forward]
Balance at beginning of period	$ 218,795
Goodwill re-allocation	0
Currency translation	(175)
Balance at end of period	237,985	$ 237,985
TRUaire acquisition
Goodwill [Roll Forward]
Goodwill re-allocation	(300)	(3,909)
Balance at end of period	125,260	125,260
Shoemaker acquisition
Goodwill [Roll Forward]
Shoemaker acquisition	19,665
Contractor Solutions
Goodwill [Roll Forward]
Balance at beginning of period	169,345
Goodwill re-allocation	14,813
Currency translation	(48)
Balance at end of period	203,475	203,475
Contractor Solutions | TRUaire acquisition
Goodwill [Roll Forward]
Goodwill re-allocation	(300)
Contractor Solutions | Shoemaker acquisition
Goodwill [Roll Forward]
Shoemaker acquisition	19,665
Engineered Building Solutions
Goodwill [Roll Forward]
Balance at beginning of period	22,238
Goodwill re-allocation	2,727
Currency translation	(58)
Balance at end of period	24,907	24,907
Engineered Building Solutions | TRUaire acquisition
Goodwill [Roll Forward]
Goodwill re-allocation	0
Engineered Building Solutions | Shoemaker acquisition
Goodwill [Roll Forward]
Shoemaker acquisition	0
Specialized Reliability Solutions
Goodwill [Roll Forward]
Balance at beginning of period	27,212
Goodwill re-allocation	(17,540)
Currency translation	(69)
Balance at end of period	9,603	$ 9,603
Specialized Reliability Solutions | TRUaire acquisition
Goodwill [Roll Forward]
Goodwill re-allocation	0
Specialized Reliability Solutions | Shoemaker acquisition
Goodwill [Roll Forward]
Shoemaker acquisition	$ 0

GOODWILL AND INTANGIBLE ASSET_4

GOODWILL AND INTANGIBLE ASSETS - Schedule of Intangible Assets (Detail) - USD ($) $ in Thousands	9 Months Ended
	Dec. 31, 2021	Mar. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Ending Gross Amount	$ 304,238	$ 282,282
Accumulated Amortization	(68,979)	(53,816)
Trademarks and Trade Names
Indefinite-lived Intangible Assets [Line Items]
Ending Gross Amount	$ 59,890	54,594
Patents
Finite-Lived Intangible Assets [Line Items]
Wtd Avg Life (Years)	11 years
Ending Gross Amount	$ 9,417	9,461
Accumulated Amortization	$ (7,978)	(7,540)
Customer lists and amortized trademarks
Finite-Lived Intangible Assets [Line Items]
Wtd Avg Life (Years)	14 years
Ending Gross Amount	$ 287,933	267,096
Accumulated Amortization	$ (56,346)	(42,345)
Non-compete agreements
Finite-Lived Intangible Assets [Line Items]
Wtd Avg Life (Years)	5 years
Ending Gross Amount	$ 1,778	982
Accumulated Amortization	$ (930)	(790)
Other
Finite-Lived Intangible Assets [Line Items]
Wtd Avg Life (Years)	8 years
Ending Gross Amount	$ 5,110	4,743
Accumulated Amortization	$ (3,725)	$ (3,141)

GOODWILL AND INTANGIBLE ASSET_5

GOODWILL AND INTANGIBLE ASSETS - Schedule of Estimated Future Amortization (Detail) $ in Thousands	Dec. 31, 2021USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2022	$ 4,938
2023	20,106
2024	19,394
2025	18,436
2026	17,526
Thereafter	154,859
Total	$ 235,259

SHARE-BASED COMPENSATION - Addi

SHARE-BASED COMPENSATION - Additional Information (Detail)	Dec. 31, 2021shares
2015 Plan | Stock Compensation Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for issuance (shares)	512,054

SHARE-BASED COMPENSATION - Sche

SHARE-BASED COMPENSATION - Schedule of Share-Based Compensation (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Share-based Payment Arrangement [Abstract]
Share-based compensation expense	$ 2,287	$ 1,394	$ 6,223	$ 3,944
Related income tax benefit	(549)	(335)	(1,494)	(947)
Net share-based compensation expense	$ 1,738	$ 1,059	$ 4,729	$ 2,997

SHARE-BASED COMPENSATION - Stoc

SHARE-BASED COMPENSATION - Stock Option Activity (Detail) - Stock Options $ / shares in Units, $ in Millions	9 Months Ended
	Dec. 31, 2021USD ($)$ / sharesshares
Number of Shares
Outstanding at beginning of period (shares) | shares	63,413
Exercised (shares) | shares	(52,613)
Exercisable remaining contractual life (in years)	2 years 8 months 12 days
Exercisable aggregate intrinsic value | $	$ 1
Outstanding at end of period (shares) | shares	10,800
Exercisable at end of period (shares) | shares	10,800
Weighted Average Price
Weighted average price outstanding at beginning of period (USD per share) | $ / shares	$ 25.23
Weighted average price exercised (USD per share) | $ / shares	25.23
Weighted average price outstanding at end of period (USD per share) | $ / shares	25.23
Weighted average price exercisable at end of period (USD per share) | $ / shares	$ 25.23
Outstanding remaining contractual life (in years)	2 years 8 months 12 days
Outstanding aggregate intrinsic value | $	$ 1
Exercisable remaining contractual life (in years)	2 years 8 months 12 days
Exercisable aggregate intrinsic value | $	$ 1

SHARE-BASED COMPENSATION (Stock

SHARE-BASED COMPENSATION (Stock Option Activity) - Additional Information (Detail) - Stock Options - shares	3 Months Ended		9 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
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 Stock	9 Months Ended
	Dec. 31, 2021$ / sharesshares
Number of Shares
Outstanding at beginning of period (shares) | shares	172,916
Granted (shares) | shares	163,923
Vested (shares) | shares	(106,075)
Canceled (shares) | shares	(850)
Outstanding at end of period (shares) | shares	229,914
Weighted Average Grant Date Fair Value
Outstanding at beginning of period (USD per share) | $ / shares	$ 70.50
Granted (USD per share) | $ / shares	161.49
Vested (USD per share) | $ / shares	63.01
Canceled (USD per share) | $ / shares	68.52
Outstanding at end of period (USD per share) | $ / shares	$ 125.96

SHARE-BASED COMPENSATION (Restr

SHARE-BASED COMPENSATION (Restricted Stock Activity) - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended			9 Months Ended
	Dec. 31, 2021	Jun. 30, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Mar. 31, 2021
Restricted Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted shares granted (shares)				163,923
Unvested restricted shares outstanding (shares)	229,914			229,914		172,916
Unrecognized compensation costs related to unvested restricted shares	$ 22.4			$ 22.4
Weighted average vesting period				3 years 7 months 6 days
Fair value of restricted shares granted	4.6		$ 4	$ 27.7	$ 6.5
Fair value of restricted shares vested	$ 5.9		$ 4.1	$ 14.1	$ 8.4
Restricted Shares | Joe Armes, CEO
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted shares granted (shares)		31,496
Restricted Stock Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested restricted shares outstanding (shares)	102,306		88,425	102,306	88,425
Restricted Stock Performance Shares | Joe Armes, CEO
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted shares granted (shares)		27,559
Restricted Stock Performance Shares | Cliff Vesting
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted shares granted (shares)	0		0	47,845	26,966
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 | Minimum | Cliff Vesting
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance-based vesting range				0.00%
Restricted Stock Performance Shares | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance-based vesting range				200.00%
Restricted Stock Performance Shares | Maximum | Cliff Vesting
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance-based vesting range				200.00%
Restricted Stock Units (RSUs) | Joe Armes, CEO
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted shares granted (shares)		19,685

LONG-TERM DEBT - Schedule of Lo

LONG-TERM DEBT - Schedule of Long-Term Debt (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Mar. 31, 2021
Debt Instrument [Line Items]
Total debt	$ 230,916	$ 242,337
Less: Current portion	(561)	(561)
Long-term debt	$ 230,355	$ 241,776
Whitmore | Secured Term Loan
Debt Instrument [Line Items]
Interest rate	2.10%	2.11%
Whitmore Term Loan, interest rate of 2.10% and 2.11%, respectively	$ 9,916	$ 10,337
Revolving Credit Facility
Debt Instrument [Line Items]
Interest rate	1.87%	2.11%
Revolving Credit Facility, interest rate of 1.87% and 2.11%, respectively	$ 221,000	$ 232,000

LONG-TERM DEBT (Revolving Credi

LONG-TERM DEBT (Revolving Credit Agreement) - Additional Information (Detail) - USD ($)	May 18, 2021	Dec. 31, 2021	Dec. 31, 2020	Mar. 31, 2021
Debt Instrument [Line Items]
Percentage of voting equity interests in first-tier foreign subsidiaries	0.65
Borrowings on line of credit		$ 52,513,000	$ 255,000,000
Repayments of long-term debt		$ 63,934,000	$ 10,421,000
Maximum leverage ratio	3
Revolving Credit Facility
Debt Instrument [Line Items]
Debt instrument, term		5 years
Maximum borrowing capacity		$ 300,000,000
Commitment fee percentage	0.20%	0.30%
Line of credit facility, remaining borrowing capacity	$ 400,000,000
Debt discount and issuance costs	$ 2,300,000
Line of credit outstanding amount		$ 221,000,000		$ 232,000,000
Maximum leverage ratio	3.75
Minimum fixed charge coverage ratio	1.25
Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Line of credit facility, remaining borrowing capacity		179,000,000		68,000,000
Borrowings on line of credit		52,500,000
Repayments of long-term debt		63,500,000
Line of credit outstanding amount		$ 221,000,000		$ 232,000,000
Revolving Credit Facility | Prime Rate
Debt Instrument [Line Items]
Spread on interest rate		1.00%
Revolving Credit Facility | LIBOR
Debt Instrument [Line Items]
Spread on interest rate	1.00%	2.00%
Revolving Credit Facility | Fed Funds Effective Rate Overnight Index Swap Rate
Debt Instrument [Line Items]
Spread on interest rate	0.50%
Letter of Credit
Debt Instrument [Line Items]
Line of credit facility, remaining borrowing capacity	$ 25,000,000
Swingline Loans
Debt Instrument [Line Items]
Line of credit facility, remaining borrowing capacity	$ 10,000,000

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, 2021	Mar. 31, 2021
Debt Instrument [Line Items]
Debt instrument, periodic principal payment	$ 140,000
Principal amount outstanding under term loan	$ 9,916,000	$ 10,337,000
LIBOR
Debt Instrument [Line Items]
Spread on interest rate	2.00%

LEASES - Additional Information

LEASES - Additional Information (Details)	Dec. 31, 2021
Minimum
Lessee, Lease, Description [Line Items]
Remaining lease term	1 year
Maximum
Lessee, Lease, Description [Line Items]
Remaining lease term	26 years

LEASES - Components of Operatin

LEASES - Components of Operating Lease Expenses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Operating lease expense	$ 2,472	$ 1,128	$ 7,302	$ 2,819
Short-term lease expense	73	130	231	295
Total operating lease expense	$ 2,545	$ 1,258	$ 7,533	$ 3,114

LEASES - Operating Lease Assets

LEASES - Operating Lease Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Mar. 31, 2021
Leases [Abstract]
Right-of-use assets, net	$ 67,760	$ 61,707
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Other assets	Other assets
Short-term lease liabilities	$ 8,925	$ 8,063
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Accrued and other current liabilities	Accrued and other current liabilities
Long-term lease liabilities	$ 64,339	$ 56,709
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other long-term liabilities	Other long-term liabilities
Total operating lease liabilities	$ 73,264	$ 64,772

LEASES - Supplemental Cash Flow

LEASES - Supplemental Cash Flow (Details) - USD ($) $ in Thousands	9 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Cash paid for amounts included in the measurement of operating lease liabilities	$ 7,205	$ 3,106
Right-of-use assets obtained in exchange for new operating lease obligations	$ 7,280	$ 68

LEASES - Other Information for

LEASES - Other Information for Operating Leases (Details)	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Weighted average remaining lease term	8 years 3 months 18 days	8 years 1 month 6 days
Weighted average discount rate	2.30%	2.50%

LEASES - Maturities of Operatin

LEASES - Maturities of Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Mar. 31, 2021
Leases [Abstract]
Year Ending March 31, 2022 (excluding the nine months ended December 31, 2021)	$ 2,756
2023	10,259
2024	10,152
2025	9,999
2026	9,988
Thereafter	37,117
Total lease liabilities	80,271
Less: Imputed interest	(7,007)
Total operating lease liabilities	$ 73,264	$ 64,772

DERIVATIVE INSTRUMENTS AND HE_3

DERIVATIVE INSTRUMENTS AND HEDGE ACCOUNTING - Additional Information (Detail) - Interest Rate Swap - USD ($) $ in Millions	9 Months Ended
	Dec. 31, 2021	Mar. 31, 2021
Derivative [Line Items]
Notional amount	$ 9.9	$ 10.3
Maximum remaining length of contract	7 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, 2021	Mar. 31, 2021
Derivatives, Fair Value [Line Items]
Current derivative liabilities	$ 193	$ 280
Non-current derivative liabilities	$ 734	$ 736

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, 2021	Sep. 30, 2021	Jun. 30, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Dec. 31, 2021	Dec. 31, 2020
Earnings Per Share [Abstract]
Net income	$ 8,769			$ 2,346	$ 16,354	$ 11,960	$ 47,339	$ 30,660
Less: Income attributable to redeemable noncontrolling interest	(458)			0			(985)	0
Net income attributable to CSW Industrials, Inc.	$ 8,311	$ 17,996	$ 20,048	$ 2,346			$ 46,354	$ 30,660
Weighted average shares:
Common stock (in shares)	15,690			14,868			15,641	14,707
Participating securities (in shares)	104			93			111	98
Denominator for basic earnings per common share (in shares)	15,794			14,961			15,752	14,805
Potentially dilutive securities (in shares)	50			118			57	106
Denominator for diluted earnings per common share (in shares)	15,844			15,079			15,809	14,911
Net income per share attributable to CSW Industrials, Inc. shareholders:
Basic (USD per share)	$ 0.53			$ 0.16			$ 2.94	$ 2.07
Diluted (USD per share)	$ 0.52			$ 0.16			$ 2.93	$ 2.06

SHAREHOLDERS' EQUITY (Details)

SHAREHOLDERS' EQUITY (Details) - USD ($)	Feb. 11, 2022	Jan. 13, 2022	Nov. 07, 2018	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2021	Oct. 30, 2020
Equity, Class of Treasury Stock [Line Items]
Shares repurchased, amount									$ 46,000,000
Dividends paid				$ 2,400,000	$ 2,000,000	$ 7,100,000	$ 6,000,000
Forecast
Equity, Class of Treasury Stock [Line Items]
Dividend cash paid (USD per share)	$ 0.15
Approved quarterly dividend rate (USD per share)	$ 0.15
Subsequent Event
Equity, Class of Treasury Stock [Line Items]
Dividend declared (USD per share)		$ 0.15
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)					0			4,175	740,137
2020 Share Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Share repurchase program authorized amount										$ 100,000,000
Shares repurchased (shares)								500,000

RETIREMENT PLANS (Detail)

RETIREMENT PLANS (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Retirement Benefits [Abstract]
Service cost, benefits earned during the period	$ 12	$ 10	$ 36	$ 30
Interest cost on projected benefit obligation	34	36	101	107
Expected return on assets	(28)	(24)	(84)	(71)
Amortization of net actuarial loss	18	18	53	55
Net pension benefit	$ 36	$ 40	$ 106	$ 121

INCOME TAXES (Detail)

INCOME TAXES (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Income from continuing operations before income taxes	$ 10,837	$ 3,056	$ 61,931	$ 40,220
Income tax expense (benefit)	$ 2,068	$ 710	$ 14,592	$ 9,560
Effective tax rate	19.10%	23.20%	23.60%	23.80%

OTHER COMPREHENSIVE INCOME (L_3

OTHER COMPREHENSIVE INCOME (LOSS) (Detail) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Dec. 31, 2021	Dec. 31, 2020
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	$ 448,947	$ 431,120	$ 412,013	$ 302,041	$ 284,010	$ 276,741	$ 412,013	$ 276,741
Other comprehensive income (loss), net of tax	(30)	(419)	387	2,413	1,116	1,279	(62)	4,808
Balance at end of period	458,738	448,947	431,120	402,717	302,041	284,010	458,738	402,717
Losses on cash flow hedges expected to be reclassified to earnings within next 12 months							200
Accumulated Foreign Currency Adjustment Attributable to Parent
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	(4,436)		(4,394)	(6,795)		(9,185)	(4,394)	(9,185)
Other comprehensive income (loss), net of tax	(71)			2,271			(113)	4,661
Balance at end of period	(4,507)	(4,436)		(4,524)	(6,795)		(4,507)	(4,524)
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	(825)		(803)	(1,385)		(1,390)	(803)	(1,390)
Other comprehensive income (loss), net of tax	93			152			71	157
Unrealized gain, net of taxes	37			94			(100)	(12)
Reclassification, net of tax	56			58			171	169
Balance at end of period	(732)	(825)		(1,233)	(1,385)		(732)	(1,233)
Interest rate swaps, unrealized gain, tax	(10)			(25)			27	3
Reclassification from AOCI, current period, tax	(15)			(15)			(45)	(45)
Accumulated Defined Benefit Plans Adjustment Attributable to Parent
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	(767)		$ (799)	(871)		$ (871)	(799)	(871)
Balance at end of period	(819)	$ (767)		(881)	$ (871)		(819)	(881)
Accumulated Defined Benefit Plans Adjustment, Net Gain (Loss) Attributable to Parent
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Reclassification, net of tax	(52)			(10)			(20)	(10)
Reclassification from AOCI, current period, tax	$ 14			$ 3			$ 5	$ 3

REVENUE RECOGNITION (Details)

REVENUE RECOGNITION (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Disaggregation of Revenue [Line Items]
Net revenues	$ 136,286	$ 89,932	$ 453,136	$ 285,836
Change in Contract Liabilities [Roll Forward]
Balance at beginning of period			1,018
Revenue recognized during the period			(943)
New contracts and revenue added to existing contracts during the period			1,008
Balance at end of period	1,083		1,083
Build-to-order
Disaggregation of Revenue [Line Items]
Net revenues	21,890	23,663	67,301	65,689
Book-and-ship
Disaggregation of Revenue [Line Items]
Net revenues	114,396	66,269	385,835	220,147
Contractor Solutions
Disaggregation of Revenue [Line Items]
Net revenues	81,005	44,377	294,538	157,447
Contractor Solutions | Build-to-order
Disaggregation of Revenue [Line Items]
Net revenues	0	0	0	0
Contractor Solutions | Book-and-ship
Disaggregation of Revenue [Line Items]
Net revenues	81,005	44,377	294,538	157,447
Engineered Building Solutions
Disaggregation of Revenue [Line Items]
Net revenues	23,905	25,700	73,389	71,550
Engineered Building Solutions | Build-to-order
Disaggregation of Revenue [Line Items]
Net revenues	21,890	23,663	67,301	65,689
Engineered Building Solutions | Book-and-ship
Disaggregation of Revenue [Line Items]
Net revenues	2,015	2,037	6,088	5,861
Specialized Reliability Solutions
Disaggregation of Revenue [Line Items]
Net revenues	31,376	19,855	85,209	56,839
Specialized Reliability Solutions | Build-to-order
Disaggregation of Revenue [Line Items]
Net revenues	0	0	0	0
Specialized Reliability Solutions | Book-and-ship
Disaggregation of Revenue [Line Items]
Net revenues	$ 31,376	$ 19,855	$ 85,209	$ 56,839

SEGMENTS (Detail)

SEGMENTS (Detail) $ in Thousands	3 Months Ended			9 Months Ended
	Dec. 31, 2021USD ($)	Jun. 30, 2021segment	Dec. 31, 2020USD ($)	Dec. 31, 2021USD ($)segment	Dec. 31, 2020USD ($)	Mar. 31, 2021USD ($)
Segment Reporting [Abstract]
Number of reportable segments | segment		3		3
Segment Reporting Information [Line Items]
Revenues, net	$ 136,286		$ 89,932	$ 453,136	$ 285,836
Operating income	12,148		4,117	66,514	42,550
Total assets	950,045			950,045		$ 874,957
Contractor Solutions
Segment Reporting Information [Line Items]
Revenues, net	81,005		44,377	294,538	157,447
Engineered Building Solutions
Segment Reporting Information [Line Items]
Revenues, net	23,905		25,700	73,389	71,550
Specialized Reliability Solutions
Segment Reporting Information [Line Items]
Revenues, net	31,376		19,855	85,209	56,839
Reportable Segments
Segment Reporting Information [Line Items]
Revenues, net	136,286		89,932	453,136	285,836
Operating income	16,607		7,713	80,337	53,508
Total assets	933,072			933,072		861,717
Reportable Segments | Contractor Solutions
Segment Reporting Information [Line Items]
Revenues, net	81,005		44,377	294,538	157,447
Operating income	10,756		2,900	67,021	40,459
Total assets	744,400			744,400		686,408
Reportable Segments | Engineered Building Solutions
Segment Reporting Information [Line Items]
Revenues, net	23,905		25,700	73,389	71,550
Operating income	3,200		4,194	9,388	11,763
Total assets	71,106			71,106		67,281
Reportable Segments | Specialized Reliability Solutions
Segment Reporting Information [Line Items]
Revenues, net	31,376		19,855	85,209	56,839
Operating income	2,651		619	3,928	1,286
Total assets	117,566			117,566		108,028
Intersegment Eliminations
Segment Reporting Information [Line Items]
Revenues, net	1,462		81	1,590	296
Intersegment Eliminations | Contractor Solutions
Segment Reporting Information [Line Items]
Revenues, net	1,454		62	1,510	248
Intersegment Eliminations | Engineered Building Solutions
Segment Reporting Information [Line Items]
Revenues, net	0		0	0	0
Intersegment Eliminations | Specialized Reliability Solutions
Segment Reporting Information [Line Items]
Revenues, net	8		19	80	48
Eliminations and Other, excluding Intersegment revenue
Segment Reporting Information [Line Items]
Revenues, net	0		0	0	0
Eliminations and Other
Segment Reporting Information [Line Items]
Revenues, net	(1,462)		(81)	(1,590)	(296)
Operating income	(4,459)		$ (3,596)	(13,823)	$ (10,958)
Total assets	$ 16,973			$ 16,973		$ 13,240