CSW Industrials (CSWI) 10-Q 31 Jul 24 2025 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Jun. 30, 2024	Jul. 29, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
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		15,530,737
Amendment Flag	false
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001624794
Current Fiscal Year End Date	--03-31

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
Revenues, net	$ 226,177	$ 203,360
Cost of revenues	(118,756)	(111,193)
Gross profit	107,421	92,167
Selling, general and administrative expenses	(52,361)	(46,961)
Operating income	55,060	45,206
Interest expense, net	(2,520)	(4,009)
Other income, net	260	314
Income before income taxes	52,800	41,511
Provision for income taxes	(13,950)	(10,455)
Net income	38,850	31,056
Less: Income attributable to redeemable noncontrolling interest	(259)	(445)
Net income attributable to CSW Industrials, Inc.	$ 38,591	$ 30,611
Net income per share attributable to CSW Industrials, Inc.
Basic (in USD per share)	$ 2.48	$ 1.97
Diluted (in USD per share)	$ 2.47	$ 1.97
Weighted average number of shares outstanding:
Basic (in shares)	15,534	15,520
Diluted (in shares)	15,596	15,547

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 38,850	$ 31,056
Other comprehensive income (loss):
Foreign currency translation adjustments	(887)	514
Cash flow hedging activity, net of taxes of $(16) and $(394), respectively	62	1,481
Pension and other postretirement effects, net of taxes of $0 and $0, respectively	0	1
Other comprehensive income (loss)	(825)	1,996
Comprehensive income	38,025	33,052
Less: Comprehensive income attributable to redeemable noncontrolling interest	(259)	(445)
Comprehensive income attributable to CSW Industrials, Inc.	$ 37,766	$ 32,607

CONSOLIDATED STATEMENTS OF CO_2

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Cash flow hedging activity, taxes	$ (16)	$ (394)
Pension and other postretirement effect, taxes	$ 0	$ 0

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024
Current assets:
Cash and cash equivalents	$ 18,852	$ 22,156
Accounts receivable, net of allowance for expected credit losses of $945 and $908, respectively	143,195	142,665
Inventories, net	156,791	150,749
Prepaid expenses and other current assets	12,381	15,840
Total current assets	331,219	331,410
Property, plant and equipment, net of accumulated depreciation of $106,976 and $103,515, respectively	92,371	92,811
Goodwill	246,402	247,191
Intangible assets, net	312,898	318,819
Other assets	67,636	53,095
Total assets	1,050,526	1,043,326
Current liabilities:
Accounts payable	55,025	48,387
Accrued and other current liabilities	66,460	67,449
Total current liabilities	121,485	115,836
Long-term debt	115,000	166,000
Retirement benefits payable	1,103	1,114
Other long-term liabilities	143,166	125,298
Total liabilities	380,754	408,248
Commitments and contingencies (See Note 13)
Redeemable noncontrolling interest	19,614	19,355
Equity:
Common shares, $0.01 par value Shares authorized – 50,000 Shares issued – 16,504 and 16,466, respectively	164	164
Preferred shares, $0.01 par value Shares authorized (10,000) and issued (0)	0	0
Additional paid-in capital	143,970	137,253
Treasury shares, at cost (968 and 952 shares, respectively)	(102,406)	(95,643)
Retained earnings	618,381	583,075
Accumulated other comprehensive loss	(9,951)	(9,126)
Total equity	650,158	615,723
Total liabilities, redeemable noncontrolling interest and equity	$ 1,050,526	$ 1,043,326

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024
Statement of Financial Position [Abstract]
Accounts receivable, allowance for expected credit losses	$ 945	$ 908
Property, plant and equipment, accumulated depreciation	$ 106,976	$ 103,515
Common shares, par value (in USD per share)	$ 0.01	$ 0.01
Common shares, authorized (in shares)	50,000,000	50,000,000
Common shares, issued (in shares)	16,504,000	16,466,000
Preferred shares, par value (in USD per share)	$ 0.01	$ 0.01
Preferred shares, authorized (in shares)	10,000,000	10,000,000
Preferred shares, issued (in shares)	0	0
Treasury shares (in shares)	968,000	952,000

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - 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, 2023	$ 525,675	$ 163	$ (82,734)	$ 123,336	$ 493,319	$ (8,409)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation	2,805			2,805
Stock activity under stock plans	(2,864)		(2,864)
Reissuance of treasury shares	4,818		2,526	2,292
Net income	30,611				30,611
Dividends	(2,947)			18	(2,965)
Other comprehensive (loss) income, net of tax	1,996					1,996
Balance at end of period at Jun. 30, 2023	560,094	163	(83,072)	128,451	520,965	(6,413)
Balance at beginning of period at Mar. 31, 2024	615,723	164	(95,643)	137,253	583,075	(9,126)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation	3,746			3,746
Stock activity under stock plans	(3,313)		(3,313)
Reissuance of treasury shares	4,159		1,211	2,948
Repurchase of common shares	(4,661)		(4,661)
Net income	38,591				38,591
Dividends	(3,262)			23	(3,285)
Other comprehensive (loss) income, net of tax	(825)					(825)
Balance at end of period at Jun. 30, 2024	$ 650,158	$ 164	$ (102,406)	$ 143,970	$ 618,381	$ (9,951)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities:
Net income	$ 38,850	$ 31,056
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	3,622	3,239
Amortization of intangible and other assets	6,503	5,868
Provision for inventory reserves	517	2,509
Provision for credit losses	378	108
Share-based compensation	3,746	2,805
Gain on disposals of property, plant and equipment	(13)	(12)
Net pension benefit	16	17
Impairment of assets	0	92
Deferred taxes	2,084	843
Changes in operating assets and liabilities:
Accounts receivable	(998)	(4,319)
Inventories	(6,766)	2,141
Prepaid expenses and other current assets	3,438	2,443
Other assets	28	(788)
Accounts payable and other current liabilities	10,923	3,233
Retirement benefits payable and other liabilities	327	1,022
Net cash provided by operating activities	62,655	50,257
Cash flows from investing activities:
Capital expenditures	(3,101)	(4,971)
Proceeds from sale of assets	13	12
Cash paid for investments	(500)	0
Cash paid for acquisitions	(163)	(112)
Proceeds from acquisitions true-up	470	0
Net cash used in investing activities	(3,281)	(5,071)
Cash flows from financing activities:
Borrowings on line of credit	7,723	15,432
Repayments of line of credit	(58,723)	(58,432)
Purchase of treasury shares	(7,891)	(2,864)
Dividends	(3,262)	(2,947)
Net cash used in financing activities	(62,153)	(48,811)
Effect of exchange rate changes on cash and equivalents	(525)	(42)
Net change in cash and cash equivalents	(3,304)	(3,667)
Cash and cash equivalents, beginning of period	22,156	18,455
Cash and cash equivalents, end of period	$ 18,852	$ 14,788

ORGANIZATION AND OPERATIONS AND

ORGANIZATION AND OPERATIONS AND SUMMARY OF ACCOUNTING POLICIES	3 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
ORGANIZATION AND OPERATIONS AND SUMMARY OF ACCOUNTING POLICIES	ORGANIZATION AND OPERATIONS AND SUMMARY OF ACCOUNTING POLICIES CSW Industrials, Inc. (“CSWI,” “we,” “our” or “us”) is a diversified industrial growth company with a strategic focus on providing niche, value-added products in the end markets we serve. We operate in three business segments: Contractor Solutions, Specialized Reliability Solutions and Engineered Building Solutions. Our products include mechanical products for heating, ventilation, air conditioning and refrigeration (“HVAC/R”), plumbing products, grilles, registers and diffusers (“GRD”), building safety solutions and high-performance specialty lubricants and sealants. End markets that we serve include HVAC/R, architecturally-specified building products, plumbing, general industrial, energy, rail transportation and mining. Our manufacturing operations are concentrated in the United States (“U.S.”), Vietnam and Canada, and we have distribution operations in the U.S., Australia, Canada and the United Kingdom (“U.K.”). Our products are sold directly to end users or through designated channels in over 100 countries around the world, primarily including the U.S., Canada, the U.K. and Australia. Drawing on our innovative and proven technologies, we seek to deliver solutions primarily to contractors that place a premium on superior performance and reliability. We believe our brands are well-known in the specific end markets we serve and have a reputation for high quality. We rely on both organic growth and inorganic growth through acquisitions to provide an increasingly broad portfolio of performance optimizing solutions that meet our customers’ ever-changing needs. We have a successful record of making attractive, synergistic acquisitions in support of this objective, and we remain focused on identifying additional acquisition opportunities in our core end markets. Many of our products are used to protect the capital assets of our customers that are expensive to repair or replace and are critical to their operations. We have a source of recurring revenue from the maintenance, repair and overhaul and consumable nature of many of our products. We also provide some custom engineered products that strengthen and enhance our customer relationships. The reputation of our product portfolio is built on more than 100 well-respected brand names, such as AC Guard®, Air Sentry®, Balco®, Cover Guard®, Deacon®, Dust Free®, Falcon Stainless®, Greco®, Jet-Lube®, Kopr-Kote®, Leak Freeze®, Metacaulk®, No. 5®, OilSafe®, RectorSeal®, Safe-T-Switch®, Shoemaker Manufacturing®, Smoke Guard®, TRUaire® and Whitmore®. Basis of Presentation The consolidated financial statements included in this Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2024 (“Quarterly Report”), include all revenues, costs, assets and liabilities directly attributable to CSWI and have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). The 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 ("VIE") 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 consolidated financial statements reflect all adjustments that are, in the opinion of management, necessary to present a fair statement of CSWI’s financial position as of June 30, 2024, and the results of operations for the three-month period ended June 30, 2024 and 2023. All adjustments are of a normal, recurring nature. The year-end consolidated balance sheet data was derived from audited financial statements but does not include all disclosures required by U.S. GAAP. These 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, 2024 (the “Annual Report”). Accounting Policies We have consistently applied the accounting policies described in our Annual Report in preparing these consolidated financial statements. Accounting Developments Pronouncements not yet implemented In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which provides updates to qualitative and quantitative reportable segment disclosure requirements, including enhanced disclosures about significant segment expenses and increased interim disclosure requirements, among others. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted, and the amendments should be applied retrospectively. This ASU will be effective for our Form 10-K for fiscal 2025 and our Form 10-Q for the first quarter of fiscal 2026. We are currently evaluating the impact this ASU may have on our financial statement disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which provides qualitative and quantitative updates to the rate reconciliation and income taxes paid disclosures, among others, in order to enhance the transparency of income tax disclosures, including consistent categories and greater disaggregation of information in the rate reconciliation and disaggregation by jurisdiction of income taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. This ASU should be applied prospectively; however, retrospective application is also permitted. This ASU will be effective for our Form 10-K for fiscal 2026. We are currently evaluating the impact this ASU may have on our financial statement disclosures.

ACQUISITIONS

ACQUISITIONS	3 Months Ended
	Jun. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
ACQUISITIONS	ACQUISITIONS Dust Free, LP On February 6, 2024, we acquired 100% of the outstanding equity of Dust Free, LP ("Dust Free"), based in Royse City, Texas, for an aggregate purchase price of $34.2 million (including $0.6 million cash acquired), comprised of cash consideration of $27.4 million (including a final working capital true-up receipt of $0.5 million) and contingent considerations initially measured at $6.8 million based on Dust Free meeting defined operational and financial targets over a period of 6 years. The cash consideration was funded with cash on hand and borrowings under our existing Revolving Credit Facility (as defined in Note 7). The Dust Free products offer residential and commercial indoor air quality and HVAC/R applications and supplement our Contractor Solutions segment's existing product portfolio. As of the acquisition date, the estimated fair value of the contingent consideration was classified as a long-term liability of $6.8 million, of which $2.1 million was determined using an option pricing model simulation that determines an average projected payment value across numerous iterations and $4.7 million was determined using a scenario-based analysis on forecasted future results. During the year ended March 31, 2024, we incurred $0.7 million in transaction expenses in connection with the Dust Free acquisition, which were included in selling, general and administrative expenses in the Consolidated Statement of Operations under the Contractor Solutions segment. The Dust Free 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 and liabilities assumed was $3.2 million allocated to goodwill, which represents the value expected to be obtained from owning products that are complementary to our existing HVAC/R offerings and provide a meaningful value proposition to our customers. The preliminary allocation of the fair value of the net assets acquired comprises customer lists ($20.1 million), trademark ($1.6 million), accounts receivable ($2.9 million), cash ($0.6 million), inventory ($4.1 million), other current asset ($0.4 million) and equipment ($3.6 million), net of current liabilities (2.3 million). Customer lists are being amortized over 15 years and the definite-life trademark ($0.6 million) is being amortized over 2 years while the indefinite-life trademark ($1.0 million) and goodwill are not being amortized. The Company's evaluation of the facts and circumstances available as of February 6, 2024, to assign fair values to assets acquired 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 are deductible and amortized over 15 years for income tax purposes. Dust Free activity has been included in our Contractor Solutions segment since the acquisition date. No pro forma information has been provided due to immateriality.

CONSOLIDATION OF VARIABLE INTER

CONSOLIDATION OF VARIABLE INTEREST ENTITY AND REDEEMABLE NONCONTROLLING INTEREST	3 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
CONSOLIDATION OF VARIABLE INTEREST ENTITY 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 joint venture (the "Whitmore JV") with Pennzoil-Quaker State Company dba SOPUS Products (“Shell”), a wholly-owned subsidiary of Shell USA, Inc. that comprises Shell’s U.S. lubricants business. 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): June 30, 2024 March 31, 2024 Cash $ 6,281 $ 5,909 Accounts receivable, net 8,362 8,094 Inventories, net 3,148 3,851 Prepaid expenses and other current assets 332 138 Property, plant and equipment, net 14,270 14,241 Intangible assets, net 5,466 5,669 Other assets 412 315 Total assets $ 38,271 $ 38,217 Accounts payable $ 5,872 $ 6,004 Accrued and other current liabilities 1,052 1,463 Other long-term liabilities 278 206 Total liabilities $ 7,202 $ 7,673 During the three months ended June 30, 2024 and 2023, the Whitmore JV generated net income of $0.5 million and $0.9 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 during the month of July 2024 and every two years afterwards. 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 three-month periods ended June 30, 2024 and June 30, 2023 were as follows (in thousands): June 30, 2024 June 30, 2023 Balance at beginning of the year $ 19,355 $ 18,464 Net income attributable to redeemable noncontrolling interest 259 445 Ending Balance $ 19,614 $ 18,909

INVENTORIES

INVENTORIES	3 Months Ended
	Jun. 30, 2024
Inventory Disclosure [Abstract]
INVENTORIES	INVENTORIES Inventories consist of the following (in thousands): June 30, 2024 March 31, 2024 Raw materials and supplies $ 46,183 $ 44,866 Work in process 5,388 5,194 Finished goods 113,381 109,695 Total inventories 164,952 159,755 Less: Obsolescence reserve (8,161) (9,006) Inventories, net $ 156,791 $ 150,749

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS	3 Months Ended
	Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL AND INTANGIBLE ASSETS	GOODWILL AND INTANGIBLE ASSETS The changes in the carrying amount of goodwill as of June 30, 2024 and March 31, 2024 were as follows (in thousands): Contractor Solutions Specialized Reliability Solutions Engineered Building Solutions Total Balance at March 31, 2024 $ 213,544 $ 9,358 $ 24,289 $ 247,191 Dust Free acquisition (724) — — (724) Currency translation 20 5 (90) (65) Balance at June 30, 2024 $ 212,840 $ 9,363 $ 24,199 $ 246,402 The following table provides information about our intangible assets (in thousands, except years): June 30, 2024 March 31, 2024 Weighted Avg Life (Years) Gross Amount Accumulated Amortization Gross Amount Accumulated Amortization Finite-lived intangible assets: Patents 11 $ 15,084 $ (9,491) $ 15,084 $ (9,306) Customer lists and amortized trademarks 14 346,003 (108,982) 346,136 (103,407) Non-compete agreements 6 1,000 (499) 1,000 (453) Other 10 6,325 (2,774) 6,275 (2,649) $ 368,412 $ (121,746) $ 368,495 $ (115,815) Trademarks not being amortized: $ 66,232 $ — $ 66,139 $ — Amortization expenses for the three months ended June 30, 2024 and 2023 were $5.9 million and $5.7 million, respectively. The following table shows the estimated future amortization for intangible assets, as of June 30, 2024, for the remainder of the current fiscal year and the next four fiscal years ending March 31 (in thousands): 2025 $ 17,398 2026 23,015 2027 21,937 2028 21,537 2029 21,460 Thereafter 141,319 Total $ 246,666

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION	3 Months Ended
	Jun. 30, 2024
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 June 30, 2024, 298,174 shares were available for issuance under the 2015 Plan. We recorded share-based compensation expense, net of estimated forfeitures, as follows for the three months ended June 30, 2024 and 2023 (in thousands): Three Months Ended 2024 2023 Share-based compensation expense $ 3,746 $ 2,805 Related income tax benefit (a) (937) (701) Net share-based compensation expense $ 2,809 $ 2,104 (a) Income tax benefit is estimated using the statutory rate Restricted share activity was as follows: Three Months Ended June 30, 2024 Number of Shares Weighted Average Grant Date Fair Value Outstanding at March 31, 2024: 221,563 $ 166.62 Granted (a) 38,656 328.75 Vested (39,064) 190.43 Canceled (818) 153.56 Outstanding at June 30, 2024 220,337 $ 178.63 (a) Including incremental shares granted as a result of performance-based awards vested exceeding 100% During the restriction period, the holders of restricted shares are entitled to vote and receive dividends. Unvested restricted shares outstanding as of June 30, 2024 and 2023 included 96,509 and 98,029 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. We granted 18,962 and 29,120 awards with performance-based vesting provisions during the three months ended June 30, 2024 and 2023, respectively.

LONG-TERM DEBT

LONG-TERM DEBT	3 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
LONG-TERM DEBT	LONG-TERM DEBT Debt consists of the following (in thousands): June 30, 2024 March 31, 2024 Revolving Credit Facility, interest rate of 6.69% and 6.68% (a) $ 115,000 $ 166,000 Less: Current portion — — Long-term debt $ 115,000 $ 166,000 (a) Represents the interest rate effective on June 30, 2024, and March 31, 2024, respectively, excluding the impact from the interest rate swap. Revolving Credit Facility As discussed in Note 8 to our consolidated financial statements included in our Annual Report, prior to December 2022, we maintained a $400.0 million revolving credit facility that contained a $25.0 million sublimit for the issuance of letters of credit and a $10.0 million sublimit for swingline loans, with an additional $150.0 million accordion feature ("Second Credit Agreement"). The credit facility is scheduled to mature on May 18, 2026. Borrowings under the Second Credit Agreement bore interest at either base rate plus between 0.25% to 1.50% or LIBOR plus between 1.25% to 2.50%, 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 between 0.15% to 0.40% based on the Company's leverage ratio for the unutilized portion of this 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 Company and its domestic subsidiaries, subject to specified exceptions, and 65% of the voting equity interests in its first-tier foreign subsidiaries. On December 15, 2022, the Company entered into an Incremental Assumption Agreement No. 1 and Amendment No. 2 to the Second Credit Agreement (the “Second Amendment”) to utilize a portion of the accordion feature, thus increasing the commitment from $400.0 million to $500.0 million, and concurrently reduced the available incremental accordion by a corresponding amount (the term "Revolving Credit Facility" as used throughout this document refers to the Second Credit Agreement and the Second Amendment, as applicable). The Second Amendment also replaced the LIBOR Rate with individualized metrics based on the specific denomination of borrowings, including a metric based on Term SOFR (as defined in the Second Credit Agreement) for borrowings denominated in U.S. Dollars. The Company incurred a total of $0.7 million in underwriting fees in connection with the Second Amendment, which are being amortized over the remaining term of the Second Credit Agreement. During the three months ended June 30, 2024, we borrowed $7.7 million and repaid $58.7 million under the Revolving Credit Facility. As of June 30, 2024 and March 31, 2024, we had $115.0 million and $166.0 million, respectively, of outstanding borrowings under the Revolving Credit Facility, which resulted in borrowing capacity under the Revolving Credit Facility of $385.0 million and $334.0 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. The Second Credit Agreement also requires 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 June 30, 2024. Interest payments on the first $100.0 million borrowing under the Revolving Credit Facility are hedged under an interest rate swap agreement as described in Note 9.

LEASES

LEASES	3 Months Ended
	Jun. 30, 2024
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 24 years, s ome 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 June 30, (in thousands) 2024 2023 Components of Operating Lease Expenses Operating lease expense (a) $ 3,037 $ 2,719 Short-term lease expense 219 192 Total operating lease expense $ 3,256 $ 2,911 (a) Included in cost of revenues and selling, general and administrative expense (in thousands) June 30, 2024 March 31, 2024 Operating Lease Assets and Liabilities Right-of-use assets (a) $ 58,692 $ 44,491 Short-term lease liabilities (b) $ 9,045 $ 9,443 Long-term lease liabilities (b) 55,466 39,922 Total operating lease liabilities $ 64,511 $ 49,365 (a) Included in other assets (b) Included in accrued and other current liabilities and other long-term liabilities Three Months Ended June 30, (in thousands) 2024 2023 Supplemental Cash Flow Cash paid for amounts included in the measurement of operating lease liabilities (a) $ 3,130 $ 2,789 Right-of-use assets obtained in exchange for new operating lease obligations 19,780 1,000 Decrease in right-of-use assets and operating lease liabilities due to lease remeasurement or termination 2,980 — (a) Included in our consolidated statement of cash flows, operating activities in accounts payable and other current liabilities Other Information for Operating Leases Weighted average remaining lease term (in years) 7.94 6.82 Weighted average discount rate 4.8 % 2.3 % Maturities of operating lease liabilities were as follows (in thousands): Year Ending March 31, 2025 (excluding the three months ended June 30, 2024) $ 8,634 2026 10,953 2027 10,629 2028 9,259 2029 8,089 Thereafter 31,569 Total lease liabilities 79,133 Less: Imputed interest (14,622) Present value of lease liabilities $ 64,511

DERIVATIVE INSTRUMENTS AND HEDG

DERIVATIVE INSTRUMENTS AND HEDGE ACCOUNTING	3 Months Ended
	Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVE INSTRUMENTS AND HEDGE ACCOUNTING	DERIVATIVE INSTRUMENTS AND HEDGE ACCOUNTING We enter into interest rate swap agreements to hedge exposure to floating interest rates on certain portions of our debt. All interest rate swaps are highly effective. On February 7, 2023, we entered into an interest rate swap to hedge our exposure to variability in cash flows from interest payments on the first $100.0 million borrowing under our Revolving Credit Facility. This interest rate swap fixes the one-month SOFR rate at 3.85% for the first $100.0 million borrowing under our Revolving Credit Facility and will expire on May 18, 2026. As of June 30, 2024 and March 31, 2024, we had $100.0 million and $100.0 million, respectively, of notional amount in outstanding designated interest rate swaps with third parties. The fair value of the interest rate swap designated as a hedging instrument is summarized below (in thousands): June 30, 2024 March 31, 2024 Current derivative asset $ 1,197 $ 1,186 Non-current derivative asset 288 221 The impact of changes in fair value of the interest rate swap is included in Note 15.

EARNINGS PER SHARE

EARNINGS PER SHARE	3 Months Ended
	Jun. 30, 2024
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 months ended June 30, 2024 and 2023 (amounts in thousands, except per share data): Three Months Ended 2024 2023 Net income $ 38,850 $ 31,056 Less: Income attributable to redeemable noncontrolling interest (259) (445) Net income attributable to CSW Industrials, Inc. shareholders $ 38,591 $ 30,611 Weighted average shares: Common stock 15,432 15,410 Participating securities 102 110 Denominator for basic earnings per common share 15,534 15,520 Potentially dilutive securities 62 27 Denominator for diluted earnings per common share 15,596 15,547 Net income per share attributable to CSW Industrials, Inc. shareholders: Basic $ 2.48 $ 1.97 Diluted $ 2.47 $ 1.97

SHAREHOLDERS' EQUITY

SHAREHOLDERS' EQUITY	3 Months Ended
	Jun. 30, 2024
Equity [Abstract]
SHAREHOLDERS' EQUITY	SHAREHOLDERS' EQUITY Common stock The number of shares of common stock issued and treasury stock, and associated share activity, are as follows: June 30, 2024 June 30, 2023 Common Stock Treasury Stock Common Stock Treasury Stock Balance at beginning of the year 16,465,776 952,394 16,377,820 902,157 Vesting of performance shares 39,064 14,283 54,065 20,614 Reissuance of treasury shares — (17,186) — (35,477) Restricted stock awards activities (798) — (541) — Share repurchases — 18,792 — — Ending balance 16,504,042 968,283 16,431,344 887,294 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 prior announced $75.0 million program. On December 16, 2022, we announced that our Board of Directors authorized a new $100.0 million share repurchase program, which replaced the previously announced $100.0 million program. Under the current repurchase 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, 2024, 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 $100.0 million repurchase program, a total 18,792 were repurchased for the three months ended June 30, 2024 for $4.7 million and no shares were repurchased for the three months ended June 30, 2023. In connection with the vesting of share awards, a total of 14,283 shares for $3.3 million and 20,614 shares for $2.9 million were tendered by employees to satisfy minimum tax withholding requirements during the three months ended June 30, 2024 and 2023, respectively. Dividends On April 14, 2023, we announced a quarterly dividend increase to $0.19 per share. On April 12, 2024, we announced another quarterly dividend increase to $0.21 per share. Total dividends of $3.3 million and $2.9 million were paid during the three months ended June 30, 2024 and 2023, respectively.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	3 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS The 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 variable rates. The carrying amounts of other financial instruments (i.e., cash and cash equivalents, accounts receivable, net, accounts payable) approximate their fair values as of June 30, 2024 and March 31, 2024 due to their short-term nature. The redeemable noncontrolling interest is recorded at the higher of the redemption value or carrying value each reporting period. 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 and is classified as Level III under the fair value hierarchy. The redemption value of the redeemable noncontrolling interest is discussed in Note 3. The fair value of the contingent consideration liability related to acquisitions is determined using either a scenario-based analysis on forecasted future results or an option pricing model simulation that determines an average projected payment value across numerous iterations. The contingent consideration liability is recorded at fair value on the acquisition date and is remeasured quarterly based on the then assessed fair value. The increases or decreases in the fair value of the contingent consideration can result from changes in future operations, forecasted revenue and assumed discount rates. The fair value measurement is based on significant inputs that are not observable in the market and is classified as Level III under the fair value hierarchy. As of June 30, 2024 and March 31, 2024, the contingent consideration liability reported in the balance sheets was $7.2 million and $7.2 million, respectively.

CONTINGENCIES

CONTINGENCIES	3 Months Ended
	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
CONTINGENCIES	CONTINGENCIES From time to time, we are involved in various claims and legal actions that arise in the ordinary course of business. There are 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	3 Months Ended
	Jun. 30, 2024
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES For the three months ended June 30, 2024, we earned $52.8 million from operations before taxes and provided for income taxes of $13.9 million, resulting in an effective tax rate of 26.4%. The provision for income taxes differed from the statutory rate for the three months ended June 30, 2024 primarily due to state income tax (net of federal benefit), provision for global intangible low-taxed income ("GILTI"), executive compensation limitations, and increases to penalties and interest on uncertain tax positions ("UTP"); offset by foreign tax credits and excess tax deductions related to equity compensation and foreign-derived intangible income ("FDII"). For the three months ended June 30, 2023, we earned $41.5 million from operations before taxes and provided for income taxes of $10.5 million, resulting in an effective tax rate of 25.2%. The provision for income taxes differed from the statutory rate for the three months ended June 30, 2023 primarily due to state income tax (net of federal benefit), executive compensation limitations, stock-based compensation deferred tax asset ("DTA") write-offs, and GILTI; offset by excess tax deductions related to FDII, non-controlling interest, foreign tax credits and R&D credits. The Company expects $3.6 million of reserves for UTPs to either be settled or expire within the next 12 months as the statutes of limitations expire.

OTHER COMPREHENSIVE INCOME (LOS

OTHER COMPREHENSIVE INCOME (LOSS)	3 Months Ended
	Jun. 30, 2024
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 June 30, 2024 2023 Currency translation adjustments: Balance at beginning of period $ (10,137) $ (8,190) Adjustments for foreign currency translation (887) 514 Balance at end of period $ (11,024) $ (7,676) Interest rate swaps: Balance at beginning of period $ 1,111 $ (114) Unrealized gains, net of taxes of $(100) and $(459), respectively (a) 376 1,728 Reclassification of gains included in interest expense, net of taxes of $83 and $66, respectively (314) (247) Other comprehensive income 62 1,481 Balance at end of period $ 1,173 $ 1,367 Defined benefit plans: Balance at beginning of period $ (100) $ (105) Amortization of net losses, net of taxes of $0 and $0, respectively (b) — 1 Balance at end of period $ (100) $ (104) (a) Unrealized gain (loss) is reclassified to earnings as underlying cash interest settlements are made or received. We expect to recognize a gain of $0.9 million, net of deferred taxes, over the next twelve months related to the designated cash flow hedge based on its fair value at June 30, 2024.

REVENUE RECOGNITION

REVENUE RECOGNITION	3 Months Ended
	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
REVENUE RECOGNITION	REVENUE RECOGNITION Refer to Note 19 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 June 30, 2024 Contractor Solutions Specialized Reliability Solutions Engineered Building Solutions Total Build-to-order $ — $ — $ 27,178 $ 27,178 Book-and-ship 158,538 36,745 3,716 198,999 Net revenues $ 158,538 $ 36,745 $ 30,894 $ 226,177 Three Months Ended June 30, 2023 Contractor Solutions Specialized Reliability Solutions Engineered Building Solutions Total Build-to-order $ — $ — $ 23,938 $ 23,938 Book-and-ship 138,105 37,668 3,649 179,422 Net revenues $ 138,105 $ 37,668 $ 27,587 $ 203,360 Contract liabilities, which are included in accrued and other current liabilities in our consolidated balance sheets were as follows (in thousands): Balance at March 31, 2024: $ 548 Revenue recognized during the period (245) New contracts and revenue added during the period 402 Balance at June 30, 2024 $ 705

SEGMENTS

SEGMENTS	3 Months Ended
	Jun. 30, 2024
Segment Reporting [Abstract]
SEGMENTS	SEGMENTS As discussed in Note 20 to our consolidated financial statements in our Annual Report, we conduct our operations through three reportable segments: • Contractor Solutions • Specialized Reliability Solutions • Engineered Building Solutions The following is a summary of the financial information of our reporting segments reconciled to the amounts reported in the consolidated financial statements (in thousands). Three Months Ended June 30, 2024: (in thousands) Contractor Solutions Specialized Reliability Solutions Engineered Building Solutions Subtotal - Reportable Segments Eliminations and Other Total Revenues, net to external customers $ 158,538 $ 36,745 $ 30,894 $ 226,177 $ — $ 226,177 Intersegment revenue 1,880 46 — 1,926 (1,926) — Operating income 49,884 7,150 5,723 62,757 (7,697) 55,060 Three Months Ended June 30, 2023: (in thousands) Contractor Solutions Specialized Reliability Solutions Engineered Building Solutions Subtotal - Reportable Segments Eliminations and Other Total Revenues, net to external customers $ 138,105 $ 37,668 $ 27,587 $ 203,360 $ — $ 203,360 Intersegment revenue 1,849 43 — 1,892 (1,892) — Operating income 39,667 6,966 4,260 50,893 (5,687) 45,206

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net income	$ 38,591	$ 30,611

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

ORGANIZATION AND OPERATIONS A_2

ORGANIZATION AND OPERATIONS AND SUMMARY OF ACCOUNTING POLICIES (Policies)	3 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The consolidated financial statements included in this Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2024 (“Quarterly Report”), include all revenues, costs, assets and liabilities directly attributable to CSWI and have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). The 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 ("VIE") 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 consolidated financial statements reflect all adjustments that are, in the opinion of management, necessary to present a fair statement of CSWI’s financial position as of June 30, 2024, and the results of operations for the three-month period ended June 30, 2024 and 2023. All adjustments are of a normal, recurring nature. The year-end consolidated balance sheet data was derived from audited financial statements but does not include all disclosures required by U.S. GAAP. These 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, 2024 (the “Annual Report”).
Accounting Developments	Accounting Developments Pronouncements not yet implemented In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which provides updates to qualitative and quantitative reportable segment disclosure requirements, including enhanced disclosures about significant segment expenses and increased interim disclosure requirements, among others. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted, and the amendments should be applied retrospectively. This ASU will be effective for our Form 10-K for fiscal 2025 and our Form 10-Q for the first quarter of fiscal 2026. We are currently evaluating the impact this ASU may have on our financial statement disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which provides qualitative and quantitative updates to the rate reconciliation and income taxes paid disclosures, among others, in order to enhance the transparency of income tax disclosures, including consistent categories and greater disaggregation of information in the rate reconciliation and disaggregation by jurisdiction of income taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. This ASU should be applied prospectively; however, retrospective application is also permitted. This ASU will be effective for our Form 10-K for fiscal 2026. We are currently evaluating the impact this ASU may have on our financial statement disclosures.

CONSOLIDATION OF VARIABLE INT_2

CONSOLIDATION OF VARIABLE INTEREST ENTITY AND REDEEMABLE NONCONTROLLING INTEREST (Tables)	3 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Variable Interest Entities	Whitmore JV's total net assets are presented below (in thousands): June 30, 2024 March 31, 2024 Cash $ 6,281 $ 5,909 Accounts receivable, net 8,362 8,094 Inventories, net 3,148 3,851 Prepaid expenses and other current assets 332 138 Property, plant and equipment, net 14,270 14,241 Intangible assets, net 5,466 5,669 Other assets 412 315 Total assets $ 38,271 $ 38,217 Accounts payable $ 5,872 $ 6,004 Accrued and other current liabilities 1,052 1,463 Other long-term liabilities 278 206 Total liabilities $ 7,202 $ 7,673
Schedule of Changes in Redeemable Noncontrolling Interest	Changes in redeemable noncontrolling interest for the three-month periods ended June 30, 2024 and June 30, 2023 were as follows (in thousands): June 30, 2024 June 30, 2023 Balance at beginning of the year $ 19,355 $ 18,464 Net income attributable to redeemable noncontrolling interest 259 445 Ending Balance $ 19,614 $ 18,909

INVENTORIES (Tables)

INVENTORIES (Tables)	3 Months Ended
	Jun. 30, 2024
Inventory Disclosure [Abstract]
Schedule of Inventories	Inventories consist of the following (in thousands): June 30, 2024 March 31, 2024 Raw materials and supplies $ 46,183 $ 44,866 Work in process 5,388 5,194 Finished goods 113,381 109,695 Total inventories 164,952 159,755 Less: Obsolescence reserve (8,161) (9,006) Inventories, net $ 156,791 $ 150,749

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS (Tables)	3 Months Ended
	Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Changes in Carrying Amount of Goodwill	The changes in the carrying amount of goodwill as of June 30, 2024 and March 31, 2024 were as follows (in thousands): Contractor Solutions Specialized Reliability Solutions Engineered Building Solutions Total Balance at March 31, 2024 $ 213,544 $ 9,358 $ 24,289 $ 247,191 Dust Free acquisition (724) — — (724) Currency translation 20 5 (90) (65) Balance at June 30, 2024 $ 212,840 $ 9,363 $ 24,199 $ 246,402
Schedule of Intangible Assets	The following table provides information about our intangible assets (in thousands, except years): June 30, 2024 March 31, 2024 Weighted Avg Life (Years) Gross Amount Accumulated Amortization Gross Amount Accumulated Amortization Finite-lived intangible assets: Patents 11 $ 15,084 $ (9,491) $ 15,084 $ (9,306) Customer lists and amortized trademarks 14 346,003 (108,982) 346,136 (103,407) Non-compete agreements 6 1,000 (499) 1,000 (453) Other 10 6,325 (2,774) 6,275 (2,649) $ 368,412 $ (121,746) $ 368,495 $ (115,815) Trademarks not being amortized: $ 66,232 $ — $ 66,139 $ —
Schedule of Estimated Future Amortization for Intangible Assets	The following table shows the estimated future amortization for intangible assets, as of June 30, 2024, for the remainder of the current fiscal year and the next four fiscal years ending March 31 (in thousands): 2025 $ 17,398 2026 23,015 2027 21,937 2028 21,537 2029 21,460 Thereafter 141,319 Total $ 246,666

SHARE-BASED COMPENSATION (Table

SHARE-BASED COMPENSATION (Tables)	3 Months Ended
	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Share-Based Compensation Expense	We recorded share-based compensation expense, net of estimated forfeitures, as follows for the three months ended June 30, 2024 and 2023 (in thousands): Three Months Ended 2024 2023 Share-based compensation expense $ 3,746 $ 2,805 Related income tax benefit (a) (937) (701) Net share-based compensation expense $ 2,809 $ 2,104 (a) Income tax benefit is estimated using the statutory rate
Schedule of Restricted Share Activity	Restricted share activity was as follows: Three Months Ended June 30, 2024 Number of Shares Weighted Average Grant Date Fair Value Outstanding at March 31, 2024: 221,563 $ 166.62 Granted (a) 38,656 328.75 Vested (39,064) 190.43 Canceled (818) 153.56 Outstanding at June 30, 2024 220,337 $ 178.63 (a) Including incremental shares granted as a result of performance-based awards vested exceeding 100%

LONG-TERM DEBT (Tables)

LONG-TERM DEBT (Tables)	3 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Schedule of Long-Term Debt	Debt consists of the following (in thousands): June 30, 2024 March 31, 2024 Revolving Credit Facility, interest rate of 6.69% and 6.68% (a) $ 115,000 $ 166,000 Less: Current portion — — Long-term debt $ 115,000 $ 166,000 (a) Represents the interest rate effective on June 30, 2024, and March 31, 2024, respectively, excluding the impact from the interest rate swap.

LEASES (Tables)

LEASES (Tables)	3 Months Ended
	Jun. 30, 2024
Leases [Abstract]
Schedule of Components of Operating Lease Expense, Operating Lease Assets and Liabilities, Supplemental Cash Flow, and Other Information	Three Months Ended June 30, (in thousands) 2024 2023 Components of Operating Lease Expenses Operating lease expense (a) $ 3,037 $ 2,719 Short-term lease expense 219 192 Total operating lease expense $ 3,256 $ 2,911 (a) Included in cost of revenues and selling, general and administrative expense (in thousands) June 30, 2024 March 31, 2024 Operating Lease Assets and Liabilities Right-of-use assets (a) $ 58,692 $ 44,491 Short-term lease liabilities (b) $ 9,045 $ 9,443 Long-term lease liabilities (b) 55,466 39,922 Total operating lease liabilities $ 64,511 $ 49,365 (a) Included in other assets (b) Included in accrued and other current liabilities and other long-term liabilities Three Months Ended June 30, (in thousands) 2024 2023 Supplemental Cash Flow Cash paid for amounts included in the measurement of operating lease liabilities (a) $ 3,130 $ 2,789 Right-of-use assets obtained in exchange for new operating lease obligations 19,780 1,000 Decrease in right-of-use assets and operating lease liabilities due to lease remeasurement or termination 2,980 — (a) Included in our consolidated statement of cash flows, operating activities in accounts payable and other current liabilities Other Information for Operating Leases Weighted average remaining lease term (in years) 7.94 6.82 Weighted average discount rate 4.8 % 2.3 %
Schedule of Maturities of Operating Lease Liabilities	Maturities of operating lease liabilities were as follows (in thousands): Year Ending March 31, 2025 (excluding the three months ended June 30, 2024) $ 8,634 2026 10,953 2027 10,629 2028 9,259 2029 8,089 Thereafter 31,569 Total lease liabilities 79,133 Less: Imputed interest (14,622) Present value of lease liabilities $ 64,511

DERIVATIVE INSTRUMENTS AND HE_2

DERIVATIVE INSTRUMENTS AND HEDGE ACCOUNTING (Tables)	3 Months Ended
	Jun. 30, 2024
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): June 30, 2024 March 31, 2024 Current derivative asset $ 1,197 $ 1,186 Non-current derivative asset 288 221

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	3 Months Ended
	Jun. 30, 2024
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 months ended June 30, 2024 and 2023 (amounts in thousands, except per share data): Three Months Ended 2024 2023 Net income $ 38,850 $ 31,056 Less: Income attributable to redeemable noncontrolling interest (259) (445) Net income attributable to CSW Industrials, Inc. shareholders $ 38,591 $ 30,611 Weighted average shares: Common stock 15,432 15,410 Participating securities 102 110 Denominator for basic earnings per common share 15,534 15,520 Potentially dilutive securities 62 27 Denominator for diluted earnings per common share 15,596 15,547 Net income per share attributable to CSW Industrials, Inc. shareholders: Basic $ 2.48 $ 1.97 Diluted $ 2.47 $ 1.97

SHAREHOLDERS' EQUITY (Tables)

SHAREHOLDERS' EQUITY (Tables)	3 Months Ended
	Jun. 30, 2024
Equity [Abstract]
Schedule of Stockholders Equity	The number of shares of common stock issued and treasury stock, and associated share activity, are as follows: June 30, 2024 June 30, 2023 Common Stock Treasury Stock Common Stock Treasury Stock Balance at beginning of the year 16,465,776 952,394 16,377,820 902,157 Vesting of performance shares 39,064 14,283 54,065 20,614 Reissuance of treasury shares — (17,186) — (35,477) Restricted stock awards activities (798) — (541) — Share repurchases — 18,792 — — Ending balance 16,504,042 968,283 16,431,344 887,294

OTHER COMPREHENSIVE INCOME (L_2

OTHER COMPREHENSIVE INCOME (LOSS) (Tables)	3 Months Ended
	Jun. 30, 2024
Equity [Abstract]
Schedule of Analysis of Changes in Accumulated Other Comprehensive Income (Loss)	The following table provides an analysis of the changes in accumulated other comprehensive loss (in thousands): Three Months Ended June 30, 2024 2023 Currency translation adjustments: Balance at beginning of period $ (10,137) $ (8,190) Adjustments for foreign currency translation (887) 514 Balance at end of period $ (11,024) $ (7,676) Interest rate swaps: Balance at beginning of period $ 1,111 $ (114) Unrealized gains, net of taxes of $(100) and $(459), respectively (a) 376 1,728 Reclassification of gains included in interest expense, net of taxes of $83 and $66, respectively (314) (247) Other comprehensive income 62 1,481 Balance at end of period $ 1,173 $ 1,367 Defined benefit plans: Balance at beginning of period $ (100) $ (105) Amortization of net losses, net of taxes of $0 and $0, respectively (b) — 1 Balance at end of period $ (100) $ (104) (a) Unrealized gain (loss) is reclassified to earnings as underlying cash interest settlements are made or received. We expect to recognize a gain of $0.9 million, net of deferred taxes, over the next twelve months related to the designated cash flow hedge based on its fair value at June 30, 2024.

REVENUE RECOGNITION (Tables)

REVENUE RECOGNITION (Tables)	3 Months Ended
	Jun. 30, 2024
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 June 30, 2024 Contractor Solutions Specialized Reliability Solutions Engineered Building Solutions Total Build-to-order $ — $ — $ 27,178 $ 27,178 Book-and-ship 158,538 36,745 3,716 198,999 Net revenues $ 158,538 $ 36,745 $ 30,894 $ 226,177 Three Months Ended June 30, 2023 Contractor Solutions Specialized Reliability Solutions Engineered Building Solutions Total Build-to-order $ — $ — $ 23,938 $ 23,938 Book-and-ship 138,105 37,668 3,649 179,422 Net revenues $ 138,105 $ 37,668 $ 27,587 $ 203,360
Schedule of Contract Liabilities	Contract liabilities, which are included in accrued and other current liabilities in our consolidated balance sheets were as follows (in thousands): Balance at March 31, 2024: $ 548 Revenue recognized during the period (245) New contracts and revenue added during the period 402 Balance at June 30, 2024 $ 705

SEGMENTS (Tables)

SEGMENTS (Tables)	3 Months Ended
	Jun. 30, 2024
Segment Reporting [Abstract]
Schedule of Schedule of Financial Information of Reporting Segments	The following is a summary of the financial information of our reporting segments reconciled to the amounts reported in the consolidated financial statements (in thousands). Three Months Ended June 30, 2024: (in thousands) Contractor Solutions Specialized Reliability Solutions Engineered Building Solutions Subtotal - Reportable Segments Eliminations and Other Total Revenues, net to external customers $ 158,538 $ 36,745 $ 30,894 $ 226,177 $ — $ 226,177 Intersegment revenue 1,880 46 — 1,926 (1,926) — Operating income 49,884 7,150 5,723 62,757 (7,697) 55,060 Three Months Ended June 30, 2023: (in thousands) Contractor Solutions Specialized Reliability Solutions Engineered Building Solutions Subtotal - Reportable Segments Eliminations and Other Total Revenues, net to external customers $ 138,105 $ 37,668 $ 27,587 $ 203,360 $ — $ 203,360 Intersegment revenue 1,849 43 — 1,892 (1,892) — Operating income 39,667 6,966 4,260 50,893 (5,687) 45,206

ORGANIZATION AND OPERATIONS A_3

ORGANIZATION AND OPERATIONS AND SUMMARY OF ACCOUNTING POLICIES (Details)	3 Months Ended
	Jun. 30, 2024 country segment
Accounting Policies [Abstract]
Number of reportable segments | segment	3
Number of countries | country	100

ACQUISITIONS (Details)

ACQUISITIONS (Details) - USD ($) $ in Thousands		3 Months Ended		12 Months Ended
	Feb. 06, 2024	Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2024
Business Acquisition [Line Items]
Cash paid for acquisitions		$ 163	$ 112
Goodwill		$ 246,402		$ 247,191
Trademarks
Business Acquisition [Line Items]
Fair value of the assets acquired, indefinite-lived	$ 1,000
Dust Free, LP
Business Acquisition [Line Items]
Percent of outstanding equity acquired	100%
Business combination, consideration transferred	$ 34,200
Cash acquired	600
Cash paid for acquisitions	27,400
Working capital adjustment	500
Noncurrent contingent consideration	$ 6,800
Business combination target period	6 years
Transaction expenses incurred				$ 700
Goodwill	$ 3,200
Fair value of accounts receivable acquired	2,900
Cash and cash equivalents acquired	600
Fair value of inventory acquired	4,100
Fair value of other current asset	400
Fair value of other current assets acquired	3,600
Fair value of current liabilities acquired	$ 2,300
Assets acquired, amortization period	15 years
Dust Free, LP | Valuation Technique, Option Pricing Model
Business Acquisition [Line Items]
Noncurrent contingent consideration	$ 2,100
Dust Free, LP | Valuation Technique, Consensus Pricing Model
Business Acquisition [Line Items]
Noncurrent contingent consideration	4,700
Dust Free, LP | Trademarks
Business Acquisition [Line Items]
Indefinitely lived intangible assets acquired	1,600
Dust Free, LP | Customer Lists
Business Acquisition [Line Items]
Finite lived intangible assets acquired	$ 20,100
Assets acquired, amortization period	15 years
Dust Free, LP | Trade Names
Business Acquisition [Line Items]
Finite lived intangible assets acquired	$ 600
Assets acquired, amortization period	2 years

CONSOLIDATION OF VARIABLE INT_3

CONSOLIDATION OF VARIABLE INTEREST ENTITY AND REDEEMABLE NONCONTROLLING INTEREST - Variable Interest Entities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024
Variable Interest Entity [Line Items]
Cash	$ 18,852	$ 22,156
Inventories, net	156,791	150,749
Prepaid expenses and other current assets	12,381	15,840
Property, plant and equipment, net	92,371	92,811
Total assets	1,050,526	1,043,326
Other long-term liabilities	143,166	125,298
Total liabilities	380,754	408,248
Variable Interest Entity
Variable Interest Entity [Line Items]
Cash	6,281	5,909
Accounts receivable, net	8,362	8,094
Inventories, net	3,148	3,851
Prepaid expenses and other current assets	332	138
Property, plant and equipment, net	14,270	14,241
Intangible assets, net	5,466	5,669
Other assets	412	315
Total assets	38,271	38,217
Accounts payable	5,872	6,004
Accrued and other current liabilities	1,052	1,463
Other long-term liabilities	278	206
Total liabilities	$ 7,202	$ 7,673

CONSOLIDATION OF VARIABLE INT_4

CONSOLIDATION OF VARIABLE INTEREST ENTITY AND REDEEMABLE NONCONTROLLING INTEREST - Additional Information (Details) - USD ($) $ in Thousands		3 Months Ended
	Apr. 01, 2021	Jun. 30, 2024	Jun. 30, 2023
Variable Interest Entity [Line Items]
Net income		$ 38,591	$ 30,611
Variable Interest Entity
Variable Interest Entity [Line Items]
Net income		$ 500	$ 900
Interest sold (in percent)	50%
Initiating member's equity interest	90%
Period of written notice	2 years

CONSOLIDATION OF VARIABLE INT_5

CONSOLIDATION OF VARIABLE INTEREST ENTITY AND REDEEMABLE NONCONTROLLING INTEREST - Changes In Redeemable Noncontrolling Interest (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Beginning balance	$ 19,355
Ending balance	19,614
Variable Interest Entity
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Beginning balance	19,355	$ 18,464
Net income attributable to redeemable noncontrolling interest	259	445
Ending balance	$ 19,614	$ 18,909

INVENTORIES (Details)

INVENTORIES (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024
Inventory Disclosure [Abstract]
Raw materials and supplies	$ 46,183	$ 44,866
Work in process	5,388	5,194
Finished goods	113,381	109,695
Total inventories	164,952	159,755
Less: Obsolescence reserve	(8,161)	(9,006)
Inventories, net	$ 156,791	$ 150,749

GOODWILL AND INTANGIBLE ASSET_2

GOODWILL AND INTANGIBLE ASSETS - Schedule of Changes in Carrying Amount of Goodwill (Details) $ in Thousands	3 Months Ended
	Jun. 30, 2024 USD ($)
Goodwill [Roll Forward]
Balance at beginning of period	$ 247,191
Dust Free acquisition	(724)
Currency translation	(65)
Balance at end of period	246,402
Contractor Solutions
Goodwill [Roll Forward]
Balance at beginning of period	213,544
Dust Free acquisition	(724)
Currency translation	20
Balance at end of period	212,840
Specialized Reliability Solutions
Goodwill [Roll Forward]
Balance at beginning of period	9,358
Dust Free acquisition	0
Currency translation	5
Balance at end of period	9,363
Engineered Building Solutions
Goodwill [Roll Forward]
Balance at beginning of period	24,289
Dust Free acquisition	0
Currency translation	(90)
Balance at end of period	$ 24,199

GOODWILL AND INTANGIBLE ASSET_3

GOODWILL AND INTANGIBLE ASSETS - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2024	Mar. 31, 2024
Finite-Lived Intangible Assets, Net [Abstract]
Gross Amount	$ 368,412	$ 368,495
Accumulated Amortization	(121,746)	(115,815)
Trademarks not being amortized
Indefinite-lived Intangible Assets [Line Items]
Gross Amount	$ 66,232	66,139
Patents
Finite-Lived Intangible Assets [Line Items]
Weighted Avg Life (Years)	11 years
Finite-Lived Intangible Assets, Net [Abstract]
Gross Amount	$ 15,084	15,084
Accumulated Amortization	$ (9,491)	(9,306)
Customer lists and amortized trademarks
Finite-Lived Intangible Assets [Line Items]
Weighted Avg Life (Years)	14 years
Finite-Lived Intangible Assets, Net [Abstract]
Gross Amount	$ 346,003	346,136
Accumulated Amortization	$ (108,982)	(103,407)
Non-compete agreements
Finite-Lived Intangible Assets [Line Items]
Weighted Avg Life (Years)	6 years
Finite-Lived Intangible Assets, Net [Abstract]
Gross Amount	$ 1,000	1,000
Accumulated Amortization	$ (499)	(453)
Other
Finite-Lived Intangible Assets [Line Items]
Weighted Avg Life (Years)	10 years
Finite-Lived Intangible Assets, Net [Abstract]
Gross Amount	$ 6,325	6,275
Accumulated Amortization	$ (2,774)	$ (2,649)

GOODWILL AND INTANGIBLE ASSET_4

GOODWILL AND INTANGIBLE ASSETS - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of intangible assets	$ 5.9	$ 5.7

GOODWILL AND INTANGIBLE ASSET_5

GOODWILL AND INTANGIBLE ASSETS - Schedule of Estimated Future Amortization of Finite-lived Intangible Assets (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2025	$ 17,398
2026	23,015
2027	21,937
2028	21,537
2029	21,460
Thereafter	141,319
Total	$ 246,666

SHARE-BASED COMPENSATION - Addi

SHARE-BASED COMPENSATION - Additional Information (Details)	Jun. 30, 2024 shares
2015 Plan | Stock Compensation Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for issuance (in shares)	298,174

SHARE-BASED COMPENSATION - Sche

SHARE-BASED COMPENSATION - Schedule of Share-Based Compensation (Details) - Restricted Stock - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 3,746	$ 2,805
Related income tax benefit	(937)	(701)
Net share-based compensation expense	$ 2,809	$ 2,104

SHARE-BASED COMPENSATION - Rest

SHARE-BASED COMPENSATION - Restricted Share Activity (Details) - Restricted Stock	3 Months Ended
	Jun. 30, 2024 $ / shares shares
Number of Shares
Outstanding at beginning of period (in shares) | shares	221,563
Granted (in shares) | shares	38,656
Vested (in shares) | shares	(39,064)
Canceled (in shares) | shares	(818)
Outstanding at end of period (in shares) | shares	220,337
Weighted Average Grant Date Fair Value
Outstanding at beginning of period (in USD per share) | $ / shares	$ 166.62
Granted (in USD per share) | $ / shares	328.75
Vested (in USD per share) | $ / shares	190.43
Canceled (in USD per share) | $ / shares	153.56
Outstanding at end of period (in USD per share) | $ / shares	$ 178.63

SHARE-BASED COMPENSATION - Re_2

SHARE-BASED COMPENSATION - Restricted Stock Activity, Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2024
Restricted Stock Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested restricted shares outstanding (in shares)	96,509	98,029
Restricted Stock Performance Shares | Cliff Vesting
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	36 months
Stock/units granted (in shares)	18,962	29,120
Restricted Stock Performance Shares | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance-based vesting range	0%
Restricted Stock Performance Shares | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance-based vesting range	200%
Restricted Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested restricted shares outstanding (in shares)	220,337		221,563
Stock/units granted (in shares)	38,656
Unrecognized compensation costs related to unvested restricted shares	$ 22.5
Weighted average vesting period	2 years 2 months 12 days
Fair value of restricted shares granted	$ 6.3	$ 5.8
Fair value of restricted shares vested	$ 9	$ 7.5

LONG-TERM DEBT - Schedule of Lo

LONG-TERM DEBT - Schedule of Long-Term Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024
Debt Instrument [Line Items]
Less: Current portion	$ 0	$ 0
Long-term debt	$ 115,000	$ 166,000
Revolving Credit Facility
Debt Instrument [Line Items]
Interest rate	6.69%	6.68%
Revolving Credit Facility	$ 115,000	$ 166,000

LONG-TERM DEBT - Revolving Cred

LONG-TERM DEBT - Revolving Credit Facility (Details)			3 Months Ended
	Dec. 15, 2022 USD ($)	May 18, 2021	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Mar. 31, 2024 USD ($)	Feb. 07, 2023 USD ($)	Dec. 14, 2022 USD ($)
Debt Instrument [Line Items]
Borrowings on line of credit			$ 7,723,000	$ 15,432,000
Repayments of long-term debt			(58,723,000)	$ (58,432,000)
Interest Rate Swap
Debt Instrument [Line Items]
Derivative, amount of hedged item						$ 100,000,000
Line of Credit
Debt Instrument [Line Items]
Maximum leverage ratio		3
Revolving Credit Facility
Debt Instrument [Line Items]
Percentage of voting equity interests in first-tier foreign subsidiaries	0.65
Revolving credit facility, amount outstanding			115,000,000		$ 166,000,000
Revolving Credit Facility | Fed Funds Rate
Debt Instrument [Line Items]
Spread on interest rate	0.50%
Revolving Credit Facility | LIBOR
Debt Instrument [Line Items]
Spread on interest rate	1%
Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 500,000,000						$ 400,000,000
Line of credit facility, accordion feature	150,000,000
Underwriting fees	$ 700,000
Borrowings on line of credit			7,700,000
Repayments of long-term debt			(58,700,000)
Revolving credit facility, amount outstanding			115,000,000		166,000,000
Line of credit facility, remaining borrowing capacity			$ 385,000,000		$ 334,000,000
Maximum leverage ratio		3.75
Duration of temporary increase for maximum leverage ratio		18 months
Minimum fixed charge coverage ratio		1.25
Revolving Credit Facility | Line of Credit | Minimum
Debt Instrument [Line Items]
Commitment fee percentage	0.15%
Revolving Credit Facility | Line of Credit | Minimum | Prime Rate
Debt Instrument [Line Items]
Spread on interest rate	0.25%
Revolving Credit Facility | Line of Credit | Minimum | London Interbank Offered Rate
Debt Instrument [Line Items]
Spread on interest rate	1.25%
Revolving Credit Facility | Line of Credit | Maximum
Debt Instrument [Line Items]
Commitment fee percentage	0.40%
Revolving Credit Facility | Line of Credit | Maximum | Prime Rate
Debt Instrument [Line Items]
Spread on interest rate	1.50%
Revolving Credit Facility | Line of Credit | Maximum | London Interbank Offered Rate
Debt Instrument [Line Items]
Spread on interest rate	2.50%
Letter of Credit | Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 25,000,000
Swingline Loans | Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 10,000,000

LEASES - Additional Information

LEASES - Additional Information (Details)	Jun. 30, 2024
Minimum
Lessee, Lease, Description [Line Items]
Remaining lease term	1 year
Maximum
Lessee, Lease, Description [Line Items]
Remaining lease term	24 years

LEASES - Components of Operatin

LEASES - Components of Operating Lease Expenses (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Leases [Abstract]
Operating lease expense	$ 3,037	$ 2,719
Short-term lease expense	219	192
Total operating lease expense	$ 3,256	$ 2,911

LEASES - Operating Lease Assets

LEASES - Operating Lease Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024
Leases [Abstract]
Right-of-use assets	$ 58,692	$ 44,491
Short-term lease liabilities	9,045	9,443
Long-term lease liabilities	55,466	39,922
Total operating lease liabilities	$ 64,511	$ 49,365
Operating lease, right-of-use asset, statement of financial position [extensible list]	Other assets	Other assets
Operating lease, liability, current, statement of financial position [extensible list]	Accrued and other current liabilities	Accrued and other current liabilities
Operating lease, liability, noncurrent, statement of financial position [extensible list]	Other long-term liabilities	Other long-term liabilities

LEASES - Supplemental Cash Flow

LEASES - Supplemental Cash Flow (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Leases [Abstract]
Cash paid for amounts included in the measurement of operating lease liabilities	$ 3,130	$ 2,789
Right-of-use assets obtained in exchange for new operating lease obligations	19,780	1,000
Decrease in right-of-use assets and operating lease liabilities due to lease remeasurement or termination	$ 2,980	$ 0

LEASES - Other Information for

LEASES - Other Information for Operating Leases (Details)	Jun. 30, 2024	Jun. 30, 2023
Leases [Abstract]
Weighted average remaining lease term (in years)	7 years 11 months 8 days	6 years 9 months 25 days
Weighted average discount rate	4.80%	2.30%

LEASES - Maturities of Operatin

LEASES - Maturities of Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024
Leases [Abstract]
Year Ending March 31, 2025 (excluding the three months ended June 30, 2024)	$ 8,634
2026	10,953
2027	10,629
2028	9,259
2029	8,089
Thereafter	31,569
Total lease liabilities	79,133
Less: Imputed interest	(14,622)
Present value of lease liabilities	$ 64,511	$ 49,365

DERIVATIVE INSTRUMENTS AND HE_3

DERIVATIVE INSTRUMENTS AND HEDGE ACCOUNTING - Additional Information (Details) - Interest Rate Swap - USD ($) $ in Millions	Jun. 30, 2024	Mar. 31, 2024	Feb. 07, 2023
Derivative [Line Items]
Derivative, amount of hedged item			$ 100
Derivative, fixed interest rate			3.85%
Notional amount	$ 100	$ 100

DERIVATIVE INSTRUMENTS AND HE_4

DERIVATIVE INSTRUMENTS AND HEDGE ACCOUNTING - Fair Value of Derivatives (Details) - Hedging Instrument - Interest Rate Swap - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024
Derivatives, Fair Value [Line Items]
Current derivative asset	$ 1,197	$ 1,186
Non-current derivative asset	$ 288	$ 221

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Earnings Per Share [Abstract]
Net income	$ 38,850	$ 31,056
Less: Income attributable to redeemable noncontrolling interest	(259)	(445)
Net income attributable to CSW Industrials, Inc.	$ 38,591	$ 30,611
Weighted average shares:
Common stock (in shares)	15,432	15,410
Participating securities (in shares)	102	110
Denominator for basic earnings per common share (in shares)	15,534	15,520
Potentially dilutive securities (in shares)	62	27
Denominator for diluted earnings per common share (in shares)	15,596	15,547
Net income per share attributable to CSW Industrials, Inc. shareholders:
Basic (in USD per share)	$ 2.48	$ 1.97
Diluted (in USD per share)	$ 2.47	$ 1.97

SHAREHOLDERS' EQUITY - Schedule

SHAREHOLDERS' EQUITY - Schedule of Common Stock Issued and Treasury Stock, and Associated Share Activity (Details) - shares	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2024	Mar. 31, 2023
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Treasury shares (in shares)	968,000		952,000
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of the year	16,465,776	16,377,820
Ending balance	16,504,042	16,431,344
Common Stock | Restricted Stock Performance Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Vesting of performance shares (in shares)	39,064	54,065
Common Stock | Restricted Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Restricted stock awards activities (in shares)	(798)
Restricted stock awards activities (in shares)		(541)
Treasury Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Reissuance of treasury shares (in shares)	(17,186)	(35,477)
Share repurchases (in shares)	18,792	0
Treasury shares (in shares)	968,283	887,294	952,394	902,157
Treasury Stock | Restricted Stock Performance Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Vesting of performance shares (in shares)	14,283	20,614

SHAREHOLDERS' EQUITY - Addition

SHAREHOLDERS' EQUITY - Additional Information (Details) - USD ($)						3 Months Ended
	Aug. 09, 2024	Jul. 12, 2024	Apr. 14, 2024	Apr. 12, 2024	Nov. 07, 2018	Jun. 30, 2024	Jun. 30, 2023	Dec. 16, 2022	Oct. 30, 2020
Equity, Class of Treasury Stock [Line Items]
Shares repurchased, amount							$ 0
Shares withheld for tax withholding obligation (in shares)						14,283	20,614
Tax withholding						$ 3,300,000	$ 2,900,000
Dividend declared (in USD per share)			$ 0.19	$ 0.21
Dividends paid						3,300,000	$ 2,900,000
Subsequent Event
Equity, Class of Treasury Stock [Line Items]
Dividend declared (in USD per share)		$ 0.21
Dividend cash paid (in USD per share)	$ 0.21
2018 Share Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Share repurchase program authorized amount (up to)					$ 75,000,000
Share repurchase program term					2 years
2020 Share Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Share repurchase program authorized amount (up to)								$ 100,000,000	$ 100,000,000
2022 Share Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Share repurchase program authorized amount (up to)						$ 100,000,000		$ 100,000,000
Shares repurchased (in shares)						18,792
Shares repurchased, amount						$ 4,700,000

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Millions	Jun. 30, 2024	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Contingent consideration liability	$ 7.2	$ 7.2

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Income Tax Examination [Line Items]
Income (loss) from continuing operations before income taxes	$ 52,800	$ 41,511
Provision for income taxes	$ 13,950	$ 10,455
Effective tax rate	26.40%	25.20%
Falcon Stainless, Inc.
Income Tax Examination [Line Items]
Decrease in unrecognized tax benefits is reasonably possible	$ 3,600

OTHER COMPREHENSIVE INCOME (L_3

OTHER COMPREHENSIVE INCOME (LOSS) (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	$ 615,723	$ 525,675
Other comprehensive income	(825)	1,996
Balance at end of period	650,158	560,094
Losses on cash flow hedges expected to be reclassified to earnings within next 12 months (less than)	900
Currency translation adjustments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	(10,137)	(8,190)
Other comprehensive income	(887)	514
Balance at end of period	(11,024)	(7,676)
Interest rate swaps
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	1,111	(114)
Other comprehensive income	62	1,481
Unrealized gains, net of taxes	376	1,728
Reclassification of (gains) included in interest expense, net of tax	(314)	(247)
Balance at end of period	1,173	1,367
Interest rate swaps, unrealized gain, tax	(100)	(459)
Reclassification from AOCI, current period, tax	83	66
Defined benefit plans
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	(100)	(105)
Balance at end of period	(100)	(104)
Amortization of net gains (losses)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Reclassification of (gains) included in interest expense, net of tax	0	1
Reclassification from AOCI, current period, tax	$ 0	$ 0

REVENUE RECOGNITION (Details)

REVENUE RECOGNITION (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Net revenues	$ 226,177	$ 203,360
Change in Contract Liabilities [Roll Forward]
Balance at beginning of period	548
Revenue recognized during the period	(245)
New contracts and revenue added during the period	402
Balance at end of period	705
Build-to-order
Disaggregation of Revenue [Line Items]
Net revenues	27,178	23,938
Book-and-ship
Disaggregation of Revenue [Line Items]
Net revenues	198,999	179,422
Contractor Solutions
Disaggregation of Revenue [Line Items]
Net revenues	158,538	138,105
Contractor Solutions | Build-to-order
Disaggregation of Revenue [Line Items]
Net revenues	0	0
Contractor Solutions | Book-and-ship
Disaggregation of Revenue [Line Items]
Net revenues	158,538	138,105
Specialized Reliability Solutions
Disaggregation of Revenue [Line Items]
Net revenues	36,745	37,668
Specialized Reliability Solutions | Build-to-order
Disaggregation of Revenue [Line Items]
Net revenues	0	0
Specialized Reliability Solutions | Book-and-ship
Disaggregation of Revenue [Line Items]
Net revenues	36,745	37,668
Engineered Building Solutions
Disaggregation of Revenue [Line Items]
Net revenues	30,894	27,587
Engineered Building Solutions | Build-to-order
Disaggregation of Revenue [Line Items]
Net revenues	27,178	23,938
Engineered Building Solutions | Book-and-ship
Disaggregation of Revenue [Line Items]
Net revenues	$ 3,716	$ 3,649

SEGMENTS - Additional Informati

SEGMENTS - Additional Information (Details)	3 Months Ended
	Jun. 30, 2024 segment
Segment Reporting [Abstract]
Number of reportable segments	3

SEGMENTS - Schedule of Schedule

SEGMENTS - Schedule of Schedule of Financial Information of Reporting Segments (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting Information [Line Items]
Revenues, net	$ 226,177	$ 203,360
Operating income	55,060	45,206
Contractor Solutions
Segment Reporting Information [Line Items]
Revenues, net	158,538	138,105
Specialized Reliability Solutions
Segment Reporting Information [Line Items]
Revenues, net	36,745	37,668
Engineered Building Solutions
Segment Reporting Information [Line Items]
Revenues, net	30,894	27,587
Reportable Segments
Segment Reporting Information [Line Items]
Revenues, net	226,177	203,360
Operating income	62,757	50,893
Reportable Segments | Contractor Solutions
Segment Reporting Information [Line Items]
Revenues, net	158,538	138,105
Operating income	49,884	39,667
Reportable Segments | Specialized Reliability Solutions
Segment Reporting Information [Line Items]
Revenues, net	36,745	37,668
Operating income	7,150	6,966
Reportable Segments | Engineered Building Solutions
Segment Reporting Information [Line Items]
Revenues, net	30,894	27,587
Operating income	5,723	4,260
Intersegment revenue
Segment Reporting Information [Line Items]
Revenues, net	1,926	1,892
Intersegment revenue | Contractor Solutions
Segment Reporting Information [Line Items]
Revenues, net	1,880	1,849
Intersegment revenue | Specialized Reliability Solutions
Segment Reporting Information [Line Items]
Revenues, net	46	43
Intersegment revenue | Engineered Building Solutions
Segment Reporting Information [Line Items]
Revenues, net	0	0
Eliminations and Other, excluding Intersegment revenue
Segment Reporting Information [Line Items]
Revenues, net	0	0
Eliminations and Other
Segment Reporting Information [Line Items]
Revenues, net	(1,926)	(1,892)
Operating income	$ (7,697)	$ (5,687)