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RETIREMENT PLANS (Tables)

12 Months Ended

Mar. 31, 2013

Defined Benefit Plan Disclosure [Line Items]

Change in plan assets

Below is the pension plan asset for Capital Southwest Corporation and its affiliates, of which Capital Southwest assets were $15,183,833 and $12,485,876 as of March 31, 2013 and 2012 respectively. The following fair value hierarchy table sets forth our pension plan investment portfolio by level as of March 31, 2013 (in millions):

						Fair Value Measurements at Reporting Date Using
Asset Category		Total				Quoted Prices in Active Markets for Identical Assets Level I				Significant Other Observable Inputs Level 2				Significant Observable Inputs Level 3
Equity securities (a)		$	40.1			$	26.7			$	13.4			$	–
Fixed income securities (b)			7.4				–				7.4				–
Cash and cash equivalents			3.4				3.4				–				–
Total		$	50.9			$	30.1			$	20.8			$	–

The following fair value hierarchy table sets forth our pension plan investment portfolio by level as of March 31, 2012 (in millions):

						Fair Value Measurements at Reporting Date Using
Asset Category		Total				Quoted Prices in Active Markets for Identical Assets Level I				Significant Other Observable Inputs Level 2				Significant Observable Inputs Level 3
Equity securities (a)		$	32.9			$	21.4			$	11.5			$	–
Fixed income securities (b)			7.0				–				7.0				–
Cash and cash equivalents			2.4				2.4				–				–
Total		$	42.3			$	23.8			$	18.5			$	–

There were no plan assets valued using significant unobservable inputs (level 3) as of March 31, 2013 or 2012.

(a) This category includes investment in equity securities of large, medium and small companies and equity investments in foreign companies.  Mutual funds included in this category are valued using the net asset value per unit as of the valuation date.  These investments include shares of our common stock.  At March 31, 2013 and 2012, our common stock represented 19.9% and 19.7% respectively, of the plan assets.

(b) This category includes investments in investment grade fixed income instruments, primarily U.S. government obligations.

Schedule of assumptions used in estimating present value and periodic expense

The following assumptions were used in estimating the actuarial present value of the projected benefit obligations:

		Years Ended March 31
		2013				2012				2011
Discount rate			4.50	%			5.25	%			6.00	%
Rate of compensation increases			5.00	%			5.00	%			5.00	%

The following assumptions were used in estimating the net periodic (income)/expense:

		Years Ended March 31
		2013				2012				2011
Discount rate			4.50	%			5.25	%			6.00	%
Expected return on plan assets			6.50	%			6.50	%			6.50	%
Rate of compensation increases			5.00	%			5.00	%			5.00	%

Schedule of fair value of plan assets

Below is the pension plan asset for Capital Southwest Corporation and its affiliates, of which Capital Southwest assets were $15,183,833 and $12,485,876 as of March 31, 2013 and 2012 respectively. The following fair value hierarchy table sets forth our pension plan investment portfolio by level as of March 31, 2013 (in millions):

						Fair Value Measurements at Reporting Date Using
Asset Category		Total				Quoted Prices in Active Markets for Identical Assets Level I				Significant Other Observable Inputs Level 2				Significant Observable Inputs Level 3
Equity securities (a)		$	40.1			$	26.7			$	13.4			$	–
Fixed income securities (b)			7.4				–				7.4				–
Cash and cash equivalents			3.4				3.4				–				–
Total		$	50.9			$	30.1			$	20.8			$	–

The following fair value hierarchy table sets forth our pension plan investment portfolio by level as of March 31, 2012 (in millions):

						Fair Value Measurements at Reporting Date Using
Asset Category		Total				Quoted Prices in Active Markets for Identical Assets Level I				Significant Other Observable Inputs Level 2				Significant Observable Inputs Level 3
Equity securities (a)		$	32.9			$	21.4			$	11.5			$	–
Fixed income securities (b)			7.0				–				7.0				–
Cash and cash equivalents			2.4				2.4				–				–
Total		$	42.3			$	23.8			$	18.5			$	–

There were no plan assets valued using significant unobservable inputs (level 3) as of March 31, 2013 or 2012.

(a) This category includes investment in equity securities of large, medium and small companies and equity investments in foreign companies.  Mutual funds included in this category are valued using the net asset value per unit as of the valuation date.  These investments include shares of our common stock.  At March 31, 2013 and 2012, our common stock represented 19.9% and 19.7% respectively, of the plan assets.

(b) This category includes investments in investment grade fixed income instruments, primarily U.S. government obligations.

Qualified Plan [Member]

Defined Benefit Plan Disclosure [Line Items]

Net pension benefit\cost

		Years Ended March 31
		2013				2012				2011
Net pension benefit
Service cost-benefits earned during the year		$	259,672			$	133,729			$	161,047
Interest cost on projected benefit obligation			286,639				256,558				231,332
Expected return on assets			(784,194	)			(781,299	)			(771,025	)
Net amortization			49,803				9,377				9,377
Net pension benefit from qualified plan		$	(188,080	)		$	(381,635	)		$	(369,269	)

Change in benefit obligation

		Years Ended March 31
		2013				2012				2011
Change in benefit obligation
Benefit obligation at beginning of year		$	5,136,555			$	4,213,349			$	3,450,443
Service cost			259,672				133,729				161,047
Interest cost			286,639				256,558				231,332
Actuarial gain (loss)			818,784				601,402				437,959
Benefits paid			(80,039	)			(68,483	)			(67,432	)
Benefit obligation at end of year		$	6,421,611			$	5,136,555			$	4,213,349

Change in plan assets

		Years Ended March 31
		2013				2012				2011
Change in plan assets
Fair value of plan assets at beginning of year		$	12,485,876			$	11,610,994			$	10,519,400
Actual return on plan assets			2,777,996				943,365				1,159,026
Benefits paid			(80,039	)			(68,483	)			(67,432	)
Fair value of plan assets at end of year		$	15,183,833			$	12,485,876			$	11,610,994

Funded status and amounts recognized in consolidated statements of assets and liabilities

		Years Ended March 31
		2013				2012
Funded status and amounts recognized in consolidated statements of assets and liabilities
Actuarial present value of benefit obligations: Accumulated benefit obligation		$	(5,636,366	)		$	(4,755,675	)
Projected benefit obligation for service rendered to date			(6,421,611	)			(5,136,555	)
Plan assets at fair value*			15,183,833				12,485,876
Funded status			8,762,222				7,349,321
Unrecognized net  loss from past experience different from that assumed and effects of changes in assumptions			602,598				1,818,042
Unrecognized prior service costs			122,579				131,956
ASC 715 adjustment			(725,177	)			(1,949,998	)
Prepaid pension cost included in pension assets		$	8,762,222			$	7,349,321

*Primarily equities and bonds including approximately 25,000 shares of CSW Common Stock.

Expected benefit payments

Following are the expected benefit payments for the next five years and in the aggregate for the years 2019-2023:

(In thousands)		2014				2015				2016				2017				2018					2019-2023
Qualified Plan		$	222			$	238			$	250			$	334			$	338			$	1,921
Restoration Plan		$	100			$	119			$	134			$	181			$	183			$	965

Allocation of plan assets

CSW's pension plan asset allocations are as follows:

		Percentage of Plan Assets at March 31
Asset Category		2013				2012
Equity securities			78.8	%			77.7	%
Fixed income securities			14.5	%			16.6	%
Cash and cash equivalents			6.7	%			5.7	%
			100.0	%			100.0	%

Schedule of fair value of plan assets

		Years Ended March 31
		2013				2012				2011
Change in plan assets
Fair value of plan assets at beginning of year		$	12,485,876			$	11,610,994			$	10,519,400
Actual return on plan assets			2,777,996				943,365				1,159,026
Benefits paid			(80,039	)			(68,483	)			(67,432	)
Fair value of plan assets at end of year		$	15,183,833			$	12,485,876			$	11,610,994

Restoration Plan [Member]

Defined Benefit Plan Disclosure [Line Items]

Net pension benefit\cost

		Years Ended March 31
		2013				2012				2011
Net pension cost
Service cost-benefits earned during the year		$	37,052			$	18,163			$	33,216
Interest cost on projected benefit obligation			106,939				79,056				69,248
Net amortization			9,731				(15,428	)			(24,507	)
Net pension cost from qualified plan		$	153,722			$	81,791			$	77,957

Change in benefit obligation

		Years Ended March 31
		2013				2012				2011
Change in benefit obligation
Benefit obligation at beginning of year		$	1,568,392			$	1,256,895			$	1,082,941
Service cost			37,052				18,163				33,216
Interest cost			106,939				79,056				69,248
Actuarial gain (loss)			810,303				214,278				132,940
Other adjustments			127,280				–				(61,450	)
Benefit obligation at end of year		$	2,649,966			$	1,568,392			$	1,256,895

Funded status and amounts recognized in consolidated statements of assets and liabilities

		Years Ended March 31
		2013				2012
Amounts recognized in our consolidated statements of assets and liabilities
Projected benefit obligation		$	(2,649,966	)		$	(1,568,392	)
Unrecognized net (gain) loss from past experience different from that assumed and effects of changes in assumptions			836,122				8,556
Unrecognized prior service costs			(122,296	)			(130,798	)
ASC 715 adjustment			(713,826	)			122,242
Accrued pension cost included in pension liabilities		$	(2,649,966	)		$	(1,568,392	)

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