Cover Page
Cover Page | 3 Months Ended |
Dec. 31, 2020shares | |
Cover [Abstract] | |
Document Type | 10-Q |
Document Quarterly Report | true |
Document Period End Date | Dec. 31, 2020 |
Document Transition Report | false |
Entity File Number | 1-06620 |
Entity Registrant Name | GRIFFON CORPORATION |
Entity Incorporation, State or Country Code | DE |
Entity Tax Identification Number | 11-1893410 |
Entity Address, Address Line One | 712 Fifth Ave, 18th Floor |
Entity Address, City or Town | New York |
Entity Address, State or Province | NY |
Entity Address, Postal Zip Code | 10019 |
City Area Code | 212 |
Local Phone Number | 957-5000 |
Title of 12(b) Security | Common Stock, $0.25 par value |
Trading Symbol | GFF |
Security Exchange Name | NYSE |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Small Business | false |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding | 56,489,620 |
Current Fiscal Year End Date | --09-30 |
Amendment Flag | false |
Entity Central Index Key | 0000050725 |
Document Fiscal Year Focus | 2021 |
Document Fiscal Period Focus | Q1 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2020 | Sep. 30, 2020 |
CURRENT ASSETS | ||
Cash and equivalents | $ 233,807 | $ 218,089 |
Accounts receivable, net of allowances of $9,022 and $8,505 | 318,535 | 340,546 |
Contract assets, net of progress payments of $21,472 and $24,175 | 86,260 | 84,426 |
Inventories | 445,022 | 413,825 |
Prepaid and other current assets | 59,116 | 46,897 |
Assets of discontinued operations | 1,591 | 2,091 |
Total Current Assets | 1,144,331 | 1,105,874 |
PROPERTY, PLANT AND EQUIPMENT, net | 342,706 | 343,964 |
OPERATING LEASE RIGHT-OF-USE ASSETS | 157,860 | 161,627 |
GOODWILL | 446,456 | 442,643 |
INTANGIBLE ASSETS, net | 357,832 | 355,028 |
OTHER ASSETS | 29,861 | 32,897 |
ASSETS OF DISCONTINUED OPERATIONS | 5,397 | 6,406 |
Total Assets | 2,484,443 | 2,448,439 |
CURRENT LIABILITIES | ||
Notes payable and current portion of long-term debt | 11,158 | 9,922 |
Accounts payable | 237,900 | 232,107 |
Accrued liabilities | 161,594 | 163,994 |
Current portion of operating lease liabilities | 31,304 | 31,848 |
Liabilities of discontinued operations | 4,842 | 3,797 |
Total Current Liabilities | 446,798 | 441,668 |
LONG-TERM DEBT, net | 1,037,413 | 1,037,042 |
LONG-TERM OPERATING LEASE LIABILITIES | 132,634 | 136,054 |
OTHER LIABILITIES | 122,047 | 126,510 |
LIABILITIES OF DISCONTINUED OPERATIONS | 5,504 | 7,014 |
Total Liabilities | 1,744,396 | 1,748,288 |
COMMITMENTS AND CONTINGENCIES - See Note 22 | ||
SHAREHOLDERS’ EQUITY | ||
Total Shareholders’ Equity | 740,047 | 700,151 |
Total Liabilities and Shareholders’ Equity | $ 2,484,443 | $ 2,448,439 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2020 | Sep. 30, 2020 |
Statement of Financial Position [Abstract] | ||
Accounts receivable, net allowances | $ 9,022 | $ 8,505 |
Contract costs, net of progress payments | $ 21,472 | $ 24,175 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands | Total | COMMON STOCK | CAPITAL IN EXCESS OF PAR VALUE | RETAINED EARNINGS | TREASURY SHARES | ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | DEFERRED COMPENSATION |
Balance (in shares) at Sep. 30, 2019 | 82,775 | 35,969 | |||||
Balance at Sep. 30, 2019 | $ 477,763 | $ 20,694 | $ 519,017 | $ 568,516 | $ (536,308) | $ (65,916) | $ (28,240) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 10,612 | 10,612 | |||||
Dividend | (3,392) | (3,392) | |||||
Shares withheld on employee taxes on vested equity awards (in shares) | 80 | ||||||
Shares withheld on employee taxes on vested equity awards | (1,758) | $ (1,758) | |||||
Amortization of deferred compensation | 629 | 629 | |||||
Equity awards granted, net (in shares) | 182 | ||||||
Equity awards granted, net | 0 | $ 45 | (45) | ||||
ESOP allocation of common stock | 609 | 609 | |||||
Stock-based compensation | 3,150 | 3,150 | |||||
Stock-based consideration | 239 | 239 | |||||
Other comprehensive income, net of tax | 6,841 | 6,841 | |||||
Balance (in shares) at Dec. 31, 2019 | 82,957 | 36,049 | |||||
Balance at Dec. 31, 2019 | 494,693 | $ 20,739 | 522,970 | 575,736 | $ (538,066) | (59,075) | (27,611) |
Balance (in shares) at Sep. 30, 2020 | 83,739 | 27,610 | |||||
Balance at Sep. 30, 2020 | 700,151 | $ 20,935 | 583,008 | 607,518 | $ (413,493) | (72,092) | (25,725) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 29,500 | 29,500 | |||||
Dividend | (4,469) | (4,469) | |||||
Shares withheld on employee taxes on vested equity awards (in shares) | 133 | ||||||
Shares withheld on employee taxes on vested equity awards | (2,909) | $ (2,909) | |||||
Amortization of deferred compensation | 609 | 609 | |||||
Equity awards granted, net (in shares) | 494 | ||||||
Equity awards granted, net | 0 | $ 123 | (123) | ||||
ESOP allocation of common stock | 596 | 596 | |||||
Stock-based compensation | 3,428 | 3,428 | |||||
Other comprehensive income, net of tax | 13,141 | 13,141 | |||||
Balance (in shares) at Dec. 31, 2020 | 84,233 | 27,743 | |||||
Balance at Dec. 31, 2020 | $ 740,047 | $ 21,058 | $ 586,909 | $ 632,549 | $ (416,402) | $ (58,951) | $ (25,116) |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Income Statement [Abstract] | ||
Revenue | $ 609,291 | $ 548,438 |
Cost of goods and services | 439,119 | 398,517 |
Gross profit | 170,172 | 149,921 |
Selling, general and administrative expenses | 121,557 | 117,798 |
Income from operations | 48,615 | 32,123 |
Other income (expense) | ||
Interest expense | (15,690) | (16,211) |
Interest income | 45 | 261 |
Gain on sale of business | 6,240 | 0 |
Other, net | (41) | 778 |
Total other expense, net | (9,446) | (15,172) |
Income before taxes | 39,169 | 16,951 |
Provision for income taxes | 9,669 | 6,339 |
Net income | $ 29,500 | $ 10,612 |
Basic earnings per common share (in dollars per share) | $ 0.58 | $ 0.26 |
Basic weighted-average shares outstanding (in shares) | 50,596 | 41,173 |
Diluted earnings per common share (in dollars per share) | $ 0.55 | $ 0.24 |
Diluted weighted-average shares outstanding (in shares) | 53,192 | 43,895 |
Dividends paid per common share (in dollars per share) | $ 0.08 | $ 0.075 |
Other comprehensive income (loss), net of taxes: | ||
Foreign currency translation adjustments | $ 12,123 | $ 6,470 |
Pension and other post retirement plans | 1,706 | 672 |
Change in cash flow hedges | (688) | (301) |
Total other comprehensive income (loss), net of taxes | 13,141 | 6,841 |
Comprehensive income, net | $ 42,641 | $ 17,453 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 29,500 | $ 10,612 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 15,266 | 15,825 |
Stock-based compensation | 4,208 | 3,982 |
Asset impairment charges - restructuring | 5,794 | 4,160 |
Provision for losses on accounts receivable | 93 | 35 |
Amortization of debt discounts and issuance costs | 680 | 1,273 |
Deferred income taxes | 442 | 198 |
Gain (loss) on sale of assets and investments | 174 | (186) |
Gain on sale of business | (6,240) | 0 |
Change in assets and liabilities, net of assets and liabilities acquired: | ||
Decrease in accounts receivable and contract assets, net | 10,494 | 2,942 |
Increase in inventories | (31,924) | (19,480) |
Increase in prepaid and other assets | (3,517) | (2,269) |
Decrease in accounts payable, accrued liabilities, income taxes payable and operating lease liabilities | (5,425) | (36,445) |
Other changes, net | 1,284 | 1,184 |
Net cash provided by (used in) operating activities | 20,829 | (18,169) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Acquisition of property, plant and equipment | (11,926) | (13,172) |
Acquired businesses, net of cash acquired | (2,242) | (10,531) |
Proceeds from sale of business, net | 15,580 | 0 |
Proceeds from the sale of property, plant and equipment | 53 | 184 |
Other, net | 26 | 0 |
Net cash provided by (used in) investing activities | 1,491 | (23,519) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Dividends paid | (4,422) | (3,392) |
Purchase of shares for treasury | (2,909) | (1,758) |
Proceeds from long-term debt | 40,791 | 71,957 |
Payments of long-term debt | (42,120) | (32,045) |
Financing costs | (569) | (21) |
Other, net | (68) | (40) |
Net cash provided by (used in) financing activities | (9,297) | 34,701 |
CASH FLOWS FROM DISCONTINUED OPERATIONS: | ||
Net cash used in operating activities | (752) | (606) |
Net cash provided by investing activities | 2,224 | 0 |
Net cash provided by (used in) discontinued operations | 1,472 | (606) |
Effect of exchange rate changes on cash and equivalents | 1,223 | 8 |
NET INCREASE (DECREASE) IN CASH AND EQUIVALENTS | 15,718 | (7,585) |
CASH AND EQUIVALENTS AT BEGINNING OF PERIOD | 218,089 | 72,377 |
CASH AND EQUIVALENTS AT END OF PERIOD | $ 233,807 | $ 64,792 |
DESCRIPTION OF BUSINESS AND BAS
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION | 3 Months Ended |
Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION | DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION About Griffon Corporation Griffon Corporation (the “Company”, “Griffon”, "we" or "us") is a diversified management and holding company that conducts business through wholly-owned subsidiaries. Griffon oversees the operations of its subsidiaries, allocates resources among them and manages their capital structures. Griffon provides direction and assistance to its subsidiaries in connection with acquisition and growth opportunities as well as in connection with divestitures. In order to further diversify, Griffon also seeks out, evaluates and, when appropriate, will acquire additional businesses that offer potentially attractive returns on capital. The Company was founded in 1959, is a Delaware corporation headquartered in New York, N.Y. and is listed on the New York Stock Exchange (NYSE:GFF). Griffon currently conducts its operations through three reportable segments: • Consumer and Professional Products ("CPP") conducts its operations through The AMES Companies, Inc. ("AMES"). Founded in 1774, AMES is the leading North American manufacturer and a global provider of branded consumer and professional tools and products for home storage and organization, landscaping, and enhancing outdoor lifestyles. CPP sells products globally through a portfolio of leading brands including True Temper, AMES, and ClosetMaid. • Home and Building Products ("HBP") conducts its operations through Clopay Corporation ("Clopay"). Founded in 1964, Clopay is the largest manufacturer and marketer of garage doors and rolling steel doors in North America. Residential and commercial sectional garage doors are sold through professional dealers and leading home center retail chains throughout North America under the brands Clopay, Ideal, and Holmes. Rolling steel door and grille products designed for commercial, industrial, institutional, and retail use are sold under the CornellCookson brand. • Defense Electronics ("DE") conducts its operations through Telephonics Corporation ("Telephonics"), founded in 1933, a globally recognized leading provider of highly sophisticated intelligence, surveillance and communications solutions for defense, aerospace and commercial customers. In March 2020, the World Health Organization declared the outbreak of COVID-19 a pandemic, which continues to spread throughout the U.S. and the world. The impact from the rapidly changing U.S. and global market and economic conditions due to the COVID-19 outbreak is uncertain, with disruptions to the business of our customers and suppliers, which could impact our business and consolidated results of operations and financial condition in the future. While we have not incurred significant disruptions to our manufacturing or to our supply chain thus far from the COVID-19 outbreak, we are unable to accurately predict the impact COVID-19 will have due to numerous uncertainties, including the severity of the disease, the duration of the outbreak, actions that may be taken by governmental authorities, the impact to our customers’ and suppliers’ businesses and other factors identified in Part II, Item 1A “Risk Factors” in this Form 10-Q. We will continue to evaluate the nature and extent of the impact to our business, consolidated results of operations, and financial condition. Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) for interim financial information, and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, these financial statements do not include all the information and footnotes required by US GAAP for complete financial statements. As such, they should be read together with Griffon’s Annual Report on Form 10-K for the year ended September 30, 2020, which provides a more complete explanation of Griffon’s accounting policies, financial position, operating results, business, properties and other matters. In the opinion of management, these financial statements reflect all adjustments considered necessary for a fair statement of interim results. Griffon’s CPP operations are seasonal; for this and other reasons, the financial results of the Company for any interim period are not necessarily indicative of the results for the full year. The condensed consolidated balance sheet information at September 30, 2020 was derived from the audited financial statements included in Griffon’s Annual Report on Form 10-K for the year ended September 30, 2020. The condensed consolidated financial statements include the accounts of Griffon and all subsidiaries. Intercompany accounts and transactions have been eliminated in consolidation. The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting periods. These estimates may be adjusted due to changes in economic, industry or customer financial conditions, as well as changes in technology or demand. Significant estimates include allowances for doubtful accounts receivable and returns, net realizable value of inventories, restructuring reserves, valuation of goodwill and intangible assets, sales, profits and loss recognition for performance obligations satisfied over time, assumptions associated with pension benefit obligations and income or expenses, useful lives associated with depreciation and amortization of intangible and fixed assets, warranty reserves, sales incentive accruals, assumption associated with stock based compensation valuation, income taxes and tax valuation reserves, environmental reserves, legal reserves, insurance reserves, the valuation of assets and liabilities of discontinued operations, assumptions associated with valuation of acquired assets and assumed liabilities of acquired companies and the accompanying disclosures. These estimates are based on management’s best knowledge of current events and actions Griffon may undertake in the future. Actual results may ultimately differ from these estimates. Certain amounts in the prior year have been reclassified to conform to current year presentation. |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 3 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS The carrying values of cash and equivalents, accounts receivable, accounts and notes payable, and revolving credit and variable interest rate debt approximate fair value due to either the short-term nature of such instruments or the fact that the interest rate of the revolving credit and variable rate debt is based upon current market rates. Applicable accounting guidance establishes a fair value hierarchy requiring the Company to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the hierarchy is based on the lowest level of input that is significant to the fair value measurement. The accounting guidance establishes three levels of inputs that may be used to measure fair value, as follows: • Level 1 inputs are measured and recorded at fair value based upon quoted prices in active markets for identical assets. • Level 2 inputs include inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices in active markets for similar assets and liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of assets or liabilities. • Level 3 inputs are unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. The fair values of Griffon’s 2028 senior notes approximated $1,057,500 on December 31, 2020. Fair values were based upon quoted market prices (level 1 inputs). Insurance contracts with values of $3,558 at December 31, 2020 are measured and recorded at fair value based upon quoted prices in active markets for similar assets (level 2 inputs) and are included in Prepaid and other current assets on the Consolidated Balance Sheets. Items Measured at Fair Value on a Recurring Basis At December 31, 2020, trading securities, measured at fair value based on quoted prices in active markets for similar assets (level 2 inputs), with a fair value of $2,033 ($1,000 cost basis), were included in Prepaid and other current assets on the Consolidated Balance Sheets. Realized and unrealized gains and losses on trading securities are included in Other income in the Consolidated Statements of Operations and Comprehensive Income (Loss). In the normal course of business, Griffon’s operations are exposed to the effects of changes in foreign currency exchange rates. To manage these risks, Griffon may enter into various derivative contracts such as foreign currency exchange contracts, including forwards and options. As of December 31, 2020, Griffon entered into several such contracts in order to lock into a foreign currency rate for planned settlements of trade and inter-company liabilities payable in US dollars. At December 31, 2020, Griffon had $40,000 of Australian dollar contracts at a weighted average rate of $1.37 which qualified for hedge accounting (level 2 inputs). These hedges were all deemed effective as cash flow hedges with gains and losses related to changes in fair value deferred and recorded in Accumulated other comprehensive income (loss) ("AOCI") and Prepaid and other current assets, or Accrued liabilities, until settlement. Upon settlement, gains and losses are recognized in the Consolidated Statements of Operations and Comprehensive Income (Loss) in Cost of goods and services ("COGS"). AOCI included deferred losses of $1,688 ($1,098, net of tax) at December 31, 2020 and losses of $658 were recorded in COGS during the three months ended December 31, 2020 for all settled contracts. All contracts expire in 29 to 180 days. At December 31, 2020, Griffon had $7,125 Canadian dollar contracts at a weighted average rate of $1.35. The contracts, which protect Canadian operations from currency fluctuations for US dollar based purchases, do not qualify for hedge accounting. For the three months ended December 31, 2020, fair value losses of $276 were recorded to Other assets and to Other income for the outstanding contracts, based on similar contract values (level 2 inputs). Realized losses of $59 were recorded in Other income during the three months ended December 31, 2020 for all settled contracts. All contracts expire in 29 to 390 days. |
REVENUE
REVENUE | 3 Months Ended |
Dec. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
REVENUE | REVENUE The Company recognizes revenue when performance obligations identified under the terms of contracts with its customers are satisfied. A performance obligation is a promise in a contract to transfer a distinct good or service, or a bundle of goods or services, to the customer, and is the unit of accounting. A contract with a customer is an agreement which both parties have approved, that creates enforceable rights and obligations, has commercial substance and with respect to which payment terms are identified and collectability is probable. Once the Company has entered into a contract or purchase order, it is evaluated to identify performance obligations. For each performance obligation, revenue is recognized when control of the promised products is transferred to the customer, or services are satisfied under the contract or purchase order, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those products or services (the transaction price). Approximately 86% of the Company’s performance obligations are recognized at a point in time related to the manufacture and sale of a broad range of products and components primarily within the CPP and HBP Segments, and revenue is recognized when title, and risk and rewards of ownership, have transferred to the customer, which is generally upon shipment. Approximately 14% of the Company’s performance obligations are recognized over time and relate to prime or subcontractors from contract awards with the U.S. Government, as well as foreign governments and other commercial customers within our DE Segment. Revenue recognized over time are generally accounted for using an input measure to determine progress completed at the end of the period. We believe that cumulative costs incurred to date as a percentage of estimated total contract costs at completion (cost-to-cost method) is an appropriate measure of progress towards satisfaction of performance obligations recognized over time, as it most accurately depicts the progress of our work and transfer of control to our customers. Accounting for the sales and profits on performance obligations for which progress is measured using the cost-to-cost method relies on the substantial use of estimates; these projections may be revised throughout the life of a contract. Adjustments to estimates for a contract's estimated costs at completion and estimated profit or loss are often required as experience is gained, more information is obtained (even though the scope of work required under the contract may or may not change) and contract modifications occur. The impact of such adjustments to estimates is made on a cumulative basis in the period when such information has become known. For the three months ended December 31, 2020 and 2019, income from operations included net unfavorable catch up adjustments approximating $1,500 and $3,000, respectively. Gross profit is impacted by a variety of factors, including the mix of products, systems and services, production efficiencies, price competition and general economic conditions. For contracts in which anticipated total costs exceed the total expected revenue, an estimated loss is recognized in the period when identifiable. A provision for the entire amount of the estimated loss is recorded on a cumulative basis, and is recorded as a reduction to gross margin on the Consolidated Statements of Operations and Comprehensive Income (Loss). These provisions had an immaterial impact on Griffon's Consolidated Financial Statements. The estimated remaining costs to complete loss contracts as of December 31, 2020 and September 30, 2020 were approximately $9,000 and $10,800, respectively. For a complete explanation of Griffon’s revenue accounting policies, this note should be read in conjunction with Griffon’s Annual Report on Form 10-K for the year ended September 30, 2020. See Note 13 - Business Segments for revenue from contracts with customers disaggregated by end markets, segments and geographic location. Transaction Price Allocated to the Remaining Performance Obligations On December 31, 2020, we had $388,700 of remaining performance obligations, which we also refer to as total backlog. We expect to recognize approximately 66% of our remaining performance obligations as revenue within one year, with the balance to be completed thereafter. Backlog represents the dollar value of funded orders for which work has not been performed. Backlog generally increases with bookings, and converts into revenue as we incur costs related to contractual commitments or the shipment of product. Given the nature of our business and a larger dependency on international customers, our bookings, and therefore our backlog, is impacted by the longer maturation cycles resulting in delays in the timing and amounts of such awards, which are subject to numerous factors, including fiscal constraints placed on customer budgets; political uncertainty; the timing of customer negotiations; and the timing of governmental approvals. Contract Balances Contract assets were $86,260 as of December 31, 2020 compared to $84,426 as of September 30, 2020. The $1,834 net increase in our contract assets balance was primarily due to the timing of billings and work performed on naval and cyber programs. Contract assets primarily relate to the Company's right to consideration for work completed but not billed at the reporting date and are recorded in Contract costs and recognized income not yet billed, net of progress payments in the Consolidated Balance Sheets. Contract assets are transferred to receivables when the right to consideration becomes unconditional. Contract costs and recognized income not yet billed consists of amounts accounted for under the percentage of completion method of accounting, and represent recoverable costs and accrued profit that cannot yet be invoiced under the terms of certain long-term contracts. Amounts will be invoiced when applicable contract terms, such as the achievement of |
ACQUISITIONS AND DISPOSITIONS
ACQUISITIONS AND DISPOSITIONS | 3 Months Ended |
Dec. 31, 2020 | |
Business Combinations [Abstract] | |
ACQUISITIONS AND DISPOSITIONS | ACQUISITIONS AND DISPOSITIONS Acquisitions Griffon accounts for acquisitions under the acquisition method, in which assets acquired and liabilities assumed are recorded at fair value as of the date of acquisition using a method substantially similar to the goodwill impairment test methodology (level 3 inputs). The operating results of the acquired companies are included in Griffon’s consolidated financial statements from the date of acquisition; in each instance, Griffon is in the process of finalizing the initial purchase price allocation unless otherwise noted. On December 22, 2020, AMES acquired Quatro Design Pty Ltd (“Quatro”), a leading Australian manufacturer and supplier of glass fiber reinforced concrete landscaping products for residential, commercial, and public sector projects for a purchase price of AUD $3,500 (approximately $2,700) in cash, subject to customary final working capital adjustments. The purchase price is subject to additional contingent consideration of approximately AUD $1,000 (approximately $760) based on Quatro exceeding certain EBITDA performance targets in the first year. The preliminary acquired intangibles and goodwill allocated to this acquisition was AUD $1,600 (approximately $1,479) and AUD $2,381 (approximately $1,799), respectively, which was assigned to the CPP segment, and is not deductible for income tax purposes. On November 29, 2019, AMES acquired 100% of the outstanding stock of Vatre Group Limited ("Apta"), a leading United Kingdom supplier of innovative garden pottery and associated products sold to leading UK and Ireland garden centers for approximately $10,500 (GBP 8,750), inclusive of a post-closing working capital adjustment, net of cash acquired. This acquisition broadens AMES' product offerings in the UK market and increases its in-country operational footprint. The excess of the purchase price over the fair value of the net tangible and intangible assets was recorded as goodwill and is deductible for tax purposes. The purchase price was primarily allocated to goodwill of GBP 3,449, acquired intangible assets of GBP 3,454, inventory of GBP 2,914, accounts receivable and other assets of GBP 2,492 and accounts payable and other accrued liabilities of GBP 3,765, which was assigned to the CPP segment. During the three months ended December 31, 2020 and 2019, acquisition costs were de minimis. Dispositions On December 18, 2020, Defense Electronics completed the sale of its Systems Engineering Group, Inc. (“SEG”) business for $15,000, subject to customary closing net working capital adjustments. SEG provides sophisticated, highly technical engineering and analytical support to the Missile Defense Agency and various U.S. military commands. SEG had sales of approximately $7,000 for the first fiscal quarter ended December 31, 2020 and $31,000 for the fiscal year ended September 30, 2020. We recorded a pre-tax gain of $6,240 ($6,017, net of tax, or $0.11 per share) during the first fiscal quarter ended December 31, 2020 related to the divestiture of SEG. The sale does not represent a strategic shift that will have a major effect on operations and financial results. |
INVENTORIES
INVENTORIES | 3 Months Ended |
Dec. 31, 2020 | |
Inventory Disclosure [Abstract] | |
INVENTORIES | INVENTORIES Inventories are stated at the lower of cost (first-in, first-out or average cost) or market. The following table details the components of inventory: At December 31, 2020 At September 30, 2020 Raw materials and supplies $ 134,378 $ 135,083 Work in process 79,209 81,624 Finished goods 231,435 197,118 Total $ 445,022 $ 413,825 |
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 3 Months Ended |
Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY, PLANT AND EQUIPMENT | PROPERTY, PLANT AND EQUIPMENT The following table details the components of property, plant and equipment, net: At December 31, 2020 At September 30, 2020 Land, building and building improvements $ 168,557 $ 167,005 Machinery and equipment 603,270 595,126 Leasehold improvements 53,841 53,386 825,668 815,517 Accumulated depreciation and amortization (482,962) (471,553) Total $ 342,706 $ 343,964 Depreciation and amortization expense for property, plant and equipment was $12,888 and $13,432 for the quarters ended December 31, 2020 and 2019, respectively. Depreciation included in SG&A expenses was $4,706 and $4,951 for the quarters ended December 31, 2020 and 2019, respectively. Remaining components of depreciation, attributable to manufacturing operations, are included in Cost of goods and services. |
CREDIT LOSSES
CREDIT LOSSES | 3 Months Ended |
Dec. 31, 2020 | |
Credit Loss [Abstract] | |
CREDIT LOSSES | CREDIT LOSSES Effective October 1, 2020, the Company adopted accounting guidance related to accounting for credit losses on financial instruments, including trade receivables (ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments). The guidance requires companies to consider forward-looking information to estimate expected credit losses, resulting in earlier recognition of losses for receivables that are current or not yet due, which were not considered under the previous accounting guidance. The Company is exposed to credit losses primarily through sales of products and services. Trade receivables are recorded at their stated amount, less allowances for discounts, doubtful accounts and returns. The Company’s expected loss allowance methodology for trade receivables is primarily based on the aging method of the accounts receivables balances and the financial condition of its customers. The allowances represent estimated uncollectible receivables associated with potential customer defaults on contractual obligations (usually due to customers’ potential insolvency), discounts related to early payment of accounts receivables by customers and estimates for returns. The allowance for doubtful accounts includes amounts for certain customers in which a risk of default has been specifically identified, as well as an amount for customer defaults, based on a formula, when it is determined the risk of some default is probable and estimable, but cannot yet be associated with specific customers. Allowance for discounts and returns are recorded as a reduction of revenue and the provision related to the allowance for doubtful accounts is recorded in SG&A expenses. The Company also considers current and expected future economic and market conditions, such as the COVID-19 pandemic, when determining any estimate of credit losses. Generally, estimates used to determine the allowance are based on assessment of anticipated payment and all other historical, current and future information that is reasonably available. All accounts receivable amounts are expected to be collected in less than one year. Based on a review of the Company's policies and procedures across all segments, including the aging of its trade receivables, recent write-off history and other factors related to future macroeconomic conditions, Griffon determined that its method to determine credit losses and the amount of its allowances for bad debts is in accordance with this guidance in all material respects. The following table provides a roll-forward of the allowance for credit losses that is deducted from the amortized cost basis of accounts receivable to present the net amount expected to be collected: Beginning Balance, October 1, 2020 $ 8,505 Provision for expected credit losses 496 Amounts written off charged against the allowance (42) Other, primarily foreign currency translation 63 Ending Balance, December 31, 2020 $ 9,022 |
GOODWILL AND OTHER INTANGIBLES
GOODWILL AND OTHER INTANGIBLES | 3 Months Ended |
Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL AND OTHER INTANGIBLES | GOODWILL AND OTHER INTANGIBLES The following table provides changes in the carrying value of goodwill by segment during the three months ended December 31, 2020: At September 30, 2020 Business Acquisitions (a) Business Divestitures (b) Foreign At December 31, 2020 Consumer and Professional Products $ 232,845 $ 1,799 $ — $ 2,865 $ 237,509 Home and Building Products 191,253 — — — 191,253 Defense Electronics 18,545 — (851) — 17,694 Total $ 442,643 $ 1,799 $ (851) $ 2,865 $ 446,456 (a) The increase in the CPP segment was due to the acquisition of Quatro. (b) The decrease in the DE segment was due to the divestiture of SEG. The following table provides the gross carrying value and accumulated amortization for each major class of intangible assets: At December 31, 2020 At September 30, 2020 Gross Carrying Amount Accumulated Average Gross Carrying Amount Accumulated Customer relationships & other $ 188,030 $ 69,354 23 $ 185,940 $ 66,656 Technology and patents 19,654 8,007 13 19,464 8,360 Total amortizable intangible assets 207,684 77,361 205,404 75,016 Trademarks 227,509 — 224,640 — Total intangible assets $ 435,193 $ 77,361 $ 430,044 $ 75,016 The gross carrying amount of intangible assets was impacted by approximately $3,700 related to foreign currency translation. Amortization expense for intangible assets was $2,378 and $2,393 for the quarters ended December 31, 2020 and 2019, respectively. Amortization expense for the remainder of 2021 and the next five fiscal years and thereafter, based on current intangible balances and classifications, is estimated as follows: 2021 - $7,007; 2022 - $9,376; 2023 - $9,224; 2024 - $9,198; 2025 - $9,198; 2026 - $9,198; thereafter $77,122. |
INCOME TAXES
INCOME TAXES | 3 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXESDuring the quarter ended December 31, 2020, the Company recognized a tax provision of $9,669 on income before taxes from operations of $39,169, compared to a tax provision of $6,339 on income before taxes from operations of $16,951 in the comparable prior year quarter. The current year quarter results included restructuring charges of $10,800 ($8,300, net of tax), gain on sale of the SEG business of $6,240 ($6,017, net of tax) and discrete and certain other tax benefits, net, that affect comparability of $2,028. The prior year quarter results included restructuring charges of $6,434 ($4,148, net of tax) and discrete and certain other tax provisions, net, that affect comparability of $833. Excluding these items, the effective tax rates for the quarters ended December 31, 2020 and 2019 were 32.0% and 33.3%, respectively. |
LONG-TERM DEBT
LONG-TERM DEBT | 3 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
LONG-TERM DEBT | LONG-TERM DEBT At December 31, 2020 At September 30, 2020 Outstanding Balance Original Issuer Premium Capitalized Fees & Expenses Balance Sheet Coupon Interest Rate Outstanding Balance Original Issuer Premium Capitalized Fees & Expenses Balance Sheet Coupon Interest Rate Senior notes due 2028 (a) $ 1,000,000 $ 351 (14,847) $ 985,504 5.75 % $ 1,000,000 $ 363 $ (15,376) $ 984,987 5.75 % Revolver due 2025 (b) 13,493 — (2,086) 11,407 Variable 12,858 — (2,209) 10,649 Variable Finance lease - real estate (d) 16,576 — (23) 16,553 Variable 17,218 — (30) 17,188 Variable Non US lines of credit (e) 664 — (28) 636 Variable — — (30) (30) Variable Non US term loans (e) 31,165 — (150) 31,015 Variable 31,086 — (160) 30,926 Variable Other long term debt (f) 3,472 — (16) 3,456 Variable 3,260 — (16) 3,244 Variable Totals 1,065,370 351 (17,150) 1,048,571 1,064,422 363 (17,821) 1,046,964 less: Current portion (11,158) — — (11,158) (9,922) — — (9,922) Long-term debt $ 1,054,212 $ 351 $ (17,150) $ 1,037,413 $ 1,054,500 $ 363 $ (17,821) $ 1,037,042 Three Months Ended December 31, 2020 Three Months Ended December 31, 2019 Effective Interest Rate (1) Cash Interest Amort. Debt Amort. Debt Issuance Costs Total Interest Expense Effective Interest Rate (1) Cash Interest Amort. Debt Amort. Total Interest Expense Senior notes due 2028 (a) 5.4 % $ 14,375 $ — $ 530 $ 14,905 n/a $ — $ — $ — $ — Senior notes due 2022 (a) n/a — — — — 5.7 % 13,125 67 951 14,143 Revolver due 2025 (b) Variable 129 — 123 252 Variable 1,382 — 232 1,614 Finance lease - real estate (d) Variable 232 — 6 238 5.6 % 61 — 6 67 Non US lines of credit (e) Variable 3 — 4 7 Variable 4 — 4 8 Non US term loans (e) Variable 171 — 17 188 Variable 272 — 12 284 Other long term debt (f) Variable 107 — — 107 Variable 160 — — 160 Capitalized interest (7) — — (7) (65) — — (65) Totals $ 15,010 $ — $ 680 $ 15,690 $ 14,939 $ 67 $ 1,205 $ 16,211 (1) n/a = not applicable (a) On June 22, 2020, in an unregistered offering through a private placement, Griffon completed the add-on offering of $150,000 principal amount of its 5.75% Senior Notes, at 100.25% of par, to Griffon's previously issued $850,000 principal amount of its 5.75% Senior Notes, at par, completed on February 19, 2020 (collectively, the “Senior Notes”). Proceeds from the Senior Notes were used to redeem the $1,000,000 of 5.25% 2022 senior notes. As of December 31, 2020, outstanding Senior Notes due totaled $1,000,000; interest is payable semi-annually on March 1 and September 1. The Senior Notes are senior unsecured obligations of Griffon guaranteed by certain domestic subsidiaries, and subject to certain covenants, limitations and restrictions. On April 22, 2020 and August 3, 2020, Griffon exchanged substantially all of the Senior Notes for substantially identical Senior Notes registered under the Securities Act of 1933, as amended (the "Securities Act"), via an exchange offer. The fair value of the Senior Notes approximated $1,057,500 on December 31, 2020 based upon quoted market prices (level 1 inputs). In connection with these transactions, Griffon capitalized $16,448 of underwriting fees and other expenses incurred related to the issuance and exchange of the 2028 Senior Notes, which will amortize over the term of the 2028 Senior Notes. Furthermore, all of the obligations associated with the 2022 Senior Notes were discharged. Additionally, Griffon recognized a $7,925 loss on the early extinguishment of debt of the $1,000,000 principal amount of 2022 Senior Notes, comprised primarily of the write-off of $6,725 of remaining deferred financing fees, $607 of tender offer net premium expense and $593 of redemption interest expense. (b) On January 30, 2020, Griffon amended its revolving credit facility (as amended, the "Credit Agreement") to increase the maximum borrowing availability from $350,000 to $400,000, and extend its maturity date from March 22, 2021 to March 22, 2025 and modify certain other provisions of the facility. The facility includes a letter of credit sub-facility with a limit of $100,000; a multi-currency sub-facility of $200,000; and contains a customary accordion feature that permits us to request, subject to each lender's consent, an increase in the maximum aggregate amount that can be borrowed by up to an additional $100,000. Borrowings under the Credit Agreement may be repaid and re-borrowed at any time. Interest is payable on borrowings at either a LIBOR or base rate benchmark rate, plus an applicable margin, which adjusts based on financial performance. Current margins are 0.50% for base rate loans and 1.50% for LIBOR loans. The Credit Agreement has certain financial maintenance tests including a maximum total leverage ratio, a maximum senior secured leverage ratio and a minimum interest coverage ratio, as well as customary affirmative and negative covenants, and events of default. The negative covenants place limits on Griffon's ability to, among other things, incur indebtedness, incur liens, and make restricted payments and investments. Borrowings under the Credit Agreement are guaranteed by Griffon’s material domestic subsidiaries and are secured, on a first priority basis, by substantially all domestic assets of the Company and the guarantors, and a pledge of not greater than 65% of the equity interest in Griffon’s material, first-tier foreign subsidiaries. At December 31, 2020, there were $13,493 of outstanding borrowings under the Credit Agreement; outstanding standby letters of credit were $16,700; and $369,807 was available, subject to certain loan covenants, for borrowing at that date. (c) On March 13, 2019, Griffon's Employee Stock Ownership Plan entered into an agreement that refinanced a term loan with a bank with an internal loan from Griffon. The internal loan interest rate is fixed at 2.91%, matures in June 2033 and requires quarterly payments of principal, currently $635, and interest. The internal loan is secured by shares purchased with the proceeds of the loan. The amount outstanding on the internal loan at December 31, 2020 was $29,243. (d) Two Griffon subsidiaries have finance leases outstanding for real estate located in Troy, Ohio and Ocala, Florida. The leases mature in 2021 and 2025, respectively, and bear interest at fixed rates of approximately 5.0% and 5.6%, respectively. The Troy, Ohio lease is secured by a mortgage on the real estate and is guaranteed by Griffon. The Ocala, Florida lease contains two five (e) In November 2012, Garant G.P. (“Garant”), a Griffon wholly owned subsidiary, entered into a CAD 15,000 ($11,703 as of December 31, 2020) revolving credit facility. The facility accrues interest at LIBOR (USD) or the Bankers Acceptance Rate (CDN) plus 1.3% per annum (1.44% LIBOR USD and 1.52% Bankers Acceptance Rate CDN as of December 31, 2020). The revolving facility matures in October 2022. Garant is required to maintain a certain minimum equity. At December 31, 2020, there were no borrowings under the revolving credit facility with CAD 15,000 ($11,703 as of December 31, 2020) available for borrowing. In July 2016, Griffon Australia Holdings Pty Ltd and its Australian subsidiaries (collectively, "Griffon Australia") entered into an AUD 29,625 term loan, AUD 20,000 revolver and AUD 10,000 receivable purchase facility agreement. The term loan requires quarterly principal payments of AUD 1,250 plus interest with a balloon payment of AUD 9,625 due upon maturity in March 2022, and accrues interest at Bank Bill Swap Bid Rate “BBSY” plus 1.95% per annum (2.01% at December 31, 2020). During the quarter ended December 31, 2020, the term loan balance was reduced by AUD 5,000, from AUD 23,375 to AUD 18,375 with proceeds from an AUD 5,000 increase in the commitment of the receivables purchase line from AUD 10,000 to AUD 15,000. As of December 31, 2020, the term loan had an outstanding balance of AUD 14,625 ($11,121 as of December 31, 2020). The revolving facility and receivable purchase facility mature in March 2022, but are renewable upon mutual agreement with the lender. The revolving facility and receivable purchase facility accrue interest at BBSY plus 1.9% and 1.35%, respectively, per annum (1.97% and 1.41%, respectively, at December 31, 2020). At December 31, 2020, there were no balances outstanding under the revolver and the receivable purchase facility. The revolver, receivable purchase facility and the term loan are all secured by substantially all of the assets of Griffon Australia and its subsidiaries. Griffon Australia is required to maintain a certain minimum equity level and is subject to a maximum leverage ratio and a minimum fixed charges cover ratio. In July 2018, The AMES Companies UK Ltd and its subsidiaries (collectively, "AMES UK") entered into a GBP 14,000 term loan, GBP 4,000 mortgage loan and GBP 5,000 revolver. The term loan and mortgage loan require quarterly principal payments of GBP 438 and GBP 105 plus interest, respectively, and have balloon payments due upon maturity, July 2023, of GBP 7,088 and GBP 2,349, respectively. The Term Loan and Mortgage Loans accrue interest at the GBP LIBOR Rate plus 2.25% and 1.8%, respectively (2.27% and 1.82% at December 31, 2020, respectively). The revolving facility matures in May 2021, but is renewable upon mutual agreement with the lender, and accrues interest at the Bank of England Base Rate plus 1.5% (1.60% as of December 31, 2020). As of December 31, 2020, the revolver had an outstanding balance of GBP $492 ($664 as of December 31, 2020) while the term and mortgage loan balances amounted to GBP 14,855 ($20,044 as of December 31, 2020). The revolver and the term loan are both secured by substantially all of the assets of AMES UK and its subsidiaries. AMES UK is subject to a maximum leverage ratio and a minimum fixed charges cover ratio. An invoice discounting arrangement was canceled and replaced by the above loan facilities. (f) Other long-term debt primarily consists of a loan with the Pennsylvania Industrial Development Authority, with the balance consisting of finance leases. At December 31, 2020, Griffon and its subsidiaries were in compliance with the terms and covenants of all credit and loan agreements. |
SHAREHOLDERS' EQUITY
SHAREHOLDERS' EQUITY | 3 Months Ended |
Dec. 31, 2020 | |
Stockholders' Equity Note [Abstract] | |
SHAREHOLDERS' EQUITY | SHAREHOLDERS’ EQUITY During 2021, the Company paid a quarterly cash dividend of $0.08 per share. During 2020, the Company paid a quarterly cash dividend of $0.075 per share, totaling $0.30 per share for the year. A dividend payable was established for the holders of restricted shares; such dividends will be released upon vesting of the underlying restricted shares. On January 27, 2021, the Board of Directors declared a quarterly cash dividend of $0.08 per share, payable on March 18, 2021 to shareholders of record as of the close of business on February 18, 2021. Compensation expense for restricted stock and restricted stock units is recognized ratably over the required service period based on the fair value of the grant, calculated as the number of shares granted multiplied by the stock price on the date of grant and, for performance shares, the likelihood of achieving the performance criteria. Compensation expense for restricted stock granted to two senior executives is calculated as the maximum number of shares granted, upon achieving certain performance criteria, multiplied by the stock price as valued by a Monte Carlo Simulation Model. Compensation cost related to stock-based awards with graded vesting, generally over a period of three On January 29, 2016, shareholders approved the Griffon Corporation 2016 Equity Incentive Plan ("Incentive Plan") under which awards of performance shares, performance units, stock options, stock appreciation rights, restricted shares, restricted stock units, deferred shares and other stock-based awards may be granted. On January 31, 2018, shareholders approved Amendment No. 1 to the Incentive Plan pursuant to which, among other things, 1,000,000 shares were added to the Incentive Plan; and on January 30, 2020, shareholders approved Amendment No. 2 to the Incentive Plan, pursuant to which 1,700,000 shares were added to the Incentive Plan. Options granted under the Incentive Plan may be either “incentive stock options” or nonqualified stock options, generally expire ten years after the date of grant and are granted at an exercise price of not less than 100% of the fair market value at the date of grant. The maximum number of shares of common stock available for award under the Incentive Plan is 5,050,000 (0 of which may be issued as incentive stock options), plus (i) any shares reserved for issuance under the 2011 Equity Incentive Plan as of the effective date of the Incentive Plan, and (ii) any shares underlying awards outstanding on such effective date under the 2011 Incentive Plan that are canceled or forfeited. As of December 31, 2020, there were 684,982 shares available for grant. During the first quarter of 2021, Griffon granted 511,624 shares of restricted stock and restricted stock units. This included 226,811 restricted stock and restricted stock units, subject to certain performance conditions, with vesting periods of three years, with a total fair value of $5,500, or a weighted average fair value of $24.25 per share. Furthermore, this included 284,813 restricted stock awards granted to five executives, with vesting periods of three years and a total fair value of $5,913 or a weighted average fair value of $20.76 per share. On January 27, 2021, Griffon granted 580,704 shares of restricted stock. This included 52,704 shares of restricted stock to two executives, subject to certain performance conditions, with a vesting period of 34 months, with a total fair value of $1,150, or a weighted average fair value of $21.82 per share. This also included 528,000 shares of restricted stock granted to two senior executives with a vesting period of four two The following table summarizes the Company’s compensation expense relating to all stock-based incentive plans: For the Three Months Ended December 31, 2020 2019 Restricted stock $ 3,428 $ 3,150 ESOP 780 832 Total stock based compensation $ 4,208 $ 3,982 On each of August 3, 2016 and August 1, 2018, Griffon’s Board of Directors authorized the repurchase of up to $50,000 of Griffon’s outstanding common stock. Under this share repurchase program, the Company may purchase shares in the open market, including pursuant to a 10b5-1 plan, or in privately negotiated transactions. During the quarter ended December 31, 2020, Griffon did not purchase any shares of common stock under these repurchase programs. As of December 31, 2020, an aggregate of $57,955 remains under Griffon's Board authorized repurchase programs. |
EARNINGS PER SHARE (EPS)
EARNINGS PER SHARE (EPS) | 3 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE (EPS) | EARNINGS PER SHARE (EPS) Basic EPS was calculated by dividing income available to common shareholders by the weighted average number of shares of common stock outstanding during the period. Diluted EPS was calculated by dividing income available to common shareholders by the weighted average number of shares of common stock outstanding plus additional common shares that could be issued in connection with stock based compensation. The following table is a reconciliation of the share amounts (in thousands) used in computing earnings per share: Three Months Ended December 31, 2020 2019 Common shares outstanding 56,490 46,909 Unallocated ESOP shares (2,010) (2,209) Non-vested restricted stock (3,687) (3,398) Impact of weighted average shares (197) (129) Weighted average shares outstanding - basic 50,596 41,173 Incremental shares from stock based compensation 2,596 2,722 Weighted average shares outstanding - diluted 53,192 43,895 |
BUSINESS SEGMENTS
BUSINESS SEGMENTS | 3 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
BUSINESS SEGMENTS | BUSINESS SEGMENTS Griffon reports its operations through three reportable segments, as follows: • CPP conducts its operations through AMES. Founded in 1774, AMES is the leading North American manufacturer and a global provider of branded consumer and professional tools and products for home storage and organization, landscaping, and enhancing outdoor lifestyles. CPP sells products globally through a portfolio of leading brands including True Temper, AMES, and ClosetMaid. • HBP conducts its operations through Clopay. Founded in 1964, Clopay is the largest manufacturer and marketer of garage doors and rolling steel doors in North America. Residential and commercial sectional garage doors are sold through professional dealers and leading home center retail chains throughout North America under the brands Clopay, Ideal, and Holmes. Rolling steel door and grille products designed for commercial, industrial, institutional, and retail use are sold under the CornellCookson brand. • DE conducts its operations through Telephonics, founded in 1933, a globally recognized leading provider of highly sophisticated intelligence, surveillance and communications solutions for defense, aerospace and commercial customers. Information on Griffon’s reportable segments is as follows: For the Three Months Ended December 31, REVENUE 2020 2019 Consumer and Professional Products $ 291,042 $ 241,076 Home and Building Products 250,481 241,381 Defense Electronics 67,768 65,981 Total consolidated net sales $ 609,291 $ 548,438 Disaggregation of Revenue Revenue from contracts with customers is disaggregated by end markets, segments and geographic location, as it more accurately depicts the nature and amount of the Company’s revenue. The following table presents revenue disaggregated by end market and segment: For the Three Months Ended December 31, 2020 2019 Residential repair and remodel $ 45,600 $ 35,090 Retail 139,248 119,620 Residential new construction 13,515 14,973 Industrial 9,531 10,623 International excluding North America 83,148 60,770 Total Consumer and Professional Products 291,042 241,076 Residential repair and remodel 126,115 121,997 Commercial construction 95,939 91,887 Residential new construction 28,427 27,497 Total Home and Building Products 250,481 241,381 U.S. Government 47,324 42,701 International 16,895 18,533 Commercial 3,549 4,747 Total Defense Electronics 67,768 65,981 Total Consolidated Revenue $ 609,291 $ 548,438 The following table presents revenue disaggregated by geography based on the location of the Company's customer: For the Three Months Ended December 31, 2020 2019 CPP HBP DE Total CPP HBP DE Total United States $ 183,442 $ 236,531 $ 47,378 $ 467,351 $ 160,158 $ 226,950 $ 46,143 $ 433,251 Europe 13,156 — 6,905 20,061 6,605 23 5,985 12,613 Canada 22,115 11,488 1,829 35,432 17,781 11,253 2,574 31,608 Australia 69,540 — 319 69,859 54,228 — 606 54,834 All other countries 2,789 2,462 11,337 16,588 2,304 3,155 10,673 16,132 Consolidated revenue $ 291,042 $ 250,481 $ 67,768 $ 609,291 $ 241,076 $ 241,381 $ 65,981 $ 548,438 Griffon evaluates performance and allocates resources based on each segment's operating results before interest income and expense, income taxes, depreciation and amortization, unallocated amounts (mainly corporate overhead), restructuring charges, loss from debt extinguishment and acquisition related expenses, as well as other items that may affect comparability, as applicable (“Segment adjusted EBITDA”). Griffon believes this information is useful to investors for the same reason. The following table provides a reconciliation of Segment adjusted EBITDA to Income before taxes: For the Three Months Ended December 31, 2020 2019 Segment adjusted EBITDA: Consumer and Professional Products $ 32,713 $ 21,926 Home and Building Products 48,369 40,701 Defense Electronics 5,585 4,475 Segment adjusted EBITDA 86,667 67,102 Unallocated amounts, excluding depreciation * (12,027) (11,942) Adjusted EBITDA 74,640 55,160 Net interest expense (15,645) (15,950) Depreciation and amortization (15,266) (15,825) Restructuring charges (10,800) (6,434) Gain on sale of SEG business 6,240 — Income before taxes $ 39,169 $ 16,951 * Unallocated amounts typically include general corporate expenses not attributable to a reportable segment. For the Three Months Ended December 31, DEPRECIATION and AMORTIZATION 2020 2019 Segment: Consumer and Professional Products $ 8,199 $ 8,231 Home and Building Products 4,341 4,800 Defense Electronics 2,676 2,644 Total segment depreciation and amortization 15,216 15,675 Corporate 50 150 Total consolidated depreciation and amortization $ 15,266 $ 15,825 CAPITAL EXPENDITURES Segment: Consumer and Professional Products $ 6,907 $ 3,732 Home and Building Products 2,115 7,939 Defense Electronics 2,904 1,289 Total segment 11,926 12,960 Corporate — 212 Total consolidated capital expenditures $ 11,926 $ 13,172 ASSETS At December 31, 2020 At September 30, 2020 Segment assets: Consumer and Professional Products $ 1,309,603 $ 1,255,127 Home and Building Products 600,323 606,785 Defense Electronics 294,576 329,128 Total segment assets 2,204,502 2,191,040 Corporate 272,953 248,902 Total continuing assets 2,477,455 2,439,942 Assets of discontinued operations 6,988 8,497 Consolidated total $ 2,484,443 $ 2,448,439 |
EMPLOYEE BENEFIT PLANS
EMPLOYEE BENEFIT PLANS | 3 Months Ended |
Dec. 31, 2020 | |
Retirement Benefits [Abstract] | |
EMPLOYEE BENEFIT PLANS | EMPLOYEE BENEFIT PLANS Defined benefit pension expense (income) included in Other Income (Expense), net was as follows: Three Months Ended December 31, 2020 2019 Interest cost $ 744 $ 1,151 Expected return on plan assets (2,544) (2,586) Amortization: Prior service cost — 4 Recognized actuarial loss 1,573 1,042 Net periodic expense (income) $ (227) $ (389) |
RECENT ACCOUNTING PRONOUNCEMENT
RECENT ACCOUNTING PRONOUNCEMENTS | 3 Months Ended |
Dec. 31, 2020 | |
Accounting Changes and Error Corrections [Abstract] | |
RECENT ACCOUNTING PRONOUNCEMENTS | RECENT ACCOUNTING PRONOUNCEMENTS Issued but not yet effective accounting pronouncements In August 2018, the Financial Accounting Standards Board ("FASB") issued guidance to clarify disclosure requirements related to defined benefit pension and other post-retirement plans. The guidance is effective for fiscal years beginning after December 15, 2020, with early adoption permitted, and is effective for the Company in our fiscal year beginning in October 1, 2021. We are currently evaluating the effects that the adoption of this guidance will have on our the related pension disclosures. In December 2019, the FASB issued guidance on simplifying the accounting for income taxes by clarifying and amending existing guidance related to the recognition of franchise tax, the evaluation of a step up in the tax basis of goodwill, and the effects of enacted changes in tax laws or rates in the effective tax rate computation, among other clarifications. Our effective date for adoption of this Accounting Standards Update ("ASU") is our fiscal year beginning October 1, 2021 with early adoption permitted. We are currently evaluating the effects that the adoption of this guidance will have on our consolidated financial statements and the related disclosures. New Accounting Standards Implemented In April 2019, the FASB issued guidance relating to accounting for credit losses on financial instruments, including trade receivables, and derivatives and hedging. This guidance is effective for the Company beginning in fiscal 2021. Adoption of this standard did not have a material impact on our consolidated financial statements and the related disclosures. In August 2018, the FASB issued guidance which modifies the disclosures on fair value measurements by removing the requirement to disclose the amount and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy and the policy for timing of such transfers. This guidance expands the disclosure requirements for Level 3 fair value measurements, primarily focused on changes in unrealized gains and losses included in other comprehensive income (loss). This guidance is effective for the Company beginning in fiscal 2021. Adoption of this standard did not have a material impact on our consolidated financial statements and the related disclosures. In March 2020, the SEC adopted amendments to the financial disclosure requirements for guarantors and issuers of guaranteed securities registered or being registered in Rule 3-10 of Regulation S-X, and affiliates whose securities collateralize securities registered or being registered in Rule 3-16 of Regulation S-X (SEC Release No. 33-10762). The amendment replaces the requirement to present condensed consolidating financial statements, comprised of balance sheets and statements of operations, comprehensive income and cash flows for all periods presented, with summarized financial information of the guarantor only for the most recently completed fiscal year and any subsequent interim period. We adopted the amendments to the disclosure requirements during the quarter ended December 31, 2020. This amendment did not have an impact on our consolidated financial statements as this amendment simplifies the financial disclosures required in our guarantor and non-guarantor financial information. See Part I, Item 2, Management’s Discussion and Analysis of Financial Condition and Results of Operations—Supplemental Guarantor Financial Information. The Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements, and does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations. |
DISCONTINUED OPERATIONS
DISCONTINUED OPERATIONS | 3 Months Ended |
Dec. 31, 2020 | |
Discontinued Operations and Disposal Groups [Abstract] | |
DISCONTINUED OPERATIONS | DISCONTINUED OPERATIONS The following amounts summarize the total assets and liabilities related to the Installation Services and other discontinued activities which have been segregated from Griffon’s continuing operations, and are reported as assets and liabilities of discontinued operations in the Condensed Consolidated Balance Sheets: At December 31, 2020 At September 30, 2020 Assets of discontinued operations: Prepaid and other current assets $ 1,591 $ 2,091 Other long-term assets 5,397 6,406 Total assets of discontinued operations $ 6,988 $ 8,497 Liabilities of discontinued operations: Accrued liabilities, current $ 4,842 $ 3,797 Other long-term liabilities 5,504 7,014 Total liabilities of discontinued operations $ 10,346 $ 10,811 |
RESTRUCTURING CHARGES
RESTRUCTURING CHARGES | 3 Months Ended |
Dec. 31, 2020 | |
Restructuring and Related Activities [Abstract] | |
RESTRUCTURING CHARGES | RESTRUCTURING CHARGES In November 2019, Griffon announced the development of a next-generation business platform for CPP to enhance the growth, efficiency, and competitiveness of its U.S. operations, and on November 12, 2020, Griffon announced that CPP is broadening this strategic initiative to include additional North American facilities, the AMES UK and Australia businesses, and a manufacturing facility in China. The expanded focus of this initiative leverages the same three key development areas being executed within our U.S. operations. First, certain AMES global operations will be consolidated to optimize facilities footprint and talent. Second, strategic investments in automation and facilities expansion will be made to increase the efficiency of our manufacturing and fulfillment operations, and support e-commerce growth. Third, multiple independent information systems will be unified into a single data and analytics platform, which will serve the whole AMES global enterprise. Expanding the roll-out of the new business platform from our AMES U.S. operations to include AMES’ global operations will extend the duration of the project by one year, with completion now expected by the end of calendar year 2023. When fully implemented, these actions will result in annual cash savings of $30,000 to $35,000 and a reduction in inventory of $30,000 to $35,000, both based on fiscal 2020 operating levels. The cost to implement this new business platform, over the duration of the project, will include one-time charges of approximately $65,000 and capital investments of approximately $65,000. The one-time charges are comprised of $46,000 of cash charges, which includes $26,000 of personnel-related costs such as training, severance, and duplicate personnel costs as well as $20,000 of facility and lease exit costs. The remaining $19,000 of charges are non-cash and are primarily related to asset write-downs. During the quarters ended December 31, 2020 and 2019, CPP incurred pre-tax restructuring and related exit costs approximating $3,079 and $6,434, respectively. During the quarter ended December 31, 2020, cash charges totaled $2,886 non-cash and asset-related charges totaled $193; the cash charges included $362 for one-time termination benefits and other personnel-related costs and $2,524 for facility exit costs. During the quarter ended December 31, 2019, cash charges totaled $2,274 and non-cash, asset-related charges totaled $4,160; the cash charges included $2,134 for one-time termination benefits and other personnel-related costs and $140 for facility exit costs. Non-cash charges included a $1,740 impairment charge related to a facility's operating lease as well as $671 of leasehold improvements made to the leased facility that have no recoverable value, and a $1,749 impairment charge related to machinery and equipment that have no recoverable value at one of the Company's owned manufacturing locations. During the quarter ended December 31, 2020, headcount was reduced by 61. In September 2020, the DE Voluntary Employee Retirement Plan was initiated, which was subsequently followed by a reduction in force in November 2020, to improve efficiencies by combining functions and responsibilities. The combined actions resulted in severance charges of approximately $4,240, with $2,120 recognized in the fourth quarter of fiscal 2020, and the remaining $2,120 was recognized during the quarter ended December 31, 2020. These actions reduced headcount by approximately 90 people. In addition, charges of $5,601 were recorded during the quarter ended December 31, 2020, primarily related to exiting our older weather radar product lines. A summary of the restructuring and other related charges included in Cost of goods and services and Selling, general and administrative expenses in the Company's Condensed Consolidated Statements of Operations were as follows: For the Three Months Ended December 31, 2020 2019 Cost of goods and services $ 6,425 $ 2,723 Selling, general and administrative expenses 4,375 3,711 Total restructuring charges $ 10,800 $ 6,434 For the Three Months Ended December 31, 2020 2019 Personnel related costs $ 2,482 $ 2,134 Facilities, exit costs and other 2,524 140 Non-cash facility and other 5,794 4,160 Total $ 10,800 $ 6,434 The following table summarizes the accrued liabilities of the Company's restructuring actions: Cash Charges Non-Cash Personnel related costs Facilities & Facility and Other Costs Total Accrued liability at September 30, 2020 $ 2,701 $ 264 $ — $ 2,965 Q1 restructuring charges 2,482 2,524 5,794 10,800 Cash payments (1,598) (2,534) — (4,132) Non-cash charges — — (5,794) (5,794) Accrued liability at December 31, 2020 $ 3,585 $ 254 $ — $ 3,839 |
OTHER INCOME (EXPENSE)
OTHER INCOME (EXPENSE) | 3 Months Ended |
Dec. 31, 2020 | |
Other Income and Expenses [Abstract] | |
OTHER INCOME (EXPENSE) | OTHER INCOME (EXPENSE) For the quarters ended December 31, 2020 and 2019, Other income (expense) of $(41) and $778, respectively, includes $(699) and ($376), respectively, of net currency exchange losses in connection with the translation of receivables and payables denominated in currencies other than the functional currencies of Griffon and its subsidiaries, net periodic benefit plan income of $227 and $389, respectively, as well as $330 and $81, respectively, of net investment income. Additionally, Other income (expense) also includes a one-time technology recognition award for $700 in the quarter ended December 31, 2019. |
WARRANTY LIABILITY
WARRANTY LIABILITY | 3 Months Ended |
Dec. 31, 2020 | |
Product Warranties Disclosures [Abstract] | |
WARRANTY LIABILITY | WARRANTY LIABILITY DE offers warranties against product defects for periods generally ranging from one one Changes in Griffon’s warranty liability, included in Accrued liabilities, were as follows: Three Months Ended December 31, 2020 2019 Balance, beginning of period $ 10,843 $ 7,894 Warranties issued and changes in estimated pre-existing warranties 4,739 3,365 Actual warranty costs incurred (4,748) (3,915) Balance, end of period $ 10,834 $ 7,344 |
OTHER COMPREHENSIVE INCOME (LOS
OTHER COMPREHENSIVE INCOME (LOSS) | 3 Months Ended |
Dec. 31, 2020 | |
OCI, Net of Tax [Abstract] | |
OTHER COMPREHENSIVE INCOME (LOSS) | OTHER COMPREHENSIVE INCOME (LOSS) The amounts recognized in other comprehensive income (loss) were as follows: For the Three Months Ended December 31, 2020 2019 Pre-tax Tax Net of tax Pre-tax Tax Net of tax Foreign currency translation adjustments $ 12,123 $ — $ 12,123 $ 6,470 $ — $ 6,470 Pension and other defined benefit plans 2,150 (444) 1,706 847 (175) 672 Cash flow hedges (983) 295 (688) (430) 129 (301) Total other comprehensive income (loss) $ 13,290 $ (149) $ 13,141 $ 6,887 $ (46) $ 6,841 The components of Accumulated other comprehensive income (loss) are as follows: At December 31, 2020 At September 30, 2020 Foreign currency translation adjustments $ (13,560) $ (25,683) Pension and other defined benefit plans (44,892) (46,598) Change in Cash flow hedges (499) 189 $ (58,951) $ (72,092) Amounts reclassified from accumulated other comprehensive income (loss) to income were as follows: For the Three Months Ended December 31, Gain (Loss) 2020 2019 Pension amortization $ (1,573) $ (1,046) Cash flow hedges (658) (56) Total gain (loss) (2,231) (1,102) Tax benefit (expense) 469 231 Total $ (1,762) $ (871) |
LEASES
LEASES | 3 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
LEASES | LEASES The Company recognizes right-of-use ("ROU") assets and lease liabilities on the balance sheet, with the exception of leases with a term of twelve months or less. The Company determines if an arrangement is a lease at inception. The ROU assets and short and long-term liabilities associated with our Operating leases are shown as separate line items on our Condensed Consolidated Balance Sheets. Finance leases are included in property, plant, and equipment, net, other accrued liabilities, and other non-current liabilities. The Company's finance leases are immaterial. ROU assets, along with any other related long-lived assets, are periodically evaluated for impairment. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. ROU assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. We use the implicit rate when readily determinable. Our determination of the lease term may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. For operating leases, fixed lease payments are recognized as operating lease cost on a straight-line basis over the lease term. For finance leases and impaired operating leases, the ROU asset is depreciated on a straight-line basis over the remaining lease term, along with recognition of interest expense associated with accretion of the lease liability. For leases with a lease term of 12 months or less (a "Short-term" lease), any fixed lease payments are recognized on a straight-line basis over such term, and are not recognized on the Condensed Consolidated Balance Sheets. Variable lease cost for both operating and finance leases, if any, is recognized as incurred. The Company has lease agreements that contain both lease and non-lease components. For real estate leases, we account for lease components together with non-lease components (e.g., common-area maintenance). Components of operating lease costs are as follows: For the Three Months Ended December 31, 2020 2019 Fixed $ 10,040 $ 9,552 Variable (a), (b) 2,047 1,753 Short-term (b) 1,114 1,430 Total $ 13,201 $ 12,735 (a) Primarily relates to common-area maintenance and property taxes. (b) Not recorded on the balance sheet. Supplemental cash flow information were as follows: For the Three Months Ended December 31, 2020 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 11,205 $ 12,277 Financing cash flows from finance leases 803 962 Total $ 12,008 $ 13,239 Supplemental Condensed Consolidated Balance Sheet information related to leases were as follows: At December 31, 2020 September 30, 2020 Operating Leases: Right of use assets: Operating right-of-use assets $ 157,860 $ 161,627 Lease Liabilities: Current portion of operating lease liabilities $ 31,304 $ 31,848 Long-term operating lease liabilities 132,634 136,054 Total operating lease liabilities $ 163,938 $ 167,902 Finance Leases: Property, plant and equipment, net (1) $ 17,975 $ 18,774 Lease Liabilities: Notes payable and current portion of long-term debt $ 3,146 $ 3,352 Long-term debt, net 14,885 15,339 Total financing lease liabilities $ 18,031 $ 18,691 (1) Finance lease assets are recorded net of accumulated depreciation of $3,319. Two Griffon subsidiaries have finance leases outstanding for real estate located in Troy, Ohio and Ocala, Florida. The leases mature in 2021 and 2025, respectively, and bear interest at fixed rates of approximately 5.0% and 5.6%, respectively. The Troy, Ohio lease is secured by a mortgage on the real estate and is guaranteed by Griffon. The Ocala, Florida lease contains two five As of December 31, 2020 and September 30, 2020, $16,553 and $17,188, respectively, was outstanding, net of issuance costs. The remaining lease liability balance relates to finance equipment leases. The aggregate future maturities of lease payments for operating leases and finance leases as of December 31, 2020 are as follows (in thousands): Operating Leases Finance Leases 2020 (a) $ 28,990 $ 3,317 2021 34,154 2,732 2022 25,804 2,395 2023 18,956 2,122 2024 17,138 2,074 2025 11,739 2,074 Thereafter 63,844 7,777 Total lease payments 200,625 22,491 Less: Imputed Interest (36,687) (4,460) Present value of lease liabilities $ 163,938 $ 18,031 (a) Excluding the three months ended December 31, 2020 Average lease terms and discount rates at December 31, 2020 were as follows: Weighted-average remaining lease term (years) Operating leases 8.2 Finance Leases 8.4 Weighted-average discount rate Operating Leases 4.46 % Finance Leases 5.52 % |
LEASES | LEASES The Company recognizes right-of-use ("ROU") assets and lease liabilities on the balance sheet, with the exception of leases with a term of twelve months or less. The Company determines if an arrangement is a lease at inception. The ROU assets and short and long-term liabilities associated with our Operating leases are shown as separate line items on our Condensed Consolidated Balance Sheets. Finance leases are included in property, plant, and equipment, net, other accrued liabilities, and other non-current liabilities. The Company's finance leases are immaterial. ROU assets, along with any other related long-lived assets, are periodically evaluated for impairment. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. ROU assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. We use the implicit rate when readily determinable. Our determination of the lease term may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. For operating leases, fixed lease payments are recognized as operating lease cost on a straight-line basis over the lease term. For finance leases and impaired operating leases, the ROU asset is depreciated on a straight-line basis over the remaining lease term, along with recognition of interest expense associated with accretion of the lease liability. For leases with a lease term of 12 months or less (a "Short-term" lease), any fixed lease payments are recognized on a straight-line basis over such term, and are not recognized on the Condensed Consolidated Balance Sheets. Variable lease cost for both operating and finance leases, if any, is recognized as incurred. The Company has lease agreements that contain both lease and non-lease components. For real estate leases, we account for lease components together with non-lease components (e.g., common-area maintenance). Components of operating lease costs are as follows: For the Three Months Ended December 31, 2020 2019 Fixed $ 10,040 $ 9,552 Variable (a), (b) 2,047 1,753 Short-term (b) 1,114 1,430 Total $ 13,201 $ 12,735 (a) Primarily relates to common-area maintenance and property taxes. (b) Not recorded on the balance sheet. Supplemental cash flow information were as follows: For the Three Months Ended December 31, 2020 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 11,205 $ 12,277 Financing cash flows from finance leases 803 962 Total $ 12,008 $ 13,239 Supplemental Condensed Consolidated Balance Sheet information related to leases were as follows: At December 31, 2020 September 30, 2020 Operating Leases: Right of use assets: Operating right-of-use assets $ 157,860 $ 161,627 Lease Liabilities: Current portion of operating lease liabilities $ 31,304 $ 31,848 Long-term operating lease liabilities 132,634 136,054 Total operating lease liabilities $ 163,938 $ 167,902 Finance Leases: Property, plant and equipment, net (1) $ 17,975 $ 18,774 Lease Liabilities: Notes payable and current portion of long-term debt $ 3,146 $ 3,352 Long-term debt, net 14,885 15,339 Total financing lease liabilities $ 18,031 $ 18,691 (1) Finance lease assets are recorded net of accumulated depreciation of $3,319. Two Griffon subsidiaries have finance leases outstanding for real estate located in Troy, Ohio and Ocala, Florida. The leases mature in 2021 and 2025, respectively, and bear interest at fixed rates of approximately 5.0% and 5.6%, respectively. The Troy, Ohio lease is secured by a mortgage on the real estate and is guaranteed by Griffon. The Ocala, Florida lease contains two five As of December 31, 2020 and September 30, 2020, $16,553 and $17,188, respectively, was outstanding, net of issuance costs. The remaining lease liability balance relates to finance equipment leases. The aggregate future maturities of lease payments for operating leases and finance leases as of December 31, 2020 are as follows (in thousands): Operating Leases Finance Leases 2020 (a) $ 28,990 $ 3,317 2021 34,154 2,732 2022 25,804 2,395 2023 18,956 2,122 2024 17,138 2,074 2025 11,739 2,074 Thereafter 63,844 7,777 Total lease payments 200,625 22,491 Less: Imputed Interest (36,687) (4,460) Present value of lease liabilities $ 163,938 $ 18,031 (a) Excluding the three months ended December 31, 2020 Average lease terms and discount rates at December 31, 2020 were as follows: Weighted-average remaining lease term (years) Operating leases 8.2 Finance Leases 8.4 Weighted-average discount rate Operating Leases 4.46 % Finance Leases 5.52 % |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 3 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Legal and environmental Peekskill Site. Lightron Corporation (“Lightron”), a wholly-owned subsidiary of Griffon, once conducted operations at a location in the Town of Cortlandt, New York, just outside the city of Peekskill, New York (the “Peekskill Site”) owned by ISC Properties, Inc. (“ISCP”), a wholly-owned subsidiary of Griffon. ISCP sold the Peekskill Site in November 1982. Subsequently, ISCP was advised by the Department of Environmental Conservation of New York State (the "DEC") that sampling at the Peekskill Site and in a creek near the Peekskill Site indicated concentrations of solvents and other chemicals common to prior plating operations by a Lightron subsidiary. In 1996, ISCP entered into a consent order with the DEC (the “Consent Order”), pursuant to which ISCP was required to perform a remedial investigation and prepare a feasibility study (the “Feasibility Study”). After completing the initial remedial investigation, ISCP conducted supplemental remedial investigations over the next several years, including soil vapor investigations, as required by the Consent Order. In April 2009, the DEC advised ISCP that both the DEC and the New York State Department of Health had reviewed and accepted an August 2007 Remedial Investigation Report and an Additional Data Collection Summary Report dated January 30, 2009. ISCP submitted to the DEC a draft Feasibility Study which was accepted and approved by the DEC in February 2011. ISCP satisfied its obligations under the Consent Order when DEC approved the Remedial Investigation and Feasibility Study for the Peekskill Site. In June 2011 the DEC issued a Record of Decision that set forth a Remedial Action Plan for the Peekskill Site that identified the specific remedies selected and responded to public comments. The cost of the remedy proposed by DEC in its Remedial Action Plan was approximately $10,000. Following issuance of the Remedial Action Plan, the DEC implemented a portion of its plan, and also performed additional investigation for the presence of metals in soils and sediments downstream from the Peekskill Site. During this investigation metals were found to be present in sediments further downstream from the Peekskill site than previously detected. In August 2018, the DEC sent a letter to the United States Environmental Protection Agency (the “EPA”), in which the DEC requested that the Peekskill Site be nominated by the EPA for inclusion on the National Priorities List under CERCLA (the “NPL”). Based on the DEC’s request and an analysis by a consultant retained by the EPA, on May 15, 2019 the EPA added the Peekskill Site to the NPL and has since announced that it is performing a Remedial Investigation/Feasibility Study. On August 25, 2020, the EPA sent a letter to several parties, including Lightron and ISCP, requesting that each such party inform the EPA as to whether it would be willing to enter into discussions regarding implementation of a Remedial Investigation/Feasibility Study (“RI/FS”). The EPA also sent a request for information to each party under Section 104(e) of CERCLA. Lightron and ISCP have informed the EPA that they are willing to participate in discussions regarding implementation of the RI/FS. Lightron and ISCP have also submitted responses to certain items contained in the Section 104(e) information request, with additional responses to follow. The current owner of the property, which acquired the Peekskill Site from ISCP in 1982 and has no relationship with Lightron or ISCP, has also informed the EPA that it is willing to discuss implementation of the RI/FS, and has also received, and submitted certain information in response to, a Section 104(e) information request. The EPA may decide to implement the RI/FS, on its own or through the use of consultants, may reach agreement with one or more parties to perform the RI/FS, or may offer to negotiate with one or more parties to accept a settlement addressing the potential liability of such parties for investigation and/or remediation at the Peekskill Site. Should the EPA implement the RI/FS, or perform further studies and/or subsequently remediate the site, without first reaching agreement with one or more relevant parties, the EPA would likely seek reimbursement for the costs incurred from such parties. Lightron has not engaged in any operations in over three decades. ISCP functioned solely as a real estate holding company, and has not held any real property in over three decades. Griffon does not acknowledge any responsibility to perform any investigation or remediation at the Peekskill Site. Union Fork and Hoe, Frankfort, NY site. The former Union Fork and Hoe property in Frankfort, New York was acquired by AMES in 2006 as part of a larger acquisition, and has historic site contamination involving chlorinated solvents, petroleum hydrocarbons and metals. AMES entered into an Order on Consent with the New York State Department of Environmental Conservation (“DEC”). While the Order is without admission or finding of liability or acknowledgment that there has been a release of hazardous substances at the site, the Order required Ames to perform a remedial investigation of certain portions of the property and to recommend a remediation option. In 2018, Ames submitted a Feasibility Study recommending excavation of shallow soils for lead, arsenic and hydrocarbons in addition to deeper excavation for lead. DEC approved the selection of this remedy in 2019 by issuing a Record of Decision (“ROD”). Beginning in late 2019 and through June 2020, Ames completed the remediation required by the ROD and filed a Construction Completion Report, a Site Management Plan and an environmental easement with DEC. While Ames was implementing the remediation required by the ROD, DEC requested additional investigation of a small area on the site and of an area adjacent to the site perimeter. Ames investigated the on-site area and has initiated limited remediation under a workplan approved by DEC. AMES expects to complete this limited remediation by February 2021. Ames has also submitted a workplan to investigate the areas adjacent to the site perimeter. AMES has a number of defenses to liability in this matter, including its rights under a previous Consent Judgment entered into between DEC and a predecessor of AMES relating to the site. Ames’ insurer has accepted Ames’ claim for a substantial portion of the costs incurred and to be incurred for both the on-site and off-site activities. U.S. Government investigations and claims Defense contracts and subcontracts, including Griffon’s contracts and subcontracts, are subject to audit and review by various agencies and instrumentalities of the United States government, including among others, the Defense Contract Audit Agency, the Defense Criminal Investigative Service, and the Department of Justice which has responsibility for asserting claims on behalf of the U.S. Government. In general, departments and agencies of the U.S. Government have the authority to investigate various transactions and operations of Griffon, and the results of such investigations may lead to administrative, civil or criminal proceedings, the ultimate outcome of which could be fines, penalties, repayments or compensatory or treble damages. U.S. Government regulations provide that certain findings against a contractor may lead to suspension or debarment from future U.S. Government contracts or the loss of export privileges for a company or an operating division or subdivision. Suspension or debarment could have a material adverse effect on Telephonics because of its reliance on government contracts. General legal Griffon is subject to various laws and regulations relating to the protection of the environment and is a party to legal proceedings arising in the ordinary course of business. Management believes, based on facts presently known to it, that the resolution of the matters above and such other matters will not have a material adverse effect on Griffon’s consolidated financial position, results of operations or cash flows. |
DESCRIPTION OF BUSINESS AND B_2
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION (Policies) | 3 Months Ended |
Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) for interim financial information, and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, these financial statements do not include all the information and footnotes required by US GAAP for complete financial statements. As such, they should be read together with Griffon’s Annual Report on Form 10-K for the year ended September 30, 2020, which provides a more complete explanation of Griffon’s accounting policies, financial position, operating results, business, properties and other matters. In the opinion of management, these financial statements reflect all adjustments considered necessary for a fair statement of interim results. Griffon’s CPP operations are seasonal; for this and other reasons, the financial results of the Company for any interim period are not necessarily indicative of the results for the full year. The condensed consolidated balance sheet information at September 30, 2020 was derived from the audited financial statements included in Griffon’s Annual Report on Form 10-K for the year ended September 30, 2020. The condensed consolidated financial statements include the accounts of Griffon and all subsidiaries. Intercompany accounts and transactions have been eliminated in consolidation. The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting periods. These estimates may be adjusted due to changes in economic, industry or customer financial conditions, as well as changes in technology or demand. Significant estimates include allowances for doubtful accounts receivable and returns, net realizable value of inventories, restructuring reserves, valuation of goodwill and intangible assets, sales, profits and loss recognition for performance obligations satisfied over time, assumptions associated with pension benefit obligations and income or expenses, useful lives associated with depreciation and amortization of intangible and fixed assets, warranty reserves, sales incentive accruals, assumption associated with stock based compensation valuation, income taxes and tax valuation reserves, environmental reserves, legal reserves, insurance reserves, the valuation of assets and liabilities of discontinued operations, assumptions associated with valuation of acquired assets and assumed liabilities of acquired companies and the accompanying disclosures. These estimates are based on management’s best knowledge of current events and actions Griffon may undertake in the future. Actual results may ultimately differ from these estimates. Certain amounts in the prior year have been reclassified to conform to current year presentation. |
Fair Value Measurements | The carrying values of cash and equivalents, accounts receivable, accounts and notes payable, and revolving credit and variable interest rate debt approximate fair value due to either the short-term nature of such instruments or the fact that the interest rate of the revolving credit and variable rate debt is based upon current market rates. Applicable accounting guidance establishes a fair value hierarchy requiring the Company to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the hierarchy is based on the lowest level of input that is significant to the fair value measurement. The accounting guidance establishes three levels of inputs that may be used to measure fair value, as follows: • Level 1 inputs are measured and recorded at fair value based upon quoted prices in active markets for identical assets. • Level 2 inputs include inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices in active markets for similar assets and liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of assets or liabilities. • Level 3 inputs are unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. |
Inventories | Inventories are stated at the lower of cost (first-in, first-out or average cost) or market. |
Issued but not yet effective accounting pronouncements and New Accounting Standards Implemented | Issued but not yet effective accounting pronouncements In August 2018, the Financial Accounting Standards Board ("FASB") issued guidance to clarify disclosure requirements related to defined benefit pension and other post-retirement plans. The guidance is effective for fiscal years beginning after December 15, 2020, with early adoption permitted, and is effective for the Company in our fiscal year beginning in October 1, 2021. We are currently evaluating the effects that the adoption of this guidance will have on our the related pension disclosures. In December 2019, the FASB issued guidance on simplifying the accounting for income taxes by clarifying and amending existing guidance related to the recognition of franchise tax, the evaluation of a step up in the tax basis of goodwill, and the effects of enacted changes in tax laws or rates in the effective tax rate computation, among other clarifications. Our effective date for adoption of this Accounting Standards Update ("ASU") is our fiscal year beginning October 1, 2021 with early adoption permitted. We are currently evaluating the effects that the adoption of this guidance will have on our consolidated financial statements and the related disclosures. New Accounting Standards Implemented In April 2019, the FASB issued guidance relating to accounting for credit losses on financial instruments, including trade receivables, and derivatives and hedging. This guidance is effective for the Company beginning in fiscal 2021. Adoption of this standard did not have a material impact on our consolidated financial statements and the related disclosures. In August 2018, the FASB issued guidance which modifies the disclosures on fair value measurements by removing the requirement to disclose the amount and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy and the policy for timing of such transfers. This guidance expands the disclosure requirements for Level 3 fair value measurements, primarily focused on changes in unrealized gains and losses included in other comprehensive income (loss). This guidance is effective for the Company beginning in fiscal 2021. Adoption of this standard did not have a material impact on our consolidated financial statements and the related disclosures. In March 2020, the SEC adopted amendments to the financial disclosure requirements for guarantors and issuers of guaranteed securities registered or being registered in Rule 3-10 of Regulation S-X, and affiliates whose securities collateralize securities registered or being registered in Rule 3-16 of Regulation S-X (SEC Release No. 33-10762). The amendment replaces the requirement to present condensed consolidating financial statements, comprised of balance sheets and statements of operations, comprehensive income and cash flows for all periods presented, with summarized financial information of the guarantor only for the most recently completed fiscal year and any subsequent interim period. We adopted the amendments to the disclosure requirements during the quarter ended December 31, 2020. This amendment did not have an impact on our consolidated financial statements as this amendment simplifies the financial disclosures required in our guarantor and non-guarantor financial information. See Part I, Item 2, Management’s Discussion and Analysis of Financial Condition and Results of Operations—Supplemental Guarantor Financial Information. The Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements, and does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations. |
INVENTORIES (Tables)
INVENTORIES (Tables) | 3 Months Ended |
Dec. 31, 2020 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory | The following table details the components of inventory: At December 31, 2020 At September 30, 2020 Raw materials and supplies $ 134,378 $ 135,083 Work in process 79,209 81,624 Finished goods 231,435 197,118 Total $ 445,022 $ 413,825 |
PROPERTY, PLANT AND EQUIPMENT (
PROPERTY, PLANT AND EQUIPMENT (Tables) | 3 Months Ended |
Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Summary of Property, Plant and Equipment | The following table details the components of property, plant and equipment, net: At December 31, 2020 At September 30, 2020 Land, building and building improvements $ 168,557 $ 167,005 Machinery and equipment 603,270 595,126 Leasehold improvements 53,841 53,386 825,668 815,517 Accumulated depreciation and amortization (482,962) (471,553) Total $ 342,706 $ 343,964 |
CREDIT LOSSES (Tables)
CREDIT LOSSES (Tables) | 3 Months Ended |
Dec. 31, 2020 | |
Credit Loss [Abstract] | |
Schedule of Accounts Receivable, Allowance for Credit Losses | The following table provides a roll-forward of the allowance for credit losses that is deducted from the amortized cost basis of accounts receivable to present the net amount expected to be collected: Beginning Balance, October 1, 2020 $ 8,505 Provision for expected credit losses 496 Amounts written off charged against the allowance (42) Other, primarily foreign currency translation 63 Ending Balance, December 31, 2020 $ 9,022 |
GOODWILL AND OTHER INTANGIBLES
GOODWILL AND OTHER INTANGIBLES (Tables) | 3 Months Ended |
Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Changes in Carrying Value of Goodwill | The following table provides changes in the carrying value of goodwill by segment during the three months ended December 31, 2020: At September 30, 2020 Business Acquisitions (a) Business Divestitures (b) Foreign At December 31, 2020 Consumer and Professional Products $ 232,845 $ 1,799 $ — $ 2,865 $ 237,509 Home and Building Products 191,253 — — — 191,253 Defense Electronics 18,545 — (851) — 17,694 Total $ 442,643 $ 1,799 $ (851) $ 2,865 $ 446,456 (a) The increase in the CPP segment was due to the acquisition of Quatro. (b) The decrease in the DE segment was due to the divestiture of SEG. |
Summary of Gross Carrying Value and Accumulated Amortization of Intangible Assets | The following table provides the gross carrying value and accumulated amortization for each major class of intangible assets: At December 31, 2020 At September 30, 2020 Gross Carrying Amount Accumulated Average Gross Carrying Amount Accumulated Customer relationships & other $ 188,030 $ 69,354 23 $ 185,940 $ 66,656 Technology and patents 19,654 8,007 13 19,464 8,360 Total amortizable intangible assets 207,684 77,361 205,404 75,016 Trademarks 227,509 — 224,640 — Total intangible assets $ 435,193 $ 77,361 $ 430,044 $ 75,016 |
LONG-TERM DEBT (Tables)
LONG-TERM DEBT (Tables) | 3 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Summary of Long-Term Debt | At December 31, 2020 At September 30, 2020 Outstanding Balance Original Issuer Premium Capitalized Fees & Expenses Balance Sheet Coupon Interest Rate Outstanding Balance Original Issuer Premium Capitalized Fees & Expenses Balance Sheet Coupon Interest Rate Senior notes due 2028 (a) $ 1,000,000 $ 351 (14,847) $ 985,504 5.75 % $ 1,000,000 $ 363 $ (15,376) $ 984,987 5.75 % Revolver due 2025 (b) 13,493 — (2,086) 11,407 Variable 12,858 — (2,209) 10,649 Variable Finance lease - real estate (d) 16,576 — (23) 16,553 Variable 17,218 — (30) 17,188 Variable Non US lines of credit (e) 664 — (28) 636 Variable — — (30) (30) Variable Non US term loans (e) 31,165 — (150) 31,015 Variable 31,086 — (160) 30,926 Variable Other long term debt (f) 3,472 — (16) 3,456 Variable 3,260 — (16) 3,244 Variable Totals 1,065,370 351 (17,150) 1,048,571 1,064,422 363 (17,821) 1,046,964 less: Current portion (11,158) — — (11,158) (9,922) — — (9,922) Long-term debt $ 1,054,212 $ 351 $ (17,150) $ 1,037,413 $ 1,054,500 $ 363 $ (17,821) $ 1,037,042 |
Summary of Interest Expense Incurred | Three Months Ended December 31, 2020 Three Months Ended December 31, 2019 Effective Interest Rate (1) Cash Interest Amort. Debt Amort. Debt Issuance Costs Total Interest Expense Effective Interest Rate (1) Cash Interest Amort. Debt Amort. Total Interest Expense Senior notes due 2028 (a) 5.4 % $ 14,375 $ — $ 530 $ 14,905 n/a $ — $ — $ — $ — Senior notes due 2022 (a) n/a — — — — 5.7 % 13,125 67 951 14,143 Revolver due 2025 (b) Variable 129 — 123 252 Variable 1,382 — 232 1,614 Finance lease - real estate (d) Variable 232 — 6 238 5.6 % 61 — 6 67 Non US lines of credit (e) Variable 3 — 4 7 Variable 4 — 4 8 Non US term loans (e) Variable 171 — 17 188 Variable 272 — 12 284 Other long term debt (f) Variable 107 — — 107 Variable 160 — — 160 Capitalized interest (7) — — (7) (65) — — (65) Totals $ 15,010 $ — $ 680 $ 15,690 $ 14,939 $ 67 $ 1,205 $ 16,211 (1) n/a = not applicable |
SHAREHOLDERS' EQUITY SHAREHOLDE
SHAREHOLDERS' EQUITY SHAREHOLDERS' EQUITY (Tables) | 3 Months Ended |
Dec. 31, 2020 | |
Stockholders' Equity Note [Abstract] | |
Compensation Expense Relating to Stock-based Incentive Plans | The following table summarizes the Company’s compensation expense relating to all stock-based incentive plans: For the Three Months Ended December 31, 2020 2019 Restricted stock $ 3,428 $ 3,150 ESOP 780 832 Total stock based compensation $ 4,208 $ 3,982 |
EARNINGS PER SHARE (EPS) (Table
EARNINGS PER SHARE (EPS) (Tables) | 3 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Summary of Reconciliation of Share Amounts Used in Earnings Per Share | The following table is a reconciliation of the share amounts (in thousands) used in computing earnings per share: Three Months Ended December 31, 2020 2019 Common shares outstanding 56,490 46,909 Unallocated ESOP shares (2,010) (2,209) Non-vested restricted stock (3,687) (3,398) Impact of weighted average shares (197) (129) Weighted average shares outstanding - basic 50,596 41,173 Incremental shares from stock based compensation 2,596 2,722 Weighted average shares outstanding - diluted 53,192 43,895 |
BUSINESS SEGMENTS (Tables)
BUSINESS SEGMENTS (Tables) | 3 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Summary of Reportable Segments from Continuing Operations | Information on Griffon’s reportable segments is as follows: For the Three Months Ended December 31, REVENUE 2020 2019 Consumer and Professional Products $ 291,042 $ 241,076 Home and Building Products 250,481 241,381 Defense Electronics 67,768 65,981 Total consolidated net sales $ 609,291 $ 548,438 For the Three Months Ended December 31, 2020 2019 Segment adjusted EBITDA: Consumer and Professional Products $ 32,713 $ 21,926 Home and Building Products 48,369 40,701 Defense Electronics 5,585 4,475 Segment adjusted EBITDA 86,667 67,102 Unallocated amounts, excluding depreciation * (12,027) (11,942) Adjusted EBITDA 74,640 55,160 Net interest expense (15,645) (15,950) Depreciation and amortization (15,266) (15,825) Restructuring charges (10,800) (6,434) Gain on sale of SEG business 6,240 — Income before taxes $ 39,169 $ 16,951 * Unallocated amounts typically include general corporate expenses not attributable to a reportable segment. For the Three Months Ended December 31, DEPRECIATION and AMORTIZATION 2020 2019 Segment: Consumer and Professional Products $ 8,199 $ 8,231 Home and Building Products 4,341 4,800 Defense Electronics 2,676 2,644 Total segment depreciation and amortization 15,216 15,675 Corporate 50 150 Total consolidated depreciation and amortization $ 15,266 $ 15,825 CAPITAL EXPENDITURES Segment: Consumer and Professional Products $ 6,907 $ 3,732 Home and Building Products 2,115 7,939 Defense Electronics 2,904 1,289 Total segment 11,926 12,960 Corporate — 212 Total consolidated capital expenditures $ 11,926 $ 13,172 ASSETS At December 31, 2020 At September 30, 2020 Segment assets: Consumer and Professional Products $ 1,309,603 $ 1,255,127 Home and Building Products 600,323 606,785 Defense Electronics 294,576 329,128 Total segment assets 2,204,502 2,191,040 Corporate 272,953 248,902 Total continuing assets 2,477,455 2,439,942 Assets of discontinued operations 6,988 8,497 Consolidated total $ 2,484,443 $ 2,448,439 |
Summary of Disaggregation of Revenue by End Market and Segment | The following table presents revenue disaggregated by end market and segment: For the Three Months Ended December 31, 2020 2019 Residential repair and remodel $ 45,600 $ 35,090 Retail 139,248 119,620 Residential new construction 13,515 14,973 Industrial 9,531 10,623 International excluding North America 83,148 60,770 Total Consumer and Professional Products 291,042 241,076 Residential repair and remodel 126,115 121,997 Commercial construction 95,939 91,887 Residential new construction 28,427 27,497 Total Home and Building Products 250,481 241,381 U.S. Government 47,324 42,701 International 16,895 18,533 Commercial 3,549 4,747 Total Defense Electronics 67,768 65,981 Total Consolidated Revenue $ 609,291 $ 548,438 The following table presents revenue disaggregated by geography based on the location of the Company's customer: For the Three Months Ended December 31, 2020 2019 CPP HBP DE Total CPP HBP DE Total United States $ 183,442 $ 236,531 $ 47,378 $ 467,351 $ 160,158 $ 226,950 $ 46,143 $ 433,251 Europe 13,156 — 6,905 20,061 6,605 23 5,985 12,613 Canada 22,115 11,488 1,829 35,432 17,781 11,253 2,574 31,608 Australia 69,540 — 319 69,859 54,228 — 606 54,834 All other countries 2,789 2,462 11,337 16,588 2,304 3,155 10,673 16,132 Consolidated revenue $ 291,042 $ 250,481 $ 67,768 $ 609,291 $ 241,076 $ 241,381 $ 65,981 $ 548,438 |
EMPLOYEE BENEFIT PLANS (Tables)
EMPLOYEE BENEFIT PLANS (Tables) | 3 Months Ended |
Dec. 31, 2020 | |
Retirement Benefits [Abstract] | |
Summary of Defined Benefit Plans Included in Other Income | Defined benefit pension expense (income) included in Other Income (Expense), net was as follows: Three Months Ended December 31, 2020 2019 Interest cost $ 744 $ 1,151 Expected return on plan assets (2,544) (2,586) Amortization: Prior service cost — 4 Recognized actuarial loss 1,573 1,042 Net periodic expense (income) $ (227) $ (389) |
DISCONTINUED OPERATIONS (Tables
DISCONTINUED OPERATIONS (Tables) | 3 Months Ended |
Dec. 31, 2020 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures | The following amounts summarize the total assets and liabilities related to the Installation Services and other discontinued activities which have been segregated from Griffon’s continuing operations, and are reported as assets and liabilities of discontinued operations in the Condensed Consolidated Balance Sheets: At December 31, 2020 At September 30, 2020 Assets of discontinued operations: Prepaid and other current assets $ 1,591 $ 2,091 Other long-term assets 5,397 6,406 Total assets of discontinued operations $ 6,988 $ 8,497 Liabilities of discontinued operations: Accrued liabilities, current $ 4,842 $ 3,797 Other long-term liabilities 5,504 7,014 Total liabilities of discontinued operations $ 10,346 $ 10,811 |
RESTRUCTURING CHARGES RESTRUCTU
RESTRUCTURING CHARGES RESTRUCTURING CHARGES (Tables) | 3 Months Ended |
Dec. 31, 2020 | |
Restructuring and Related Activities [Abstract] | |
Summary of the Restructuring and Other Related Charges | A summary of the restructuring and other related charges included in Cost of goods and services and Selling, general and administrative expenses in the Company's Condensed Consolidated Statements of Operations were as follows: For the Three Months Ended December 31, 2020 2019 Cost of goods and services $ 6,425 $ 2,723 Selling, general and administrative expenses 4,375 3,711 Total restructuring charges $ 10,800 $ 6,434 For the Three Months Ended December 31, 2020 2019 Personnel related costs $ 2,482 $ 2,134 Facilities, exit costs and other 2,524 140 Non-cash facility and other 5,794 4,160 Total $ 10,800 $ 6,434 |
Summary of Accrued Liability for the Restructuring and Related Charges | The following table summarizes the accrued liabilities of the Company's restructuring actions: Cash Charges Non-Cash Personnel related costs Facilities & Facility and Other Costs Total Accrued liability at September 30, 2020 $ 2,701 $ 264 $ — $ 2,965 Q1 restructuring charges 2,482 2,524 5,794 10,800 Cash payments (1,598) (2,534) — (4,132) Non-cash charges — — (5,794) (5,794) Accrued liability at December 31, 2020 $ 3,585 $ 254 $ — $ 3,839 |
WARRANTY LIABILITY (Tables)
WARRANTY LIABILITY (Tables) | 3 Months Ended |
Dec. 31, 2020 | |
Product Warranties Disclosures [Abstract] | |
Summary of Changes in Warranty Liability, Included in Accrued Liabilities | Changes in Griffon’s warranty liability, included in Accrued liabilities, were as follows: Three Months Ended December 31, 2020 2019 Balance, beginning of period $ 10,843 $ 7,894 Warranties issued and changes in estimated pre-existing warranties 4,739 3,365 Actual warranty costs incurred (4,748) (3,915) Balance, end of period $ 10,834 $ 7,344 |
OTHER COMPREHENSIVE INCOME (L_2
OTHER COMPREHENSIVE INCOME (LOSS) (Tables) | 3 Months Ended |
Dec. 31, 2020 | |
OCI, Net of Tax [Abstract] | |
Summary of Comprehensive Income (Loss) | The amounts recognized in other comprehensive income (loss) were as follows: For the Three Months Ended December 31, 2020 2019 Pre-tax Tax Net of tax Pre-tax Tax Net of tax Foreign currency translation adjustments $ 12,123 $ — $ 12,123 $ 6,470 $ — $ 6,470 Pension and other defined benefit plans 2,150 (444) 1,706 847 (175) 672 Cash flow hedges (983) 295 (688) (430) 129 (301) Total other comprehensive income (loss) $ 13,290 $ (149) $ 13,141 $ 6,887 $ (46) $ 6,841 The components of Accumulated other comprehensive income (loss) are as follows: At December 31, 2020 At September 30, 2020 Foreign currency translation adjustments $ (13,560) $ (25,683) Pension and other defined benefit plans (44,892) (46,598) Change in Cash flow hedges (499) 189 $ (58,951) $ (72,092) |
Reclassification from Accumulated Other Comprehensive Income (Loss) | Amounts reclassified from accumulated other comprehensive income (loss) to income were as follows: For the Three Months Ended December 31, Gain (Loss) 2020 2019 Pension amortization $ (1,573) $ (1,046) Cash flow hedges (658) (56) Total gain (loss) (2,231) (1,102) Tax benefit (expense) 469 231 Total $ (1,762) $ (871) |
LEASES LEASES (Tables)
LEASES LEASES (Tables) | 3 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Components of Operating Lease Cost, Cash Flow Information, and Average Lease Terms and Discount Rates | Components of operating lease costs are as follows: For the Three Months Ended December 31, 2020 2019 Fixed $ 10,040 $ 9,552 Variable (a), (b) 2,047 1,753 Short-term (b) 1,114 1,430 Total $ 13,201 $ 12,735 (a) Primarily relates to common-area maintenance and property taxes. (b) Not recorded on the balance sheet. Supplemental cash flow information were as follows: For the Three Months Ended December 31, 2020 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 11,205 $ 12,277 Financing cash flows from finance leases 803 962 Total $ 12,008 $ 13,239 Average lease terms and discount rates at December 31, 2020 were as follows: Weighted-average remaining lease term (years) Operating leases 8.2 Finance Leases 8.4 Weighted-average discount rate Operating Leases 4.46 % Finance Leases 5.52 % |
Supplemental Condensed Consolidated Balance Sheet Information | Supplemental Condensed Consolidated Balance Sheet information related to leases were as follows: At December 31, 2020 September 30, 2020 Operating Leases: Right of use assets: Operating right-of-use assets $ 157,860 $ 161,627 Lease Liabilities: Current portion of operating lease liabilities $ 31,304 $ 31,848 Long-term operating lease liabilities 132,634 136,054 Total operating lease liabilities $ 163,938 $ 167,902 Finance Leases: Property, plant and equipment, net (1) $ 17,975 $ 18,774 Lease Liabilities: Notes payable and current portion of long-term debt $ 3,146 $ 3,352 Long-term debt, net 14,885 15,339 Total financing lease liabilities $ 18,031 $ 18,691 (1) Finance lease assets are recorded net of accumulated depreciation of $3,319. |
Aggregate Future Maturities of Lease Payments for Operating Leases | The aggregate future maturities of lease payments for operating leases and finance leases as of December 31, 2020 are as follows (in thousands): Operating Leases Finance Leases 2020 (a) $ 28,990 $ 3,317 2021 34,154 2,732 2022 25,804 2,395 2023 18,956 2,122 2024 17,138 2,074 2025 11,739 2,074 Thereafter 63,844 7,777 Total lease payments 200,625 22,491 Less: Imputed Interest (36,687) (4,460) Present value of lease liabilities $ 163,938 $ 18,031 (a) Excluding the three months ended December 31, 2020 |
Aggregate Future Maturities of Lease Payments for Finance Leases | The aggregate future maturities of lease payments for operating leases and finance leases as of December 31, 2020 are as follows (in thousands): Operating Leases Finance Leases 2020 (a) $ 28,990 $ 3,317 2021 34,154 2,732 2022 25,804 2,395 2023 18,956 2,122 2024 17,138 2,074 2025 11,739 2,074 Thereafter 63,844 7,777 Total lease payments 200,625 22,491 Less: Imputed Interest (36,687) (4,460) Present value of lease liabilities $ 163,938 $ 18,031 (a) Excluding the three months ended December 31, 2020 |
DESCRIPTION OF BUSINESS AND B_3
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION (Details) | 3 Months Ended |
Dec. 31, 2020segment | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of reportable segments | 3 |
FAIR VALUE MEASUREMENTS (Detail
FAIR VALUE MEASUREMENTS (Details) $ / shares in Units, $ in Thousands | 3 Months Ended |
Dec. 31, 2020USD ($)$ / shares | |
Designated as Hedging Instrument | Australian Dollar Forward Contracts | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Derivative asset, notional amount | $ 40,000 |
Contracts weighted average rate price (in dollars per share) | $ / shares | $ 1.37 |
Deferred losses from currency translation included in AOCI | $ 1,688 |
Deferred losses from currency translation included in AOCI, net of tax | 1,098 |
Designated as Hedging Instrument | Australian Dollar Forward Contracts | Cost of goods and services | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Gain (loss) reclassified for settled contracts | $ (658) |
Designated as Hedging Instrument | Australian Dollar Forward Contracts | Minimum | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Foreign currency contracts duration | 29 days |
Designated as Hedging Instrument | Australian Dollar Forward Contracts | Maximum | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Foreign currency contracts duration | 180 days |
Not Designated as Hedging Instrument | Canadian Dollar Forward Contracts | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Derivative asset, notional amount | $ 7,125 |
Derivative, average forward exchange rate | 1.35 |
Not Designated as Hedging Instrument | Canadian Dollar Forward Contracts | Minimum | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Foreign currency contracts duration | 29 days |
Not Designated as Hedging Instrument | Canadian Dollar Forward Contracts | Maximum | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Foreign currency contracts duration | 390 days |
Not Designated as Hedging Instrument | British Pound Forward Contracts | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Derivative asset, notional amount | $ 8,079 |
Derivative, average forward exchange rate | 0.77 |
Not Designated as Hedging Instrument | British Pound Forward Contracts | Minimum | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Foreign currency contracts duration | 7 days |
Not Designated as Hedging Instrument | British Pound Forward Contracts | Maximum | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Foreign currency contracts duration | 145 days |
Fair Value, Inputs, Level 2 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Insurance contracts fair value | $ 3,558 |
Fair Value, Inputs, Level 2 | Not Designated as Hedging Instrument | Canadian Dollar Forward Contracts | Other income | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Gain (loss) on foreign currency derivative instruments not designated as hedging instruments | (276) |
Realized gains (losses) | (59) |
Fair Value, Inputs, Level 2 | Not Designated as Hedging Instrument | British Pound Forward Contracts | Other income | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Gain (loss) on foreign currency derivative instruments not designated as hedging instruments | 245 |
Realized gains (losses) | (70) |
Fair Value, Inputs, Level 2 | Estimate of Fair Value Measurement | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Trading securities | 2,033 |
Fair Value, Inputs, Level 2 | Portion at Other than Fair Value Measurement | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Trading securities | 1,000 |
Senior notes due 2028 | Fair Value, Inputs, Level 1 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Senior note, fair value disclosure | $ 1,057,500 |
REVENUE - Narrative (Details)
REVENUE - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2020 | |
Revenue from Contract with Customer [Abstract] | |||
Net favorable (unfavorable) catch-up adjustments to income from operations | $ (1,500) | $ (3,000) | |
Accumulated estimated costs to complete loss contracts | $ 9,000 | $ 10,800 | |
Customer Concentration Risk | CPP and HBP | |||
Revenue from Contract with Customer [Abstract] | |||
Percentage of performance obligations recognized at a point in time | 86.00% | ||
Concentration Risk [Line Items] | |||
Percentage of performance obligations recognized at a point in time | 86.00% | ||
Revenue from Contract with Customer Benchmark | Government Contracts Concentration Risk | Transferred over Time | |||
Concentration Risk [Line Items] | |||
Concentration risk (in percentage) | 14.00% |
REVENUE - Transaction Price All
REVENUE - Transaction Price Allocated to the Remaining Performance Obligations (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Revenue from Contract with Customer [Abstract] | |
Remaining performance obligations (backlog) | $ 388,700 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligations (backlog), percentage to to be satisfied by the end of the year | 66.00% |
Remaining performance obligations (backlog), expected timing of satisfaction, period | 12 months |
REVENUE - Contract Balances (De
REVENUE - Contract Balances (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2020 | Sep. 30, 2020 | |
Revenue from Contract with Customer [Abstract] | ||
Contract costs and recognized income not yet billed, net of progress payments | $ 86,260 | $ 84,426 |
Increase (decrease) in contract assets balance | 1,834 | |
Contract costs and recognized income not yet billed, noncurrent | 8,100 | 7,500 |
Contract liabilities | 25,237 | $ 24,386 |
Increase (decrease) in contract liabilities | $ 851 |
ACQUISITIONS AND DISPOSITIONS -
ACQUISITIONS AND DISPOSITIONS - Acquisitions (Details) £ in Thousands, $ in Thousands, $ in Thousands | Dec. 22, 2020USD ($) | Dec. 22, 2020AUD ($) | Nov. 29, 2019USD ($) | Nov. 29, 2019GBP (£) | Dec. 31, 2020USD ($) | Dec. 22, 2020AUD ($) | Sep. 30, 2020USD ($) |
Business Acquisition [Line Items] | |||||||
Goodwill | $ | $ 446,456 | $ 442,643 | |||||
Quatro Design Pty Ltd | |||||||
Business Acquisition [Line Items] | |||||||
Cash payment to acquire business | $ 2,700 | $ 3,500 | |||||
Additional contingent consideration | 760 | $ 1,000 | |||||
Intangible assets | 1,479 | 1,600 | |||||
Goodwill | $ 1,799 | $ 2,381 | |||||
Vatre Group Limited | |||||||
Business Acquisition [Line Items] | |||||||
Intangible assets | £ 3,454 | ||||||
Goodwill | £ 3,449 | ||||||
Percentage of outstanding stock acquired | 100.00% | ||||||
Business combination, consideration transferred | $ 10,500 | £ 8,750 | |||||
Inventory | 2,914 | ||||||
Accounts receivable and other assets | 2,492 | ||||||
Accounts payable and accrued liabilities | £ 3,765 |
ACQUISITIONS AND DISPOSITIONS_2
ACQUISITIONS AND DISPOSITIONS - Dispositions (Details) - Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations - Systems Engineering Group, Inc. - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2020 | Sep. 30, 2020 | Dec. 18, 2020 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Consideration received from business dispositions | $ 15,000 | ||
Revenue from disposed business | $ 7,000 | $ 31,000 | |
Gain on sale of SEG business | 6,240 | ||
Gain, net of tax, from business dispositions | $ 6,017 | ||
Gain per share from business dispositions | $ 0.11 |
INVENTORIES - Summary of Invent
INVENTORIES - Summary of Inventories Stated at Lower Cost (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Sep. 30, 2020 |
Inventory Disclosure [Abstract] | ||
Raw materials and supplies | $ 134,378 | $ 135,083 |
Work in process | 79,209 | 81,624 |
Finished goods | 231,435 | 197,118 |
Total | $ 445,022 | $ 413,825 |
PROPERTY, PLANT AND EQUIPMENT -
PROPERTY, PLANT AND EQUIPMENT - Summary of Property Plant and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Sep. 30, 2020 |
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment gross | $ 825,668 | $ 815,517 |
Accumulated depreciation and amortization | (482,962) | (471,553) |
Total | 342,706 | 343,964 |
Land, building and building improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment gross | 168,557 | 167,005 |
Machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment gross | 603,270 | 595,126 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment gross | $ 53,841 | $ 53,386 |
PROPERTY, PLANT AND EQUIPMENT_2
PROPERTY, PLANT AND EQUIPMENT - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Property, Plant and Equipment [Line Items] | ||
Depreciation and amortization expense | $ 12,888 | $ 13,432 |
Selling, general and administrative expenses | ||
Property, Plant and Equipment [Line Items] | ||
Depreciation and amortization expense | $ 4,706 | $ 4,951 |
CREDIT LOSSES (Details)
CREDIT LOSSES (Details) $ in Thousands | 3 Months Ended |
Dec. 31, 2020USD ($) | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |
Beginning Balance, October 1, 2020 | $ 8,505 |
Provision for expected credit losses | 496 |
Amounts written off charged against the allowance | (42) |
Other, primarily foreign currency translation | 63 |
Ending Balance, December 31, 2020 | $ 9,022 |
GOODWILL AND OTHER INTANGIBLE_2
GOODWILL AND OTHER INTANGIBLES - Summary of Changes in Carrying Value of Goodwill (Details) $ in Thousands | 3 Months Ended |
Dec. 31, 2020USD ($) | |
Goodwill [Roll Forward] | |
Goodwill, beginning balance | $ 442,643 |
Business Acquisitions | 1,799 |
Business Divestitures | (851) |
Foreign currency translations adjustments | 2,865 |
Goodwill, ending balance | 446,456 |
Consumer and Professional Products | |
Goodwill [Roll Forward] | |
Goodwill, beginning balance | 232,845 |
Business Acquisitions | 1,799 |
Business Divestitures | 0 |
Foreign currency translations adjustments | 2,865 |
Goodwill, ending balance | 237,509 |
Home and Building Products | |
Goodwill [Roll Forward] | |
Goodwill, beginning balance | 191,253 |
Business Acquisitions | 0 |
Business Divestitures | 0 |
Foreign currency translations adjustments | 0 |
Goodwill, ending balance | 191,253 |
Defense Electronics | |
Goodwill [Roll Forward] | |
Goodwill, beginning balance | 18,545 |
Business Acquisitions | 0 |
Business Divestitures | (851) |
Foreign currency translations adjustments | 0 |
Goodwill, ending balance | $ 17,694 |
GOODWILL AND OTHER INTANGIBLE_3
GOODWILL AND OTHER INTANGIBLES - Summary of Gross Carrying Value and Accumulated Amortization of Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2020 | Sep. 30, 2020 | |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 207,684 | $ 205,404 |
Accumulated Amortization | 77,361 | 75,016 |
Trademarks | 227,509 | 224,640 |
Total intangible assets | 435,193 | 430,044 |
Customer relationships & other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 188,030 | 185,940 |
Accumulated Amortization | $ 69,354 | 66,656 |
Average Life (Years) | 23 years | |
Technology and patents | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 19,654 | 19,464 |
Accumulated Amortization | $ 8,007 | $ 8,360 |
Average Life (Years) | 13 years |
GOODWILL AND OTHER INTANGIBLE_4
GOODWILL AND OTHER INTANGIBLES - Narrative (Details) | 3 Months Ended | ||
Dec. 31, 2020USD ($) | Sep. 30, 2020reporting_unit | Dec. 31, 2019USD ($) | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Carry amount of intangible assets related to foreign currency translation | $ 3,700,000 | ||
Amortization expense | 2,378,000 | $ 2,393,000 | |
Estimated amortization expense, remainder of 2021 | 7,007,000 | ||
Estimated amortization expense, fiscal 2022 | 9,376,000 | ||
Estimated amortization expense, fiscal 2023 | 9,224,000 | ||
Estimated amortization expense, fiscal 2024 | 9,198,000 | ||
Estimated amortization expense, fiscal 2025 | 9,198,000 | ||
Estimated amortization expense, fiscal 2026 | 9,198,000 | ||
Estimated amortization expense, thereafter | 77,122,000 | ||
Number of reporting units for goodwill impairment testing | reporting_unit | 3 | ||
Goodwill impairment | 0 | ||
Indefinite-lived intangible asset (excluding goodwill) impairment | $ 0 |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | ||
Provision for income taxes | $ 9,669 | $ 6,339 |
Income before taxes | 39,169 | 16,951 |
Restructuring charges | 10,800 | 6,434 |
Restructuring charges, net of tax | 8,300 | 4,148 |
Effective Income tax rate reconciliation, disposition of business | (6,240) | |
Effective Income tax rate reconciliation, disposition of business, net of tax | (6,017) | |
Other tax expense (benefit) that affect comparability | $ (2,028) | $ 833 |
Effective tax rate | 32.00% | 33.30% |
LONG-TERM DEBT - Summary of Lon
LONG-TERM DEBT - Summary of Long-Term Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 22, 2020 | Feb. 19, 2020 |
Debt Instrument [Line Items] | ||||
Long-term debt, Outstanding Balance | $ 1,065,370 | $ 1,064,422 | ||
less: Current portion, Outstanding Balance | (11,158) | (9,922) | ||
Long-term debt, Outstanding Balance, Non-current | 1,054,212 | 1,054,500 | ||
Original Issuer Premium | 351 | 363 | ||
less: Current portion, Original Issuer Premium | 0 | 0 | ||
Long-term debt, Original Issuer Premium, Non-current | 351 | 363 | ||
Capitalized Fees & Expenses | (17,150) | (17,821) | ||
Long-term debt, Balance Sheet | 1,048,571 | 1,046,964 | ||
less: Current portion, Balance Sheet | (11,158) | (9,922) | ||
Long-term debt, Balance Sheet, Non-current | 1,037,413 | 1,037,042 | ||
Senior notes due 2028 | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, Outstanding Balance | 1,000,000 | 1,000,000 | ||
Original Issuer Premium | 351 | 363 | ||
Capitalized Fees & Expenses | (14,847) | (15,376) | ||
Long-term debt, Balance Sheet | $ 985,504 | $ 984,987 | ||
Coupon Interest Rate | 5.75% | 5.75% | 5.75% | 5.75% |
Revolver due 2025 | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, Outstanding Balance | $ 13,493 | $ 12,858 | ||
Original Issuer Premium | 0 | 0 | ||
Capitalized Fees & Expenses | (2,086) | (2,209) | ||
Long-term debt, Balance Sheet | 11,407 | 10,649 | ||
Finance lease - real estate | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, Outstanding Balance | 16,576 | 17,218 | ||
Original Issuer Premium | 0 | 0 | ||
Capitalized Fees & Expenses | (23) | (30) | ||
Long-term debt, Balance Sheet | 16,553 | 17,188 | ||
Non US lines of credit | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, Outstanding Balance | 664 | 0 | ||
Original Issuer Premium | 0 | 0 | ||
Capitalized Fees & Expenses | (28) | (30) | ||
Long-term debt, Balance Sheet | 636 | (30) | ||
Non US term loans | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, Outstanding Balance | 31,165 | 31,086 | ||
Original Issuer Premium | 0 | 0 | ||
Capitalized Fees & Expenses | (150) | (160) | ||
Long-term debt, Balance Sheet | 31,015 | 30,926 | ||
Other long term debt | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, Outstanding Balance | 3,472 | 3,260 | ||
Original Issuer Premium | 0 | 0 | ||
Capitalized Fees & Expenses | (16) | (16) | ||
Long-term debt, Balance Sheet | $ 3,456 | $ 3,244 |
LONG-TERM DEBT - Summary of Int
LONG-TERM DEBT - Summary of Interest Expense Incurred (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Debt Instrument [Line Items] | ||
Cash Interest, Capitalized Interest | $ (7) | $ (65) |
Cash Interest | 15,010 | 14,939 |
Amort. Debt Discount | 0 | 67 |
Amort. Debt Issuance Costs & Other Fees | 680 | 1,205 |
Total Interest Expense | $ 15,690 | 16,211 |
Senior notes due 2028 | ||
Debt Instrument [Line Items] | ||
Effective Interest Rate | 5.40% | |
Cash Interest, Including Amounts Capitalized | $ 14,375 | 0 |
Amort. Debt Discount | 0 | 0 |
Amort. Debt Issuance Costs & Other Fees | 530 | 0 |
Total Interest Expense | 14,905 | $ 0 |
Senior notes due 2022 | ||
Debt Instrument [Line Items] | ||
Effective Interest Rate | 5.70% | |
Cash Interest, Including Amounts Capitalized | 0 | $ 13,125 |
Amort. Debt Discount | 0 | 67 |
Amort. Debt Issuance Costs & Other Fees | 0 | 951 |
Total Interest Expense | 0 | 14,143 |
Revolver due 2025 | ||
Debt Instrument [Line Items] | ||
Cash Interest, Including Amounts Capitalized | 129 | 1,382 |
Amort. Debt Discount | 0 | 0 |
Amort. Debt Issuance Costs & Other Fees | 123 | 232 |
Total Interest Expense | 252 | $ 1,614 |
Finance lease - real estate | ||
Debt Instrument [Line Items] | ||
Effective Interest Rate | 5.60% | |
Cash Interest, Including Amounts Capitalized | 232 | $ 61 |
Amort. Debt Discount | 0 | 0 |
Amort. Debt Issuance Costs & Other Fees | 6 | 6 |
Total Interest Expense | 238 | 67 |
Non US lines of credit | ||
Debt Instrument [Line Items] | ||
Cash Interest, Including Amounts Capitalized | 3 | 4 |
Amort. Debt Discount | 0 | 0 |
Amort. Debt Issuance Costs & Other Fees | 4 | 4 |
Total Interest Expense | 7 | 8 |
Non US term loans | ||
Debt Instrument [Line Items] | ||
Cash Interest, Including Amounts Capitalized | 171 | 272 |
Amort. Debt Discount | 0 | 0 |
Amort. Debt Issuance Costs & Other Fees | 17 | 12 |
Total Interest Expense | 188 | 284 |
Other long term debt | ||
Debt Instrument [Line Items] | ||
Cash Interest, Including Amounts Capitalized | 107 | 160 |
Amort. Debt Discount | 0 | 0 |
Amort. Debt Issuance Costs & Other Fees | 0 | 0 |
Total Interest Expense | $ 107 | $ 160 |
LONG-TERM DEBT - Narrative (Det
LONG-TERM DEBT - Narrative (Details) $ in Thousands | Jun. 22, 2020USD ($) | Jul. 31, 2018GBP (£) | Jul. 31, 2016AUD ($) | Nov. 30, 2012CAD ($) | Dec. 31, 2020USD ($)option | Dec. 31, 2020AUD ($)option | Dec. 31, 2020CAD ($) | Dec. 31, 2020AUD ($) | Dec. 31, 2020GBP (£) | Dec. 30, 2020AUD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2020AUD ($) | Feb. 19, 2020USD ($) | Jan. 30, 2020USD ($) | Jan. 29, 2020USD ($) | Jul. 31, 2016USD ($) | Jul. 31, 2016AUD ($) |
Debt Instrument [Line Items] | |||||||||||||||||
Debt outstanding | $ 1,065,370,000 | $ 1,064,422,000 | |||||||||||||||
Basis spread on variable rate | 1.30% | ||||||||||||||||
Mortgage loan balance | $ 1,048,571,000 | $ 1,046,964,000 | |||||||||||||||
Troy, Ohio | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Percentage bearing fixed interest, percentage rate | 5.00% | 5.00% | 5.00% | 5.00% | |||||||||||||
Ocala, Florida | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Percentage bearing fixed interest, percentage rate | 5.60% | 5.60% | 5.60% | 5.60% | |||||||||||||
Number of option to extend | option | 2 | 2 | |||||||||||||||
Lease renewal term | 5 years | 5 years | 5 years | 5 years | |||||||||||||
Revolver due 2025 | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Maximum borrowing capacity | $ 400,000 | $ 350,000,000 | |||||||||||||||
Maximum borrowing capacity, accordion feature | 100,000,000 | ||||||||||||||||
Maximum percentage of equity interest of subsidiaries borrowings guaranteed | 65.00% | 65.00% | |||||||||||||||
Long-term line of credit | $ 13,493,000 | ||||||||||||||||
Outstanding standby letters of credit | 16,700,000 | ||||||||||||||||
Remaining borrowing capacity | $ 369,807,000 | ||||||||||||||||
Revolver due 2025 | Base Rate | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Basis spread on variable rate | 0.50% | 0.50% | |||||||||||||||
Revolver due 2025 | London Interbank Offered Rate (LIBOR) | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Basis spread on variable rate | 1.50% | 1.50% | |||||||||||||||
Term Loan | Northcote Holdings Pty. Ltd | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Face amount | $ 29,625,000 | ||||||||||||||||
Basis spread on variable rate | 1.95% | ||||||||||||||||
Long-term line of credit | $ 11,121,000 | $ 14,625,000 | $ 18,375,000 | $ 23,375,000 | |||||||||||||
Debt instrument, periodic payment, principal | $ 1,250,000 | ||||||||||||||||
Periodic payment terms, balloon payment to be paid | 9,625,000 | ||||||||||||||||
Debt instrument, interest rate, effective percentage | 2.01% | 2.01% | 2.01% | 2.01% | |||||||||||||
Term loan balance change | $ 5,000,000 | ||||||||||||||||
Term Loan | Ames UK | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Face amount | £ | £ 14,000,000 | ||||||||||||||||
Debt instrument, periodic payment, principal | £ | 438,000 | ||||||||||||||||
Interest rate at period end | 2.27% | 2.27% | 2.27% | 2.27% | |||||||||||||
Periodic payment terms, balloon payment to be paid | £ | £ 7,088,000 | ||||||||||||||||
Term Loan | London Interbank Offered Rate (LIBOR) | Ames UK | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Basis spread on variable rate | 2.25% | ||||||||||||||||
Mortgages | London Interbank Offered Rate (LIBOR) | Ames UK | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Basis spread on variable rate | 1.80% | ||||||||||||||||
Revolving Credit Facility | Northcote Holdings Pty. Ltd | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Face amount | $ 20,000,000 | ||||||||||||||||
Basis spread on variable rate | 1.90% | ||||||||||||||||
Mortgage loan balance | $ 0 | ||||||||||||||||
Debt instrument, interest rate, effective percentage | 1.97% | 1.97% | 1.97% | 1.97% | |||||||||||||
Revolving Credit Facility | Ames UK | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Face amount | £ | £ 5,000,000 | ||||||||||||||||
Basis spread on variable rate | 1.50% | ||||||||||||||||
Mortgage loan balance | $ 664,000 | £ 492,000 | |||||||||||||||
Interest rate at period end | 1.60% | 1.60% | 1.60% | 1.60% | |||||||||||||
Long-term line of credit, revolver outstanding balance | $ 0 | ||||||||||||||||
Term and Mortgage Loans | Ames UK | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Mortgage loan balance | 20,044,000 | £ 14,855,000 | |||||||||||||||
Letter of Credit Subfacility | Revolver due 2025 | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Maximum borrowing capacity | 100,000,000 | ||||||||||||||||
Multicurrency Subfacility | Revolver due 2025 | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Maximum borrowing capacity | $ 200,000,000 | ||||||||||||||||
Receivables Purchase Facility | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Mortgage loan balance | $ 0 | ||||||||||||||||
Receivables Purchase Facility | Northcote Holdings Pty. Ltd | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Face amount | $ 10,000,000 | ||||||||||||||||
Basis spread on variable rate | 1.35% | ||||||||||||||||
Mortgage loan balance | $ 15,000,000 | $ 10,000,000 | |||||||||||||||
Debt instrument, interest rate, effective percentage | 1.41% | 1.41% | 1.41% | 1.41% | |||||||||||||
Increase in receivables purchase line | $ (5,000,000) | ||||||||||||||||
Senior notes due 2028 | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Face amount | $ 150,000,000 | $ 850,000,000 | |||||||||||||||
Debt instrument, interest rate, stated percentage | 5.75% | 5.75% | 5.75% | 5.75% | 5.75% | 5.75% | 5.75% | 5.75% | |||||||||
Debt instrument, issuance price (in percentage) | 100.25% | ||||||||||||||||
Debt outstanding | $ 1,000,000,000 | $ 1,000,000,000 | |||||||||||||||
Capitalized fees and expenses | 16,448,000 | ||||||||||||||||
Mortgage loan balance | 985,504,000 | 984,987,000 | |||||||||||||||
Senior notes due 2028 | Fair Value, Inputs, Level 1 | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Senior note, fair value disclosure | 1,057,500,000 | ||||||||||||||||
Senior notes due 2022 | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt instrument, interest rate, stated percentage | 5.25% | ||||||||||||||||
Debt redeemed | $ 1,000,000,000 | ||||||||||||||||
Loss from debt extinguishment | 7,925,000 | ||||||||||||||||
Write off of debt issuance costs | 6,725,000 | ||||||||||||||||
Tender offer net premium expense | 607,000 | ||||||||||||||||
Redemption interest expense | 593,000 | ||||||||||||||||
Senior Notes | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt outstanding | 1,000,000,000 | ||||||||||||||||
ESOP Loans | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt instrument, periodic payment, principal | 635,000 | ||||||||||||||||
Mortgage loan balance | $ 29,243,000 | ||||||||||||||||
ESOP Loans | London Interbank Offered Rate (LIBOR) | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Basis spread on variable rate | 2.91% | 2.91% | |||||||||||||||
Non US lines of credit | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt outstanding | $ 664,000 | 0 | |||||||||||||||
Remaining borrowing capacity | 11,703,000 | $ 15,000 | |||||||||||||||
Mortgage loan balance | 636,000 | $ (30,000) | |||||||||||||||
Proceeds from long-term lines of credit | $ 15,000 | $ 11,703,000 | |||||||||||||||
Non US lines of credit | LIBOR Rate | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Interest rate at period end | 1.44% | 1.44% | 1.44% | 1.44% | |||||||||||||
Non US lines of credit | Bankers Acceptance Rate | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Interest rate at period end | 1.52% | 1.52% | 1.52% | 1.52% | |||||||||||||
Mortgages | Ames UK | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Face amount | £ | £ 4,000,000 | ||||||||||||||||
Debt instrument, periodic payment, principal | £ | 105,000 | ||||||||||||||||
Interest rate at period end | 1.82% | 1.82% | 1.82% | 1.82% | |||||||||||||
Periodic payment terms, balloon payment to be paid | £ | £ 2,349,000 |
SHAREHOLDERS' EQUITY - Narrativ
SHAREHOLDERS' EQUITY - Narrative (Details) | Jan. 27, 2021$ / shares | Jan. 30, 2020shares | Jan. 28, 2020USD ($)$ / sharesshares | Jan. 27, 2020USD ($)executive$ / sharesshares | Dec. 31, 2020USD ($)$ / sharesshares | Sep. 30, 2020$ / shares | Jun. 30, 2020$ / shares | Mar. 31, 2020$ / shares | Dec. 31, 2019USD ($)executive$ / sharesshares | Sep. 30, 2020$ / shares | Aug. 01, 2018USD ($) | Jan. 31, 2018shares | Aug. 03, 2016USD ($) |
Class of Stock [Line Items] | |||||||||||||
Common stock, dividends, per share, cash paid (in dollars per share) | $ / shares | $ 0.08 | $ 0.075 | |||||||||||
Stock repurchase program, authorized amount | $ | $ 50,000,000 | $ 50,000,000 | |||||||||||
Stock repurchase program, remaining authorized repurchase amount | $ | $ 57,955,000 | ||||||||||||
Restricted Stock and Restricted Stock Units | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Equity instruments other than options, grants in period (in shares) | 511,624 | ||||||||||||
Restricted Stock and Restricted Stock Units, Subject to Performance Conditions | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Award vesting period | 3 years | ||||||||||||
Equity instruments other than options, grants in period (in shares) | 226,811 | ||||||||||||
Equity instruments other than options, granted in period, fair value | $ | $ 5,500,000 | ||||||||||||
Equity instruments other than options, grants in period, weighted average grant date fair value (in dollars per share) | $ / shares | $ 24.25 | ||||||||||||
Restricted Stock and Restricted Stock Units, Not Subject to Performance Conditions | Executive Officer | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Award vesting period | 3 years | ||||||||||||
Equity instruments other than options, grants in period (in shares) | 284,813 | ||||||||||||
Equity instruments other than options, granted in period, fair value | $ | $ 5,913,000 | ||||||||||||
Equity instruments other than options, grants in period, weighted average grant date fair value (in dollars per share) | $ / shares | $ 20.76 | ||||||||||||
Number of executive officers granted shares | executive | 5 | ||||||||||||
Restricted Stock | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Equity instruments other than options, grants in period (in shares) | 580,704 | ||||||||||||
Equity instruments other than options, granted in period, fair value | $ | $ 7,875,000 | ||||||||||||
Equity instruments other than options, grants in period, weighted average grant date fair value (in dollars per share) | $ / shares | $ 14.91 | ||||||||||||
Shares paid for tax withholding for share based compensation (in shares) | 133,027 | ||||||||||||
Shares paid for tax withholding for share based compensation, value | $ | $ 2,774,000 | ||||||||||||
Shares paid for tax withholding for share based compensation, value per share (in dollars per share) | $ / shares | $ 20.85 | ||||||||||||
Restricted Stock | Non-employees, directors | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Award vesting period | 3 years | ||||||||||||
Equity instruments other than options, grants in period (in shares) | 44,424 | ||||||||||||
Equity instruments other than options, granted in period, fair value | $ | $ 1,080,000 | ||||||||||||
Equity instruments other than options, grants in period, weighted average grant date fair value (in dollars per share) | $ / shares | $ 24.31 | ||||||||||||
Restricted Stock | Executive Officer | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Award vesting period | 34 months | ||||||||||||
Equity instruments other than options, grants in period (in shares) | 52,704 | ||||||||||||
Equity instruments other than options, granted in period, fair value | $ | $ 1,150,000 | ||||||||||||
Equity instruments other than options, grants in period, weighted average grant date fair value (in dollars per share) | $ / shares | $ 21.82 | ||||||||||||
Number of executive officers granted shares | executive | 2 | ||||||||||||
Restricted Stock | Senior Executives | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Award vesting period | 4 years | ||||||||||||
Equity instruments other than options, grants in period (in shares) | 528,000 | ||||||||||||
Award post-vesting holding period | 2 years | ||||||||||||
Number of executive officers granted shares | executive | 2 | ||||||||||||
Restricted Stock | Minimum | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Award vesting period | 3 years | ||||||||||||
Number of shares vested in period | 384,000 | ||||||||||||
Restricted Stock | Maximum | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Award vesting period | 4 years | ||||||||||||
Number of shares vested in period | 528,000 | ||||||||||||
Restricted Stock Units | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Shares paid for tax withholding for share based compensation (in shares) | 6,507 | ||||||||||||
Shares paid for tax withholding for share based compensation, value | $ | $ 135,000 | ||||||||||||
Shares paid for tax withholding for share based compensation, value per share (in dollars per share) | $ / shares | $ 20.75 | ||||||||||||
Incentive Plan | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Number of shares authorized for award (in shares) | 5,050,000 | 1,000,000 | |||||||||||
Number of additional shares authorized for award (in shares) | 1,700,000 | ||||||||||||
Share-based compensation arrangement by share-based payment award, expiration period | 10 years | ||||||||||||
Maximum percentage of exercise price at grant date fair value | 100.00% | ||||||||||||
Number of shares available for grant (in shares) | 684,982 | ||||||||||||
Incentive Plan | Incentive Stock Options | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Number of shares authorized for award (in shares) | 0 | ||||||||||||
Quarterly Dividend | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Common stock, dividends, per share, cash paid (in dollars per share) | $ / shares | $ 0.08 | $ 0.075 | $ 0.075 | $ 0.075 | $ 0.075 | $ 0.30 | |||||||
Quarterly Dividend | Subsequent Event | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Dividends declared, amount per share (in dollars per share) | $ / shares | $ 0.08 |
SHAREHOLDERS' EQUITY SHAREHOL_2
SHAREHOLDERS' EQUITY SHAREHOLDERS EQUITY - Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Stockholders' Equity Note [Abstract] | ||
Restricted stock | $ 3,428 | $ 3,150 |
ESOP | 780 | 832 |
Total stock based compensation | $ 4,208 | $ 3,982 |
EARNINGS PER SHARE (EPS) (Detai
EARNINGS PER SHARE (EPS) (Details) - shares shares in Thousands | 3 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Earnings Per Share [Abstract] | ||
Common shares outstanding (in shares) | 56,490 | 46,909 |
Unallocated ESOP shares (in shares) | (2,010) | (2,209) |
Non-vested restricted stock (in shares) | (3,687) | (3,398) |
Impact of weighted average shares (in shares) | (197) | (129) |
Weighted average shares outstanding - basic (in shares) | 50,596 | 41,173 |
Incremental shares from stock based compensation (in shares) | 2,596 | 2,722 |
Weighted average shares outstanding - diluted (in shares) | 53,192 | 43,895 |
BUSINESS SEGMENTS - Revenues (D
BUSINESS SEGMENTS - Revenues (Details) $ in Thousands | 3 Months Ended | |
Dec. 31, 2020USD ($)segment | Dec. 31, 2019USD ($) | |
Segment Reporting Information [Line Items] | ||
Number of reportable segments | segment | 3 | |
Revenue | $ 609,291 | $ 548,438 |
Consumer and Professional Products | ||
Segment Reporting Information [Line Items] | ||
Revenue | 291,042 | 241,076 |
Home and Building Products | ||
Segment Reporting Information [Line Items] | ||
Revenue | 250,481 | 241,381 |
Defense Electronics | ||
Segment Reporting Information [Line Items] | ||
Revenue | $ 67,768 | $ 65,981 |
BUSINESS SEGMENTS - Disaggregat
BUSINESS SEGMENTS - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 609,291 | $ 548,438 |
United States | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 467,351 | 433,251 |
Europe | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 20,061 | 12,613 |
Canada | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 35,432 | 31,608 |
Australia | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 69,859 | 54,834 |
All other countries | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 16,588 | 16,132 |
Consumer and Professional Products | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 291,042 | 241,076 |
Consumer and Professional Products | United States | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 183,442 | 160,158 |
Consumer and Professional Products | Europe | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 13,156 | 6,605 |
Consumer and Professional Products | Canada | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 22,115 | 17,781 |
Consumer and Professional Products | Australia | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 69,540 | 54,228 |
Consumer and Professional Products | All other countries | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 2,789 | 2,304 |
Consumer and Professional Products | Residential repair and remodel | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 45,600 | 35,090 |
Consumer and Professional Products | Retail | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 139,248 | 119,620 |
Consumer and Professional Products | Residential new construction | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 13,515 | 14,973 |
Consumer and Professional Products | Industrial | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 9,531 | 10,623 |
Consumer and Professional Products | International excluding North America | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 83,148 | 60,770 |
Home and Building Products | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 250,481 | 241,381 |
Home and Building Products | United States | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 236,531 | 226,950 |
Home and Building Products | Europe | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 0 | 23 |
Home and Building Products | Canada | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 11,488 | 11,253 |
Home and Building Products | Australia | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 0 | 0 |
Home and Building Products | All other countries | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 2,462 | 3,155 |
Home and Building Products | Residential repair and remodel | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 126,115 | 121,997 |
Home and Building Products | Residential new construction | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 28,427 | 27,497 |
Home and Building Products | Commercial construction | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 95,939 | 91,887 |
Defense Electronics | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 67,768 | 65,981 |
Defense Electronics | United States | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 47,378 | 46,143 |
Defense Electronics | Europe | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 6,905 | 5,985 |
Defense Electronics | Canada | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 1,829 | 2,574 |
Defense Electronics | Australia | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 319 | 606 |
Defense Electronics | All other countries | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 11,337 | 10,673 |
Defense Electronics | U.S. Government | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 47,324 | 42,701 |
Defense Electronics | International | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 16,895 | 18,533 |
Defense Electronics | Commercial | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 3,549 | $ 4,747 |
BUSINESS SEGMENTS - Segment EBI
BUSINESS SEGMENTS - Segment EBITDA (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | ||
Adjusted EBITDA | $ 74,640 | $ 55,160 |
Depreciation and amortization | (15,266) | (15,825) |
Income before taxes | 39,169 | 16,951 |
Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Adjusted EBITDA | 86,667 | 67,102 |
Depreciation and amortization | (15,216) | (15,675) |
Operating Segments | Consumer and Professional Products | ||
Segment Reporting Information [Line Items] | ||
Adjusted EBITDA | 32,713 | 21,926 |
Depreciation and amortization | (8,199) | (8,231) |
Operating Segments | Home and Building Products | ||
Segment Reporting Information [Line Items] | ||
Adjusted EBITDA | 48,369 | 40,701 |
Depreciation and amortization | (4,341) | (4,800) |
Operating Segments | Defense Electronics | ||
Segment Reporting Information [Line Items] | ||
Adjusted EBITDA | 5,585 | 4,475 |
Depreciation and amortization | (2,676) | (2,644) |
Segment Reconciling Items | ||
Segment Reporting Information [Line Items] | ||
Unallocated Expenses | (12,027) | (11,942) |
Net interest expense | (15,645) | (15,950) |
Depreciation and amortization | (15,266) | (15,825) |
Restructuring charges | (10,800) | (6,434) |
Gain on sale of SEG business | $ 6,240 | $ 0 |
BUSINESS SEGMENTS - Depreciatio
BUSINESS SEGMENTS - Depreciation, Amortization and Capital Expenditures (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | ||
DEPRECIATION and AMORTIZATION | $ 15,266 | $ 15,825 |
CAPITAL EXPENDITURES | 11,926 | 13,172 |
Operating Segments | ||
Segment Reporting Information [Line Items] | ||
DEPRECIATION and AMORTIZATION | 15,216 | 15,675 |
CAPITAL EXPENDITURES | 11,926 | 12,960 |
Corporate | ||
Segment Reporting Information [Line Items] | ||
DEPRECIATION and AMORTIZATION | 50 | 150 |
CAPITAL EXPENDITURES | 0 | 212 |
Consumer and Professional Products | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
DEPRECIATION and AMORTIZATION | 8,199 | 8,231 |
CAPITAL EXPENDITURES | 6,907 | 3,732 |
Home and Building Products | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
DEPRECIATION and AMORTIZATION | 4,341 | 4,800 |
CAPITAL EXPENDITURES | 2,115 | 7,939 |
Defense Electronics | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
DEPRECIATION and AMORTIZATION | 2,676 | 2,644 |
CAPITAL EXPENDITURES | $ 2,904 | $ 1,289 |
BUSINESS SEGMENTS - Summary of
BUSINESS SEGMENTS - Summary of Segment Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Sep. 30, 2020 |
Segment Reporting Information [Line Items] | ||
Continuing assets | $ 2,477,455 | $ 2,439,942 |
Assets of discontinued operations | 6,988 | 8,497 |
Total Assets | 2,484,443 | 2,448,439 |
Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Continuing assets | 2,204,502 | 2,191,040 |
Operating Segments | Consumer and Professional Products | ||
Segment Reporting Information [Line Items] | ||
Continuing assets | 1,309,603 | 1,255,127 |
Operating Segments | Home and Building Products | ||
Segment Reporting Information [Line Items] | ||
Continuing assets | 600,323 | 606,785 |
Operating Segments | Defense Electronics | ||
Segment Reporting Information [Line Items] | ||
Continuing assets | 294,576 | 329,128 |
Corporate | ||
Segment Reporting Information [Line Items] | ||
Continuing assets | $ 272,953 | $ 248,902 |
EMPLOYEE BENEFIT PLANS (Details
EMPLOYEE BENEFIT PLANS (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Retirement Benefits [Abstract] | ||
Interest cost | $ 744 | $ 1,151 |
Expected return on plan assets | (2,544) | (2,586) |
Amortization: | ||
Prior service cost | 0 | 4 |
Recognized actuarial loss | 1,573 | 1,042 |
Net periodic expense (income) | $ (227) | $ (389) |
DISCONTINUED OPERATIONS - Balan
DISCONTINUED OPERATIONS - Balance Sheets Information (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Sep. 30, 2020 |
Assets of discontinued operations: | ||
Prepaid and other current assets | $ 1,591 | $ 2,091 |
Other long-term assets | 5,397 | 6,406 |
Total assets of discontinued operations | 6,988 | 8,497 |
Liabilities of discontinued operations: | ||
Accrued liabilities, current | 4,842 | 3,797 |
Other long-term liabilities | 5,504 | 7,014 |
Total liabilities of discontinued operations | $ 10,346 | $ 10,811 |
RESTRUCTURING CHARGES - Narrati
RESTRUCTURING CHARGES - Narrative (Details) $ in Thousands | Nov. 12, 2020USD ($) | Nov. 30, 2020USD ($)position | Dec. 31, 2020USD ($)position | Sep. 30, 2020USD ($) | Dec. 31, 2019USD ($) |
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring charges | $ 10,800 | $ 6,434 | |||
Non-cash charges | 5,794 | ||||
Next-generation Business Platform | Consumer and Professional Products | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Inventory write down | 1,740 | ||||
Restructuring charges | 3,079 | 6,434 | |||
Restructuring costs | 2,886 | 2,274 | |||
Non-cash charges | $ 193 | 4,160 | |||
Impairment charge, leasehold improvements | 671 | ||||
Impairment charge, manufacturing assets | 1,749 | ||||
Reduction of headcount | position | 61 | ||||
Voluntary Employee Retirement Plan | Defense Electronics | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and related cost, expected cost | $ 4,240 | ||||
Restructuring charges | $ 2,120 | $ 2,120 | |||
Reduction of headcount | position | 90 | ||||
Exit Of Older Weather Radar Product Lines | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Business exit costs | 5,601 | ||||
Minimum | Next-generation Business Platform | Consumer and Professional Products | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Annual cash savings | $ 30,000 | ||||
Reduction in inventory | 30,000 | ||||
Maximum | Next-generation Business Platform | Consumer and Professional Products | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Annual cash savings | 35,000 | ||||
Reduction in inventory | 35,000 | ||||
One-time charges | Next-generation Business Platform | Consumer and Professional Products | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and related cost, expected cost | 65,000 | ||||
Capital investments | Next-generation Business Platform | Consumer and Professional Products | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and related cost, expected cost | 65,000 | ||||
Cash charges | Next-generation Business Platform | Consumer and Professional Products | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and related cost, expected cost | 46,000 | ||||
Personnel related costs | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring charges | 2,482 | 2,134 | |||
Non-cash charges | 0 | ||||
Personnel related costs | Next-generation Business Platform | Consumer and Professional Products | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and related cost, expected cost | 26,000 | ||||
Restructuring costs | 362 | 2,134 | |||
Facilities, exit costs and other | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring charges | 2,524 | 140 | |||
Non-cash charges | 0 | ||||
Facilities, exit costs and other | Next-generation Business Platform | Consumer and Professional Products | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and related cost, expected cost | 20,000 | ||||
Restructuring costs | $ 2,524 | $ 140 | |||
Asset write-downs | Next-generation Business Platform | Consumer and Professional Products | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and related cost, expected cost | $ 19,000 |
RESTRUCTURING CHARGES - Summary
RESTRUCTURING CHARGES - Summary of the Restructuring and Other Related Charges (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Restructuring Cost and Reserve [Line Items] | ||
Restructuring charges | $ 10,800 | $ 6,434 |
Personnel related costs | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring charges | 2,482 | 2,134 |
Facilities, exit costs and other | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring charges | 2,524 | 140 |
Non-cash facility and other | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring charges | 5,794 | 4,160 |
Cost of goods and services | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring charges | 6,425 | 2,723 |
Selling, general and administrative expenses | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring charges | $ 4,375 | $ 3,711 |
RESTRUCTURING CHARGES - Summa_2
RESTRUCTURING CHARGES - Summary of Accrued Liability for the Restructuring and Related Charges (Details) $ in Thousands | 3 Months Ended |
Dec. 31, 2020USD ($) | |
Restructuring Reserve [Roll Forward] | |
Accrued liability beginning balance | $ 2,965 |
Restructuring charges | 10,800 |
Cash payments | (4,132) |
Non-cash charges | (5,794) |
Accrued liability ending balance | 3,839 |
Personnel related costs | |
Restructuring Reserve [Roll Forward] | |
Accrued liability beginning balance | 2,701 |
Restructuring charges | 2,482 |
Cash payments | (1,598) |
Non-cash charges | 0 |
Accrued liability ending balance | 3,585 |
Facilities, exit costs and other | |
Restructuring Reserve [Roll Forward] | |
Accrued liability beginning balance | 264 |
Restructuring charges | 2,524 |
Cash payments | (2,534) |
Non-cash charges | 0 |
Accrued liability ending balance | 254 |
Facility and Other Costs | |
Restructuring Reserve [Roll Forward] | |
Accrued liability beginning balance | 0 |
Restructuring charges | 5,794 |
Cash payments | 0 |
Non-cash charges | (5,794) |
Accrued liability ending balance | $ 0 |
OTHER INCOME (EXPENSE) (Details
OTHER INCOME (EXPENSE) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Other Income and Expenses [Abstract] | ||
Other income (expense) | $ (41) | $ 778 |
Foreign currency transaction gain (loss), before tax | (699) | (376) |
Net periodic benefit income | 227 | 389 |
Investment income, net | $ 330 | 81 |
Technology recognition award | $ 700 |
WARRANTY LIABILITY - Narrative
WARRANTY LIABILITY - Narrative (Details) | 3 Months Ended |
Dec. 31, 2020 | |
DE | Minimum | |
Product Warranty Liability [Line Items] | |
Product warranty period | 1 year |
DE | Maximum | |
Product Warranty Liability [Line Items] | |
Product warranty period | 2 years |
HBP | Minimum | |
Product Warranty Liability [Line Items] | |
Product warranty period | 1 year |
HBP | Maximum | |
Product Warranty Liability [Line Items] | |
Product warranty period | 10 years |
CPP | |
Product Warranty Liability [Line Items] | |
Product warranty period | 90 days |
WARRANTY LIABILITY - Changes in
WARRANTY LIABILITY - Changes in Warrant Liability (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Movement in Standard and Extended Product Warranty Accrual, Increase (Decrease) [Roll Forward] | ||
Balance, beginning of period | $ 10,843 | $ 7,894 |
Warranties issued and changes in estimated pre-existing warranties | 4,739 | 3,365 |
Actual warranty costs incurred | (4,748) | (3,915) |
Balance, end of period | $ 10,834 | $ 7,344 |
OTHER COMPREHENSIVE INCOME (L_3
OTHER COMPREHENSIVE INCOME (LOSS) - Summary of OCI (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Total other comprehensive income (loss), pre-tax | $ 13,290 | $ 6,887 |
Total other comprehensive income (loss), tax | (149) | (46) |
Total other comprehensive income (loss), net of taxes | 13,141 | 6,841 |
Foreign currency translation adjustments | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Total other comprehensive income (loss), pre-tax | 12,123 | 6,470 |
Total other comprehensive income (loss), tax | 0 | 0 |
Total other comprehensive income (loss), net of taxes | 12,123 | 6,470 |
Pension and other defined benefit plans | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Total other comprehensive income (loss), pre-tax | 2,150 | 847 |
Total other comprehensive income (loss), tax | (444) | (175) |
Total other comprehensive income (loss), net of taxes | 1,706 | 672 |
Cash flow hedges | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Total other comprehensive income (loss), pre-tax | (983) | (430) |
Total other comprehensive income (loss), tax | 295 | 129 |
Total other comprehensive income (loss), net of taxes | $ (688) | $ (301) |
OTHER COMPREHENSIVE INCOME (L_4
OTHER COMPREHENSIVE INCOME (LOSS) - AOCI (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Sep. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 |
Class of Stock [Line Items] | ||||
Accumulated other comprehensive income (loss) | $ 740,047 | $ 700,151 | $ 494,693 | $ 477,763 |
Foreign currency translation adjustments | ||||
Class of Stock [Line Items] | ||||
Accumulated other comprehensive income (loss) | (13,560) | (25,683) | ||
Pension and other defined benefit plans | ||||
Class of Stock [Line Items] | ||||
Accumulated other comprehensive income (loss) | (44,892) | (46,598) | ||
Cash flow hedges | ||||
Class of Stock [Line Items] | ||||
Accumulated other comprehensive income (loss) | (499) | 189 | ||
Accumulated other comprehensive income (loss), attributable to parent | ||||
Class of Stock [Line Items] | ||||
Accumulated other comprehensive income (loss) | $ (58,951) | $ (72,092) | $ (59,075) | $ (65,916) |
OTHER COMPREHENSIVE INCOME (L_5
OTHER COMPREHENSIVE INCOME (LOSS) - Amounts Reclassified from AOCI (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||
Total gain (loss) | $ 39,169 | $ 16,951 |
Tax benefit (expense) | (9,669) | (6,339) |
Net income | 29,500 | 10,612 |
Pension and other defined benefit plans | Reclassification out of Accumulated Other Comprehensive Income | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||
Total gain (loss) | (1,573) | (1,046) |
Cash flow hedges | Reclassification out of Accumulated Other Comprehensive Income | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||
Total gain (loss) | (658) | (56) |
Accumulated other comprehensive income (loss), attributable to parent | Reclassification out of Accumulated Other Comprehensive Income | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||
Total gain (loss) | (2,231) | (1,102) |
Tax benefit (expense) | 469 | 231 |
Net income | $ (1,762) | $ (871) |
LEASES - Narrative (Details)
LEASES - Narrative (Details) $ in Thousands | 3 Months Ended | |
Dec. 31, 2020USD ($)option | Sep. 30, 2020USD ($) | |
Lessee, Lease, Description [Line Items] | ||
Long-term debt | $ | $ 1,048,571 | $ 1,046,964 |
Finance Lease Obligation | ||
Lessee, Lease, Description [Line Items] | ||
Long-term debt | $ | $ 16,553 | $ 17,188 |
Troy, Ohio | ||
Lessee, Lease, Description [Line Items] | ||
Percentage bearing fixed interest, percentage rate | 5.00% | |
Troy, Ohio | Finance Lease Obligation | ||
Lessee, Lease, Description [Line Items] | ||
Percentage bearing fixed interest, percentage rate | 5.00% | |
Ocala, Florida | ||
Lessee, Lease, Description [Line Items] | ||
Percentage bearing fixed interest, percentage rate | 5.60% | |
Number of option to extend | option | 2 | |
Lease renewal term | 5 years | |
Ocala, Florida | Finance Lease Obligation | ||
Lessee, Lease, Description [Line Items] | ||
Percentage bearing fixed interest, percentage rate | 5.60% | |
Number of option to extend | option | 2 |
LEASES - Schedule of Lease Cost
LEASES - Schedule of Lease Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Lease Cost | ||
Fixed | $ 10,040 | $ 9,552 |
Variable | 2,047 | 1,753 |
Short-term | 1,114 | 1,430 |
Total | $ 13,201 | $ 12,735 |
LEASES - Supplemental Cash Flow
LEASES - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Cash paid for amounts included in the measurement of lease liabilities: | ||
Operating cash flows from operating leases | $ 11,205 | $ 12,277 |
Financing cash flows from finance leases | 803 | 962 |
Total | $ 12,008 | $ 13,239 |
LEASES - Summary of Supplementa
LEASES - Summary of Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Sep. 30, 2020 |
Operating Leases: | ||
Operating right-of-use assets | $ 157,860 | $ 161,627 |
Lease Liabilities: | ||
Current portion of operating lease liabilities | 31,304 | 31,848 |
Long-term operating lease liabilities | 132,634 | 136,054 |
Total operating lease liabilities | 163,938 | 167,902 |
Finance Leases: | ||
Property, plant and equipment, net | $ 17,975 | 18,774 |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | us-gaap:PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization | |
Lease Liabilities: | ||
Lease liabilities, notes payable and current portion of long-term debt | $ 3,146 | 3,352 |
Lease liabilities, long-term debt, net | 14,885 | 15,339 |
Total financing lease liabilities | $ 18,031 | $ 18,691 |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List] | us-gaap:LongTermDebtCurrent | |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | us-gaap:LongTermDebtNoncurrent | |
Accumulated depreciation | $ 3,319 |
LEASES - Summary of Future Matu
LEASES - Summary of Future Maturities of Lease Payments for Operating Leases (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Sep. 30, 2020 |
Operating Leases | ||
2021 | $ 28,990 | |
2021 | 34,154 | |
2022 | 25,804 | |
2023 | 18,956 | |
2024 | 17,138 | |
2025 | 11,739 | |
Thereafter | 63,844 | |
Total lease payments | 200,625 | |
Less: Imputed Interest | (36,687) | |
Present value of lease liabilities | 163,938 | $ 167,902 |
Finance Leases | ||
2021 | 3,317 | |
2021 | 2,732 | |
2022 | 2,395 | |
2023 | 2,122 | |
2024 | 2,074 | |
2025 | 2,074 | |
Thereafter | 7,777 | |
Total lease payments | 22,491 | |
Less: Imputed Interest | (4,460) | |
Present value of lease liabilities | $ 18,031 | $ 18,691 |
LEASES - Weighted Average Lease
LEASES - Weighted Average Lease Terms and Discount Rates (Details) | Dec. 31, 2020 |
Weighted-average remaining lease term (years) | |
Operating leases | 8 years 2 months 12 days |
Finance Leases | 8 years 4 months 24 days |
Weighted-average discount rate | |
Operating Leases | 4.46% |
Finance Leases | 5.52% |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands | Apr. 30, 2009USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Net capital cost value in proposed remedial action plan | $ 10,000 |